Oh they have dollars, but the question is: How much of their non-USD assets are very liquid, and not too sensitive to market conditions?
Say they have 50% in cash, 30% in other easily convertible assets, and the last 20% in more speculative instruments.
What if they figured - hey, let's put those 20% on the market. Any returns, we keep, no-one needs to know. The rest we can use as reserve to keep the 1:1 ratio. Hell, investing 20% of xx billions on any fund or security that beats inflation is going to make you filthy rich - especially when there's only a handful of employees.
The disaster, of course, happens if/when any of the markets they're exposed to takes a nosedive, and they either can't prop it up fast enough, or get problems with paying.
Probably just the cynic in me, but I wouldn't be surprised if that's how things play out internally. Without any solid audits, it's hard to say. For all I know they have a very high % of USD reserves, or they could be Bernie Madoff reincarnated.
