alt Hacker News> This treatment is considered acceptable because the people who decide what is acceptable have accepted it.
Wasn't that the root of the 2008 crash? The debt spiral was acceptable because people were making enough money in the present that regulators were powerless to advise against it. In a sane world people often go to jail for decades when doing this at pennies on the dollar.
The 2008 crash was in part caused by inaccurately rating synthetic bundles of subprime mortgage debt as extremely low risk (e.g. AAA). Subprime borrowers had a much higher risk of defaulting than a AAA rating implied.
On the other hand, Meta has great creditworthiness. And guarantees this vehicle. So... it's not the same.