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Friday, 03/24/2023 10:06:07 AM

Friday, March 24, 2023 10:06:07 AM

Post# of 141533
https://www.reuters.com/business/finance/deutsche-bank-ubs-hit-bank-fears-spark-stress-signals-2023-03-24/

My thoughts as well. new bail out protected the "wealthy" yet again.

"Standard Chartered Chief Executive Bill Winters said on Friday the wipeout of Credit Suisse bondholders had "profound" implications for global bank regulations.

"I think it had very profound implications for the regulation of banks, and for the way that banks manage themselves," Winters told a financial forum in Hong Kong.

He also said the U.S. Federal Reserve's move to guarantee non-insured deposits was a "moral hazard".

U.S. authorities had invoked "systemic risk exceptions" after the failures of SVB and Signature Bank that allowed them to protect uninsured deposits, including those of wealthy technology executives and cryptocurrency investors."

I think we have heard this one before:

"Separate sources told Reuters that UBS has promised retention packages to Credit Suisse wealth management staff in Asia to stem a talent exodus."
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