About the modern financial infrastructure that the world sits atop of.

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Recent editions of BAM

Credit card debt collection

Credit card debt is the waste stream of consumer finance. The debt collection industry ends up being sordid, for complex structural and microeconomic reasons.

Requiem for a bank loan

A brief retrospective on an attractive product First Republic used to offer, and a wider discourse on the banking crisis.

Deposit franchises as natural hedges

Many observe that banks seem to be blowing up due to predictable consequences of rising interest rates. How did we get here?

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