"Okay boss, I have good news and bad news"
"We've recovered almost a quarter-billion dollars for the BlockFi creditors."
"That's great, what could be bad about that?"
"Ummm, we were keeping it at Silicon Valley Bank. In an uninsured money market fund"
Per new bankruptcy filing, BlockFi has $227m in Silicon Valley Bank. The bankruptcy trustee warned them on Mon that bc those funds are in a money market mutual fund, they’re not FDIC secured — which could be a prblm w/ keeping in compliance of bankruptcy law pic.twitter.com/hnpo8anrrS
— Lauren Hirsch (@LaurenSHirsch) March 10, 2023
Shades of the GFC!
September 15, 2008: What We Were Posting
The next day we found a bit of humor:Lehman's U.K. Landlord Says AIG Insures Rent Payments (AIG; LEH)
That was not intended as schadenfreude, I was actually feeling for the risk manager who had done all the right things, insured the rent payment, gone to a triple A company only to have it turn into a joke:
Boss, I've got good news and bad news...
Well, the good news is Lehman's rent was insured
The bad news is, the insurer is AIG.
