3 ms·
I think they are describing what is termed "brokered deposits" -- like your Starbucks gift card account isn't managed by Starbucks, but rather a (usually large)
by tomrod 3y ago
I think they are describing what is termed "brokered deposits" -- like your Starbucks gift card account isn't managed by Starbucks, but rather a (usually large) bank on the backend which treats brokered deposits differently than unbrokered (standard) deposits.
- quirkot 3y agoHmmm, possibly. However you are describing an operational reality and the author was using financial reporting terms. And specifically if something like "people gave a bunch of money to what they thought was us" isn't on the balance sheet, it's a big red fraud flag