Wow, just recorded one of most revealing interviews of my life with the ultimate expert on interest rate hedging (issue at heart of bank turmoil). He said hedges at many U.S. banks were nowhere close to offsetting unrealized losses on securities (in

Greg Foss @FossGregfoss · Mar 16, 2023

Good thread. Banking is full of hidden risks. Most bankers do not even understand that the MOST profitable part of the business is (cheap) deposits

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by Jack Farley

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