Video wird geladen...

Video konnte nicht geladen werden

Zur Startseite

Bloomberg broke that a LeBron James entity borrowed ~$300M from two life insurers against his non-NBA income, and wrote that "terms are otherwise scant in the records reviewed by Bloomberg." I bought the records. Midland National (66044) and North American (66974), 2025 annuals. `49549*-AA-3` secured term loan, 4.800%, funded...

100,798 Aufrufe • vor 16 Tagen •via X (Twitter)

0 Kommentare

Keine Kommentare verfügbar

Kommentare vom Original-Post werden hier angezeigt

Ähnliche Videos

Everyone is dating the Mark Walter insurance story wrong by nearly a decade. I bought the statutory filings. Bradford Allen Secured Funding, CUSIP 10422#-AA-3, was funded 14 December 2016 with no broker. It appears on both the 2024 and 2025 annual statements, so it isn't an extraction error. It matured 15 May 2025. That same day Delaware Life directly funded a new note, same borrower, for the identical $57,250,000. Same day. Same dollar. That's a standing facility, not an old loan. Second thing. Egan-Jones published a BBB+ on a $400M senior secured term loan on 6 May 2025. The CUSIP on that rating letter, 03154*AA6, is Amistad Debt Warehouse 1 sitting in Schedule D Part 1 on BOTH insurers. Same instrument. That security reads 2.A PL in 2024 and 2.A FE in 2025. Private letter rating, then filing exempt once the rating went public. ⚠️ Filing exempt is ordinary. 80%+ of insurer bond holdings are FE. What matters is that Egan-Jones says the obligor pays for the rating, while Delaware Life separately paid Egan-Jones $3,733,037 last year, 52.9% of everything it paid every rating bureau and trade body combined. Third. The eleven new LLCs, $730,000,000 funded in 12 days, all direct, all unrated: Six avenue names share one consecutive PPN base. Five surnames share a second. All six avenue notes mature 15 November. All five surname notes mature 15 July. Eleven unrelated borrowers don't land in two clean consecutive blocks. That happens when one party submits them together. I can't show you they're the second layer the WSJ describes. I can show you they match the description and they're in a public filing. ⚠️ No charges filed. Affiliate lending is legal when disclosed. The question is the disclosure. They had the sources. I had the filings. Anyone can buy them.

Eric Jackson

22,266 Aufrufe • vor 18 Tagen

Chamath's CDS Bet: Outlining Major Corporate Debt Default Risks "With all of the tariffs, the one thing that we haven't sufficiently talked about is there is a tremendous amount of corporate debt that supports these businesses today." "And you would say, 'Well, if long-term rates go down, there's no real risk.'" "But the tariff picture actually impacts revenues." "And the problem with that is that there's a lot of companies that have debt covenants tied to revenue and EBITDA." "And so this is what I spoke about at the beginning of January, which is, the one risk that is uncontrollable, is what happens to corporate debt and could we see a wave of defaults and a wave of action?" On our 2025 predictions show in January, Chamath Palihapitiya picked credit default swaps as his best-performing asset this year, calling it a long-shot with major upside: " I would be long CDS. I'm buying insurance using credit default swaps. I think that there is a small chance of some volatility next year. I hope it doesn't happen. I hope that this trade loses money. But if it hits, it will be the best-performing asset of 2025." Fast-forward to April: " It has hit. For every billion dollars of risk you would've put on, would have cost you ~$1M, and that million dollars would've made you ~$7M in about three months." "Why is this important? The CDS actually represents the structural risk in the United States corporate economy." "So when you see these spreads blowing out, this is actually a very important warning sign." "This is what was the canary in the coal mine for the Great Financial Crisis." "The tariff picture and the recession picture will get played out in this chart." "And I think it's something that folks can and should probably pay tremendous attention to."

The All-In Podcast

1,102,601 Aufrufe • vor 1 Jahr

DIVINE MATHEMATICS Number One (1) is the Number of God. Everything is from Number. Number One (1) is the Number of Hydrogen. Your DNA is written in the Divine Mathematics of the Fibonacci Geometric Patterns/Sequences. Your DNA is written in Mathematical Number Patterns. That is why Science is filled with Calculations. Nature is written in the Fibonacci Geometric Patterns/Sequences. You do not need religion to know God. You need to understand the nature of existence from the angle of Science and Mathematics. Galileo Galilei, who deserves to be called the Father of Physics said thus how God created the Universe: "God created the Universe in the language of Mathematics" Everything in the Universe is Governed by Numbers. For this Purpose, Zero or Nothing or the Void is counted, not just as a Number, but as the Source of All Numbers. Zero or Nothing or the Void is mentioned in the Bible as early as Genesis because the Zero or the Void or Nothing is the Basis of All Numbers. In Genesis 1: 1-3 it is written thus: 1. In the Heaven and Earth. 2. And the Earth was without Form and Void; and Darkness was upon the Face of the Deep.... 3. And God said Let there be Light and there was Light. What follows are the 7 Days of Creation. Religion deceives and brainwashed the Masses that these are 7 literal Days. They're really about the Fibonacci Geometric Patterns/Sequences. Numbers govern the Chemical Elements that constitute the Universe, with Hydrogen being Number One to emerge from Zero and is the Same as the Zero with the Zero being the Darkness that was upon the Face of the Great Deep mentioned in Genesis 1:2. Number One became the Light which emerged from the Darkness. Without Darkness, there can be no Light. Everything is essentially a Mirror of the Same Thing. This is what is called Polarity. In other Words, Opposite Things depend on the each other in order to exist. Without Darkness, you cannot know what Light is. This is also represented by Gender, with the Female and the Male being diverse Forms of the Same Thing. The Hermetic Principles explain the relationship between everything in some details. In that regards, I suggest that you should look up the Hermetic Principles in the Kyballion. It is because the Numbers begins from Zero or Nothing or the Void that it is said that God made the Universe from Nothing. As already mentioned Number One is the Number of Hydrogen. The Hydrogen Atom permeates Everything in the Universe. It is because there is Hydrogen that there is a Material Universe. Hydrogen is Number One (1) on the Chemical Periodic Table. There is Nothing in the Material Universe that is not from Hydrogen. Hydrogen is the Basis of all Physical Existence. That is why Number One (1) is also the Number of God. The Sun and the Stars and Planets are All comprised of Hydrogen. Oxygen is constituted by the Thermonuclear Synthesis Hydrogen in the Nuclei of Stars. Hydrogen then COMBUSTS with Hydrogen to produce Dihydrogen Monoxide aka WATER. Your very being is literally powered by Hydrogen. As already indicated, Oxygen first came into Existence through Thermonuclear Fusion of Hydrogen Atoms in Stars. Stars are composed of the Hydrogen. Hydrogen is the Medium of Consciousness and Medium of the Material Universe of which we are an Intrinsic part. All of Nature is powered by Number One (1) aka Hydrogen. You're literally made of Hydrogen that has been transformed in Stars. The Sun, as a Star is composed of Hydrogen Atoms. The Circle which represents Zeros Nothing or the Void or the Darkness and also the Light represents the Hydrogen Atom. That is why the Sun and Moon are Circles. The Circle is the Basic Geometric Pattern. The multiplication of identical Circles create the Patterns and Sequences of the Flower of Life which is in All Indigenous Cultures. ✨🙌🏾💫

🧬Maxpein🧬

25,608 Aufrufe • vor 1 Jahr

Wall Street just pulled off the exact move that turned 2008 from a housing problem into a global collapse. They turned Nvidia graphics cards into bonds, stamped them investment grade, and started selling them into the funds that hold retirement money. Here is what happened while everyone was busy arguing about whether AI stocks were overvalued: The company at the center is CoreWeave, which rents out Nvidia chips to AI companies. To buy those chips, it borrows enormous sums, and the collateral on the loans is the chips themselves. That alone is alarming because a graphics card LOSES most of its value within a few years as the next generation makes it obsolete. You are lending against an asset built to rot. In January, Nvidia invested $2 billion straight into CoreWeave, which then used borrowed money to buy more Nvidia chips. On March 31, CoreWeave closed an $8.5 billion loan backed by its chips, and for the first time the rating agencies stamped that chip-backed debt investment grade, with Moody's assigning it an A3. Debt secured by depreciating graphics cards was rated nearly as SAFE as a blue-chip corporate bond. Then on May 18, CoreWeave closed the first chip-backed facility designed to be publicly syndicated and traded on secondary markets. And that's the part that really matters because it means this debt can now be sliced up, passed around, and bought by anyone, including the bond funds and pension managers who are required to hold "safe" investment-grade paper. On June 11, it announced another $3.5 billion in bonds on top of all of it. Now compare this to what happened in the past: Subprime mortgages in 2007 were not dangerous because some people got loans they couldn't repay... They became a global bomb the moment that debt got rated AAA and sold into the wider financial system, because the rating is what let it bleed into money market funds, pensions, and bank balance sheets that were supposed to be boring and safe. The bad loans were the spark but the packaging and rating were the detonator. And that detonator just got built for AI. Debt backed by graphics cards is now rated investment grade and trades on secondary markets, which means the AI bubble is no longer trapped inside tech stocks you can choose not to own. It has been quietly converted into bonds and routed toward the retirement accounts of people who have never typed a single prompt in their lives. And the whole structure rests on a backlog of customer "commitments" that CoreWeave values at nearly $100 BILLION, backed by a $21 billion Meta deal and a $6 billion Jane Street deal. Those are promises to pay over many years, made by AI companies that are themselves mostly unprofitable and burning cash. If even a few of those customers slow down or walk away, the collateral sitting under all this rated debt is a warehouse of chips losing value by the month. The AI bubble used to be a stock-market story you could opt out of. But as of this spring, that isn't the case anymore. So here's the real question: When the people packaging this debt swear to you that it's safe, who do you think is standing on the other side of that trade?

Ricardo

212,166 Aufrufe • vor 2 Monaten

🚨WHAT ON EARTH?!! The TEACHER OF THE YEAR in Nashville TM just walked away from her career B says the district ORDERED HER TO FABRICATE GRADES. She refused. So they went into the system and CHANGED IT THEMSELVES. According to the teacher, a student didn’t finish a project. Hardcastle (the teacher) gave the grade the student earned. Then a parent came in and SAT IN THE OFFICE FOR HOURS until that grade changed. Three administrators huddled up and decided the AWARD-WINNING TEACHER was the problem. She still refused to change the grade. So they overrode her and changed it ANYWAY. She quit in May and put all of it in a three-page resignation letter. It’s public. Read it yourself. She calls it GRADE FABRICATION. And then she stood up in front of the school board and said the quiet part into a microphone: “Statistics are being skewed to protect the district, not our children.” Our kids can’t read. Can’t write. Can’t do basic math. But the DASHBOARD LOOKS GREAT. AND SHE IS NOT THE ONLY ONE. WSMV4 Investigates pulled the internal emails of Diana Wills, a math teacher at Overton High. Administrators told her she had to hand failing students a D — over a PAPERWORK TECHNICALITY about parent notification. One kid was told again and again to make up his exams and never bothered. She was on medical leave for most of that semester. She put her refusal in writing: “What is being done is unethical and could very well be interpreted as illegal.” THE DISTRICT SUSPENDED HER. She’s suing them right now. At MNPS, when a teacher and an administrator disagree about a grade, THE ADMINISTRATOR WINS. Not the person who taught the class. Not the person who graded the work. The bureaucrat whose numbers go UP when your kid passes. HOMESCHOOL YOUR KIDS!!!!!

Matt Van Swol

733,614 Aufrufe • vor 26 Tagen

Out now - how Private Equity turned your retirement into a taxpayer backstop and what ACTUALLY happens when a life insurer fails (it's way worse than a bank) plus Lebron James/Guggenheim Private equity had its hands on about $23 billion of life insurance assets in 2009. That figure is now over 1 Trillion. Andrew Granato (UT Austin Law) & Pranjal Drall (Yale) argue in their new paper that this has built a system that socializes losses more sharply than federal deposit insurance does for banks. Banks pre-fund the FDIC every quarter, weighted by the risk they take. Life insurers pay nothing until a rival fails. Then the survivors are assessed based on premium volume, not risk, and in 44 states they recoup the cost through tax credits. Taxpayers foot the bill, and no one ever votes on it. Meanwhile, the asset side has changed. PE-owned insurers shift balance sheets out of investment-grade corporates and into private credit, affiliated loans, CLOs and ABS. Those assets get rated by agencies the insurer pays, sometimes via private letter ratings no one outside the regulator ever sees. Egan-Jones alone has vouched for roughly $40 billion of insurance debt. On the liability side, captive reinsurers in Bermuda let the parent escape US disclosure and capital rules, with reported leverage of 30-to-1 to 50-to-1. We also get into the run risk that "permanent capital" is supposed to rule out: funding agreement-backed notes with withdrawal rights, policy surrenders, and the Executive Life collapse. And we close on Guggenheim, Delaware Life and Clear Spring, where Mark Walter's insurers reported 3% of assets as affiliated when the corrected figure was 42%, including a loan to LeBron James, and he sold the Lakers to raise liquidity. Their fix include, tax opacity itself, ban private letter ratings, pre-fund guarantee funds on a risk-weighted basis, and make holding companies partially liable when their insurers fail. Out now on all podcast platforms. And to be clear PE funds do not directly "own" insurance rather the alternative asset management firms that does Private Equity / Private Credit also owns the insurance company (as in case of Apollo / KKR) or the alternative asset management firms has agreements such as Blackstone / Blue Owl.

Jack Farley

30,767 Aufrufe • vor 5 Tagen