The current episode of insecurity and panic about banks was triggered by the collapse of SVB Bank which was incompetent enough not to hedge its Treasury portfolio and was forced to sell these Treasuries at a loss once many deposit holders demanded access to their money. Had SVB done what every normal bank does, namely use swaps to swap the income from the Treasuries into the income from variable rate bonds, the swaps would have compensated the bank for the losses and SVB would never have gone under. This was a major risk management SNAFU by SVB Bank, and one has to wonder if there was a way to identify the weakness in SVB beforehand or the deception the banks pulled on investors…
What an excellent tool! I just wonder how long it will take those trying the deception to use AI to write the reports in such a way as to disguise their lies. It is about time that those company boards, accountants and auditors faced some sanction for what they do. Every time these things happen it seems they get off scot free, so there is no deterrent.
On a slightly related note I took a small punt on UBS yesterday as they have just received a massive windfall gain which must be reflected in some gains once the sector calms down. Hoping I haven't caught a falling knife.......
What an excellent tool! I just wonder how long it will take those trying the deception to use AI to write the reports in such a way as to disguise their lies. It is about time that those company boards, accountants and auditors faced some sanction for what they do. Every time these things happen it seems they get off scot free, so there is no deterrent.
On a slightly related note I took a small punt on UBS yesterday as they have just received a massive windfall gain which must be reflected in some gains once the sector calms down. Hoping I haven't caught a falling knife.......
Jason Voss related to Christopher Voss (https://en.wikipedia.org/wiki/Christopher_Voss) - is uncovering deception the family interest?