If I was UBS and CS, what would I do in order to do the best business for my banks:
The history, or the past:
I lent a lot of money to SR/SAirGroup because I believed that both they and I could make good business out of it. That's okay, that's how I do business.
They disappointed me. That's also okay, sometimes I win, sometimes I lose, I calculated for that.
I chose to get actively involved in a salvage plan because it would mean less loss to me than just waiting for the liquidators to spread the assets to all creditors including me.
I bought a controlling stake in Crossair, so they could make a takeover of assets and continue profitable parts of SR operations and pay me dividend of their future profit.
Present and the future:
I choose not to assign money to short term credits for minor operational expenses effectively grounding SR.
SR will therefore have no income to reduce their debts to me. It cost me money.
SR competitors - my own airline Crossair's future competitors - are left open to attack the customer base. That costs Crossair (and therefore me) a lot of money.
The name Swissair had a value and might be a huge asset for Crossair in the future. By ruining Crossair's customer base I reduce that name value to zero or negative value. That costs Crossair (and therefore me) a lot of money.
I can sit in my armchair and laugh at oil companies, airports, handling and catering companies who now lose a little money too. That laugh is free of charge for me.
Now, I have been in Switzerland at least a dozen times - I was there last month, with Swissair. I have a lot of friends there. I respect Swiss businessmen as clever and smart in business.
But these UBS and CS managers really puzzles me. They seem to me to be SOOOO stupidly acting against their own interests. I would recommend any Swiss cityzen not to trust one single frank to those banks and their management.
Please, mainly Swiss readers here, did I miss something? I am really puzzled because until yesterday I doubted that so stupid people could even be hired to operate a vacuum cleaner in a Swiss bank.
Regards, Preben Norholm
Always keep your number of landings equal to your number of take-offs