Surveillance Special: UBS to Buy Credit Suisse
Bloomberg Surveillance
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The First Deal of Two Systemically Important Banks to the Financial Crisis
UBS is the first of two systemically important banks to be bailed out. The deal was reached over the weekend, but it's still not clear what will happen next. UBS drew a pretty hard bargain here saying to all of the authorities in Switzerland, "You've got to cover all our legal costs" It also really speaks to and I hate to use this word with desperation to get it done before Monday. We'll have to see how the markets open tomorrow.
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