4 h. ago The secretive First Brands founder, his $12bn debt and the future of private credit

Patrick James borrowed billions — even after presiding over a string of failed businesses

Economics

26 h. ago JP Morgan boss says more ‘cockroaches’ will emerge after private credit sector failures

Jamie Dimon expects further weak links in ‘shadow banking’ sector to be revealed after collapse of two US firmsThe boss of JP Morgan, Jamie Dimon, has warned over further losses linked to the private credit sector, saying more “cockroaches” could emerge after the collapse of the sub-prime auto lender Tricolor and the car parts supplier First Brands.The bank said on Tuesday that although it had no exposure to First Brands, which sells car parts across the US, it had taken a $170m (£128m) hit from Tricolor, which collapsed amid fraud allegations last month. Continue reading...

Economics

6 d. ago UK monitors First Brands and Tricolor collapses for private credit risks

Failures of two US companies reliant on asset-based lending prove ‘useful case studies’, Financial Conduct Authority says

Economics

1 week ago Short seller Jim Chanos predicts more First Brands fiascos in private credit

Investor famed for spotting Enron fraud sounds alarm on Wall Street’s booming debt machine

Economics

1 week ago Jim Chanos slams ‘magical machine’ of private credit after First Brands collapse

Investor famed for spotting Enron fraud sounds alarm on Wall Street’s booming debt machine

Economics

last month The niche debt tool at the heart of Apollo’s private credit machine

How Apollo’s in-house insurer has raised capital to fund the group’s lending, without turning to policyholders

Economics