Rachel Louise Ensign

speaker

574 appearances 12 recordings 1 series first heard Jan 2018 last heard Jan 2024

Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.

Trend

recordings per month · last 12 months

No recordings in the last 12 months.Older appearances are listed below; set an alert to hear about the next one.

Appearances

newest first · ▶ plays the moment

WSJ Your Money Briefing · Crypto Lenders’ Investors Wait Out Bankruptcy to Recoup Their Cash · 2 Aug 2022 podcast

And therefore, if you leave your money inside one of these, as many people have learned in the last few weeks,

you are not getting the protections that a normal bank offers you.

You know, I think a lot of the details will come out kind of in these bankruptcy proceedings, but Celsius and Voyager, they're two of the crypto lenders that are now bankrupt.

And basically a month or two ago, the crypto markets just started having a ton of volatility.

Prices of coins that people have heard of like Bitcoin, Ethereum are falling a lot.

And it turned out that under the hood, some of these firms were not as simple as they may have

wanted people to think that they were so Celsius wasn't really just taking your money and lending it out to another regular Joe for a slightly higher rate and making the difference.

They were involved with a lot of these other firms like Three Arrows Capital, which is this hedge fund that imploded.

And once that domino fell, it started rippling through the balance sheets and

Then people got nervous and started withdrawing their money.

And it was almost a run on the bank, even though these are not banks.

So they didn't really have the balance sheets to withstand something like that.

Well, on one hand, it's sort of the age old lesson that chasing yield often ends badly.

And if something is offering 7% in a world where no bank is offering you more than 1%, there's probably some extra risk to that, even if the founders of these companies claim that there isn't.

So kind of once again, chasing yield is coming back to haunt people.

And the

they're now losing way more money than they ever earned from Celsius.

This is something that is really affecting people.

These folks who are the depositors are writing the bankruptcy judge now.

I just saw one letter the other day from a retired school teacher who said, please give us a big recovery.

Showing 161–180 of 574 · page 9 of 29