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134 sats \ 1 reply \ @siggy47 4 Oct 2022 \ on: I'm Nik Bhatia, founder of The Bitcoin Layer and author of Layered Money. AMA. bitcoin
I am a huge fan, Nik, and I'm so happy to see you here on SN! I have read Layered Money twice, and it has taught me a lot. I do have a question about the recent UK central bank intervention. Your article characterized it as a BlackRock bailout. We got into a discussion here on SN about whether it really was about Blackrock, since Blackrock only served as a conduit for pension fund investments. Can you elaborate on this incident?
that is a good nuance to point out, and yes it was the pension funds that have the assets, and blackrock was rescued in order to save the pension funds, but it was blackrock's fault that they structured their portfolios in a way that made them subject to a margin call death spiral. too many derivatives on their books. the manager was irresponsible in this case, and the pension funds did need to be protected. it was both, you could say
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