The Swiss Financial Market Supervisory Authority, FINMA, said on Thursday that
Additional Tier 1 (AT1) bonds issued by Credit Suisse could be wiped out by contract in case of a “viability event,” particularly if the bank receives government backing.
“As Credit Suisse received extraordinary liquidity assistance loans secured by a federal default guarantee on 19 March 2023, these contractual conditions were met for the AT1 instruments issued by the bank,” the regulator explained in a statement, adding that Tier 2 bonds will not be marked down.
The European Central Bank blasted the decision by the Swiss regulators that left bondholders unprotected in the acqusition deal that wrote down 16 billion Swiss francs of AT1 bonds to zero, and stressed that “Switzerland does not set standards in Europe.” NN: These assholes have been given trillions of dollars of retirement savers money. And were paid millions to manage their funds. I met these assholes and they could not run a candy store. Their is nothing between their ears. Their main driver in life is the nerves that run through their pelvis. Now the hundred year even has started. And the first domino has fallen. And it reveals that these fucking assholes did not even bother to read the prospective. They did not even know if they had teir1 or teir2 bonds. Wanna hear the really good part. These instruments were created to provide bank capital an liquidity in a crises. Based on lessons (learned) after the 2009 wipe out. When i READ the perspective i laugh my ass off. Simply more structured debt from hell to give the ILLUSION of security. As i have been warning you the fractional banking system is broken. The hundred year even is upon us. All institutions are Saddled with more debt than ever. Especially hidden debt that will never ever be paid back. The day of reckoning has started. Governments will socialize the markets both the capital and stock markets. And you can imagine the hell and poverty that will create. The democratic free enterprise system has collapsed because of inbred corruption. And we are headed for the Chinese model and war and death and destruction. I can show you what to do. BlackMask Pod cast:
The ten commandments of finance
here are my top ten suggestions
- Get out of all debt
- leave a paper trail that makes sense. Two worlds you live in the seen and unseen.
- Dump all stocks and mutual funds
- Get out of ALL real estate unless its your abode
- Keep in the banking system only enough money to meet you cash flow short term transactions
- if you can find a little business that gives you CASH flow and something you can point to that would be smart. Get people you trust to run it for you
- Wealth should be stored in US government treasuries
- For now short term treasuries under 1 year… preferably Tbills
- Do NOT NOT US government Bond Funds but the actual treasury in your name through treasury direct or at a broker segregated in your name
- Speculating is more tricky then ever… Why do it? Because IFIFIFIFIf we get it right thousands can become millions