The Federal Deposit Insurance Corporation (FDIC): there were $620 billion of unrealized losses sitting on U.S. bank balance sheets in early March. The figure may be understated, with 2 recent estimates saying the losses could be as much as $1.7 trillion. #CoSoFinance https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/us-banks-problems/
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@RealSeanBrodrick: Somehow I am not at all surprised by that. Banks and their satellites play fast and loose quite often because they know or at least feel based on history that if they fuck up hard they'll be bailed out and be made flush again.
@RealSeanBrodrick: I didn't they would be bailed out but that they play the way they do because they have been in the past.
@thedisasterautist But the banks (shareholders) aren't being bailed out this time, just the depositors are. It's a distinction the Biden Administration is making, probably after learning the hard lessons of the Great Financial Criss.