Credit Suisse Secures Loan
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 16 March 2023
⏱️ 11 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street breakfast, where we cover the top news for investors every morning. |
| 0:07.0 | Good morning, today is Thursday, March 16th, and I'm your host Julie Morgan. |
| 0:12.0 | Credit Suisse is getting a $54 billion loan from Swiss National Bank. |
| 0:17.0 | The bank characterizes these actions as preemptive |
| 0:19.0 | and said that the liquidity facilities will support its core businesses and clients. |
| 0:22.8 | C.S. is in positive territory before the bell today. |
| 0:26.8 | Another round of bidding. |
| 0:28.4 | Reports say the FDIC has said Friday is the deadline for banks interested in acquiring Silicon Valley Bank or |
| 0:34.9 | signature bank to submit bids. And today is crypto Thursday. We're hearing from Mike Fay, the author of |
| 0:41.9 | Blockchain Reaction on on seeking Alpha who says |
| 0:44.8 | Bitcoin has outperformed most of the so-called alt coins. So what could possibly |
| 0:50.4 | be the reason for Bitcoin's divergence from the rest of the |
| 0:54.8 | cryptocurrency market. He says the answer is classic. Our top story. Credit Sui |
| 1:01.2 | sanded Wednesday down nearly 14% but pre-market CS is going in the opposite direction and here's why. |
| 1:08.0 | Just when you thought bank drama was over, the Europeans pull you back in. The latest news on Thursday is that the |
| 1:14.8 | Swiss National Bank will be providing a liquidity backstop to embattled tier one |
| 1:18.5 | bank Credit Suisse. The bank said that it will be borrowing up to 50 billion |
| 1:21.8 | Swiss francs about about $54 billion from the Central Bank under a covered loan facility and a short-term liquidity facility. |
| 1:29.3 | The bank characterized these actions as preemptive and said that the liquidity facilities will support its core |
| 1:34.2 | businesses and clients as general concerns about the financial sector ripple across the globe after the |
| 1:39.1 | failure of Silicon Valley Bank and Signature Bank. |
| 1:41.9 | The preemptive action did appear to show up some |
... |
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