Re:New facts about the leadup to the Beirut explosion
by ckastner on Wednesday August 26, 2020 @05:52PM
(#24287713)
If you mean purchasing a bank for such a sum: indeed, the price can be cheap.
But then you own a bank, and have to be in full regulatory compliance, which today is an immense burden. You need an officer for this, a responsible person for that, you need risk management, accounting, etc.
My argument is that nobody with 8 figures net worth would put up with that hassle just to hide an investment (because you can do that with comparatively less hassle by other means), but if someone is willing to actually operate that bank, why not.
But then you own a bank, and have to be in full regulatory compliance, which today is an immense burden. You need an officer for this, a responsible person for that, you need risk management, accounting, etc.
My argument is that nobody with 8 figures net worth would put up with that hassle just to hide an investment (because you can do that with comparatively less hassle by other means), but if someone is willing to actually operate that bank, why not.