Quote:
Originally Posted by powderjunkie
The bank screwed itself and exposed itself to the inevitable (albeit not necessarily ethical) actions of those investors.
It's like building a bridge with toothpicks and gum and then blaming the first car that drives over for destroying it.
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It also wasn't a standard bank. It was heavily invested in the recent tech boom, tripling its assets in the last 3 years. It then leant that money out to other startup tech firms, doubling down on an industry that frequently collapses.
Then the bank, who's client was very internet troll heavy, got GameStopped:
https://www.businessinsider.com/sili...ank-run-2023-3
The lesson here isn't to stay away from banks. It's to stay away from fly by night tech trolls and their products. Ex: cryptocurrency and NFTs.