Dana El-Kurd

Allegedly.

Yeah, right.

You know, and like, obviously they're not, but like, you know, it's like,

kind of fine congressional report on the subject and they do the thing that almost everyone does which is they go back to the definition created by the financial stability board and i'm just gonna i'm just gonna quote that because it's not that bad quote financial activities facilitated by institutions other than central banks banks or public financial institutions

Yes.

No, no.

Of course not.

They just mean unregulated banking.

Oh, yeah.

Which you can't legally call banking.

I mean, you actually can legally call it banking.

It's just things get weird really quickly.

Yeah, I don't think they can legally call themselves a bank, but I guess you can call it banking activity.

That's stupid and I'm mad already.

Yes.

Oh, you're going to get so much more mad by the end of this.

So the base definition is it's not that complicated, right?

It's something that does banking stuff that is legally not a bank.

You know, and so we could talk about what kinds of things is this, right?

It's like private equity firms, it's hedge funds, it's venture capital firms, right?