Swiss Bank Fails! Bail-ins Implemented as Seniors’ Pensions Raided – Chaos in Europe as France Burns

Credit Suisse, which was the second largest bank in Switzerland, and considered a "too big to fail" bank, has failed. Swiss authorities rushed through a deal late Sunday in an attempt to prevent a whole-scale stock market crash before trading started in Asia, along with futures trading in the U.S. The deal involved a forced fire sale to its rival bank, the largest bank in Switzerland, Swiss National Bank (SNB), which included both bailout money from Switzerland's Central Bank for SNB, along with a bail-in of AT1 bonds with Credit Suisse used to fund seniors' pensions, which will be completely wiped out. The bail-in wipeout of senior pensions is sure to fuel protests already happening around Europe over pension reforms, especially in France where protests began Thursday night last week when President Emmanuel Macron invoked what is basically an "executive order" before the French Parliament was about to vote on, and DISAPPROVE, pension reforms. The French have been rioting in the streets since then, continuing through Sunday night, as at the time I am writing this there are still livestream reports being broadcast showing much of France burning. Could we see similar types of bail-ins and pension funds disappear in the U.S.? Here is what the CEO of the largest investment firm in the U.S. said a few days ago...