Photo source: Cfi.co
Ever since the Covid lockdown the markets have been a whirlwind to say the least. Many companies of all shapes and sizes have been hit with burdens so big that some even had to lay off massive amounts of employees or even shut their doors for good.
As of late-September of this year, more than 42,000 workers in the U.S. tech sector have been laid off in mass job cuts so far in 2022, according to a Crunchbase News tally. The market has been brutal and although the biggest and most profitable companies see to have immunity, it might not be the case..
As of recently many investors have been worried about large banks and their liquidity as the market seems to keep getting worse. Although most of the big banks have said to be “fine” for now, there are strange things being pulled up and shared around like the case you see below from earlier this year.
Above is a case including Blackrock International, Inc. and is Represented By Attorney David Patrick Keating
The case summary:
On January 11, 2022 (the “Petition Date“) Blackrock International, Inc. filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code. The Debtor’s case was assigned case no. 22-50015 and is pending before the honorable Judge John W. Kolwe in the U.S. Bankruptcy Court Louisiana Western District (the “Bankruptcy Court“) Lafayette division office.
The Debtor is being represented by Attorney David Patrick Keating (the “Debtor’s Counsel“). A hearing will be held on February 7, 2022 (the “First Meeting of Creditors“) at the Bankruptcy Court Lafayette division office. (Source: https://bkdata.com/business-bankruptcies/alexandria-louisiana/01-11-2022/blackrock-international-50015)
Should the average retail investor be worried about the banking system and whatever that comes next? Or do the biggest banks in the world have things covered…Only time will tell.