But many people just view it as kind of, you know, a definition of what they are, for better or for worse. Hirsch: It tells you a lot, they hate it. Ryssdal: Does it tell you anything that the shadow banks don’t like to be called shadow banks? And the big kind of distinguishing factor between your Apollos of the world and your JPMorgans is Apollo doesn’t take deposits, so it doesn’t have kind of everyday customers giving you their cash and leaving it there. The IMF defines it as basically any financial institution that doesn’t take deposits but loans - so that can be money market funds, that could be hedge funds, that can be private equity firms. I got some feedback on my original article. Lauren Hirsch: “Shadow banks” is actually a bit of a controversial term. Kai Ryssdal: We’ve gotta define some terms here - “shadow banks,” please. The following is an edited transcript of their conversation. “Marketplace” host Kai Ryssdal spoke with New York Times business reporter Lauren Hirsch about the rise of shadow banks. As banks tighten their standards on loans, so-called shadow banks are seeing an opportunity to grow where banks might be pulling back. Between the regional bank crisis and over a year of rate hikes from the Fed, all eyes are on credit conditions right now.
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