Swiss government: “You’re going to buy this catshit.” UBS: “But, it’s actually not just catshit. It’s dogshit wrapped in catshit.” Swiss government: “You’re buying it anyway.”

via reuters:

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HONG KONG, May 17 (Reuters) – UBS Group AG (UBSG.S) was rushed into buying cross-town rival Credit Suisse Group AG (CSGN.S) in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed.

UBS, in a Tuesday filing to the U.S. Securities and Exchange Commission, told investors it had less than four days to conduct due diligence given the “emergency circumstances”.

 

h/t BoatSurfer600

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