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walkitoutThere’s so much good stuff. I really liked the bit about the Saudis. After noting that they were all mad that they got zero’d out (fantastic quote from I believe FT coverage quoting someone: “You make fun of dictatorships and then you can change the law over the weekend. What’s the difference between Saudi Arabia and Switzerland now? It’s really bad”), Levine remarks:
“One difference is that the Swiss regulators did not bring the chairmen of Credit Suisse and UBS to a hotel and torture them until they agreed to the deal. (This is in part because the chairmen of Credit Suisse and UBS are experienced bankers who know how this is supposed to go, though also for other reasons.) Still I mean you can see their point.”
A. wanted to know what I was laughing about and I just went, too hard to explain!
But really, I live for moments like this, both in history AND in Matt Levine columns:
“And now it is apparently falling apart for reasons that have nothing to do with its own audacity. Oh, I mean. It is possible that there is some characteristic of Credit Suisse that made it unusually likely to (1) do this First Boston deal, (2) have the Archegos, Greensill, tuna-bond, garden-party-spying, etc. scandals and (3) ultimately fail and be sold to UBS. Possibly the problem is that the overall level of audacity at Credit Suisse was too high, and eventually that caught up to it.”
Truly, at the crossroads of Fuck Around and Find Out and Oh You Just Now Noticed.
“One difference is that the Swiss regulators did not bring the chairmen of Credit Suisse and UBS to a hotel and torture them until they agreed to the deal. (This is in part because the chairmen of Credit Suisse and UBS are experienced bankers who know how this is supposed to go, though also for other reasons.) Still I mean you can see their point.”
A. wanted to know what I was laughing about and I just went, too hard to explain!
But really, I live for moments like this, both in history AND in Matt Levine columns:
“And now it is apparently falling apart for reasons that have nothing to do with its own audacity. Oh, I mean. It is possible that there is some characteristic of Credit Suisse that made it unusually likely to (1) do this First Boston deal, (2) have the Archegos, Greensill, tuna-bond, garden-party-spying, etc. scandals and (3) ultimately fail and be sold to UBS. Possibly the problem is that the overall level of audacity at Credit Suisse was too high, and eventually that caught up to it.”
Truly, at the crossroads of Fuck Around and Find Out and Oh You Just Now Noticed.