“At first you go bankrupt slowly, then all at once” – Ernest Hemingway, The Sun Also Rises Failing banks, blanket government guarantees, forced takeovers, last-minute changes of the law. It’s all very 2008. There’s an awful lot going on, and indeed a lot to take in, but let’s start with a quick recap of where we are, and how we got here. On Sunday, March 19 in the evening, the Swiss giant UBS bought its long-time competitor Credit Suisse (CS), with a huge discount to the closing price on Friday, March 17. The Swiss authorities announced that they would sweeten…

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