it agreed to buy credit suisse in a bid to slow the banking crisis. ubs is paying $3.25 billion for its ailing rival, 60% less than what the bank was worth when the markets closed on friday. credit suisse has face add crisis in confidence. it came to a head when we saw shares collapse some 30%. that in turn prompted authorities to have a backstop for the second largest bank. fears of the collapse gripped the global markets which brings us to the news conference yesterday when the suisse finance manager said this. the bankruptcy of an important bank will have irreparable turmoil in switzerland and throughout the world. the federal council, ubs take cover of credit suisse has laid the foundations for greater
stability in switzerland and internationally. let s bring in our chief business correspondent christine romans. 167-year-old institution. credit suisse. a household name. soon to be no longer, in a fire sale to its biggest rival, percent on the dollar, and by the way, the suisse government said you don t need to ask the shareholders. it will happen because it has to happen. you heard her say stability. i heard confidence and stability over and over. that was two hours of press conference yesterday explaining how they were going to take cr credit suisse and sell to ubs, and g again and again you heard how important credit suisse is to the global system. it has a systemically important bank with ties to the major
investigation, the federal investigation into january 6th are politically motivated. and that s, you know, you saw what trump released this weekend saying that the manhattan district attorney s investigation and possible indictment that s politically motivated. he s said that about fani willis, he called the d.a. racist. he s going to use every every tool to down play the two incidents and of course we have the documents as well that s coming up. there s a lot here. again, just remember, these are a snapshot in time. when we speak to these sources, that is what s happening at the moment. this is unprecedented. this is all being negotiated at this point. it remains to be seen. good reporting. we are also following another major story this morning. shares in credit suisse have plunged after it agreed to a take over from their rival, ubs is switzerland s largest bank.
would you ever have imagined a bank like first republic would be in this position right now? there was always a situation until the united states where we d have hundreds or even thousands of banks and then you look at european countries, countries like germany, and there would be like seven banks. we re moving more toward that european model. now to see that they can have problems in a place like switzerland tells you that the crisis can creep into, this is the problem with having your eggs in a few baskets. what if you drop that basket? that s a question for economists and business leaders to figure out. if we shift more toward that european model where there are a handful of systemically important banks that have an overwhelming amount of the business in this country, yes, the government is in effect, a partner because you cannot let that all fall apart. you cannot risk, you know, tipping the country over into recession or depression. you can t have millions of people who have uni
england camp very shortly all the way through to the euros and in england hosting austria at old trafford. to be of any warm up? timer;r trafford. to be of any warm up? they don t no trafford. to be of any warm up? they don t go from trafford. to be of any warm up? they don t go from holiday trafford. to be of any warm up? tie: don t go from holiday straight into the treatments they have two matches in england and then, their way to switzerland and i ll be the last one. is switzerland and i ll be the last one. , ., ., switzerland and i ll be the last one. ., ., ., one. is a home euros and that will take them one. is a home euros and that will take them away one. is a home euros and that will take them away from one. is a home euros and that will take them away from the - one. is a home euros and that will- take them away from the heat perhaps for getting into the thick of it. you never know but the obese to the rain, if nothing else. rain, if nothing else. many thanks indeed