> If the liabilities are collateralized by assets on their balance sheet, then the financial risk is not to Alameda but the lender! No, the risk is to both Ala

> If the liabilities are collateralized by assets on their balance sheet, then the financial risk is not to Alameda but the lender! No, the risk is to both Alameda and the lender. An undercollateralized loan doesn’t just go away. It’s partially secured and partially unsecured debt.