BREAKING NEWS -- UBS is reportedly engaged in meetings right now, SEEKING TO TERMINATE ITS DEAL TO ACQUIRE CREDIT SUISSE!
If UBS Backs out, then Credit Swiss will fail, enter Bankruptcy, and that will mean a Bulge-Bracket-Bank (a.k.a. "too big to fail") has gone under.
The effects on the Global Financial System are, right now, incalculable. A Credit Suisse Default would trigger Credit Default Swaps, and would put the bank in DEFAULT on all its Derivative Contracts.
This could be a "Black Swan Event" that sets in motion a Domino effect, taking out BIG banks all over the world.
More details on tonight's Hal Turner Radio Show from 9:00-11:00 PM eastern US time (GMT -0400)
