LyrArc Article Gist
UBS buys Credit Suisse for $3 billion when the tangible book value of Credit Suisse was $45 billion. Tangible book value means little says this report in the WSJ. More significant for investors was that Credit Suisse was losing billions each year and its governance, its investment banking activities were seen negatively. It either had to stop the losses or shrink quickly. Another lesson is that digital banking makes it easier to withdraw deposits and digital communication magnifies the damage. Bonds can be risker than stocks in this situation. Tier One capital ratios also mean little in this situation as both UBS and Credit Suisse had capital ratios of about 14.2. 

What is notable is that even the $3 billion UBS paid was seen as risky so that the Swiss government had to step in with a guarantee that it would provide $9 billion to cover losses after the first $5 billion in losses were taken by UBS, after that the losses would be split between the two.

LyrArc Article Gist
This WSJ editorial points out that justice and accountability have not been well served in the U.S. Justice Department's settlement with Credit Suisse in May 2014.

LyrArc Article Gist
David Reilly points out why the Credit Suisse and BNP Paribas legal settlements with the Justice Department do not provide the needed deterrent effect or accountability to protect our financial system.