Lordstown now says it has “No Binding Orders” after saying it had “Binding Orders,” after admitting it had “No Binding Orders,” after hyping its binding orders for months. Sheesh.
Thousands of workers laid off. $2.2 billion up in smoke. 2nd SoftBank unicorn to collapse this year before getting to the IPO or SPAC window, after Greensill, which it helped take down.
It’s a crazy situation the Fed backed into as tsunami of liquidity goes haywire, banking system strains under $4 trillion in reserves, and General Treasury Account gets drawn down.
This is the first time I’ve seen Wall Street banks clamor for the Fed to back off QE. The Fed struggles to keep the liquidity it created from going haywire.