What last week's banking failures can teach us about the dangers of our high-speed information economy. Plus how rightwing Catholics are weaponizing mobile app data.
“Won’t be able to make payroll” is rich. “Company treasury operations flubbed cash management” is more like it. The reason for so many big deposits? SVB offered above market rates on deposits.Because that still represented lower cost of funds than capital markets would lend them at. In fairness, though, very few people understand the nature of a deposit. It is NOT “my money” it’s the IOU you get from the bank in exchange for your money.
That was a good and appropriate use of "idiot." Uff.
“Won’t be able to make payroll” is rich. “Company treasury operations flubbed cash management” is more like it. The reason for so many big deposits? SVB offered above market rates on deposits.Because that still represented lower cost of funds than capital markets would lend them at. In fairness, though, very few people understand the nature of a deposit. It is NOT “my money” it’s the IOU you get from the bank in exchange for your money.