FILE - The New York Stock Exchange is seen in New York, Tuesday, June 14, 2022. Stocks are tumbling on Wall Street Wednesday as worries about the strength of banks worsen on both sides of the Atlantic Ocean. The S&P 500 was 1.4% lower in early trading, while markets in Europe slumped even further as shares of Switzerland’s Credit Suisse tumbled to a record low. The Dow Jones Industrial Average and the Nasdaq composite also fell sharply at the open.
Large and mid-size banks in Europe and the U.S. sank sharply before U.S markets opened, particularly in Europe. Major European banks fell between 5% and 10%, though Switzerland’s Credit Suisse skidded nearly 25% to all-time lows. That decline comes after media reports that Saudi National Bank representatives said they could not shore up their investments in Credit Suisse, citing regulatory concerns.
So we should expect to see a Wall Street bail out very soon
Wall Street is gambling for rich people. Let em fall.
The crash is upon us collapse
Time for Swiss and European governments to step in to shore the banks up and go after the CEOs who recklessly use other people's money in speculative projects to make money for themselves and their clients.
Meanwhile in the UK, PM Sunak lifted a cap on bankers ' bonuses.
Another fiasco caused by deregulation under the Trump administration.