On paper, UBS gets 35bn of CET1 + 16bn from the AT1 write off, for 3bn. You would have to believe the assets are massively mismarked for this to be off. I am n

On paper, UBS gets 35bn of CET1 + 16bn from the AT1 write off, for 3bn. You would have to believe the assets are massively mismarked for this to be off. I am not aware that it is the claim made against CS. The claim against CS I understand is not being able to turn a profit and large mishaps. Not the same thing as a bad book.