Switzerland's financial market regulator FINMA on Thursday defended its decision to impose steep losses on some of Credit Suisse bondholders as part of its rescue, saying the decision was legally watertight.
The convertible bonds were designed to be invoked during rescues to prevent the costs of bailouts falling onto taxpayers as it happened during the global financial crisis in 2008. Yellen's remarks came as Powell sought to reassure investors about the soundness of the banking system, saying that the management of SVB "failed badly," but that the bank's collapse did not indicate wider weaknesses in the sector.
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