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Yup, my first question on seeing the headline - how does some specialty bank I've barely heard of end up putting at risk 50K jobs? Leverage. Which is also the
by toss1 6y ago
Yup, my first question on seeing the headline - how does some specialty bank I've barely heard of end up putting at risk 50K jobs?
Leverage.
Which is also the answer to the question: "What causes most collapses of both individual investors and entire economies?"
- Traster 6y agoI think the more likely answer is "We've counted every single employee of every single company we have any relationship with despite there being no real prospect of the vast majority of them being impacted by us"
- tw04 6y ago>Yup, my first question on seeing the headline - how does some specialty bank I've barely heard of end up putting at risk 50K jobs? Great question, and the answer is likely: they don't. I'd guess they just counted every last person they could (and probably some twice) to inflate the number of jobs at risk to try to get the mythical "too big to fail" tag. The 50k jobs was stated by lawyers in court with seemingly 0 documentation to back it up. >Lawyers for Greensill on Monday told a court in Australia, where the company has been fighting to retain credit insurance, that trouble at the company could cause clients to default on their debts and jeopardize 50,000 jobs.