They have accomplished an amazing feat: losing tons of money year after year during the Good Times in what were profitable industries.
The reasons behind the Fed’s No-NIRP stance: It doesn’t work and kills bank stocks. One of the most revealing statements.
“Its track record of disrupting traditional financing” hit by fallout from client companies that suddenly collapsed under undisclosed debts. Tentacles spread to Credit Suisse.
Follow the Bailout Money.
But those paper gains were fun while they lasted.
Trading of Luckin shares now halted. Wall Street banks, which get big-fat fees, are all too happy to sell this stuff to the American public.
“Suppressing” bank balance-sheet data in a banking crisis to prevent the biggies from yanking their billions out of a weakened bank.
“The leveraged share buyback game has ended, which also means an end to the phony earnings growth.”
Now even the fig leaf is gone.
In good Financial Crisis manner, stuff blows up despite the Fed’s effort to stem the chaos. Now hoping for taxpayer bailouts.