Credit Suisse shares soar after central bank offers lifeline

Credit Suisse announced the agreement before the Swiss stock market opened, sending shares up as much as 33% before they settled at a 25% gain, to 2.13 francs, in midday trading. That was a massive turnaround from a day earlier, when news that the bank's biggest shareholder will not inject more money into Credit Suisse sent its shares tumbling 30%, dragging down other European banks.

Despite the banking turmoil, the European Central Bank went with a large, half-percentage point increase in interest rates to tackle stubbornly high inflation, saying Europe's banking sector is "resilient," with strong finances. The British government and Bank of England on Monday said they had facilitated the sale of Silicon Valley Bank's U.K. arm to HSBC, one of Europe's biggest banks, ensuring that the bank's customers would have access to their money.

Banks are under pressure after interest rates rose rapidly following a prolonged period of historically low rates. Credit Suisse also reported Tuesday that managers had identified "material weaknesses" in the bank's internal controls on financial reporting as of the end of last year. That fanned new doubts about the bank's ability to weather the storm.

Keep em corrupt banks alive

More , like only because it was going insolvent by Friday did they bail its ass out . BANKS AND MARKETS WILL EVENTUALLY FALL!

Soar? It's up 2%

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