Dolosus versatur in generalibus
A few months ago, I wrote an article where I analyzed frame by frame the video of the March 19, 2023 press conference in which FINMA, the Swiss National Bank, the Swiss government, and the CEOs of CS and UBS pompously announced to the world the "rescue" of Credit Suisse.
If you watch the video, you will realize that none of the participants mentioned that the merger between UBS and CS would result in a write-down of CHF 16 billion of AT1. This cost was entirely borne by the investors, much to the delight of UBS for the benefit it received.
During the press conference, despite being asked specific and direct questions by journalists, FINMA avoided answering clearly and opted to use vague and general language, leading to responses that lacked any meaningful information. This lack of intellectual honesty was evident in their attempt to hide behind meaningless answers.
But if FINMA was really so sure of the existence of a contractual basis contained in the issuance prospectus to write-down AT1s (as it continues to tell us not without arrogance today), why during that press conference, followed by the whole world, did it instead prefer not to put its face to it? Why did it gloss over the biggest AT1 write-down in history, and preferred to announce the dirty deed only with a subsequent written communication?
Dolosus versatur in generalibus, said our wise ancestors!
https://t.co/jAXRB8aWan
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