Dick Bove Declares War on Switzerland

 "You can't trust the Swiss, that's the bottom line,"

-Senator Carl Levin
March 3, 2009

From Deal Journal:

Bove Takes a Bearish Turn on Swiss Banks

Noted bank bull Dick Bove, of Rochdale Securities, isn’t too happy with the Swiss.

Today he downgraded UBS—headquartered in Zurich—to fairly valued (meaning hold) from under valued (a confusingly-worded buy) after the company’s earnings report showed a steep drop in earnings. He made the same cut to his rating on Credit Suisse, also operating out of Zurich, last Monday.

Both UBS and Credit Suisse are under pressure to de-risk by boosting the amount of capital on their books....MORE

We used to like Bank Sarasin, we'll have to wait and see what changes, if any, Safra puts in.
In the meantime Safra has a 50.15% stake and 71.01% in voting rights, this means they must, under Swiss law, make an offer to the minority shareholders.
The B shares are bouncing around 27 CHF which is where the offer is expected to be.