The private credit market is under scrutiny for its opaque practices and the potential for significant financial losses to be shifted onto ordinary investors. Recent developments have highlighted the market's tendency to conceal risks until they become irreversible, as evidenced by BlackRock's abrupt write-down of two private credit loans from full value to zero. This move underscores concerns about misaligned incentives within the industry. Since the 2008 financial crisis, private credit has grown from $46 billion to approximately $2 trillion, largely due to regulatory changes that encouraged non-bank institutions to fill lending gaps left by traditional banks. However, this growth has been accompanied by a lack of transparency and accountability, with losses potentially impacting life insurance policyholders and pension beneficiaries. The rise of private credit ETFs has further exacerbated the issue, transferring illiquid asset risks to retail investors. The market's expansion into funding AI infrastructure, such as Meta's $27 billion data center deal, highlights the systemic risks posed by private credit. Critics argue that the financialization of AI and automation, funded by ordinary workers' pensions, could ultimately replace the very jobs these workers rely on, creating a cycle of economic displacement and suppressed labor value.