Out of the Light

How risk migrated from bank marks to insurance clocks

In the early 2000s, the head table in private real estate sat largely inside the banks. Morgan Stanley and Goldman set the terms, the models ran overnight, and the Lucite deal toys were piled high. Then Lehman sank and the GFC hit. Post-crisis rules fenced in the balance sheets regulators could directly supervise. Money migrated to platforms outside tha…