Swiss lawmakers expressed their displeasure with the Credit Suisse Group AG takeover, criticizing the government’s use of emergency measures and blaming the bank’s management.
In a statement, a member of the Swiss People’s Party Hansjoerg Knecht said that, “Credit Suisse’s leadership has to take responsibility for its actions, that’s not only dictated by fairness.”
He further added, “Tens of thousands of employees worry for their jobs.” The extraordinary parliamentary session, which begins on Tuesday, is the latest battleground for the government to justify why it facilitated Credit Suisse’s takeover by UBS Group AG.
The move, described by President Alain Berset as the best option for restoring market confidence, created a banking behemoth with assets more than twice the size of the Swiss economy.
Parliament, like shareholders, had no say in the deal, but it was signed off on by a small group of senior MPs — the so-called financial delegation — on March 19. That means the takeover cannot be thwarted by legislation. One of the delegation’s members, Peter Hegglin of the Center Alliance, stated that there had been no other option, though he regretted the situation.
“The decision wasn’t easy for me. The banking industry was warned by the 2008 crisis — unfortunately, Credit Suisse’s leadership didn’t learn from the crisis. Like in a dramatic tragedy, the managers destroyed values and made themselves rich in the process.”