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After the U.S. financial system came to the brink of collapse in 2008, Congress and regulators spent years on renovations designed to prevent that from ever happening again. More than six months into a global pandemic that has delivered another monumental shock, it’s worth asking: Were the reforms successful and sufficient?

The answer depends on what part of the financial system you’re looking at. Traditional banks have fared pretty well. The rest, not so much.

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