UBS & Credit Suisse Deal Had To Be Done

The UBS/Credit Suisse deal had to be done, says Matt Maley, because if Credit Suisse went under a lot of financial firms would be exposed. He calls the deal a "forced marriage" with UBS saying no to a deal until authorities got involved. He thinks that a lot of banks still have losses on the books as rates rise, and that credit conditions are going to get tighter, so investors should get more defensive.