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this post was submitted on 22 Nov 2024
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Risky investment turns out to be risky. No one could have seen that coming.
This isn't about shareholders being wiped out. It's about account holders of what they thought were bank accounts losing everything because their accounts were powered on the back end by a company they'd never heard of or directly dealt with.
Scam bank sounded like a scam to begin with.
If you see this as investment, then consider that investors were lied to (the startups claimed to have FDIC coverage) and didn't have accurate information to assess the risk.
Synapse lied to the fintechs, too.
Yeah, it’s almost weird that it’s news.
Imagine if they made news after a big fight about people who gambled and lost.
Imo the bigger news is the financial illiteracy of the average person.
Damn funny how this bravado is never around for the svb failed... The rich got bailed and normies said it was good.
Normies get ducked here and other normies come out in droves to dunk on them.
Microcosm of USian culture haha