The most ironic news out of this week's Milken conference didn't come from a hedge fund manager or an investment bank. It came from the SEC.
On May 4, at the Milken Institute Global Conference in Los Angeles, SEC Chairman Paul Atkins confirmed from the podium that the Commission is actively investigating allegations of fraud in the private credit space. He named no firms. He offered the obligatory reassurance that the SEC does not view private credit as a systemic risk “at least at the current time.” And then he moved on.
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