4 ms·
Seems like the whole finance industry continues to cheat until they get caught. Why wouldn’t they after that 2008 when everyone lost all their money and they go
by nawgz 5y ago
Seems like the whole finance industry continues to cheat until they get caught. Why wouldn’t they after that 2008 when everyone lost all their money and they got massive taxpayer dollars??
The descent into naked oligarchy continues.
- duxup 5y agoCan you explain what exactly the article is saying?
- nawgz 5y agoYes. BofA has written IOUs to buyers unknown to me saying they will deliver 800M ounces of silver to them at some point in the future, where this point is determined by the buyers. Given their lack of capability to produce this good, they have taken about $18 billion risk assuming they are able to manipulate the market with more strength than the buyers. I cannot imagine how this level of risk is acceptable… without a massive taxpayer footed fallback plan
- et2o 5y agoIn Q3 2021 they had profits of about 8 billion... This is not a big deal and it's unlikely they'd lose everything. Certainly poses little to no systemic risk.