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Credit Suisse issues emergency debt at 9.75% to capitalize and worries about a financial crisis

Credit Suisse issues emergency debt at 9.75% to capitalize and worries about a financial crisis

Credit Suisse Group AG Chief Executive Thomas Gottstein dismissed questions about whether the bank is a takeover target, saying he was still hopeful for a profitable second quarter.

Swiss blog Inside Paradeplatz sparked a firestorm on Wednesday after reporting that State Street could bid for Credit Suisse at 9 francs a share, citing only one person. Shares of the US firm fell 5.4% to close at $69.04 on the day, while the Swiss bank fell as much as 4.9% on Thursday.

“My father once gave me advice: For really stupid questions, I’d rather not comment at all,” Gottstein said after being asked by an audience member at a Goldman Sachs conference if the report had any merit. “So I think I’ll listen to my father’s advice on this one.”

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#financial crisis
#debt
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