“Buy now, pay later” rackets were only possible in a world awash in Yellen Bux hot money flows. But now as f**ked borrowers are drowning in debt they’ll never be able to repay, the chickens are coming home to roost.
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See also SEC chair Gary Gensler on Short-term investment funds and Collective investment funds: "There is no limit on leverage, requirement for regular reporting on holdings to investors, or requirement for an independent board."
One of Australia’s major banks put millions into a buy now, pay later operator but it’s since fired 10 per cent of staff and its valuation dropped by $30b.