F IS FOR FRIENDS WHO DO STUFF TOGETHER
Comment on Forbes' kiss of death
bus_factor@lemmy.world 7 months ago
The secret ingredient to get on the front page of Forbes is fraud.
moosetwin@lemmy.dbzer0.com 7 months ago
PainInTheAES@lemmy.world 7 months ago
O IS FOR OLIGAAAARCHY
thorbot@lemmy.world 7 months ago
R is Reprehensible behaaaavior
MrShankles@reddthat.com 7 months ago
Down here in the deep blue sea! 🎶
AlmightySnoo@lemmy.world 7 months ago
In the case of SVB it wasn’t fraud though, it was more poor risk management; they didn’t hedge against an increase in interest rates and that, together with the bank run when people learned about it, killed them.
supercriticalcheese@lemmy.world 7 months ago
Calling using client funds as collateral for risky investments (over and over again) as poor risk management it is a bit of an understatement.
AlmightySnoo@lemmy.world 7 months ago
It wasn’t technically illegal nor was it fraud since it had an exemption from the Volcker Rule you’re referring to.
JohnDClay@sh.itjust.works 7 months ago
It’s illegal to misrepresent what you are using your clients funds for, as was proved in court.
mcmoor@bookwormstory.social 7 months ago
Damn I also read yours as SBF at first
Chocrates@lemmy.world 7 months ago
Do banks have the authority to freeze withdrawals?
I don’t get why SVP didn’t just block all withdrawals as the panic set it.
AlmightySnoo@lemmy.world 7 months ago
In theory yes:
(en.wikipedia.org/wiki/Bank_run)
But IMO freezing withdrawals would just add even more panic when the last thing you want as a bank is have more clients be anxious about their money.