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Tuesday, February 13, 2018

Tech companies are the new investment banks

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n the search for both higher returns and for something to do with all their money, they were, in a way, acting like banks, taking large anchor positions in new corporate debt offerings and essentially underwriting them the way that JPMorgan or Goldman Sachs might. Since such companies were not regulated like banks, it was difficult to see exactly what they were buying, how much they were buying, and what the market implications might be. Still, the idea that cash-rich tech companies might be the new systemically important institutions was compelling.

From Tech companies are the new investment banks

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