[bfg_9k]

Regulations are what lead to private credit being what it is today. Post Dodd-Frank banks are unable to take on a lot of the lending risk with these style of transactions anymore which paved the way for asset managers to create the shadow banking system that exists today.

[dapperdrake]

The lending risk is the same. It doesn’t really matter what color the rug has. Stop sweeping.

[bfg_9k]

It's most certainly not the same. An asset manager going broke because they bought some bad loans is infinitely better off for the public at large than a bank becoming insolvent and depositors losing their money.

[pixl97]

Then you'll find a new set of regulations on private credit at some point in the future.