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I've heard the same thing 15 years ago, when they bailed out UBS. Now, here we are again. They're even invoking emergency law to ship this deal. We ought to am
by nairboon 4y ago
I've heard the same thing 15 years ago, when they bailed out UBS. Now, here we are again. They're even invoking emergency law to ship this deal.
We ought to amend the constitution, in two ways: clawbacks for variable compensation in too-big-to-fail banks and add such irresponsible behavior to the criminal code.
It is time for prison for those responsible for this fiasco.
- 67m67m67m 4y agoDo you mean the American constitution? Do you have any IDEA what the process is even like to get an amendment in? This suggestion with the knowledge of that process is completely absurd. It will never happen. Also, one nations constitution isn't going to prevent this issue with another nations bank lol.
- Mesopropithecus 4y agoJust wanted to mention that amending the Swiss constitution is near trivial, one could start there :).
- sofixa 4y agoWhy would they be talking about the American constitution? This is a matter between two Swiss banks and Swiss authorities.
- nairboon 4y agoNo, this is about the Swiss constitution. 100k signatures are required to initiate a vote about it. That is quite doable.
- sofixa 4y agoNeither of those two things have a place in the Swiss constitution. One is a criminal matter for the Swiss Criminal Code, and the other is just a banking regulations update.
- nairboon 4y agoThe only way to change the later is by putting it in the constitution in the first place. It's not nice, but it would work. What has the parliament done in the past 15 years? Nothing of substance, otherwise we wouldn't be in the same situation again.