It's all financed. If $5 billion out of $6 billion of equity vanishes overnight, that could be a problem. The first-generation immigrants splitting a medallion and a million dollar loan will lose their life savings, but the bank is losing whatever's left. And if they leveraged it more...
It's definitely just someone trying to get free money, but they may also have a point on accident.
It's definitely just someone trying to get free money, but they may also have a point on accident.