c) changing story multiple times in an attempt to save face.
The CEO claimed they had no liquidity issues at all, then claimed they didn’t have enough money to meet margin requirements. Since then, we have found out that the DTCC that asked for more collateral recanted prior to market open but RH still discontinued retail buying anyway.
Like an IT outages reflects poorly on a tech company, not being able to manage your books reflects poorly on a financial company.
The CEO claimed they had no liquidity issues at all, then claimed they didn’t have enough money to meet margin requirements. Since then, we have found out that the DTCC that asked for more collateral recanted prior to market open but RH still discontinued retail buying anyway.
Like an IT outages reflects poorly on a tech company, not being able to manage your books reflects poorly on a financial company.