3 ms·
> [JPMorgan Chase & Co.] revealed it is on the hook to deliver more than 5,900 tons of silver it doesn’t have. ... The bank sold contracts for silver it didn’t
by kevin_thibedeau 10mo ago
> [JPMorgan Chase & Co.] revealed it is on the hook to deliver more than 5,900 tons of silver it doesn’t have. ... The bank sold contracts for silver it didn’t own, expecting the price would fall.
Where was the stress test for that little gamble?
- deleted 10mo ago[deleted]
- SilverElfin 10mo agoIt was in the subprime crisis, bailouts, and jail time for corrupt banking executives - turned out they have nothing to be stressed about!
- jeffbee 10mo ago"Sold contracts for [[whatever]] it didn't have" describes the entirety of the normal function of the commodities futures market. It's right there in the name, in fact. The whole article reeks of "Dad has been spending too much time on Facebook again" which is sad because this reporter was a legitimate journalist, half a century back.