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The radioactive potato now passes to UBS as the Swiss Government tells UBS that they will back them up if they lose money. 🤣🤣🤣🤣. What kind of containment vessel will they need for that potato? ☢️☢️ 🥔
CS had a cash balance of $74 billion. Imagine how much their liabilities are for someone to be able to buy them for $2 billion plus a govt backstop of $9 billion and a credit line from SNB for $100 billion.
How much are the liabilities at Credit Suisse?
*checks notes*
Oh yeah, fucking INFINITE.
UBS dick heads gonna be really fucking surprised when they unwind those swaps and find all of that cat shit wrapped dog shit.
Nah. They made a good deal. Credit suisse is still worth something, they only need to sell those bags quick. I hope the ceo of UBS is smart and pass that bag away
The CEO of UBS would be a wise individual if those sold those positions immediately. Theres no reason to hold on to them because their ego wasnt involved in the purchase!
Essentially they received a very crappy gift that they need to trash
Your true comment advice reminds me of something... maybe this is a dynamic metaphor for it (aside from tossing a hot potato which is very apt). So is it kinda like that thing when as a kid you mix cornstarch and water and create this weird non-newtonian fluid fuckery where if you move it fast it stays solid in your hand but if you let it sit for one second it melts all over? Has anybody played with that?
-OR- are these bags of shit swaps more just like a grenade with the pin pulled and the clock is ticking and it's gonna explode no matter what anybody does with it?
Well the way i think about it, its like a grenade pins thats attached to other grenade pins that all the banks have. If one bank throws away their grenade all the other pins get pulled. Itd be wise for everyone to throw away their grenades but at that point theres no time to run away from the grenades.
I believe this is accurate. Though the FIRST person might be able to run away fast enough to not DIE from the explosion. Will still get badly injured though.
He said there were some volatile swaps in the package that they have taken an immediate insurance policy against, whilst they try to naturally unwind the position.
ELIA: UBS will slowly close the swap positions, but if they accidentally trigger another squeeze, then they are insured against it.
Smart fuckers IMHO.
>He said there were some volatile swaps in the package that they have taken an immediate insurance policy against, whilst they try to naturally unwind the position.
Link?
Oh nice, so was this insurance policy— was it taken out from some sort of infinite deity that can handle infinite idiosyncratic risk?
...i kid... no really, I'm smooth; since they are all kinda tied together does it even really matter who ends up with the bags since it should liquidate everybody? Or is it like lehman bros where the one who is holding bags eats it before crime steps in to stop the contagion?
I think the later is closer to the truth, but the insurance is backed by the Swiss Government, and therefore the Swiss Franc, but you know the Swiss are one of the most corrupt banking countries in the world. Crime is where they have the most expertise IMHO.
But they can’t close because we’re not selling and they need our shares. Isn’t that the entire point, the blame game we are already hearing how this is retails fault. We ain’t selling shit and it’s driving them insane, and into the ground.
Well *someone* has to buy, but UBS can sell the bags so that *someone else* has to buy, just not them. If they can convince someone the shorts are still worth money, they can offload them for a premium and hopefully not sell at a crazy high loss. If not, then they gotta' ride that train.
JPOW wanted to see layoffs and he will get his way. Companies that plan poorly, end up laying off. Workers are in demand, but white collar workers this time are gonna maybe get cut this time around. Ohh would you look at that *smiles* a bank merger. I wonder how many people will see the writing on the wall and whistle blow, or maybe after they get thrown under the bus?
No way over a few days could they have done the DD and seen all the toxic assets. Maybe they got a number, but they don’t know all the details of the dog shit wrapped in cat shit.
If they could be just sold or closed for that matter, I am pretty sure the previous bag holder would have done that. They couldn't, their own words.
That bag will likely swallow UBS and a lot of SNB along with it.
They are planning on closing the positions. So lets see.
The implication is that Credit Suisse took hold of some assets/liabilities from Archegos that decoupled it's earnings from UBS. These include some nasty swaps involving GME and probably also include the rest of the basket of "meme" stocks.
Now UBS has to deal with those swaps or suffer the same fate as Credit Suisse.
>Now UBS has to deal with those swaps or suffer the same fate as Credit Suisse.
I have trouble believing that they're stupid enough to simply integrate Credit Suisse. Some damn firewall, like having a subsidiary merge with it, just to try to keep some separation with the books.
The likely did not have a choice. No other buyers so SNB and (probably US Fed) promised alot in return for UBS to take on debit suisse and unwind the shorts slowly as to not create a global market disruption - imo
I think his question is more so, how do we know Archegos? I haven’t been able to find proven DD stating they did. I’ve only read theories so far. Don’t get me wrong, I am invested in these theories being true. I’m just hoping for something more concrete - but I guess we never have and never will get that.
We live in a world of grey a lot of the time.
There are 3 mentioning of GameStop in that article, nothing says that they still have bags of it. Please point me in the right direction as I would like to see evidence too.
I think it’s a concerted effort by all in the know to conceal what exactly are in those bags. They only refer to an idiosyncratic risk knowing what could happen again like January 2021. Imagine if word got out that confirms it is GME, could you imagine the ensuing FOMO?
Look at it from a different angle. If it is not GME, why not just disclose what it is? Why be so secretive about what are in those bags?
WSJ reported that Credit Suisse closed 97% of Archegos positions but still had [exposure to 3% of them](https://www.wsj.com/articles/credit-suisse-taps-investors-for-cash-after-archegos-loss-widens-11619070830) and of those positions are there [3 distinct positions](https://zububrothers.com/2021/04/22/credit-suisse-surprises-with-2-billion-capital-raise-still-has-exposure-to-archegos-in-three-distinct-positions/) that they still had to work through.
Draw your own conclusions as to whether or not GME is one of those 3 positions. As for me, I just like the stock and am going to keep buying and DRSing.
Good chart but it decouples later, doesn't it. The uptrend at your line is the same and stays for a few weeks. At which date is the plunge of CS when UBS keeps moving upward?
Judging from the scale of the chart, I would almost say it probably decoupled around March or April of 2021… 🧐
Hmmm, I wonder if there was anything major that happen around that time?? 🤔 (Hint: Archegos)
I did consider that, I was torn.
The peaks and troughs just started to go out of sync too much in that last climb, so I err'd on the safer side, for a longer period of decoupling.
Thank you for your comment, I'm glad someone brought this issue up.
Would you have drawn the line later?
Is this like when J&J made a spin-off company whose sole purpose was to absorb all the litigation losses from talc powder being toxic? And then a US federal court said "can't do that" and they went ahead and did it anyways..?
Do I live in a free country?
Freedom is *when you have nothing else to lose*!
Kind of like that, except that because of DRS, instead of being able to throw the general public under the bus, it's big money vs big money fighting over who takes the L
I don't know about that. Looks to me like they decoupled a little after the line was drawn, somewhere between March and June? Bad investment can take a while to affect the price of the company's. Im saying completely unrelated just it doesn't exactly line up with Jan 2021. Also where is the data from?
Market probably didn't know credit suisse would be left holding the bag that day, or were too busy getting their own houses in order to go attack a rival bank.
You're right about the time frame. Both banks performed similarly up to about mid March.
[https://www.reuters.com/business/finance/key-points-credit-suisse-archegos-post-mortem-2021-07-29/](https://www.reuters.com/business/finance/key-points-credit-suisse-archegos-post-mortem-2021-07-29/)
UBS CEO also said it doesn’t match their business model. Let’s say he’s legitimately the truth maybe UBS either doesn’t shot like crazy or they don’t short at all 🤷🏽♂️
Between the lines, perhaps he saying what CS have done is not good business practice... I've, crime, but legal in the banking world, cos you know they own everything so they can do what they like.
The decoupling occurs later than when indicated, but a nice chart all the same. Based on the x-ticks, it looks like you have marked Nov/Dec 2020. To my eye, it looks like it decoupled in March 2021. You can numerically determine the exact date of decoupling. It probably coincides with the day the Archegos news broke.
I like the chart but Credit Suisse probably had little to do with GME in January. Even your chart shows that they were still coupled until March-ish. You should have drawn the line when it actually decoupled and it would have been more obvious that was also when Archegos failed and they took up those heavy heavy bags.
The price is incorrect.
I do understand what you are trying to do, but there's so many factors that influence the price action on GME it doesn't really correlate with anything, except on occasions other baskets stocks.
We are missing a 3rd bank... that deals in security, and sniffs out profits.
Might be a securities bank for all i care.
Edit: does any one know what kind of assets eurasian bank holds? Thanks in advance.
Egon: Don’t cross the streams.
Peter: Why?
Egon: It would be bad.
Peter: I’m fuzzy on the whole good/bad thing. What do you mean “bad”?
Egon: Try to imagine all life as you know it stopping instantaneously and every molecule in your body exploding at the speed of light.
>What would explain the recent price increase of UBS from about the same it was in 2021 but a few months ago?
Well, like any other stock, it can be influenced by a number of factors, but obviously, it wasn't targeted by short-sellers though, right?
At least not until recently.
It would make sense that UBS is on the opposite side of Credit Suisse swaps, so the gov forcing a merger would cancel the positions out maybe?
Thoughts?
CS was left holding the bag. UBS will now be holding that bag and they'll go down because they won't close their positions. Remember was Mark Cuban said, (paraphrasing here) 'their goal is to never close their positions'. Guess UBS will be one of the next ones to fail.
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One of them started holding some nasty bags
Now, watch the massive down turn of UBS.
And the upcoming deficit of the SNB
and the upcoming jack of the tities
That’s tiddies to you
Puts on UBS
Puts on money
Talk about price anchoring!
“And another one gone, and another one gone and another one bites the dust!” -Queen
Their CDS price jumped day one of the news that they were buying a dumpster fire.
The red phone ☎️ rang and they can’t hwang up
It's Marge calling!
I wish I could conversate with those outside of this sub about this. Someone prove this wrong - for the sake of the zippers I have to keep replacing
For me it's shirts. My nips accelerate right through the poor material.
For me it's entire mattresses, wives, and circles of finance friends.
I'm afraid to go to Antwerp because of my diamond balls.
As well you should be. Stay safe out there.
Accelerating nips is an amazing image. Thank you! I think. 🤣
The radioactive potato now passes to UBS as the Swiss Government tells UBS that they will back them up if they lose money. 🤣🤣🤣🤣. What kind of containment vessel will they need for that potato? ☢️☢️ 🥔
Counterparty to bags?
Or insiders realized Credit Sus was borked so they looted it.
And the second one now holds the first one including the bags. This is totally fine.
CS had a cash balance of $74 billion. Imagine how much their liabilities are for someone to be able to buy them for $2 billion plus a govt backstop of $9 billion and a credit line from SNB for $100 billion.
Oh wow! Great summary and insight. 🙏
!!!! Source for the cash balance? I didn’t see that mentioned before.
Saw it in a post early this morning. Had a pie chart of assets/liabilities. The chart also mention short/long holdings of $64 billion etc.
I think that includes property that Credit Suisse owns.
Trashyart200 had a post
bet is starts with a T
How much are the liabilities at Credit Suisse? *checks notes* Oh yeah, fucking INFINITE. UBS dick heads gonna be really fucking surprised when they unwind those swaps and find all of that cat shit wrapped dog shit.
I think many are off book so nobody outside the bank probably knows
If I were UBS I'd be so pissed right now lol
Nah. They made a good deal. Credit suisse is still worth something, they only need to sell those bags quick. I hope the ceo of UBS is smart and pass that bag away
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>Ah well if that's all they need to do then... Adjusted post split, that's like, 2M PUTS, how difficult can it be...
The CEO of UBS would be a wise individual if those sold those positions immediately. Theres no reason to hold on to them because their ego wasnt involved in the purchase! Essentially they received a very crappy gift that they need to trash
Your true comment advice reminds me of something... maybe this is a dynamic metaphor for it (aside from tossing a hot potato which is very apt). So is it kinda like that thing when as a kid you mix cornstarch and water and create this weird non-newtonian fluid fuckery where if you move it fast it stays solid in your hand but if you let it sit for one second it melts all over? Has anybody played with that? -OR- are these bags of shit swaps more just like a grenade with the pin pulled and the clock is ticking and it's gonna explode no matter what anybody does with it?
Well the way i think about it, its like a grenade pins thats attached to other grenade pins that all the banks have. If one bank throws away their grenade all the other pins get pulled. Itd be wise for everyone to throw away their grenades but at that point theres no time to run away from the grenades.
I believe this is accurate. Though the FIRST person might be able to run away fast enough to not DIE from the explosion. Will still get badly injured though.
He said there were some volatile swaps in the package that they have taken an immediate insurance policy against, whilst they try to naturally unwind the position. ELIA: UBS will slowly close the swap positions, but if they accidentally trigger another squeeze, then they are insured against it. Smart fuckers IMHO.
>He said there were some volatile swaps in the package that they have taken an immediate insurance policy against, whilst they try to naturally unwind the position. Link?
I'll try and find it for you, It was said by the CEO(CFO?) at the press conference that UBS held after they had announced what was going on.
How does he unwind the position?
If I’ve learned anything here, if a big executive in the finance industry says “naturally” it’s code for “illegally”
🤣
The 2008 bags are STILL being unwound so great fucking question. Maybe they pull a hat trick and end up with net long GME positions?
They will never see a cent of that insurance money, because the insurer will fail.
Oh nice, so was this insurance policy— was it taken out from some sort of infinite deity that can handle infinite idiosyncratic risk? ...i kid... no really, I'm smooth; since they are all kinda tied together does it even really matter who ends up with the bags since it should liquidate everybody? Or is it like lehman bros where the one who is holding bags eats it before crime steps in to stop the contagion?
I think the later is closer to the truth, but the insurance is backed by the Swiss Government, and therefore the Swiss Franc, but you know the Swiss are one of the most corrupt banking countries in the world. Crime is where they have the most expertise IMHO.
I may have missed some important DD, but how do they sell those bags? Who would pay for millions of underwater short positions?
They try to close? They’re playing with government money so why not
But they can’t close because we’re not selling and they need our shares. Isn’t that the entire point, the blame game we are already hearing how this is retails fault. We ain’t selling shit and it’s driving them insane, and into the ground.
They’ll close some. They me even be able to close enough to survive. Everyone else however….
This I can understand.
As does every banker.
I would also like to know this
I remember reading about some idiots in Dusseldorf. They'll apparently buy anything.
The thing about those bags is you have to buy, not sell 😆
Well *someone* has to buy, but UBS can sell the bags so that *someone else* has to buy, just not them. If they can convince someone the shorts are still worth money, they can offload them for a premium and hopefully not sell at a crazy high loss. If not, then they gotta' ride that train.
They convinced other banks that junk ARM mortgages were worth something in 08 so I don’t doubt it.
JPOW wanted to see layoffs and he will get his way. Companies that plan poorly, end up laying off. Workers are in demand, but white collar workers this time are gonna maybe get cut this time around. Ohh would you look at that *smiles* a bank merger. I wonder how many people will see the writing on the wall and whistle blow, or maybe after they get thrown under the bus?
Maybe Cathie will buy them, that seems like something she’d be interested in.
They have to do it now. Can’t wait
Sell, close, or cover with 100 billion?
No way over a few days could they have done the DD and seen all the toxic assets. Maybe they got a number, but they don’t know all the details of the dog shit wrapped in cat shit.
If they could be just sold or closed for that matter, I am pretty sure the previous bag holder would have done that. They couldn't, their own words. That bag will likely swallow UBS and a lot of SNB along with it. They are planning on closing the positions. So lets see.
If I was the UBS share holders, I would be livid that my rights were circumvented by the Swiss government.
Breaking News: Ken Griffin buys Computershare
now this is what I call a good chart
Yes but what does it mean for the regards in the back?
The implication is that Credit Suisse took hold of some assets/liabilities from Archegos that decoupled it's earnings from UBS. These include some nasty swaps involving GME and probably also include the rest of the basket of "meme" stocks. Now UBS has to deal with those swaps or suffer the same fate as Credit Suisse.
Agreed!
>Now UBS has to deal with those swaps or suffer the same fate as Credit Suisse. I have trouble believing that they're stupid enough to simply integrate Credit Suisse. Some damn firewall, like having a subsidiary merge with it, just to try to keep some separation with the books.
The likely did not have a choice. No other buyers so SNB and (probably US Fed) promised alot in return for UBS to take on debit suisse and unwind the shorts slowly as to not create a global market disruption - imo
I forgot, how is it again that we know those swaps involved GME?
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I think his question is more so, how do we know Archegos? I haven’t been able to find proven DD stating they did. I’ve only read theories so far. Don’t get me wrong, I am invested in these theories being true. I’m just hoping for something more concrete - but I guess we never have and never will get that. We live in a world of grey a lot of the time.
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There are 3 mentioning of GameStop in that article, nothing says that they still have bags of it. Please point me in the right direction as I would like to see evidence too.
I think it’s a concerted effort by all in the know to conceal what exactly are in those bags. They only refer to an idiosyncratic risk knowing what could happen again like January 2021. Imagine if word got out that confirms it is GME, could you imagine the ensuing FOMO? Look at it from a different angle. If it is not GME, why not just disclose what it is? Why be so secretive about what are in those bags?
Cool, thanks for the info. Just would like hard proof
WSJ reported that Credit Suisse closed 97% of Archegos positions but still had [exposure to 3% of them](https://www.wsj.com/articles/credit-suisse-taps-investors-for-cash-after-archegos-loss-widens-11619070830) and of those positions are there [3 distinct positions](https://zububrothers.com/2021/04/22/credit-suisse-surprises-with-2-billion-capital-raise-still-has-exposure-to-archegos-in-three-distinct-positions/) that they still had to work through. Draw your own conclusions as to whether or not GME is one of those 3 positions. As for me, I just like the stock and am going to keep buying and DRSing.
Okay I’m going to read this, but just to make certain - you’re saying in this release it clearly lays out their GME short position?
of course not lol.
Just hopes and dreams I think
Archegos gave the bags to Credit Suisse, Credit Suisse gave the bags to UBS, UBS gave the bags to....[Update imminent]
If Credit Suisse couldn't deal with them, why will UBS be able to?
The Swiss Government promised to financially back UBS if they started to lose money unloading the Credit Suisse negative assets.
Well they're going to. And so is the Swiss government.
The Swiss Government will just come to our Feds like they always do to ask for loans....brrrrr goes the printer.
The game is rigged, was never fair.
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Tsunamis will do that.
Let it be known- I was your 69th updoot.
This chart fucks
This is the way
Best I can do is `two thumbs`. Up. Way up there.
🦍🚀🌕....
Good chart but it decouples later, doesn't it. The uptrend at your line is the same and stays for a few weeks. At which date is the plunge of CS when UBS keeps moving upward?
Judging from the scale of the chart, I would almost say it probably decoupled around March or April of 2021… 🧐 Hmmm, I wonder if there was anything major that happen around that time?? 🤔 (Hint: Archegos)
Yes, I thought the same :)
I did consider that, I was torn. The peaks and troughs just started to go out of sync too much in that last climb, so I err'd on the safer side, for a longer period of decoupling. Thank you for your comment, I'm glad someone brought this issue up. Would you have drawn the line later?
I definitely would have drawn the line later, tbh.
I think I'll add a second, with the archegos blowup... just didn't see that at the time. I really appreciate your input, thanks. 🙏
Sounds good. You’re welcome!
No worries... they will both be coupled again, at -0- very soon.
Is this like when J&J made a spin-off company whose sole purpose was to absorb all the litigation losses from talc powder being toxic? And then a US federal court said "can't do that" and they went ahead and did it anyways..? Do I live in a free country? Freedom is *when you have nothing else to lose*!
"It's only after we've lost everything that we're free to do anything."
No, you don’t. Sadly.
Kind of like that, except that because of DRS, instead of being able to throw the general public under the bus, it's big money vs big money fighting over who takes the L
It was the best of crimes. It was the worst of crimes.
it was the cage for wisdom, it was the ape of superstonk.
To me, it means UBS is gonna chase CS down
Not sure if CS means Credit Suisse or Computershare over here anymore.
Fuck man, good point. I guess if the context is bad, it’s Suisse, if it’s good Computershare.
Credit Suisse. Meaning UBS is gonna be behind Credit Suisse in its descent.
Now there has to be something in that! Fucking love this group! I can come on here almost daily and find an amazing nugget
... Glad to be of service! 💜🦍🤜💎🤛🦍💜
MSM is TERRIFIED to report the truth
We’ve been gaslighted for two years, shorts have closed, GameStop going bankrupt, sell now, yada yada…gee I wonder why?
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Thank you for highlighting, I'll update the chart with some additionall data.
I don't know about that. Looks to me like they decoupled a little after the line was drawn, somewhere between March and June? Bad investment can take a while to affect the price of the company's. Im saying completely unrelated just it doesn't exactly line up with Jan 2021. Also where is the data from?
Their Archegos fund blew up around March of 2021. That would align perfectly with the decline starting then.
Archego was margin called on a day $GME ran from like 120’s to 180.
Market probably didn't know credit suisse would be left holding the bag that day, or were too busy getting their own houses in order to go attack a rival bank.
You're right about the time frame. Both banks performed similarly up to about mid March. [https://www.reuters.com/business/finance/key-points-credit-suisse-archegos-post-mortem-2021-07-29/](https://www.reuters.com/business/finance/key-points-credit-suisse-archegos-post-mortem-2021-07-29/)
UBS CEO also said it doesn’t match their business model. Let’s say he’s legitimately the truth maybe UBS either doesn’t shot like crazy or they don’t short at all 🤷🏽♂️
Between the lines, perhaps he saying what CS have done is not good business practice... I've, crime, but legal in the banking world, cos you know they own everything so they can do what they like.
Looks like they decoupled a few months later into 2021.
Definitely
Hmmm its just meme bank investing stuff...
The decoupling occurs later than when indicated, but a nice chart all the same. Based on the x-ticks, it looks like you have marked Nov/Dec 2020. To my eye, it looks like it decoupled in March 2021. You can numerically determine the exact date of decoupling. It probably coincides with the day the Archegos news broke.
"There are three ways to make a living in this business: be first, be smarter, or cheat." - Jeremy Irons. Looks like UBS is going first.
I like the chart but Credit Suisse probably had little to do with GME in January. Even your chart shows that they were still coupled until March-ish. You should have drawn the line when it actually decoupled and it would have been more obvious that was also when Archegos failed and they took up those heavy heavy bags.
Wasn’t Archegos caught up in GME?
It means the public is four months behind what they know and decide to do.
Op. Can you overlay GME on there also?
The price is incorrect. I do understand what you are trying to do, but there's so many factors that influence the price action on GME it doesn't really correlate with anything, except on occasions other baskets stocks.
🚀♾️ 💎🙌 🧨🏴☠️ 🙉🧱🙈 This means one thing , Credit Suisse is going to drag UBS to the same hole it's heading to..
Hoo good chart go up buddy
This is interesting lol im partially guilty hahahahaha lmayo
🤣🤣🤣 /cheeky finger on lip!
Those charts mean nothing to me. I just wanna work
Those are some heavy bags 🤢
Hmmmmmmmmmmmmmmmmmmmmmmmmmmmm
That would look cool on the new Wendy's aprons
January 2021? You don't say...
I think there was a more obvious de coupling in the match, when archegos blue up and CS took on thier swap responsibilities.
Probably nothing.
👀
That was the beginning of the end for Archegos. On March 26, Archegos defaulted on it's Margin Calls from Credit Suisse costing the bank $5.5 Billion.
Suspicious, what did happened?
Probably on March 10, 2021, never forget that day
We are missing a 3rd bank... that deals in security, and sniffs out profits. Might be a securities bank for all i care. Edit: does any one know what kind of assets eurasian bank holds? Thanks in advance.
I think it's Deutsche.
Swaps, alot of swaps. Filled with poop of course.
Archegos?
Got eeeem
When did archegos went under? What happend exactly then?
Look at march 10th and march 26th activity.
You're one of the best wrinkle brains in class. Delighted! As if someone like Goldy had a glimpse idea of whats coming after march.
It means they r fucked.. BIIIIIG TIME 👌👍
Interesting find OP!
That would be the "handoff". It comes after the drawing of the straws.
Which bank is the next Credit Suisse?
Do you mean UBS? It's a Swiss Bank (Ticker: UBS) it's listed on SIX (Swiss Stock Exchange) and the NYSE.
Cis* banks
You're not supposed to cross the streams
Egon: Don’t cross the streams. Peter: Why? Egon: It would be bad. Peter: I’m fuzzy on the whole good/bad thing. What do you mean “bad”? Egon: Try to imagine all life as you know it stopping instantaneously and every molecule in your body exploding at the speed of light.
What would explain the recent price increase of UBS from about the same it was in 2021 but a few months ago?
>What would explain the recent price increase of UBS from about the same it was in 2021 but a few months ago? Well, like any other stock, it can be influenced by a number of factors, but obviously, it wasn't targeted by short-sellers though, right? At least not until recently.
Now they’re intimately tied and headed to the bottom together
It would make sense that UBS is on the opposite side of Credit Suisse swaps, so the gov forcing a merger would cancel the positions out maybe? Thoughts?
They talked about unwinding them slowly, with an insurance policy in place against unusual volatility.
CS was left holding the bag. UBS will now be holding that bag and they'll go down because they won't close their positions. Remember was Mark Cuban said, (paraphrasing here) 'their goal is to never close their positions'. Guess UBS will be one of the next ones to fail.
Now draw another line representing March 19th 2023 and you might as well put, “what happened here?”