2 ms·
This isn't really a report in the sense I was expecting (albeit surprised at the speed), it's just a high level overview: * Bank announced it was selling asset
by olliej 4y ago
This isn't really a report in the sense I was expecting (albeit surprised at the speed), it's just a high level overview:
* Bank announced it was selling assets to ensure liquidity
* This caused a run
* The bank became illiquid
* The bank can no longer pay things when they become due
* Therefore the bank is insolvent
* The commission was ordered to take possession of the bank
* The commission has taken possession of the bank
Seems very much like a boilerplate "well that happened" form
- dannyw 4y agoit's to justify a takeover.
- olliej 4y agoyou mean "this bank has failed and it's now the job of the regulator to clean up the mess"? that's how law works.
- deleted 4y ago[deleted]
- therealcamino 4y agoIt doesn't claim to be a report. It's an ORDER TAKING POSSESSION OF PROPERTY AND BUSINESS. Only the HN headline says it's a report, incorrectly.