Welcome to fiat banking where the currency is made up and the assets don't matter
First JPM paid $175MM for that student loan "startup" with millions of fake customers, now we learn the bank bought $1.3MM in nickel which turned out to be "bags full of stones," Does anyone at the largest US bank do any diligence? https://www.wsj.com/livecoverage/stock-market-news-today-03-20-2023/card/it-turns-out-that-jpmorgan-bought-the-nickel-that-turned-out-to-be-stones-whWn9TqZaksdTPcGyyAi?page=1
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