On the off chance you haven’t been paying attention to world news, several banks in the U.S. collapsed (gone broke, busted, washed up, taken down, bankrupt) in recent days. Now, others here and abroad appear to be threatening to follow suit.
In A Nutshell
What this means is that these failed banks accepted customers’ deposits, then lent and invested some of that money (which is what all banks do). However, due to inept management and lack of oversight, things went flying off the rails, and I’m not talking about East Palestine, Ohio (another disaster on its own).
Risky Business…