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UNBELIEVABLE: Tricolor | History Defined

Global finance watchdog warns over private credit industry fuelling AI boom

Financial Stability Board report reveals tech, healthcare and services sectors as the biggest borrowers

The Guardian - UK

Barclays cuts back risky lending after £228m hit from UK mortgage firm MFS

Bank’s chief executive points to alleged fraud as it sets aside a further £105m for motor finance compensation

The Guardian - UK

‘When You See One Cockroach, There are Probably More’: Blackrock Forced to Halt Redemptions As $2 Trillion Private Lending Bubble Starts Showing Cracks

Cracks are beginning to show in the $2 trillion private lending space, as multiple investment firms limit redemptions in their billion-dollar flagship funds.

Barchart

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Subprime Auto Lender CEO Charged for Double-Counting Collateral That Led to $1B Collapse

Charges reveal that Tricolor held $1.4 billion in real collateral but pledged $2.2 billion to creditors, leading to a $1 billion collapse amid allegations of fraud.

International Business Times UK

Layoffs Hit 1,000 Workers Weeks After CEO Pocketed $6.25M

Tricolor CEO Daniel Chu received $6.25 million before his subprime lender's collapse, which left over 1,000 workers unemployed and lenders owed $900 million amid fraud allegations.

International Business Times UK

Executives of bankrupt subprime auto lender Tricolor Holdings charged with fraud

Daniel Chu, company’s founder, charged with directing multiple executives since 2018 to defraud investors

The Guardian - US

‘Shadow banking’ could lead us into an apocalypse like 2008

Alarm bells are ringing about the private credit market and ‘cockroaches’ in the system — the time to act is now, says Chris Blackhurst

Evening Standard

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Big Banks Are Setting the Tone as Earnings Season Kicks Off

Despite risks in private credit, the financials sector is largely insulated as the big banks proved when earnings season kicked off last week.

MarketBeat

3 Regional Bank Stocks That Crushed Q3 Earnings

Regional banking concerns were making headlines as earnings season began, but Q3 results have calmed the market, especially those from these 3 companies.

MarketBeat

Barclays can afford Tricolor loss but risks remain in the private credit market

Risky lending in an opaque, complex and leveraged part of the financial world is ringing alarm bells

The Guardian - UK

Barclays plays down £20bn exposure to private credit industry

CEO says bank has ‘right controls’ in place despite warnings about industry from IMF and Bank of England

The Guardian - UK

Bank of England chief warns of ‘worrying echoes’ of 2008 financial crisis

Andrew Bailey says a close look is needed at the private credit market after collapse of two big US firms

The Guardian - UK

Wall Street might be panicking over private credit, but insiders can’t see what all the fuss is about

Some say this is more about mudslinging between private credit’s competitors and a misunderstanding about direct lending.

Fortune

Why credit risks are jarring Wall Street

With investors already on edge, any additional credit hiccups could prompt a new round of selling.

Axios

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The Guardian - UK

What is private credit, and should we be worried by the collapse of US firms?

First Brands and Tricolor failures raise concerns for wider financial sector, including traditional banks

Fortune

As Wall Street banks crush records, America’s regional banks spook investors—but there’s a key difference from when SVB went bust

Raymond James said it views Zions’ disclosure as a “one-off credit hiccup” and not a systemic credit issue.

The Independent UK

Regional banks' bad loans spark concerns on Wall Street

Wall Street is concerned about the health of the nation’s regional banks, after a few of them wrote off bad loans to commercial customers in the last two weeks

The Guardian - US

‘Finances are getting tighter’: US car repossessions surge as more Americans default on auto loans

Wall Street sounds alarm over strain throughout car lending market as experts warn of potential risks for wider economy

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The Guardian - UK

Head of IMF says risks in private credit market keep her awake at night

Kristalina Georgieva urges vigilance over ‘very significant shift of financing’ after collapse of Tricolor and First Brands

International Business Times

Strong Dealmaking Boosts Profits At US Banking Giants

Robust dealmaking activity and strong trading results helped boost US bank earnings Tuesday despite lingering worries about a softening job market and a potentially overvalued stock market.

The Guardian - UK

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 firms

The Guardian - US

First Brands: why a maker of spark plugs and wiper blades has Wall Street worried

Investors fear that the collapse of the car parts company – and the size of its debt – could portend wider problems

Benzinga

Deal Dispatch: White House Mute On TikTok, BBVA's $18 Billion Takeover Offer Rejected

For the previous edition of Deal Dispatch, click here.

Tom’s Guide

Yokohama F. Marinos vs Al Ain live stream: How to watch AFC Champions League final online and on TV today, team news

The Yokohama F. Marinos vs Al Ain live stream sees Japan's Tricolor host the UAE's big hitters in the AFC Champions League final first leg. Here's how to watch it from anywhere.

People

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