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The Apollo chief believes we are on the cusp of a new era in finance, recently pointing out that “US banks today represent less than 20% of debt capital to US businesses and consumers. Asset managers are replacing them as the vital cogs in the flow of credit."
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Shortly after the collapse of Lehman Brothers in September 2008, he delivered a speech to young financiers in which he declared: “You want chaos, you want everything shaken up, you want the system to be brought down and rebuilt again. This is a time of incredible opportunity.” Rowan would go on to seize the chance offered by the banking crisis to re-engineer finance according to his own designs.
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