UBS CEO settles $300 million Credit Suisse mess - what this means for your investments
Key Points
- UBS paid $300 million to settle issues from Credit Suisse's ...
When your bank buys another bank that collapsed, it's like inheriting your messy roommate's credit card debt - except the debt comes with lawyers, regulators, and a $300 million price tag.
UBS just wrapped up one of Credit Suisse's leftover problems by paying the U.S. Department of Justice $300 million to settle issues with residential mortgage-backed securities. Think of it as paying off your predecessor's parking tickets, except these tickets were written by federal prosecutors.
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