The WSJ reported on Tuesday that the debt for Musk's Twitter purchase has been stuck on banks' balance sheets, eating into the ability to fund other deals.
  • Elon Musk’s Twitter acquisition ended up being the worst financing deal for banks since 2008, the WSJ said.
  • The $13 billion in loans Musk took out have been stuck on banks’ balance sheets.
  • The loans have cut into pay for bankers and lenders’ ability to finance other deals, the Journal reported.
  • AwkwardLookMonkeyPuppet@lemmy.worldEnglish
    20·
    4 months ago

    What about the 2008 crisis was bad for banks? They made hundreds of billions of dollars for a decade, selling literally nothing, gave themselves huge bonuses and golden parachutes, and then got government bailouts. Within 7 years they were back at it, doing the exact same thing. It was a crisis for you and me, it was a consequence-free piggy bank for the banks.