Oct. 21 at 5:03 PM
They said this prior to First brands too.
$JEF was attempting to cash out refi their loan books prior to the bankruptcy filing.
$WFC $XLF Just like the FED getting policy right. The banks will never predict when credit cracks and they wouldnt tell you even if they knew.
Its a confidence game. We dont want to give you a reason to sell your assets because we make money on AUM.
Additionally, the wealth effect is so important now they dont want to create a panic that dumps the stock market which would negatively impact their business and loan book.
