After a major, systemically significant bank crumbled over the weekend, the banking crisis left financial institutions and regulators scrambling Monday to prevent its spread.
Credit Suisse, hobbled for decades by mismanagement, scandal and bad bets, finally succumbed to the emerging global banking crisis. Its stunning and rapid takeover by rival UBS, orchestrated by Swiss authorities Sunday, took one giant, wobbling domino off the table. Hours later, a group of central banks from around the world boosted the movement of US dollars through the global financial system to keep loans flowing to households and businesses and support the world’s major economies.
The question investors and nervous customers want answered this week: What’s next? Are other banks about to fall – or be saved? Will regulators be forced to step in with more rescue plans?
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