. . . . you were in the cnn newsroom paula read in washington, jim acosta is off. we begin with the latest emergency act aimed at a time global banking crisis, switzerland ubs is buying the rival credit suisse after the bank lost 25% of value the past week as major depositors fled in droves. even as an emergency loan from the swiss national bank failed to shore up confidence. that bank says the take-over of ubs should, quote, secure financial stability and protect the swiss economy. joining us is cnn economics and political commentator catherine, first i want to go cnn anna stewart. put this in perspective, how big of an announcement is this. this was for the time one of the biggest banks in the world and definitely a major bank in europe. being in the midst of a huge set of restructure the last couple of years, it was already under pressure and you ve seen the pressures on the banking sector with silicon valley bank, you can say it was a weak link started to debuckl
less than what the banks worth on the closing price of the shares on friday night. now, just listen to an analyst call with eo, annual cost saving of 8 billion dollars by 2027 that means a lot of job cuts, i think people will be talking a lot about in the next 24 hours, bail-outs or was it a bail-in what was the take over? it was a private sector deal regulators say it wasn t a bail-out. however, there are some interventions here, we have the swiss national bank, the central bank providing a loan of over 100 billion dollars to ubs and concentrate swiss at this stage plus the federal government saying they will guarantee an amount of 9.7 billion dollars for any potential losses. plus, on the bail-in side you got some bond holders people that have a very specific type
today on capitol hill, the senate banking committee held a confirmation hearing for a relatively obscure but important regulatory position. it s part of the treasury department, regulates assets held by 1,000 banks worth almost $15 trillion. joe biden s nominee for this role, cornell professor sully amarova, who served in george w. bush s treasury department, has been the subject of intense resistance from the banking interests who would be regulating. she s also been subject of one of the all-time dumbest, most craven fox news propaganda wars i have seen in a while, which is really saying something. let me give you a taste of what that sounded like on the hill today. you used to be a member of a group called the young communists.
regulates assets held by 1000 banks worth almost 15 trillion dollars. joe biden s nominee for this role, cornell professor sunny alma rove, who served in george w. bush s treasury department, has been the subject of she s also been subject of one of the all-time dumbest, most craven fox news propaganda wars i ve seen in a while. which is really saying something. let me give you a taste of what that sounded like on the hill, today. you used to be a member of a group called the young communists. didn t you? senator, are you referring to my membership in the youth communist organization while i was growing up in the soviet union? i just want to ask you that question. well senator there was a group called the young communists, and you are a
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