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Were they doing it in cash? I can understand it if the warehouse was literally being bought in hard currency, but otherwise it seems a little strange!
by kintamanimatt 10y ago
Were they doing it in cash? I can understand it if the warehouse was literally being bought in hard currency, but otherwise it seems a little strange!
- gambiting 10y agoNo, they were taking a loan from a small local bank and the bank literally didn't have enough money sitting in the account to pay out all of it instantly - they had to ask their other branches to make the transfer to their account first, before they could make the transfer to the account of the seller.
- chirau 10y agoHow much money are we talking about here? It sounds like a lot of money if a bank had to call other banks.
- gambiting 10y agoFew million - but it was a small bank. Obviously BoA has that kind of money available at any moment, but that bank didn't. But I imagine even BoA would need a bit of notice if you wanted to pay $250M for a jet.