Credit Suisse rescue rebuked by half of Swiss parliament

By JAMEY KEATEN
Associated Press

GENEVA (AP) — Switzerland’s lower house of parliament has issued a searing — though symbolic — rebuke of an emergency plan spearheaded by the executive branch to prop up embattled Credit Suisse and shepherd it into a takeover by Swiss banking rival UBS. The National Council voted 102 to 71 early Wednesday to reject government guarantees authorized last month of 100 billion Swiss francs to help keep Credit Suisse afloat and 9 billion francs to help UBS mop up any losses it may incur in the takeover. The vote took place as part of a three-day special parliamentary session to scrutinize long-running troubles at Credit Suisse and the plan to save it from collapse.