Two in Five Private Credit Borrowers Burn Cash. Regulators Say It Isn’t Systemic Yet.
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The IMF puts the share of private credit borrowers with negative free cash flow at around 40%, up from 25% in 2021. The FSB's May report calls the sector a vulnerability but stops short of systemic. The gap between those two statements is the whole…
Situational Awareness Didn’t Lose to Its Algorithms. It Lost to a Margin Call.
Leopold Aschenbrenner's AI infrastructure fund returned 439% through June, then fell 67% in July and sold most of its public book to Citadel. The SEC's subpoenas went to Goldman, JPMorgan, Citigroup and Bank of America — not to the fund, which has not…