#private credit

[ennovance]

Public refinancings can save companies up to 300 basis points

Private credit’s “golden era” may face strain amid a resurgence in the broadly syndicated loan market, as increased competition drives down returns, according to a report from @MoodysInvSvc

https://www.bloomberg.com/news/articles/2024-03-05/moody-s-says-private-credit-returns-will-be-pressured-by-banks?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets #pd #mergers #acquisitions #deals #lbo #mergerarb #fund #investor #IPO #PrivateEquity #buyouts #MandA #PE #investments #MergerArb #VC #credit #loan

[intelisync]

2024 Tokenization Boom: A New Era for Real-World Assets

In 2024, the landscape of real-world asset (RWA) tokenization is experiencing a transformative shift, marking a significant milestone in the financial industry. Tokenization converts physical assets like real estate, commodities, and art into digital tokens on a blockchain, enhancing liquidity, accessibility, transparency, and security. This revolutionary technology makes high-value assets more accessible to a broader range of investors. As we explore the current state and future prospects of tokenization, it is clear that this technology is set to reshape the global financial ecosystem significantly.

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The total value locked in tokenized assets has surged to $10.53 billion, with major financial institutions launching tokenized investment products. This signals a major inflection point for the industry, underscoring the significant role tokenization will play in the future of finance.

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As regulatory frameworks evolve and technology advances, tokenization is set to revolutionize the financial industry. Intelisync provides cutting-edge RWA tokenization services to help you navigate and capitalize on this financial Learn more....

[izzystizzys]

As High Marshall Commander, a title foisted on him by the Galaxy’s fakest bitch aka Chancellor Palpatine, Fox theoretically has privileges and authorities like no other clone. In practice, he has a headache and gets ignored more obviously than before.

What he also has is a fancy new function on his personal comm unit modified to broadcast GAR-wide to all commanding officers, up to and including Jedi. It gathers dust next to his own modified button that sees much better use - a private channel to Stone, the only vod that will let Fox bitch at him to his heart’s content without hanging up (Thire) or bitching right back (Thorn).

It’s been a long shift of 72 hours, the maximum Stabby allows him to do without a well-placed hypo to the neck, when Fox finally collapses on his rickety cot in the Command quarters and hits the private comm connection to Stone without looking. He’s already rolling his eyes so hard it tweaks at the migraine that’s been building since hour 18 and heaving a put-upon sigh.

“Everyone is stupid, Stone, and asking to be thrown face-first from the Dome balustrades”, he begins, settling into a low, dead tone of voice to warm to the building monologue. It’s a marathon, not a sprint. “I swear to haran I’m going to wring Amedda’s stringy neck one of these days. I don’t know what magical Force gods his mother pissed off, but they made sure to punish her and the Galaxy at large a hundred times over. He sucks the joy and competence out of every room like a black hole of stupid. I’d call him a has-been, but I trust in the power of nepotism and also just don’t believe he ever was. I swear he’s doing it on purpose and - oh, kriffing Sith-damned hells, you know who’s definitely doing it on purpose?! The kriffing Chancellor, that wrinkly ass-faced ballsack!”

Taking a deep breath, Fox lets that sit in his chest for a moment, indulging in the feeling of bright weightlessness. “I swear he’s trying to keep the war going - no one man can be that incompetent and still draw breath, not even Amedda or Taa. Goddamn Taa - but anyways, kriffing hell, Stone, either the senility isn’t an act or he’s a bad cartoon villain from Dooby Scoo. Yes Sir, sending Senator Amidala to a Seppie-infested planet for negotiations is a great idea after her fourth bomb threat of the week. No Sir, I can’t hear you cackling evilly with Count Dooku under your lame two-credit robe as you’re definitely not colluding with the Republic’s enemies. What, you have a red lightsaber?! Oh, of course I don’t know what that means, I was dropped on the head as a tubie!”

Barely pulling in a harsh breath, Fox continues, palms pressing into his eyeballs hard enough to cause sparks. “And speaking of lightsabers and senile fucks, haran smite my ass off but who the kriff thought it’d be a good idea to give absolute tactical and military authority to the kriffing eldritch space monks! The Force didn’t bless them with the collective good sense it gave to a kriffing rock, and I’m tired of pretending otherwise! Has anyone kriffing read the Theed Convention of Sentient Rights in Wartimes?! NO?!! Well, color me UNSURPRISED, because war crimes ARE NOT! GOOD! BATTLE! TACTICS!!”

“They run around in crop tops, Stone, in crop tops! Oh, the Force provides - WELL I’M GOING TO PROVIDE MY FOOT UP YOUR ASS, AND IT’S GOING TO HURT BECAUSE YOU’RE NOT WEARING KRIFFING ARMOUR!”

“Sure, let’s send the preteens into active warzones under heavy artillery in kriffing party wear! Surely nothing will ever go wrong! And give them commanding positions equivalent to CC-clones, WHO WERE LITERALLY GENETICALLY CREATED FOR IT! WITH A DECADE OF INTENSE TRAINING! LET’S DO THAT, BECAUSE WE’RE ALL KRIFFING STUPID!”

He’s gesturing wildly at the ceiling now, face heating up as his blood boils beneath the surface. “And you know what really gets my lowers in a twist, apart from the preteen commanding officers and blatant kriffing high treason and war profiteering?! Is it the complete lack of recognition? Gratitude? Basic sentient rights?! No, Stone, no, I would take all that in stride if it meant I never had to see Skywalker and Amidala kriffing canoodle right in front of me again, and pretend like it isn’t the galaxy’s worst conflict of interest case in the making!”

“By all levels of Sith-hell, what the kriff is wrong with that woman? You have it all, you could have anyone, and you choose that twatwaffle?! And then they have the gall to lock themselves in a broom closet for twenty minutes straight and have me guard it! ‘Oh yes, Senator, naturally we all go rattling brooms with our good friends! Nothing dodgy happening at all! I definitely believe you were looking for detergent and have used a washing machine before!’ The absolute nerve on those two! And then last week - you’ll never believe this - High General Windu passed by, and I swear he looked like he wanted to throw himself off the roof! I’ve never been less impressed by anyone in my life, and I’m batch-mates with Bly!”

“Speaking of Bly, that little bitchtit - if I have to edit one more, one more kriffing propaganda piece of him staring at General Secura’s bits, I’m going to stab my eye out! And if I have to edit one more of Secura staring at his bits, I’m going to stab the other one out! The only good thing I have to say about them is they’re more subtle than Skywalker and Amidala, which means nothing really. I will never understand that woman - but then she’s worked with Jar Jar Binks for a decade and not had a nervous breakdown, so she either has nerves of steel or is on some good-ass drugs.”

“Girl, your choices. And you know what else is a choice? Kote kriffing roundhouse-kicking heads off droids when he has a perfectly good blaster right there! I don’t know what the Longnecks put in his tube, but I hope to kriff it’s not contagious. I’d say I’m glad he has Kenobi to keep him in check, but that man wouldn’t know common sense if it punched his nose clean off his face. Flirting with General Grievous, ugh. I’d say he can do better, but honestly, they deserve each other.”

“And Wolffe - “, panting, Fox pauses, considering. “Well, Wolffe is an asshole and stupid, and I hate him because he’s stupid and has a stupid face. Also he keeps drunkenly submitting adoption paperwork on General Koon’s behalf - I wish I could say something mean about that, but honestly, his existence is roast enough. Anyways, bitches are trying me today, and by bitches I mean everyone. Commander Fox signing off to go not commit treason, unfortunately.”

Thoroughly powered out, Fox sinks into his hard mattress with a deep sigh. Several seconds of silence reign, and then his comm unit starts blaring in alarm.

Somewhere in the Jedi Temple, Mace Windu is knocked flat on his ass by a gargantuan shatterpoint exploding.

[crimescrimson]

Albert Wesker in Resident Evil Remastered (2002)

[365filmsbyauroranocte]

My Own Private Idaho (Gus Van Sant, 1991)  

[mostlysignssomeportents]

At long last, a meaningful step to protect Americans' privacy

This Saturday (19 Aug), I'm appearing at the San Diego Union-Tribune Festival of Books. I'm on a 2:30PM panel called "Return From Retirement," followed by a signing:

https://www.sandiegouniontribune.com/festivalofbooks

Privacy raises some thorny, subtle and complex issues. It also raises some stupid-simple ones. The American surveillance industry's shell-game is founded on the deliberate confusion of the two, so that the most modest and sensible actions are posed as reductive, simplistic and unworkable.

Two pillars of the American surveillance industry are credit reporting bureaux and data brokers. Both are unbelievably sleazy, reckless and dangerous, and neither faces any real accountability, let alone regulation.

Remember Equifax, the company that doxed every adult in America and was given a mere wrist-slap, and now continues to assemble nonconsensual dossiers on every one of us, without any material oversight improvements?

https://memex.craphound.com/2019/07/20/equifax-settles-with-ftc-cfpb-states-and-consumer-class-actions-for-700m/

Equifax's competitors are no better. Experian doxed the nation again, in 2021:

https://pluralistic.net/2021/04/30/dox-the-world/#experian

It's hard to overstate how fucking scummy the credit reporting world is. Equifax invented the business in 1899, when, as the Retail Credit Company, it used private spies to track queers, political dissidents and "race mixers" so that banks and merchants could discriminate against them:

https://jacobin.com/2017/09/equifax-retail-credit-company-discrimination-loans

As awful as credit reporting is, the data broker industry makes it look like a paragon of virtue. If you want to target an ad to "Rural and Barely Making It" consumers, the brokers have you covered:

https://pluralistic.net/2021/04/13/public-interest-pharma/#axciom

More than 650,000 of these categories exist, allowing advertisers to target substance abusers, depressed teens, and people on the brink of bankruptcy:

https://themarkup.org/privacy/2023/06/08/from-heavy-purchasers-of-pregnancy-tests-to-the-depression-prone-we-found-650000-ways-advertisers-label-you

These companies follow you everywhere, including to abortion clinics, and sell the data to just about anyone:

https://pluralistic.net/2022/05/07/safegraph-spies-and-lies/#theres-no-i-in-uterus

There are zillions of these data brokers, operating in an unregulated wild west industry. Many of them have been rolled up into tech giants (Oracle owns more than 80 brokers), while others merely do business with ad-tech giants like Google and Meta, who are some of their best customers.

As bad as these two sectors are, they're even worse in combination – the harms data brokers (sloppy, invasive) inflict on us when they supply credit bureaux (consequential, secretive, intransigent) are far worse than the sum of the harms of each.

And now for some good news. The Consumer Finance Protection Bureau, under the leadership of Rohit Chopra, has declared war on this alliance:

https://www.techdirt.com/2023/08/16/cfpb-looks-to-restrict-the-sleazy-link-between-credit-reporting-agencies-and-data-brokers/

They've proposed new rules limiting the trade between brokers and bureaux, under the Fair Credit Reporting Act, putting strict restrictions on the transfer of information between the two:

https://www.cnn.com/2023/08/15/tech/privacy-rules-data-brokers/index.html

As Karl Bode writes for Techdirt, this is long overdue and meaningful. Remember all the handwringing and chest-thumping about Tiktok stealing Americans' data to the Chinese military? China doesn't need Tiktok to get that data – it can buy it from data-brokers. For peanuts.

The CFPB action is part of a muscular style of governance that is characteristic of the best Biden appointees, who are some of the most principled and competent in living memory. These regulators have scoured the legislation that gives them the power to act on behalf of the American people and discovered an arsenal of action they can take:

https://pluralistic.net/2022/10/18/administrative-competence/#i-know-stuff

Alas, not all the Biden appointees have the will or the skill to pull this trick off. The corporate Dems' darlings are mired in #LearnedHelplessness, convinced that they can't – or shouldn't – use their prodigious powers to step in to curb corporate power:

https://pluralistic.net/2023/01/10/the-courage-to-govern/#whos-in-charge

And it's true that privacy regulation faces stiff headwinds. Surveillance is a public-private partnership from hell. Cops and spies love to raid the surveillance industries' dossiers, treating them as an off-the-books, warrantless source of unconstitutional personal data on their targets:

https://pluralistic.net/2021/02/16/ring-ring-lapd-calling/#ring

These powerful state actors reliably intervene to hamstring attempts at privacy law, defending the massive profits raked in by data brokers and credit bureaux. These profits, meanwhile, can be mobilized as lobbying dollars that work lawmakers and regulators from the private sector side. Caught in the squeeze between powerful government actors (the true "Deep State") and a cartel of filthy rich private spies, lawmakers and regulators are frozen in place.

Or, at least, they were. The CFPB's discovery that it had the power all along to curb commercial surveillance follows on from the FTC's similar realization last summer:

https://pluralistic.net/2022/08/12/regulatory-uncapture/#conscious-uncoupling

I don't want to pretend that all privacy questions can be resolved with simple, bright-line rules. It's not clear who "owns" many classes of private data – does your mother own the fact that she gave birth to you, or do you? What if you disagree about such a disclosure – say, if you want to identify your mother as an abusive parent and she objects?

But there are so many stupid-simple privacy questions. Credit bureaux and data-brokers don't inhabit any kind of grey area. They simply should not exist. Getting rid of them is a project of years, but it starts with hacking away at their sources of profits, stripping them of defenses so we can finally annihilate them.

I'm kickstarting the audiobook for "The Internet Con: How To Seize the Means of Computation," a Big Tech disassembly manual to disenshittify the web and make a new, good internet to succeed the old, good internet. It's a DRM-free book, which means Audible won't carry it, so this crowdfunder is essential. Back now to get the audio, Verso hardcover and ebook:

http://seizethemeansofcomputation.org

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/08/16/the-second-best-time-is-now/#the-point-of-a-system-is-what-it-does

Image: Cryteria (modified) https://commons.wikimedia.org/wiki/File:HAL9000.svg

CC BY 3.0 https://creativecommons.org/licenses/by-sa/3.0/deed.en

[kiisaes]

“Why is your gay hand, spread gayly over your gay boyfriends gay gapping hole are you in a gay relationship with gay feelings.”

oh u mean this one

[ennovance]

Bank Turmoil Is Paving the Way for Even Bigger ‘Shadow Banks’ 

The market for loans from non-bank firms like Apollo and Blackstone is booming. A crisis in regional lenders could accelerate it.

https://www.nytimes.com/2023/05/06/business/dealbook/bank-crisis-shadow-banks.html?searchResultPosition=5 #private_equity #privatedebt #privatecredit #debt #loans #Banking #investor #ennovance

[lucydoodlessometimes]

you're in the wind; i'm in the water

nobody's son, nobody's daughter

[vastwinterskies]

reading Hornblower and the Crisis and indeed there is a Crisis. That Crisis being I am in love with Maria and I am furious with him for not feeling the same

[alastoredeer]

Aromantic and asexual Alastor icons

Feel free to use, no credit neded.

The first one with logo, second is logo-free.

[the-kipsabian]

[skitskatdacat63]

And now my art has been reposted on tiktok, have I finally made it as a creator? 🥺 But like seriously my god, I didn't think I had to say but don't repost??????? I think I've been pretty safe from it cause I normally just draw AU art but ahh making relevant art, it's a dangerous game....I just yeah, don't necessarily know what to do about it, but yeah just don't please?

[lostlegendaerie]

Fuck it! US Private Student Loans Guide!

DISCLAIMER: while I have worked in private loans specifically for five+ years, this isn't ‘financial’ advice and is just a heavily summarized guide on how to navigate them. Yes, these loans suck, but complain to your legislators not me. I’m just trying to help you know what you’re doing. Additional info for each section is under the cut!

1) Who are you and who are all the companies constantly running around with my money?

I work in loan SERVICING, which is basically the billing department. If you’ve got a new company asking you for money, it's probably a new servicer and your debt is still owned by the bank. We enforce the terms in the promissory note, the document you sign telling the bank “yeah I'll play by your rules if you give me the money.” If your loan defaults, you’ll get contacted by a third (fourth?) party, but how that works is beyond my wheelhouse. The bank or your servicer should be able to confirm what happens in case of default.

2) What am I looking for in a ‘good’ loan?

Generally, you’re going to want SIMPLE instead of compound interest, a FIXED RATE opposed to a variable one, and you’ll want to go for FULL DEFERMENT while in school and make manual payments when you can. Also ask up front about stuff like if disability forgiveness or co-signer release (getting your parents off it) is offered.

3) This loan sucks! How do I make it better?

Student loans are NOTORIOUSLY hard to get out of, unfortunately. If the interest rate/payment relief options suck, you can try to REFINANCE where you take out a new loan to pay off the old one. This gives you a new promissory note, interest rate, and terms/conditions. If you’re trying to erase the debt entirely, ask for the promissory note (if they can't provide a copy, we have to forgive the debt. I've only seen this happen ONCE.) or try to go through social security disability.

DO NOT USE FREEDOM DEBT RELIEF OR OTHER SERVICES. DO NOT. THEY ARE SCAMS.

More in depth information for each point!

1) Lenders and Servicers

The lender is the person who provides the funds in the debt - the bank who pays the school or the hospital or the home contractor fixing your sink. The servicer is the company that is your point of contact when you need to make payments, ask for payment relief, or otherwise manage the loan that exists. Think of us as the mechanic (we keep the car running) where the bank is the manufacturer (they make the car). Some different servicers are SoFi, Zuntafi, Great Lakes, Nelnet and Firstmark Services; their names will be on the billing statements. Some different banks are Citizens, US Bank, NorthStar; their names will be on the promissory note and the disclosures.

Sometimes banks do sell the debt, however! A couple years ago Wells Fargo sold an enormous chunk of their loans off somewhere (an investment group, maybe?) but! The promissory note will still be the EXACT same if your debt gets sold. You’ll only get a new promissory note if you refinance the loan yourself.

2a) Interest Accrual and Rates

Interest is how banks profit off the loans they give out and/or ‘ensure they don't end up with a loss if the loan defaults’. (It's profit.) Most, but not all, loans calculate interest with the simple daily interest formula, shown below:

[(Current loan balance) x (interest rate)] divided by 365

If your loan’s balance is $10,000 and your interest rate is 6% you’ll be charged $1.64 each day. SIMPLE INTEREST means that this interest just kind of floats around on the account until a payment comes in and pays it off, where COMPOUND adds that interest to the balance at the end of the month/day/whatever. Compound charges you more over the life of the loan.

FIXED INTEREST is a set percent that doesn't change, where VARIABLE will change usually based on whatever the economy is doing. There’s a minimum and maximum value to the variable interest rates, so if you’re doing a variable ASK WHAT THE MINS AND MAXES ARE. A fixed rate might be 8% and a variable might be 3.25% the day you take it out, but that variable could have a maximum interest rate of 25% so be VERY, VERY CAREFUL. If you get stuck in a real bad variable interest rate, your best solution is probably a refinance.

2b) Deferment and Payment Allocation

So interest is gonna be accruing on your loan from the day the money leaves the bank. Sucks. And you may not be able to make payments while you're in school, so opting to DEFER your payments will stop them from billing you so you can skip a month or whatever without penalty. At the END of that deferment, though, whatever interest that accrued will be added to your current balance. If we use the example from above (10k loan with 1.64 daily interest) four years of school will add $2,400 to your balance and then your daily interest will jump up to $2.03 a day.

Solution? Make payments of what you can while you’re in school to chip away at that floating interest. Usually when you make a payment, it’s gonna go towards the interest first and then the rest drops the balance. (E.g. if you make a $20.00 payment ten days after your loan is disbursed, $16.40 will go towards interest and $3.60 towards your 10k balance). There is NO PENALTY for making extra payments or making early payments, but it might make your bills look a little weird if you’re being billed each month for just the interest.

3) Why are these loans so horrible? Can’t I find anything to help me?

Blame Reagan and the republicans who enabled him.

No, but really. The problem with these loans is that those promissory notes are VERY legally binding and have lots of fine print in there designed to make it as hard as possible for someone to skimp out on their debt without having their credit score decimated. Some lenders might even dip into your paychecks if you're crazy behind or default; again, that's not my wheelhouse and I've only maybe seen that once. Your best bet is just to pay it off as fast as possible (again, no penalty for paying the loan off early) or refinance into better terms.

And I get it. I really do. I hate how we’ve made so many incredibly important things in our society locked behind a paywall that charges poor people more to climb than the rich. But if you’ve made it this far, please don't turn your anger at me for not giving you the answers you want. The best I can do is vote for people who are willing to crack down on predatory lending, keep fighting for student loan forgiveness… and at my own job, make sure that my coworkers aren't making mistakes.

If you have a more specific question, I can try to answer as best I can without breaking any information privacy laws. And take care, okay? You are never fighting alone.

[aibouart]

i drew a streamer i started watching recently who was playing LN1~

their name is obakechan !