The Shadow Lenders: Private Credit, Hidden Debt, and the Next American Financial Crisis

Private credit was supposed to fix the last crisis. Instead of fragile derivatives and securitized mortgages, we were promised conservative, senior loans to real companies, held by sophisticated investors who could absorb the risk. Instead of bailouts and bank runs, we were sold a story of "permanent capital," sponsor support, and deal-by-deal discipline.

The reality is far more troubling.

In The Shadow Lenders: Private Credit, Hidden Debt, and the Next American Financial Crisis, Emeric Cor...