Was the downfall of financial name CS a foregone conclusion?
Finally, one of the Goliath banks, CS, has collapsed and is being sold to UBS.
I looked up the list of Swiss banks as of June 22 and found the following.
CS Group is in first and second place with UBS.
From a high of 72$, the share price is down to 0.94$.
Not to mention the share price of SVB, which was one of the first to go down in the financial crisis.
It seems likely that CS's downfall will go down as one big blot and turning point in the long history of Swiss financial greatness.
Synonymous with poverty in Europe for hundreds of years, the Swiss have chosen to defend their family and nation from poverty with their specialty (?) of mercenaries.
A suicide note was found in the pocket of a Swiss mercenary who died in the Tuileries Palace while defending Louis XVI during the French Revolution. "Our descendants will be out of a job if we betray our faith." The Swiss have a history that lives up to the proverbial "little peppers are hot," and the source of that "hotness" is a sense of pride that no amount of oppression can bring them down, and that they will not allow an ounce of cowardice or mistrust to enter into the equation, even if they are paid to fight. It was a pride that the Swiss, however small and weak, defended to the end.
(See also) https://www.sisain.co.kr/news/articleView.html?idxno=47473
I wonder (as I look at the sordid tale of CS collapsing under a myriad of sordid scandals) if the self-respect that they had bought with their own money didn't end up being a boomerang.
These changes that have been taking place as an extension of the 2008 financial crisis, such as the fall of one Goliath after another, and the drastic changes in financial conditions that have made US Treasuries no longer a safe haven, can be seen as emblematic of a major inflection point in financial capitalism that is not always clear.
As we watch the tip of the iceberg fall away one by one, it seems that we must remain vigilant and watchful to see what fundamental changes are taking place in the larger body of the iceberg.