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Now, that is the most intelligent thing I’ve seen happen in all of this economic crisis unfolding.
Bloomberg – cable just announced that Credit Suisse and UBS have agreed on a plan that will recapitalize UBS while insulating $60 billion in toxic debt within a fund separate to itself. (5:21 a.m. ET)
That makes more sense than anything that anyone has tried doing up till now.
I hope the US banks and investment groups can find a way to do that because that will work.
And, it is bloody brilliant.