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the chairman of the bank has said he is truly sorry for taking the company to the brink of bankruptcy. credit suisse was taken over last month by its rival, ubs, in an emergency deal backed by the swiss government. shareholders were not consulted about the takeover. let s go live now to switzerland and speak to our correspondent, imogen foulkes. it is interesting if you eat so what has come out of this meeting, the boss they are apologising and also a collapse entirely would have been bad news for the country and therefore this was the least bad option. therefore this was the least bad 0 tion. . , , therefore this was the least bad otion. . , , ., option. that is right. it s a blustery option. that is right. it s a blustery day option. that is right. it s a blustery day in option. that is right. it s a| blustery day in switzerland option. that is right. it s a - blustery day in switzerland but there is a tornado of anger blowing through credit suisse s agm. it ....
Voting on everything. that in a country that is known for voting on everything.- voting on everything. that is absolutely voting on everything. that is absolutely right. voting on everything. that is absolutely right. they - voting on everything. that is i absolutely right. they expected voting on everything. that is - absolutely right. they expected to have about and they will not get it. they will have to accept their credit suisse shares, currently valued at 10% of what they were valued at 10% of what they were valued at 10% of what they were valued at a few months ago. maybe they will be converted into ubs shares and maybe that could help but one of the problem also is this is not the first time, we had ubs back in the financial crisis in 2009 having to have a massive bailout from the swiss government. now we have the other big swiss historic bank, credit suisse basically going under. if you are a middle class swiss person particularly of the older generation you would invest s ....
Europe. bear in mind, since the summer, we ve seen the stock down by over 60%. just really compounding things over at netflix. speaking of earnings reports, we had an earnings report from ubs, one of the big swiss banks. this is the first earnings report for this business since we had that rogue trader scandal. they came out with a surprise $1 billion swiss franc profit, because it s because of loss of items. the front page of the wall street journal reads fresh worries of recession grip europe. thank you very much. still ahead a big game five in the world series. the cardinals jump out to an early lead but some strange twists and a big miscommunication in the st. louis bullpen turns the series. highlights ahead in sports. and jon huntsman dropped some mandarin while talking last night to steven colbert. will that get him above 2% in the polls? that and a check of weather when ....
It s no excuse for all the games and the gridlock that we ve been seeing in washington. some poking holes in the president s plan to rescue homeowners. the new york times critiquing this morning, an editorial, the new refinancing plan is still only a modest fix. real recovery in the housing market and the economy will require reducing the principal balance on many underwater loans, but banks balked at reducing principal because they don t want to face the losses. for too long president obama relied on the banks to do what s right. strong political pressure and likely legislation may be the only ways to get the banks to accept write-downs of principal. mr. obama needs to start pushing now. last week one of the men hoping to replace president obama, mitt romney, offered his take on solving the housing crisis. don t try to stop the foreclosure process, let it run its course and hit the bottom, allow investors to buy homes, put renters in them, fix the homes up and let it come back ....