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They were already insolvent, the bank run did not cause that. They used accounting tricks to pretend they had more assets than they really did.
by searealist 4y ago
They were already insolvent, the bank run did not cause that. They used accounting tricks to pretend they had more assets than they really did.
- panarky 4y agoI believe the point is the utter craven hypocrisy of ultrarich who savagely denounce government programs that help poor people and ordinary workers, who destroy and tear shit down for their own private profit, and then have the fucking audacity to scream and cry for other people to pay for their own investing mistakes. David O. Sacks I'm looking at you.
- searealist 4y agoBanks are not investing. They are commodities. The share holders and bond holders who were investing were wiped out. Do you want to live in a world where only Bofa/WF/Citi/Chase exist? Because that is what you are advocating for.
- jwestbury 4y ago> Banks are not investing. Yes, they are. How do you think they make profits? How do you think this happened to SVB? Their investments were illiquid and they were not able to convert them into cash fast enough to return deposits to their customers.