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"Borrowing more money to solve the debt crisis is like drinking a bottle of scotch to solve inebriation." --
Credit Suisse and UBS have entered into a merger agreement on Sunday following the intervention of the Swiss Federal Department of Finance, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA (FINMA). UBS will be the surviving entity upon closing of the merger transaction. Under the terms of the merger agreement all shareholders of Credit Suisse will receive 1 share in UBS for 22.48 shares in Credit Suisse. Until consummation of the merger, Credit Suisse will continue to conduct its business in the ordinary course and implement its restructuring measures in collaboration with UBS. The Swiss National Bank will grant Credit Suisse access to facilities that provide substantial additional liquidity. On March 19, 2023, Swiss Federal Department of Finance, the Swiss National Bank and FINMA have asked Credit Suisse and UBS to enter into the merger agreement. Pursuant to the emergency ordinance which is being issued by the Swiss Federal Council, the merger can be implemented without approval of the shareholders. The consummation of the merger remains subject to customary closing conditions.
Credit Suisse and UBS have entered into a merger agreement on Sunday with UBS being the surviving entity. After negotiations that took place during the weekend leading up to the signing of the merger agreement, UBS and Credit Suisse concluded that it would be in the best interest of their shareholders and their stakeholders to enter into the merger. This move comes after the Swiss Federal Department of Finance, the Swiss National Bank and FINMA asked both companies to conclude the transaction to restore necessary confidence in the stability of the Swiss economy and banking system.
Israeli protesters returned to the streets Thursday to rally against proposed judicial reforms, after Prime Minister Benjamin Netanyahu rejected a compromise plan touted by the country's president.
The reforms, several provisions of which have already been adopted by parliament, are "the end of democracy," read a placard brandished by demonstrators in Tel Aviv.
According to Israeli media, tens of thousands of Israelis protested across the country.
President Joe Biden contradicted Hunter Biden’s confession the family business received payments in 2017 out of China.
“That’s not true,” Joe Biden protested to reporters Friday when questioned about recent revelations the family’s bank accounts were enriched with funds from communist China.
Despite Joe Biden’s claims, Hunter admitted on Thursday the family business did accept China money in 2017. Hunter not only admitted the Biden family business received China money, but he also acknowledged he, along with James, Hailie, and unknown “Biden,” all received $1.3 million collectively.
“Hunter received his portion of good faith seed funds which he shared with his uncle, James Biden, and Hallie Biden, with whom he was involved with at the time, and sharing expenses,” Hunter’s spokesperson acknowledged.
Rep. James Comer (R-KY) believes that there are 11 more deals between China and the Biden family, following a report from the House Oversight Committee that an associate of Hunter Biden linked to a Chinese company paid family members over $1 million.
Comer, chairman of the committee, said they are unsure what the 11 other deals involved but believe bank records will show President Joe Biden and his family members received "millions and millions of dollars from our adversaries."
"We're gonna follow the money. We knew there was a money trail, we've spoken to enough people that were involved in the shady business games all around the world," Comer said on Fox News' Sunday Morning Futures with Maria Bartiromo. "Everything that we've subpoenaed thus far was accurate from what our whistleblowers were telling us, and we have a whole lot more information. This was the first deal, and we have many more to come."
The first deal refers to a report released by House Oversight showing Hallie Biden, the widow of Beau Biden with whom Hunter Biden had a romantic relationship, received $35,000 from accounts tied to Hunter Biden's associate Rob Walker, including $25,000 that appears to have originated from a Chinese company. The report cited bank records from Walker that were subpoenaed by the committee earlier this year.
Twitter CEO Elon Musk has weighed in on what many believe is the impending indictment of former President Donald trump by Manhattan District Attorney Alvin Bragg by shoving George Soros under the bus.
It came in response to a tweet by popular conservative Twitter commentator Catturd who said “Corrupt New York City District Attorney Alvin Bragg received $1 million from Soros in his election for NYC DA.”
Musk responded by basically laying out the game that Soros plays to effect policy in the United States.
“Soros figured out a clever arbitrage opportunity: The many small political contests, such as DAs & judges, have much higher impact per dollar spent than the big races, so it is far easier to sway the outcome,” he said.
The House of Mouse has strayed far from the family-friendly image its founder Walt Disney assiduously created over many decades. Indeed, Disney is leading the international fight to impose the radical LGBT agenda on our children. For example, Disney fought hard in opposing a new Florida law that bans the teaching of LGBT ideology to children in kindergarten to grade three. It has produced animated movies like Strange World and Lightyear and television shows like Willow that have strong LGBT themes. It has partnered with radical LGBT organizations like the San Francisco Gay Men’s choir that has openly stated it is coming after our children. It prominently features LGBT-themed clothing and accessories at all its Disney stores.
And now the chickens are coming home to roost. Since Disney came out strongly for the LGBT agenda, its stock value has plummeted by 33%. Its streaming services are losing $1 billion a quarter. Strange World and Lightyear have lost hundreds of millions of dollars. Florida has rescinded the special taxing and governing statutes that gave Disney hundreds of millions of dollars more in benefits. And now we have learned that Disney has lost its top ten standing for internet searches for travel destinations. As The Street reports:
“The study by familydestinationsguide.com. looked at which tourist attractions get the most searches in each state. The results range from national parks, such as Glacier, Acadia and Grand Canyon, to beaches like Rehoboth and Myrtle, to regional favorites like Graceland. The Elvis Presley home and museum is tops with people in Tennessee, Mississippi and Arkansas. But, intriguingly, Walt Disney World in Florida didn’t even make the list at all. And Disneyland, in Anaheim was the most popular in only one state: California.”
Countless people across the globe celebrated Dr. Martin Luther King Jr.’s greatness on MLK Day. However, one clip shared on Twitter reminded people that during Dr. King’s last years, he had many denigrators, including some Black Americans.
One of his most vocal critics was Julia Clarice Brown – a Black woman who later proudly admitted to being an informant and agent for the Federal Bureau of Investigation (FBI).
Speaker of the House and Republican California Rep. Kevin McCarthy just dropped a bomb on the people who want to indict former President Donald Trump, including Manhattan DA Alvin Bragg.
“Here we go again — an outrageous abuse of power by a radical DA who lets violent criminals walk as he pursues political vengeance against President Trump. I’m directing relevant committees to immediately investigate if federal funds are being used to subvert our democracy by interfering in elections with politically motivated prosecutions,” he said on Saturday.
News broke by 45th president and leading 2024 presidential candidate Donald Trump of his expected arrest on Tuesday over yet another witch-hunt investigation by the Manhattan District Attorney comes only two days after President Joe Biden’s family members were exposed of having received payments from a Chinese Energy Company.
In a bombshell report from the House Committee on Oversight and Accountability published on Thursday, less than two months after Biden left the office of Vice President in 2017, State Energy HK Limited, a Chinese company, wired $3 million to a company owned by Rob Walker, a Biden “family associate.”
A day later, the company wired $1.065 million to James Gilliar, another Biden “family associate.” The Biden family then received $1.065 in payments stretched over a three month period in various Biden family bank accounts.
Hunter Biden, James Biden, Hallie Biden, and an unknown Biden received $1.3 million in payments from Rob Walker.
“Prosecuting your political opponents is something you’d expect to see in third-world Banana Republics,” Lake began. “But it’s coming to America, and that should scare the hell out of us. For nearly a decade, the radical left and their willing sycophants in the media have put President Donald J. Trump through absolute hell. Accusation after accusation, investigation after investigation. And they’ve come away with nothing. Now, in their desperation to derail his re-election, we see this ludicrous effort to jail him on the flimsiest campaign finance violations they can find.”
“This political persecution fuels the EXACT same division the democrats claim that Trump incites. Donald Trump is truly a man of the people,” she continued. “From the moment he came down the escalator in 2015, he was We The People’s voice. And the corrupt political machine has been desperate to silence him ever since. These politically motivated attacks against the presumptive next President of the United States are political interference at a level this country has never seen before.”
“But make no mistake, this isn’t about Donald Trump. This is about the America First movement. It’s about coming after We The People,” the former gubernatorial candidate explained. “It’s about coming after the working-class Americans who simply want a president who will represent them. The radical left will stop at nothing to keep us from bringing common-sense solutions back to the people, from Making America Great Again.”
Former Vice President Mike Pence said the potential arrest of ex-President Donald Trump by the Manhattan district attorney would be a “politically charged prosecution.”
In a interview that aired Sunday on ABC News’ “This Week,” Pence said he was “taken aback the idea of indicting a former president of the United States, at a time when there’s a crime wave in New York City.”
“The fact that the Manhattan DA thinks that indicting President Trump is his top priority, I think … just tells you everything you need to know about the radical left in this country,” the former veep said.
“It just feels like a politically charged prosecution here. And I, for my part, I just feel like it’s just not what the American people want to see,” he added.
Former President Trump on Sunday accused President Biden of having ‘stuffed’ the Manhattan District Attorney’s office probing a hush-money payment made to adult film star Stormy Daniels with officials from the Department of Justice, despite it being a city-run office.
Trump’ took to his Truth Social platform to claim Biden “’stuffed’ the D.A.’s Office with Department of Injustice people,” including what he called a “DOJ operative” sent from Washington, D.C. Trump did not specify which individual he was referring to being an operative.
“Biden wants to pretend he has nothing to do with the Manhattan D.A.’s Assault on Democracy when, in fact, he has ‘stuffed’ the D.A.’s Office with Department of Injustice people, including one top DOJ operative from D.C,” Trump wrote.
He also took a shot at District Attorney Alvin Bragg who he claimed “is taking his orders from D.C.”
Bragg, a Democrat, is a New York City elected official who took office late last year. His office is staffed by city officials and is not at the direction of the president, who oversees federal officials.
The Big Apple is ready to batten down the hatches and mobilize 700 riot cops ahead of former President Donald Trump's anticipated arrest early this week.
State, city and federal law enforcement agencies have been meeting in recent weeks to discuss how to deal with expected widespread protests following Trump's arrest, as his supporters have already started descending on Trump Tower.
The New York Police Department is even considering stationing hundreds of riot cops, the Daily Beast reports, fearing that Trump's arrest may cause both MAGA conservatives and anti-Trump protesters to face off outside Manhattan Criminal Court as he is arraigned.
China is set to supercharge its naval shipbuilding program with AI, accelerating production rates and potentially cementing its quantitative lead over the US.
This month, South China Morning Post (SCMP) reported that a research team from the China Ship Design and Research Center used AI operating on a small computer system to design a warship’s electrical systems in one day.
This task would reportedly take human designers 300 days using the most advanced computer tools, the source says. SCMP notes that the research team published their findings in the Chinese-language journal Computer Integrated Manufacturing Systems last month.
According to Luo Wei, a senior engineer with the ship design center, the AI accomplished 400 tasks with 100% accuracy, noting that although the AI showed areas for improvement, it could accelerate China’s shipbuilding program, as reported by the source.
Trump supporters are pushing for a 'MAGA moat' around Mar-a-Lago to prevent the former president from being arrested as they demand that Florida Gov. Ron DeSantis defy New York authorities and refuse to extradite Trump.
The ex-president had claimed on his Truth Social platform that he will likely be arrested on Tuesday on criminal charges related to payments he made to porn star Stormy Daniels.
He even urged his supporters to 'protest, protest, protest' as he raged online about the legal case, causing many to show up at his Florida estate with signs, banners and even their own boats.
On Saturday morning, 45th President Donald J. Trump made a statement in response to news that broke Friday that he would be indicted next week by the Manhattan District Attorney Alvin Bragg (D).
As previously reported by the DC Enquirer, five senior officials told NBC News that law enforcement agencies are conducting “preliminary security assessments” for the Manhattan Criminal Court in case Manhattan District Attorney Alvin Bragg (D) brings charges.
In response to this news, President Trump responded, saying that he will be “arrested” on Tuesday:
What happened next Mr. Barnes has largely kept secret for nearly 43 years. Mr. Connally, he said, took him to one Middle Eastern capital after another that summer, meeting with a host of regional leaders to deliver a blunt message to be passed to Iran: Don’t release the hostages before the election. Mr. Reagan will win and give you a better deal.
Then shortly after returning home, Mr. Barnes said, Mr. Connally reported to William J. Casey, the chairman of Mr. Reagan’s campaign and later director of the Central Intelligence Agency, briefing him about the trip in an airport lounge.
Mr. Carter’s camp has long suspected that Mr. Casey or someone else in Mr. Reagan’s orbit sought to secretly torpedo efforts to liberate the hostages before the election, and books have been written on what came to be called the October surprise. But congressional investigations debunked previous theories of what happened.
The Philippine Coast Guard (PCG) on Saturday spotted more than 40 Chinese vessels near Pag-asa, one of the islands occupied by Manila in the South China Sea.
Coast Guard personnel stationed on the island – also known as Thitu – reported a People’s Liberation Army (PLA) Navy vessel, a China Coast Guard (CCG) vessel, and 42 suspected maritime militia vessels, anchored within 4.5 to 8 nautical miles of the shore.
The PCG said this was “clearly inside the land feature’s 12-nautical mile territorial sea.”
UBS has agreed to buy Credit Suisse after increasing its offer to more than $2 billion following urgent talks today.
The banking giant will pay more than 0.50 francs ($0.5401) a share in its own stock, far below Credit Suisse's closing price of 1.86 francs on Friday, FT reported, citing sources.
The Swiss National Bank has agreed to offer a $100 billion liquidity line to Credit Suisse as part of the deal, the FT added, citing two people familiar with the matter.
Harvard Law Professor Alan Dershowitz has broken his silence on the bombshell news that President Donald Trump expects to be arrested Tuesday.
Manhattan District Attorney Alvin Bragg’s office is reportedly preparing to arrest Trump.
Bragg, who was installed by George Soros, is planning to bring criminal charges against Trump stemming from a $130,000 payment to Stormy Daniels.
Dershowitz weighed in on the case, saying: “There are two systems of justice in the United States and our justice system is in deep trouble.
“We’ve created a special system of justice for Donald Trump.
“This is selective, targeted prosecution.
A Louisiana judge threw the book at a man convicted of raping a child by ordering the pervert to be chemically castrated.
After Ryan Clark, 34, pleaded guilty to felony second-degree rape, molestation of a juvenile under 13, and sexual battery, Judge Brian K. Abels dropped the hammer.
The judge sentenced Clark to 35 years in prison with the first 25 years to be served without the possibility of parole.
Abels also ruled that Clark must register as a sex offender for life, forfeit all parental rights, never contact his victims, and submit to chemical castration before he is ever released back into society.
So going after Trump for a misdemeanor seems like petty politics.
And when you look at the skeleton that just crawled out of Hillary Clinton’s closet, the New York case looks even more political.
Because Hillary Clinton was busted breaking campaign finance laws and paid a fine, along with the DNC, to settle the issue.
She was not arrested.
Republican House Judiciary Committee Chairman Jim Jordan (R-OH) has blasted the “sham” plans by Democrat prosecutors in New York to arrest President Donald Trump next week.
Jordan warned that “real America” knows the truth behind the anti-Trump effort.
“God Bless President Trump,” Jordan wrote on Twitter.
“Real America knows this is all a sham.”
President Joe Biden has called on Congress to toughen penalties against the executive of collapsed banks.
Biden recommended that executives of failed banks should be banned from working in the banking sector again.
The White House released a plan to hold senior management more accountable when their financial institutions collapse and enter Federal Deposit Insurance Corporation (FDIC) receivership.
In addition, the Biden admin is urging Congress to make it easier for federal regulators to punish bank executives when they engage in mismanagement and take excessive risks.
The announcement on Friday highlighted recent reports that show Silicon Valley Bank (SVB) executives dumping shares before the collapse.
Broaddrick, who accuses former President Bill Clinton of raping her in 1978, fired back at Pelosi’s remarks.
“Oh give me a f*cking break,” Broaddrick blasted.
“You are one of the biggest crooks in Congress with your insider trading.
“And that drunk you’re married to should be in jail for all the DUI’s and wrecks he has caused.
“You’re not out of the woods yet, on your J6 scam, either.”
An oral vaccine developed by Microsoft co-founder Bill Gates’ foundation has triggered a polio outbreak in the African country Burundi, according to reports.
Health officials have reported that seven children have been paralyzed by the virus so far.
The children were paralyzed by vaccine-derived polio linked to the new nOPV2 polio vaccine, according to health officials in the Democratic Republic of the Congo and Burundi and the Global Polio Eradication Initiative (GPEI)
The nOPV2 polio vaccine was developed by the Bill & Melinda Gates Foundation.
The Bill & Melinda Gates Foundation, a GPEI partner, funded the development and clinical trials for the nOPV2 vaccine.
Burundi has now declared a national emergency after confirming eight cases of the virus, the World Health Organization (WHO) said in a statement.
President Biden denied that his family received more than $1 million in payments from accounts related to Hunter Biden’s business associate Rob Walker and their Chinese business ventures in 2017, even though financial records indicate otherwise.
On Thursday, GOP lawmakers on the House Oversight Committee revealed that they had obtained bank documents showing that Hunter Biden, the president's brother Jim, and Hallie Biden, the widow of his son Beau, received payments from Hunter's business associate Rob Walker and their joint venture with Chinese energy firm CEFC. A spokesperson for Hunter Biden's legal team confirmed the payments Thursday but emphasized that the recipients' accounts "belonged to Hunter, his uncle and Hallie – nobody else."
However, Biden denied that the payments were made when confronted by a reporter on the White House lawn Friday.
Signature Bank is on the market after being shuttered by New York state regulators on Sunday, but any potential buyer reportedly has to agree to a major caveat: no crypto.
Reuters first reported the development on Wednesday evening, citing people familiar with the matter. The Federal Deposit Insurance Corp. said bids for the bank must be submitted by Friday, the report said.
The New York-based bank’s weekend closure came two days after the collapse of another bank, California-based Silicon Valley Bank, and less than a week after the voluntary closure of another California-based bank, Silvergate Bank. All three of the now-defunct banks were considered crypto-friendly financial institutions.
The sudden collapse of Silicon Valley Bank on Mar.ch10 caused the most serious crisis of confidence in banks since the Great Financial Crisis of 2008, which devastated the global economy and threatened to bring the financial system to its knees.
The Californian bank had bet on interest rates, by investing in high quality bonds. The problem was that SVB (SIVB) - Get Free Report bought these bonds and mortgage-backed securities when interest rates were low and did not protect itself in the event that rates rose. The bank simply did not hedge its risk.
When the Federal Reserve began raising interest rates from the second half of 2021, the bank's bonds began to lose value. This problem coincided with the fact that SVB's clients -- mostly startups and venture capital firms -- could no longer easily find cash to finance their operations and projects, as was the case during the pandemic, a period during which the federal government had printed money in large quantities.
These startups consequently started to dip into their deposits. SVB had no choice but to sell part of its bond portfolio and other securities to satisfy these withdrawal requests. As a result, the bank had to suffer a net loss of $1.8 billion during these sales and therefore needed to raise $2.25 billion to shore up its liquidity.