Credit Suisse takeover hits heart of Swiss banking, identity

The uncertain future of a union of Switzerland's two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as on know-how with chocolate, watchmaking and cheese.

That climate also has bred a reputation as a secret haven of billions in ill-gotten or laundered money, with the Tax Justice Network ranking Switzerland second only to the U.S. in financial secrecy. If Switzerland wants to be a strong financial center, it needs a strong globally significant bank, said Sergio Ermotti, who was CEO at UBS for nine years and will return to help shepherd the takeover.

Still, he acknowledged that the combined entity's potential importance within Switzerland was "another question," saying he reacted to the banks' shotgun marriage, announced on prime-time TV, as if watching "a bad soap opera." "That reputation has gone up in smoke, and it's very hard to regain that reputation," Marenzi said. "Unfortunately, a reputation that you built up over years and decades and maybe even centuries, you can destroy really quickly."

Scott Miller, the U.S. ambassador to Switzerland who is a former UBS executive in Colorado, upshifted the debate about how the European country interprets its idea of neutrality.

Credit Suisse takeover hits heart of the BLT community's identity.

If only there was some kind of open source technology that would allow for decentralized P2P transactions globally? Oh, wait...

The global banking system is insolvent and is nothing more than a game of musical chairs at this point and when the music stops & lights go on, there won't be any chairs.

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