While I'm sure there's nefarious reasons behind this, I'd assume the "official" reason, is that they move/have assets under management similar to some large regional banks.
As I write this he has a net worth just shy of 128 Billion. Going by this list:
That would make cascade investments (His family office) and the gates foundation (which combine manage ever dime of his money), the 34th largest bank in the united states, just under discover bank and even larger than the infamous Deutsche Bank by the tune of 17 Billion dollars.
I can't quite remember where I heard it before, but I believe I watched a video on family offices once that explained that all these ultra wealthy .01% types basically have to run their money like a bank would so they get clearances and approval to do just that from the various oversight organizations.
That's also why they tend to hire former bank executives to run their money for them, because they have so much money, they're basically a one person bank.
Not saying I AGREE with this considering I hate the ground gates walks on, but if you look at from a purely financial and logistical perspective, it makes sense.
While I'm sure there's nefarious reasons behind this, I'd assume the "official" reason, is that they move/have assets under management similar to some large regional banks.
As I write this he has a net worth just shy of 128 Billion. Going by this list:
https://en.wikipedia.org/wiki/List_of_largest_banks_in_the_United_States
That would make cascade investments (His family office) and the gates foundation (which combine manage ever dime of his money), the 34th largest bank in the united states, just under discover bank and even larger than the infamous Deutsche Bank by the tune of 17 Billion dollars.
I can't quite remember where I heard it before, but I believe I watched a video on family offices once that explained that all these ultra wealthy .01% types basically have to run their money like a bank would so they get clearances and approval to do just that from the various oversight organizations.
That's also why they tend to hire former bank executives to run their money for them, because they have so much money, they're basically a one person bank.
Not saying I AGREE with this considering I hate the ground gates walks on, but if you look at from a purely financial and logistical perspective, it makes sense.