I agree with the popular thing, but only up to a point, for a certain type of people, or from a certain age on (for me this latter case holds true), competing against other people just isn't a valid concern anymore, the societal "recognition" stops being a thing.

In my case, and I suppose this holds true for others, too, the "fiercest" competition is with one's inner-self or, at the very most, with past/dead/way-out-of-line-of-sight "competitors" that have nothing to do with current society and its recognition. I know that this "competing against one-self" sounds trite, but, again, this is how things are for some of us.

My comment was mostly against the idea that due diligence is a silver bullet, it isn’t. Of course that it can “catch” the most egregious cases, like outright fraud, but, again, no due diligence process can read the future.

Even the best due diligence can't do anything if a crisis (not necessarily banking-related, a Middle East might just do the trick) starts manifesting itself and now many of those businesses have issues in paying down the debt they owe.

> So bank exposure to private credit generally means banks lending to non-banks who then lend to corporate borrowers.

Isn't this similar in spirit to the infamous (according to Western media) Chinese shadow banking market? There are articles [1] more than 10 years old talking about the collapse of China because of that practice, but it looks like the US is all too happy to do a very similar thing. I also wonder how big of a market we're talking here, as I was too lazy to check. A few hundred billions? $1 trillion? $2 trillion? More?

[1] https://www.cnbc.com/2014/12/03/china-shadow-bank-collapse-e...

> It is quite independent in Italy actually.

Ask any Romanian and they'll tell you they're not. Ask them about the Mario Iorgulescu case [1], with the Italian justice system refusing to extradite him here to Romania only because his (wealthy) dad paid the right people off. And Iorgulescu is not the only such case.

[1] https://www.romaniajournal.ro/society-people/law-crime/mario...