Signs of Financial Fragility?

The cracks are starting to appear in the shadow banking bubble
https://www.telegraph.co.uk/business/2025/10/11/murky-world-of-shadow-banking-has-all-hallmarks-of-bubble/
Look beyond private equity’s clever jargon and a disturbing picture emerges.

Gundlach Sees Private Credit as Top Candidate to Start Next Financial Crisis
https://www.fa-mag.com/news/gundlach-sees-private-credit-as-candidate-to-start-next-financial-crisis-84423.html

Billions of Dollars ‘Vanished’: Bankruptcy Rings Alarms on Wall Street
https://www.nytimes.com/2025/10/10/business/first-brands-bankruptcy-wall-street.html
The unraveling of First Brands, a midsize auto-parts maker, is exposing hidden losses at international banks and “private credit” lenders. 

Behind the Collapse of an Auto-Parts Giant: a $2 Billion Hole and a Mysterious CEO
https://www.wsj.com/business/first-brands-collapse-patrick-james-306d7869
Patrick James started out buying small Ohio factories and ended atop a messy conglomerate with piles of hidden debt.

First Brands: why a maker of spark plugs and wiper blades has Wall Street worried
https://www.theguardian.com/business/2025/oct/10/first-brands-wall-street
Investors fear that the collapse of the car parts company – and the size of its debt – could portend wider problems.