2023-08-22 07:05:11
Published on August 22, 2023 at 09:05. Modified on August 22, 2023 at 09:12.
Who would have believed it on March 19, the day of the painful acquisition of Credit Suisse by its rival UBS? Not only did the Confederation not make any losses by insuring the operation, but in addition, it made a nice profit of 200 million francs. A feat that she was happy to take up on August 11th. That day, UBS announced that it had withdrawn the federal intravenous installed to accompany the takeover of its former competitor.
Decidedly very strong, the federal financial eminences. As a reminder, the rescue of UBS in 2008 also proved lucrative with a gain of 1.2 billion francs for the Confederation. More skilful in any case than their counterparts in Geneva who have still not succeeded in recovering 3 billion francs injected at the beginning of the century to avoid the bankruptcy of “their” cantonal bank. The weather echoed it two months ago, this affair still plagues Geneva’s political life because in the emergency, the authors of the rescue had shown themselves to be too careless about the conditions for reimbursement of the sums necessary for the recapitalization of BCGE.
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#taxpayer #bank #meltdowns #badly