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Nigel_Lake

@Nigel_Lake@mastodon.world

Britstralian in NYC. Posting on business, politics, impact, ethics, sustainability, environment, diversity, finance, technology, startups, entrepreneurs etc.
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randahl , to random
@randahl@mastodon.social avatar

To absolutely no one’s surprise, Trump’s USD 175 million bond payment is a fraud too.

In New York, a company which offers a bond, cannot offer a bond worth more than 10 percent of the company’s own value, and Knight Specialty Insurance does not live up to that requirement — in fact, if the company ends up having to pay the bond, the bond is worth more than the company, meaning they would not be able to pay.

Trump now has 10 days to come up with a new solution.

https://www.thedailybeast.com/new-york-ag-questions-if-dollar175-million-bond-insurer-can-save-trump

Nigel_Lake ,
@Nigel_Lake@mastodon.world avatar

@randahl This idea - ie of a simple large exposure limit - is common in financial services. For a bond insurer, even if the risk is very well colateralised, it will still need the cash on hand if the bond is called. And, as we've seen time and time again, even a modest liquidity squeeze can bring down a big institution.

I would love to know what the collateral is - and whether the insurer has unfettered rights to it or if there are secured debtors that rank ahead of them...

tzimmer_history , to random
@tzimmer_history@mastodon.social avatar

Weekend reading: I wrote about the broader implications of Texas defying federal authority on the border.

Republican governors are aggressively endorsing precisely the argument slave states used to justify secession. That’s, uhm, really bad.

🧵1/

https://thomaszimmer.substack.com/p/the-texas-border-standoff-is-an-acute

Nigel_Lake ,
@Nigel_Lake@mastodon.world avatar

@tzimmer_history

A great thread - and I too can see how easily America could be torn apart into two countries (or more...). Life in the Republican America would be awful for many - both through repressive laws as well as through much worse economic conditions when those States lose the subsidies provided from the North.

All this said, division would at least allow two groups of people who oppose each other bitterly to get what they want - and the Democrat states would have a brighter future

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