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Elon Musk's Twitter takeover has ended up as the worst buyout deal for banks since the financial crisis (www.businessinsider.com)

submitted 4 months ago by MicroWave to c/economics

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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.

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[–] Anticorp 20 points 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.