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
F IS FOR FRIENDS WHO DO STUFF TOGETHER
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.
EFT buyer guide hahahaha
Read it again, genius.
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.
or why a whore’s breath smells like cum
(i’m implying Forbes are a bunch of cocksucking whores, in case you are still in junior high)
Of all the things to say, you really picked this huh?
Even busted out the parenthetical for clarity. A professional at work.
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.
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.
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.
Capitalism is what people make of it. But it seems it’s getting less easy to cheat.
You should do standup, that was hilarious.
My brain hurt at first until I realized you were joking. Good one!
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.
