Shadow Banking ·
The $20 Trillion System Without the Word "Bank"
un
seel
.com · McCulley 2007 · MMF + repo + ABCP + SIVs + hedge funds + private credit
Stage
Hook
Shadow assets
$20 T
State
Idle
Traditional bank (insured + Fed)
Shadow vehicle (no backstop)
Funding flow / cash
Run / failure
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.com · Shadow Banking