Swiss Parliament Divided Over Credit Suisse Rescue Plan

Switzerland's lower house of parliament has rejected government guarantees 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, above all, amounted to a rebuke of the executive branch at a time when Switzerland is gearing up for crucial legislative elections this fall. The decision, which came after midnight, was largely symbolic because a parliamentary commission has already signed on to the rescue plan, which mostly involved guarantees through the Swiss central bank — not parliament.