Credit Suisse rescue rocks global finance

Choice pick: A pedestrian walks past the office building of Credit Suisse in Hong Kong. In the buyout deal by UBS, shareholders are to receive US$3.2bil (RM14.4bil) in compensation, at the expense of bondholders. — Reuters

ZURICH: Days before a hastily convened press conference on Sunday that would make the world’s front pages, Switzerland’s political elite were secretly preparing a move that would jolt the globe.

While the nation’s central bank and financial regulator publicly declared that Credit Suisse was sound, behind closed doors the race was on to rescue the nation’s second-biggest bank.