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11/23/2024 - Russia’s hypersonic missile attack on Dnipro two days ago was originally reported to be from... Read More
11/22/2024 - Yesterday the new Prophetic Year began. It began later than usual. Normally, it begins within the... Read More
11/21/2024 - David was a man of war; Solomon was a man of peace. David was allowed to make preparations for the... Read More
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View Full Tract ListMany are expecting Credit Suisse to collapse by Monday. The Swiss National Bank's $54 billion credit line (bailout) earlier this week has already failed. UBS has offered to buy it out for just $1 billion (25 cents per share), and the alternative seems to be that the Swiss government may nationalize the bank and take it over. Neither solution is good. Watch for a possible third option to emerge this week.
Update (10:30am ET): So much for Credit Suisse thinking it has leverage by balking at the proposed CHF0.25 offer from UBS. Just hours after it was floated that UBS could buy Credit Suisse for $1BN, a proposal which the bank's shareholders balked at, Bloomberg reported that authorities are now considering a full or partial nationalization of Credit Suisse - an outcome which would wipe out the equity and bail-in bondholders - as the only other viable option outside a UBS Group AG takeover. And yes, 0.25 is still more than 0.0.
According to BBG, "the country is considering either taking over the bank in full or holding a significant equity stake if a takeover by UBS Group AG falls apart because of the complexities in arranging the deal and the short time frame involved…."
Both sides have been locked in discussions with regulators since Wednesday, when Credit Suisse asked the SNB to provide it with an emergency SFr50bn ($54bn) credit line. When this backstop failed to halt the collapse in depositor confidence and stock price - as we said it would - the central bank stepped in to force a merger after becoming concerned about the viability of the country’s second-largest lender. Yesterday, we learned that deposit outflows from Credit Suisse topped SFr10bn a day late last week, after a record bank run pulled CHF111BN from the group in the final three months of last year.
Dr. Stephen Jones has been writing blog posts since 2005 on a variety of topics from Bible Studies to World News, and he has been writing books since 1992. Dr. Jones' most important writings came after God brought him back into the full-time ministry in 1991. It is here that all his earlier years of searching the Scriptures began to come into clear focus. He combines a knowledge of the Old and New Testaments with a personal revelation of God that began and developed during the "wilderness" period of his life, which he often refers to as God's True Bible College... Read More
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