SP: Bourgeoisie and financial industry at the origin of the crisis
Published: Friday, Dec 20th 2024, 14:40
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For the SP, bourgeois politicians and the financial industry led to the Credit Suisse debacle and the takeover by UBS. Last year, UBS bought itself political influence with party donations of CHF 675,000 to the SVP, FDP, Center Party and GLP, said SP Co-President Cédric Wermuth (NR/AG).
According to the SP, UBS has bought a relaxation of controls by the Swiss Financial Market Supervisory Authority (FINMA). The conservative parties had weakened Finma. These attacks should stop and FINMA must be strengthened, the Social Democrats said at a press conference on Friday.
Furthermore, UBS in its current XXL form represents an unacceptable risk for Switzerland, according to the SP. A new rescue operation could require the investment of a sum equivalent to Switzerland's entire gross domestic product. The SP wants UBS to be downsized and the megabank to be made more crisis-proof through higher capital requirements.
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