UBS-Credit Suisse deal shows that shareholders are no longer in charge

• In any acquisition of a publicly traded company, the acquired company's stockholders have the right to vote their shares in favor or disapproval.
• Credit Suisse shares are listed in both New York and Zurich, but the Swiss government unilaterally moved to eliminate the voting rights.
• It's an unprecedented decision. During the great financial crisis, for example, Bear Stearns shareholders voted to approve its government-desired takeover by JPMorgan (even getting a better deal in the process).

What they're saying: "This feels like Russia in Zurich," says a source close to Credit Suisse. "You've got Swiss families who have invested a lot in Credit Suisse basically getting wiped out without a say."

• But, but, but: Credit Suisse shareholders do make out slightly better in this deal than do bondholders, which isn't usually the case.

The bottom line: UBS buying Credit Suisse is a shotgun wedding, insisted upon by a Western, capitalist country. The question now is if it sets a precedent for other countries to follow, and how investors would react to losing one of their most fundamental rights.