The battle of Cocos. Swiss authorities made a mistake with consequences and potentially a host of court cases. They wiped out $17 billion of Additional Tier 1 bonds ( or Contingent Convertible Bonds or Cocos).These were invented after the 2008 crisis to shore up banks’ capital 1/
Before ANY of more misinformation spreads on what I sometimes call “this damn platform, which capitalizes on sensationalism and misinformation,” this is why the Fed’s balance sheet grew last week by $298B.
The Discount Window at the Fed is OPEN. Discount… https://twitter.com/i/web/status/1636492730070188035