<< Did they need to? It's not clear anyone would have lost anything at all because depositors are senior to equity and bond holders. That is a very interesting

<< Did they need to? It's not clear anyone would have lost anything at all because depositors are senior to equity and bond holders. That is a very interesting question. I agree it is not clear, but it is not in ' not clear' status due to some legalistic formality. It is unclear, because it would appear treasuries around the world[1] are basically making up rules as they go. It does not inspire confidence. The question is definitely open and I honestly do not know the answer. [1]https://www.marketwatch.com/story/contracts-are-made-to-be-honored-david-tepper-lashes-out-against-credit-suisse-bond-writedown-272302e2?mod=home-page https://www.marketwatch.com/story/contracts-are-made-to-be-h...