In short: An example of private-credit managers "in a hurry" piling leverage and "dubious assets" into insurance companies that then fail; notes existing litigation with Mark Walter at Guggenheim and "litigation on this going on forever."
Guggenheim is a private firm Whalen names, with 777 Partners, as an example of managers "in a hurry" who added leverage and questionable assets to insurance companies they controlled. Normal insurers earn 12–15% a year on their capital by playing it straight. Pushing for more is how insurers fail, and he expects annuity holders to lose money and lawsuits (already under way with Mark Walter at Guggenheim) to drag on for years.
13:45But then you look at situations like 777 or like Guggenheim where the managers are in a hurry and they pile on the leverage, they put a lot of dubious assets into the insurance company and then the insurance company ends up failing. That's what we're seeing a lot of. So Jeffrey is absolutely dead right, which is that when we start to look at some of these carriers and we ask, can they pay their annuity holders? The answer is going to be no.
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