DoJ is now investigating Mark Walter and the insurance-private credit machine on Wall Street. This matters because insurance companies have become massive shadow lenders — they buy illiquid private credit assets, juice yields, and avoid mark-to-market pain. The structure works great until it doesn't. If regulators start pulling threads here, expect contagion risk across insurers, BDCs, and CLO structures. Watch credit spreads and anything tied to insurance balance sheets. This could get messy fast.