They are the equivalent of an unregulated bank in the 1900s before deposit insurance, they will stay afloat as long as they keep up appearances and don't make stupid mistakes.
However the moment they create a catalytic event, the entire house of cards falls down. The equivalent of a bank run.
However the moment they create a catalytic event, the entire house of cards falls down. The equivalent of a bank run.
https://www.youtube.com/watch?v=xE5klz0yUT0