According to a Wall Street Journal report, banks that loaned Elon Musk $13 billion to buy Twitter haven’t been able to sell the debt.
When you owe the bank $100 thats your problem.
When you owe the bank 13 billion dollars, thats the banks problem.
When you then use that money to create a platform of hate, racism, and facism, thats humitys problem.
Who is humity?
It’s like yin/yang except with corn. Humity/hominy.
No, this is Patrick.
Hey Patrick! [winks]
Immanity!
Please add this for real life precisions sake: If the bank is big enough, it’s tax payers problem.
the ability for institutions like that to sell debt has always been wild to me. Like, can i sell my debt? Please?
It’s not money they owe, but money owed to them; backed by some form of contract. Your credit card contract for example.
Person A owes person B money, let’s say $100. Person B sells that debt to Person C for $80.
Person A still owes the same $100, just to a different person.
Person B gets paid now instead of waiting for Person A to pay up, but lost $20 on the deal.
Person C invested $80, hopefully gets paid the full $100, not having to chase down a delinquent debtor, and profits $20 out of the deal.
Nobody wants to be person C when it comes to the Debt Twitter owes.
If you had someone that owed you money (or anything else really), you could sell that debt, assuming you can find a buyer for it. Banks just do this on a much larger scale than $100 at a time.
Another example are collection agencies:
- Frenchie owes Artie $50,000, but he cannot collect.
- Tony pays Artie $6,000 to buy the debt.
- Then Tony visits Frenchie and he gets the $50,000 with a bit of gabagool
Free Cannoli
Yes you can sell your debt as a consumer. People do it all of the time.
However, the terminology is different.
We call it “taking out a loan”.
Say you have a credit card debit and you take out a new card because it has a free credit transfer offer going on. You’re selling your debt right there.
Another scenario is you have a loan and refinance it using a new loan.
it looks like a costly mistake unless they can extract interest payments from X, plus a repayment of principal once the loans mature.
Did a business genius write this?
Sports analyst says that the Dodgers are sure to lose tonight’s baseball game unless they are able to score points, while preventing their opposing team from scoring points.
MADDEN ANALYSIS 
He made America feel smart.
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aeiou
and sometimes y
Might be? This is the worst investment they ever made, and they know it, mostly because they’ve speaking publicly like this, because usually they bury the lead - to protect their other investments.
International financiers are really the worst.
I’m just loving watching it though.
they could foreclosure it and sell it for 1/3 what Elon paid to get their money back
That’s assuming that anyone would pay even that much for the burnt-out husk of Twitter.
It takes a capitalist bank to do something as stupid as loaning billions of dollars to some guy
Say the line, Bart!
“If someone owes the bank a hundred dollars, that’s the debtor’s problem. If someone owes the bank a billion dollars, that’s the bank’s problem.”Capitalist bank is a bit tautological, innit?
