The secret ingredient to get on the front page of Forbes is fraud.
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. But yeah, the common pattern is failure.
Calling using client funds as collateral for risky investments (over and over again) as poor risk management it is a bit of an understatement.
It wasn't technically illegal nor was it fraud since it had an exemption from the Volcker Rule you're referring to.
It's illegal to misrepresent what you are using your clients funds for, as was proved in court.
Edit: wait, I think that was SBF rather than SVB. Why are these acronyms so similar :(
wait, I think that was SBF rather than SVB. Why are these acronyms so similar :(
it doesn't help that they were both featured on Forbes 😅
All they needed to do was put "Hookers and blow on yachts" in really, really small print somewhere.
Damn I also read yours as SBF at first
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.
In theory yes:
A bank can temporarily suspend withdrawals to stop a run; this is called suspension of convertibility.
(https://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.
F IS FOR FRIENDS WHO DO STUFF TOGETHER
O IS FOR OLIGAAAARCHY
R is Reprehensible behaaaavior
B is for Bribery
E is for Endless profits from exploitation
Down here in the deep blue sea! 🎶
I'm beginning to think these stock market guys are just gambling
They've got it rigged so the house wins though. The secret is crime, know theirs and do some yourself and you get to run the house until they need a fall guy.
🤞
That looks like a mashup of Elon and Chris Pratt
Yeah that's been shopped to hell and back.
Twink death
Forbes isn't handing out a kiss of death. Forbes is just a publication gushing about the headliners of a rapacious and fraudulent group of people. It's like wondering why a bakery smells like bread.
Don't give us hope
Don’t give us hope
No hope?
That is just awesome art, btw
My boy just can't stop winning
There was a meme in Germany during Chancellor Merkel's time in office. As soon as Merkel "expressed her utmost confidence" in someone, that person resigned shortly afterwards.
It's almost like big business is fishy.
Not getting explicitly into "capitalism bad," but yeah, anytime someone becomes a billion dollar property overnight you should assume it's a scam or a crime.
Maybe Jim Cramer's been ghostwriting for them.
Just like we have an Inverse Cramer ETF, maybe it's time for an Inverse Forbes ETF too
It gets even worse. They could threaten to have some rando write a blog post about you.
Destroyed the country's income by privatizing oil, raised poorness to 60% unemployment to 70% worked with the literal drug cartel until his candidate got fucking murdered during the emergency election, which BTW was called after the government got dissolved because of Pandora papers leaks
It's like the Madden curse but in finance.
These fuckers are taking everything from the people.
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