Swiss government approves UBS purchase of Credit Suisse

>> BREAKING NEWS FOR YOU >> BREAKING NEWS FOR YOU JUSTIN MSNBC WE WERE TALKING ABOUT THIS EARLIER IN THE HOUR. THE POSSIBILITY OF UBS PURCHASING WHEN IT SQUEEZE WE CANNOT CONFIRM THIS AS WE’V BEEN WATCHING A PRES CONFERENCE COMING OUT OF SWITZERLAND. THIS FROM THE CENTRAL BANK O SWITZERLAND. AGAIN, WHAT WE’RE HEARIN ACCORDING TO REPORTING AND FRO THAT PRESS CONFERENCE. UBS IS TO BUY YOUR WATCHING SOMETHING LIVE VIDE COMING IN RIGHT NOW TO BUY RIVAL ACCREDITED SWEEPSTAKES THE SWISS REGULATORS WILL PLAY A KEY PART IN THIS DEAL. WHAT WE’RE SEEING HERE IS THAT THE CENTRAL

BANK WILL PROVID ALL NECESSARY LIQUIDITY TO BOT PARTIES. BOTH BANKS AS IS NEEDED IN THE PROCESS OF THIS PURCHASE I’M GONNA QUOTE A LITTLE BIT O THAT WILL GET RIGHT OVER TO GE MORE PERSPECTIVE ON THIS WITH A TAKEOVER ACQUITTE SQUEEZE BABY, ASSOCIATION HA BEEN FOUND, A SUCKER FINANCIAL STABILITY AND PROTECT THE SWIS ECONOMY. IN THIS EXCEPTIONAL SITUATION. THAT’S WHAT WE ARE HEARING RIGHT NOW. OKAY, LET’S GET MORE NOW O WHAT WE ARE SEEING RIGHT NOW IN TERMS OF THAT LIVE PRES CONFERENCE WHAT ARE WE SEEING, THIS I EXACTLY WHAT WE ARE TALKIN ABOUT JUST

NOEM — MOMENTS AGO IS THIS GONN PROVIDE COMFORT TO THE MARKETS >> THAT WAS THE GOAL HERE, RICHARD. CALM THE MARKETS OBVIOUSLY, LATE LAST WEEK, THE WERE RUNS ON BANKS

AND SO HERE WE HAVE THE SWISS CENTRAL BANK MOVING TO A PROVIDED A QUANTIT WHICH IS EXTREMELY IMPORTANT AND TO MERGE THESE TWO BANGS S THAT WHEN TRADERS, INVESTORS DEPOSITORS WAKE UP ON MONDAY THEY CAN FEEL CONFIDENT THAT W ARE NO LONGER IN A BANK RUN SITUATION WHERE CREDIT SUISS IS INVOLVED. >> FOR DONALD REDUCE, YOU AR RIGHT FOR BREAKING NEWS. DISCRETION MORGAN SOMEON SITTING BY,

FOLLOWING THIS BREAKING NEWS. WE EXPECTED TO GET THIS NEWS JUST MOMENTS AGO WE JUST DID, GRETCHEN. WHY RIGHT NOW. IT IS ROUGHLY — PLUS SIX HOURS, I BELIEVE, I THE EVENING. WHY ARE THEY DOING IT AT THI MOMENT >> THESE THINGS ALWAYS HAPPE ON THE WEEKENDS, RICHARD BECAUSE YOU JUST DON’T WANT TO HAVE MARKETS GYRATING AROUND WHEN THE SUSPICIONS ARE BEIN MADE YOU WANT TO BE ABLE TO PRESENT TO INVEST AREAS, TO DEPOSITORS THIS IS A DONE DEAL. WE ARE BACK STOPPING IT. WE ARE HERE TO TELL YOU AN PLEASE BE CALM THAT’S REALLY THE

MESSAGE HERE THESE OFTEN HAPPEN ON WEEKENDS >> IN THE U.S., ALL THESE MI SIZE BANKS, MANY OF THEM COM TOGETHER AND SAID HEY, YOU’V GOT BACK US UP FOR TWO YEARS WHAT DOES THAT BACKUP FOR TW YEARS MEAN OBVIOUSLY THEY’RE THINKING ABOUT ALL THE CUSTOMERS, AS WAS TALKING EARLIER, LIKE YO AND ME >> WHAT THEY WANT IS A TWO-YEA GUARANTEE OF ALL DEPOSITORS AN THIS IS HIGHLY UNUSUAL RICHARD. AS YOU KNOW, IN THE LAST FINANCIAL CRISIS, THERE WERE KNOWN DEPOSITORS WHO ARE GUARANTEED BANKS THAT DID FAIL THERE ARE TOO BIG TO FAIL BANK WHICH DON’T

FAIL, JPMORGAN AND CREDIT SUITES ON TILL NOW. HERE, WE HAVE A SITUATION WHER BANKS THAT ARE NOT CONSIDERE TOO BIG TO FAIL. THEY WANT A GUARANTEE FOR THEI DEPOSITORS THAT IS WHAT WAS PROVIDED TO SILICON VALLEY BANK AND TO SIGNATURE BANK’S DEPOSITORS THEY’RE SAYING HEY, THEY GAV IT TO THOSE TWO. NOW YOU CAN GIVE IT TO US. >> SOME FOLKS ARE GONNA SAY. WATCHING LIVE PICTURES COMIN OUT OF BERNIE SWITZERLAND HERE FROM OF THE AUTHORITIES. SWISS AUTHORITIES. THE CENTRAL BANK SAYING THAT THEY ARE BACKING UP TH PURCHASE OF CREDIT SUISSE BY EVSE OFFERING ALL LIQUIDITY

AN I GUESS CORRECTION, THAN A SENTENCE, THAT SAYING REALLY GIVE YOU ALL THE MONEY YOU NEE FOR NOW. OF COURSE, WITH CERTAI LIMITATIONS? >> CERTAIN LIMITATIONS I THINK THE NUMBERS 100 BILLION SWIS FRANKS OF THE MOMENT THIS IS A WAY TO SAY THEY’RE SIGNALING THAT THEY’RE BEHIN THIS THEY ARE GOING TO BE MONITORIN IT CLOSELY AND THAT THEY’R STANDING FIRM. >> ONE OF THE THINGS I WAS TALKING ABOUT. MID SIZED BANKS A SECOND AGO IF THEY DO GET THIS BACKING FO TWO YEARS. REMEMBER THE BIG THREE BAILOUT AND ONE OF THE REQUIREMENTS FO THE GOVERNMENT

WAS WE’RE GONNA GIVE YOU THIS BUT WE’RE ALSO GONNA GET INTO YOUR BOARDS WE’RE ALSO GOING TO GET INTO YOUR EXECUTIVE LEADERSHIP AN BE PART OF GETTING BETTER. SHOULD THAT ALSO BE PART OF TH STEEL? >> THERE SHOULD ALWAYS B STRINGS ATTACHED WHEN TH GOVERNMENT STEPS IN TO SAVE PRIVATE INSTITUTION. YES, WE NEED TO HAVE A STRINGS ATTACHED WE NEED TO HAVE WHETHER IT’S A CLAW – COMPENSATIONS. WHETHER IT’S REQUIREMENTS OF THE BANK SHOULD NOT BE ALLOWED TO RAISE THEIR DIVIDENDS TO PA TO INVESTORS OR BUY BACK THEIR STOCK WHICH IS EXPENSIVE THEY SHOULD USE

THEIR MONEY TO SHORE UP THEIR FINANCIAL SITUATION. WE DO NEED TO HAVE THE BANGS AGREE TO SOME SORTS OF LIMIT OR RULES OF THE ROAD OTHERWISE, EVERYBODY IS GONN SAY I CAN DO WHATEVER I WANT FAIL AND ALL GET BAILED OUT. >> WE’RE GONNA CONTINUE TH

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