I saw those plots and I think there is a false comparison. No way the Lehman plot is at the same level of granularity as the FTX plot. My firm is mid-sized Euro

I saw those plots and I think there is a false comparison. No way the Lehman plot is at the same level of granularity as the FTX plot. My firm is mid-sized European insurer. We have a chart with low hundreds of entities. Most arise from compliance purposes. Many from acquisitions that have not been definitively integrated. Some follow from certain reinsurance deals. We have many funds in the market, some entities are related to ESG-activities, some are caretakers entities for certain customers. I get it though. In M&A of small firms I have seen ten people work in a firm with twenty entities and have raised questions. But it’s the story that counts. In larger companies you have notaries on retainer just to keep the legal structure follow the organizational reality.