It's 2008 all over again
this post was submitted on 22 Nov 2024
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In what sense.
Oh shoot. I meant 2001. The Enron scandal. Obviously, we don't yet know if this is a scandal or what, but the end result for those affected by it seems to be the same.
Sorry. I was talking with a friend about the housing crash of 2008 a few moments before posting this, and got mixed up here.
The mystery of where those funds are hasn't been solved, despite six months of court-mediated efforts between the four banks involved. That's mostly because the estate of Andreessen Horowitz-backed Synapse doesn't have the money to hire an outside firm to perform a full reconciliation of its ledgers, according to Jelena McWilliams, the bankruptcy trustee.
So you're telling me that a company which manages $42 billion worth of assets doesn't have the money to hire a firm to track down where all of the money was transferred to? https://en.wikipedia.org/wiki/Andreessen_Horowitz
what surprised me about this, is, with as much money that's at stake, how the hat couldn't have been passed around to the stakeholders, to fund, then get the court to order an accounting using the plaintiffs forensic accountants. something about that doesn't make any sense to me at all.
Because they don't want the crime exposed for whatever reason.
It's a nice day for Americans with savings to use the FDIC's bank finder tool to double-check whether their savings are in an FDIC-insured situation.
Or, alternative idea...
MAGACOIN GET YOUR MAGACOIN HERE
They can't steal my money if its on hard drives buried in a dump.
Isn’t that what they signed up for when they put their money in a nonFDIC insured account?
They changed to a cash sweep / brokerage model (not FDIC-insured at the individual account holder level) like 6 months before the bankruptcy. End users had to click a consent checkbox or the like and probably thought nothing of it.
That changes everything. That’s dirty pool, shouldn’t have been allowed by SEC/Fed or who ever their regulator was
Read the article, and maybe don't be such a heartless bastard?
Several people CNBC interviewed said signing up seemed like a good bet since Yotta and other fintechs advertised that deposits were FDIC-insured through Evolve.
“We were assured that this was just a savings account,” Morris said during last week’s hearing. “We are not risk-takers, we’re not gamblers.”
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