Felix Salmon, Emily Peck, and Elizabeth Spiers discuss FDIC chair Martin Guenberg’s proposal to let big bank debt holders lose money before the uninsured depositors. Also, Rao’s upscale cornering of the red sauce market leads to its $2.7 billion sale to Campbell’s. Finally “The Wig”: Argentina’s right-wing primary winner Javier Milei’s arresting mop and his plan to toss out the currency.

In the Plus segment: Why can’t it be Halloween all year round?

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