Elsewhere on Wednesday, – Reuters on how China’s biggest bank became ensnared in a sprawling money laundering probe.– Mark Dow on credit spreads and sticker shock:Credit markets aren’t as rich as you might have thought, and in any event, the credit cycle is likely to end around the time the economic cycle in the US turns, irrespective of valuations.– Imagine the next bear market… with examples from the last two.– Arnold Kling: Scarcity of financial intermediation?– From the WSJ, with founder-biased tech IPOs in mind: “S&P said Monday that it would no longer consider companies with multiple share classes for its main U.S. stock indexes.”– Bloomberg longread on Stripe and the two Irish brothers turned tech billionaires.– Miles Kimball urges the senate to not confirm Randal Quarles as the
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