their AAA bond assets suffered big losses, but their loan assets are even worse. there is a big PR effort to focus on the bond losses, but the real shit is the

their AAA bond assets suffered big losses, but their loan assets are even worse. there is a big PR effort to focus on the bond losses, but the real shit is the 10's of billions in loans to companies that will never make a profit, and the systemic contagion risk that entails. they lost 15% on 100B of their book, but they are going to lose 100% on 10's of billions (unknown) from the other half of their book. if all of their assets were AAA and they were only down 15% they wouldnt be a failed bank right now. nobody knows how big the losses really are, but the people they were in business with knew best, and those people pulled their money as fast as they could, so everyone else can make assumptions based on that.