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Steve Eisman, the investor who predicted the 2008 mortgage crisis, says private credit’s grip on the life insurance industry is “a slow brewing scandal which could be one day a great financial crisis.”
On the Real Eisman Playbook podcast, Eisman and forensic accountant Tom Gober laid out a case that firms like Apollo Global Management Inc (NYSE:APO), KKR & Co Inc (NYSE:KKR) and Brookfield Asset Management Ltd (NYSE:BAM) are using captive insurance divisions to buy their own private credit paper.
At the same time, they offload billions in liabilities to offshore reinsurance subsidiaries that file no US financial statements.
Billions In Liabilities, Millions In Real Assets
Gober, who spent seven years as a state insurance …
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