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Shadow Banking

April 11, 2017
Man in suit by Matthew Henry, Toronto, Ontario, via Unsplash

Yesterday, I mentioned how some art auction houses have become highly attractive to money launderers for anonymous sales and lax lending policies. This is part of a global trend called “shadow banking” which poses significant systemic risks to markets in the U.S. and abroad. What is it? Shadow banking is a catch-all phrase for financial services that occur outside of the regular banking and investment system (and typically…