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Moderator: “Switzerland’s very high there.” [Pointing to a chart showing financial leverage in the developed world]
Kyle Bass: “Well Switzerland’s an anomaly, because two banks have all their assets. I don’t know if you know in Switzerland, if you’re a director of the bank you have personal liability of the assets if the bank goes down. So guess what? Very few Swiss banks go down. [Laughter] Their give-a-shit factor is pretty high on the loans they make.”
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