Mispriced Assets

Mispriced Assets

The Guggenheim Universe

Eight life insurers file under four owners who swear they have nothing to do with each other. Read side by side, they hold one book of the same $40.6 billion of paper.

Nick Nemeth's avatar
Nick Nemeth
Aug 24, 2026
∙ Paid

Delaware Life and Clear Spring, the two Mark Walter insurers that restated $24 billion of affiliated paper this spring after a Manhattan grand jury subpoenaed them, were never the whole machine. Those two drawers are the main focus of the media and regulators. The Guggenheim complex extends much further:

  • EquiTrust and Heritage, filed under a group called…

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