Steve Eisman Warns This 'Slow Brewing Scandal' Could Spark The Next Financial Crisis

Benzinga_recent_news02:48

Steve Eisman, the investor who predicted the 2008 mortgage crisis, says private credit’s grip on the life insurance industry is “a slow brewing scandal which could be one day a great financial crisis....

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2617200235?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2026/03/05/Small-Business-Owner-Facing-Financial-Cr.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2026-03-06 02:48","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2617200235","market":"sh","top_or_hot":-1,"title":"Steve Eisman Warns This 'Slow Brewing Scandal' Could Spark The Next Financial Crisis","media":"Benzinga_recent_news","content":"<div>\n<p>Steve Eisman, the investor who predicted the 2008 mortgage crisis, says private credit’s grip on the life insurance industry is “a slow brewing scandal which could be one day a great financial crisis....</p>\n\n<a href=\"https://www.benzinga.com/markets/prediction-markets/26/03/51078340/steve-eisman-warns-this-slow-brewing-scandal-could-spark-the-next-financial-crisis\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Steve Eisman Warns This 'Slow Brewing Scandal' Could Spark The Next Financial Crisis</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSteve Eisman Warns This 'Slow Brewing Scandal' Could Spark The Next Financial Crisis\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-06 02:48 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/prediction-markets/26/03/51078340/steve-eisman-warns-this-slow-brewing-scandal-could-spark-the-next-financial-crisis><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Steve Eisman, the investor who predicted the 2008 mortgage crisis, says private credit’s grip on the life insurance industry is “a slow brewing scandal which could be one day a great financial crisis....</p>\n\n<a href=\"https://www.benzinga.com/markets/prediction-markets/26/03/51078340/steve-eisman-warns-this-slow-brewing-scandal-could-spark-the-next-financial-crisis\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE00B64PRP62.GBP","symbol_name":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","start_time":0,"source_url":"https://www.benzinga.com/markets/prediction-markets/26/03/51078340/steve-eisman-warns-this-slow-brewing-scandal-could-spark-the-next-financial-crisis","article_id":"2617200235","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/03/05/Small-Business-Owner-Facing-Financial-Cr.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/prediction-markets/26/03/51078340/steve-eisman-warns-this-slow-brewing-scandal-could-spark-the-next-financial-crisis","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2617200235","pubTimestamp":1772736480,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Private credit's hold on life insurance industry a scandal brewing financial crisis. Firms using captive insurance to buy own credit paper & offload liabilities offshore. Redemptions & asset markdowns indicate pressure building.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"IE00B64PRP62.GBP":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (GBP) ACC","IE00B3QW5Z07.USD":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","IE00BGHQF748.EUR":"GUINNESS GLOBAL MONEY MANAGERS \"C\" (EUR) ACC","BK4585":"ETF&股票定投概念","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","APO":"阿波罗全球管理","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0006061336.USD":"Blackrock US Small and MidCap Opportunities A2 USD","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU0106831901.USD":"贝莱德世界金融基金A2","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","IE00BN8TJ469.HKD":"FTGF CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A\" (HKD) INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","BK4135":"资产管理与托管银行","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","BK4588":"碎股","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","BAM":"布鲁克菲尔德资产管理","KKR":"KKR & Co L.P.","OWL":"Blue Owl Capital Inc.","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","BK4184":"其它综合性金融服务"},"translate_title":"史蒂夫·艾斯曼警告说，这场“缓慢酝酿的丑闻”可能引发下一场金融危机","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BAM":1,"KKR":1,"APO":1,"OWL":1},"content_text":"Steve Eisman, the investor who predicted the 2008 mortgage crisis, says private credit’s grip on the life insurance industry is “a slow brewing scandal which could be one day a great financial crisis.”\nOn the Real Eisman Playbook podcast, Eisman and forensic accountant Tom Gober laid out a case that firms like Apollo Global Management Inc (NYSE:APO), KKR & Co Inc (NYSE:KKR) and Brookfield Asset Management Ltd (NYSE:BAM) are using captive insurance divisions to buy their own private credit paper.\nAt the same time, they offload billions in liabilities to offshore reinsurance subsidiaries that file no US financial statements.\nGober, who spent seven years as a state insurance examiner, says insurers are offloading liabilities to shell subsidiaries in Bermuda, Barbados and the Cayman Islands, then underfunding them. \nIn one case he reviewed, $7 billion in liabilities were backed by roughly $200 million in real assets. \nThe rest was filled with contingent instruments he compared to a lottery ticket before the drawing.\nUS-based captive reinsurance grew from $12 billion to $440 billion in a single decade, Gober said. When regulators started asking questions, the industry moved offshore.\nApollo’s insurance arm Athene saw affiliated investments grow from roughly $10 billion to $40 billion in five years, according to Gober. \nIts short-term deposit-type contracts hit $37.9 billion, creating a duration mismatch that could become a problem if institutional investors demand their money back.\nThese comments come as investor sentiment across private credit continues to deteriorate. \nBlue Owl Capital Inc (NYSE:OWL) halted regular quarterly redemptions last month and is liquidating $1.4 billion in assets to pay out investors.\nApollo’s own MidCap Financial fund slashed its dividend and marked down assets last week. Apollo’s stock is down 30% this year.\nEisman noted that nothing has blown up yet because credit markets have been strong for over a decade. “You can lever yourself up to your eyeballs as long as nothing bad happens,” he said. \nPolymarket’s U.S. recession contract currently prices roughly 24% odds of recession by the end of 2026 on $297,000 in volume.\nThe sell-side analysts covering these firms are alternative asset specialists who have likely never examined a statutory insurance filing, Eisman added. “The only thing I can guarantee is that it’s a hell of a lot more levered than it looks.”\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2617200235","isCrawlerRequest":true}