{
  "$type": "site.standard.document",
  "description": "A neatly organized chronology of yet another bank failure. You get some history on Swiss banking, a good deal of insight into the firm and a conclusion that ends with its failure and an acquisition by rival UBS (there's even a brief aside about the run on Silicon Valley Bank). It's well-written and interesting enough, but it's also a story we've seen before. Banks are private institutions that serve as important financial infrastructure (within our current system), get greedy, take on too much risk, fail and get bailed out. If (in the US) we pass any legislation that regulates them it is unfailingly watered-down or repealed when the next administration takes over. That Credit Suisse failed doesn't feel surprising, it feels destined given the nature of the industry and the age of the company.",
  "path": "/reading/books/9781035037483/meltdown",
  "publishedAt": "2025-03-21T00:00:00Z",
  "site": "at://did:plc:sttgf52vkk46f6yuknvqxvgh/site.standard.publication/self",
  "tags": [
    "history",
    "nonfiction",
    "business & economics"
  ],
  "title": "Meltdown"
}