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18.08.26 - 19:33
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Mark Walter Probe Puts Wall Street′s Insurance-Private Credit Machine Under DoJ Scrutiny (ZeroHedge)
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Mark Walter Probe Puts Wall Street's Insurance-Private Credit Machine Under DoJ Scrutiny
An ongoing federal investigation into billionaire Mark Walter's business empire is raising alarm bells about Wall Street's use of insurance capital to finance private credit and other illiquid investments.
Bloomberg reported that Walter's TWG Global holding company said in a filing that it will wind down its exposure to affiliated businesses by up to $6.5 billion after the transactions drew scrutiny from federal investigators. This comes after the Department of Justice homed in on loans that should've been marked as affiliated transactions.
Walter's TWG Global holding company will buy up to $6.5 billion of affiliated assets from Delaware Life Insurance Co. in exchange for an equal amount of unaffiliated investments. Clear Spring Life and Annuity Co., another TWG-controlled insurer, separately reduced related-party transactions by $90 million.
The moves begin unwinding more than $20 billion of l...
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