A rant on bank failures, bad investments, & AT1 bondholders

🔵 https://www.bloomberg.com/news/articles/2023-03-21/swiss-brace-for-credit-suisse-bailout-costing-them-13-500-each
🔵 https://www.wsj.com/articles/inside-credit-suisses-5-5-billion-breakdown-archegos-11623072713
🔵 https://www.bloomberg.com/news/articles/2023-03-21/credit-suisse-bankers-flood-headhunters-with-calls-after-rescue
🔵 https://www.bloomberg.com/opinion/articles/2023-03-21/ubs-saved-credit-suisse-now-for-the-bad-news
🔵 https://www.bloomberg.com/news/articles/2023-03-21/us-studies-ways-to-guarantee-all-bank-deposits-if-crisis-expands
🔵 https://www.bloomberg.com/opinion/articles/2023-03-20/ubs-got-credit-suisse-for-almost-nothing
🔵 https://www.reuters.com/markets/deals/ubs-offers-buy-credit-suisse-up-1-billion-ft-2023-03-19/

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00:00 - Disclaimer
00:20 - Intro
00:30 - Pronunciation
00:50 - Purpose of the rant
01:30 - Into the story
02:16 - I understand people being mad
03:21 - To the point
03:56 - "Bonds" outrage
04:19 - The risk on the 9 billion & 100 billion
04:52 - Credit Suisse AND UBS have to go bankrupt for the 100-200 billion to be issued
05:43 - AT1 bonds working AS THEY ARE SUPPOSED TO
06:00 - The people complaining are not laypeople, they're financial professionals
06:10 - How AT1 bonds work
06:45 - Let's talk about why people buy AT1 vs. US treasuries
08:05 - How AT1 securities work
08:45 - What the security was called tells you everything
09:05 - Professional investor tears
09:45 - Reiterating what an AT1 bond is
09:57 - Misunderstanding
10:10 - A practical example of this misunderstanding in my own business
11:30 - What bothers me about the coverage
11:50 - The problem
12:35 - This happened 4 years ago
13:15 - People who know better are crying about this
14:03 - Why the shareholders get paid out before AT1
14:48 - Conclusion
15:10 - Part 2, UBS' asks
16:10 - Valuations
19:25 - I don't blame UBS, I blame swiss govt