General Discussion
In reply to the discussion: So Jen Pskaki has these two guys on - Neil Katyal and Andrew Weissman - and boy are they spewing some crazy shit [View all]moniss
(4,274 posts)a bit on the radio as I drove to get 4 pints of frozen chocolate custard. No I will not share. I didn't catch the name of the guy he had on but he talked about the financials on this looking weird and most importantly that Chubb and their bond division have never done a situation this big for this type of thing.
I don't give two craps about what anybody promises me on paper. When you go to collect and they say no or say "bankrupt" then see if you can try to pay the bills next month with that piece of paper you have. You may get something eventually after spending a bunch on lawyers etc. and/or waiting a long time.
There are plenty of stories in the financial world about paper promises from crooks and their pals at supposed respected companies. There are also a lot of people who lived through the S&L collapse who found out that thinking you "have money in an account" is not what you have. What you have is a piece of paper and a promise that you exchanged your money for. Most got money eventually but Kroger isn't giving you groceries by letting you talk about "eventually". The credit card company don't give a crap about "eventually".
The point being that cash escrow is way different than a surety bond.