Your ignorance is embarassing. You are mixing everything hahaha.
There is no way CET1 triggers were hit, CS had 35bn of CET1 which means that a loss of 17.5bn of CAPITAL was necessary for CET1 to fall below 7%. They lost 1.5bn for the FULL YEAR 2022.
Then in a PONV scenario, well the waterfall is crystal clear, you need to READ THE DOCS, AT1>EQUITY
CS had 58 bail-in-able senior bonds on issue (known as "holdco bonds"), worth some EUR56.6 billion, as well as 7 different Tier 2 bonds, including a USD$2.5 billion Tier 2 bond that was Basel 3 compliant with explicit write-down clauses in the event of the Swiss government having to provide emergency support to save CS or resolve it.
you telling me that this bail-in allone or parts, would not be enough to make the balance save and sound again? what is the legal ground to take shareholders as well? leaving them with only cents and forcing this merger with UBS ?
it still feels like a bank robbery by a bank. something is missing and stockholders should get a massive special dividend.
You the story about the rich guy who lost money with someone, and then just ripped off the band-aid took back 78% of his capital after a couple of losses, and just changed strategies/managers to something that worked?
Nice to see you upgrading to substack
Many of the classic Bronte Capital blog entries have made their way onto Substack. Big win for them.
Time to enjoy those 2000s posts about RBS and phototours of fraudulent Chinese factories again!
Your ignorance is embarassing. You are mixing everything hahaha.
There is no way CET1 triggers were hit, CS had 35bn of CET1 which means that a loss of 17.5bn of CAPITAL was necessary for CET1 to fall below 7%. They lost 1.5bn for the FULL YEAR 2022.
Then in a PONV scenario, well the waterfall is crystal clear, you need to READ THE DOCS, AT1>EQUITY
CS had 58 bail-in-able senior bonds on issue (known as "holdco bonds"), worth some EUR56.6 billion, as well as 7 different Tier 2 bonds, including a USD$2.5 billion Tier 2 bond that was Basel 3 compliant with explicit write-down clauses in the event of the Swiss government having to provide emergency support to save CS or resolve it.
you telling me that this bail-in allone or parts, would not be enough to make the balance save and sound again? what is the legal ground to take shareholders as well? leaving them with only cents and forcing this merger with UBS ?
it still feels like a bank robbery by a bank. something is missing and stockholders should get a massive special dividend.
First rule of finance: nobody reads anything.
Yup!
You the story about the rich guy who lost money with someone, and then just ripped off the band-aid took back 78% of his capital after a couple of losses, and just changed strategies/managers to something that worked?
He lived ever after.
Maybe Swedish Match sold to the rubes at PM at the prefect time.
Tons of flavored oral nicotine is flooding the market everywhere and just starting in the US.
So, stop crying John, it's childish.
Great read with insightful information that enlightens the mind. Recently I tried my hand at some tech writing, AI is coming and I thought I’d put together a rounded article—would love your eyes and insights 😊 https://tumbleweedwords.substack.com/p/ai-enters-our-everyday-reflections