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The subprime corporate debt market has grown exponentially to approximately $4.7 trillion in assets, posing systemic risks to financial stability and exacerbating income and wealth inequality. Corporate debt doubled from $6.6 trillion to $11.6 trillion between 2008 and 2021, with high-risk debt often used for non-productive purposes such as acquisitions, refinancing, and share buybacks. The market is lightly regulated, with outdated financial regulations and exemptions from securities laws, allowing for lack of disclosure, earnings manipulation, and incentives to securitize risky loans. This has led to wasted capital, job losses, and benefits for private equity firms and hedge funds at the expense of corporate America's long-term health. The risks posed by subprime corporate debt can be grouped into five broad categories: wasted capital, lack of regulation, earnings manipulation, incentives to securitize, and systemic risks to financial stability.