Does Jack Ma's collapse deserve sympathy?

Let me tell you what Ma Yun specifically did: He borrowed 10 billion in the bank, and then lent 10 billion to you through spending, and then took the 10 billion IOU to the capital market to say that this is an IOU endorsed by Ali, and later not only guaranteed to recover 10 billion, but also 1 billion interest income. This is called asset (debt, that is, IOU is also a kind of asset) securitization! And then people subscribe to the I.O.U. and wait for the fixed 10% yield. And then he had another $10 billion, and he spent it and lent it out, and he had $10 billion in ious. This was repeated 36 times. 10 billion leveraged 360 billion of the capital market, a leverage of 36 times. Is it awesome? The $360 billion is called subprime. Yeah, the subprime crisis. Then they go public again. I'm a company with $360 billion in assets, with an estimated market value of $200 billion. It is estimated that 20% of the stock will be issued, raising 40 billion yuan. Then sit in a row and divide the fruit. emmmm between people who say that this is not a subprime mortgage and people who say that they have nothing to do with him, then talk a little more. First of all, Ant's financial products are subprime! Now many people say that Ma Yun is good, not because Ma Yun can give loans to people who do not meet the bank loan criteria? It's not subprime. What is it? A student, living expenses or family members to give, can borrow 10,000 yuan out, I ask have the ability to pay? Many people scrimp and save finally find parents can fill the hole, some dare not say to parents even parents also can not afford to go to usury or not to pay, with usury who does not peel the skin? Not returning it? The people who bought the bonds up front were 36 times leveraged! You say oh, Ma Yun's bad debt rate is not high, only 1%. Let alone that this data is his own ant statistics, even if only 1%, 360 billion, you calculate how much bad debt. Oh, what is the initial principal of that logic that I just said? So what's the real bad debt ratio?