At some point I suspect that they’re going to be exposed as holding billions of dollars in ultra-high-risk junk Chinese ABCP. Even before the current economic a

At some point I suspect that they’re going to be exposed as holding billions of dollars in ultra-high-risk junk Chinese ABCP. Even before the current economic and political climate, that stuff was toxic — you can buy dodgy SCP for about a penny on the dollar given how poorly regulated the China commercial debt market is.