Blackstone raided its own balance sheet to cover record $3.8B in redemptions. Blue Owl froze withdrawals. PE stocks down 25-61%. Steve Eisman and forensic accountant Tom Gober say the insurance industry is the missing piece of the next financial crisis.
Sup, freaks.
The private credit market is cracking in real time. Blackstone just had to raid its own balance sheet and its employees’ wallets to cover a record wave of redemptions from its flagship $82 billion credit fund. Blue Owl permanently froze redemptions on a retail fund two weeks ago. Private equity stocks are down 25% to 61% from their highs. And the man who called the 2008 crisis, Steve Eisman, just sat down with a forensic accountant who says the insurance industry is the missing piece of the puzzle. This is a story that should be front page news but isn’t. Today we dig in.
Hellbound and Down 