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TWG Global Recruits Former Goldman Sachs Attorney Markowitz Amid Regulatory Scrutiny
Finance · Financial Conglomerates · cnbc · 2026-08-24
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Billionaire Mark Walter’s TWG Global has appointed veteran Goldman Sachs lawyer David Markowitz as chief legal officer as federal probes into his insurance firms intensify.
What Happened
Strategic Legal Appointment: TWG Global has officially brought on David Markowitz, a former global co-head of litigation at Goldman Sachs, to serve as its new chief legal officer. Markowitz brings extensive experience from his time at the SEC and the New York Attorney General's office, as well as his role in resolving the 1MDB corruption scandal.
Regulatory Investigation Context: The hiring occurs while the U.S. Attorney’s Office and the SEC investigate how Delaware Life Insurance and Clear Spring Life—both controlled by Mark Walter—classified approximately $20 billion in loans. While lending to affiliates is legal, the insurers were forced to reclassify these investments after receiving grand jury subpoenas, revealing that affiliated assets were significantly higher than originally reported.
Asset Rebalancing Efforts: In a move to address regulatory concerns, TWG Global recently agreed to swap up to $6.5 billion in affiliated investments held by Delaware Life for non-affiliated assets. This restructuring aims to decouple the insurers' portfolios from the performance of entities within Walter’s broader business empire.
Broader Business Developments: Mark Walter, who also chairs the Los Angeles Dodgers, remains under intense scrutiny following the high-profile sale of his controlling stake in the Los Angeles Lakers. Despite the ongoing investigations, Walter has not been charged with any wrongdoing, and the company continues to emphasize its long-term strategic growth objectives.