All Episodes
Financial Forensics: Autopsy Files — 324 episodes
Bed Bath & Beyond 2023: Share Buyback Capital Destruction & Liquidity Runway Failure │ GP/LP Analysis - 3 Red Flags │File 161 T2
Bed Bath & Beyond 2023 : $11.8B Spent Buying Back Its Own Stock Since 2004. It Couldn't Find $900M to Stay Open │File 161 T1
Toys R Us 2017 : The Business Was Profitable. The Debt Was Not. KKR, Bain and Vornado Loaded $5B on It │File 160 T1
Toys R Us 2017: LBO Debt Service Destruction & PE Sponsor Exit Architecture │ GP/LP Analysis - 3 Red Flags │File 160 T2
Sears Holdings / Eddie Lampert 2022 : One Man, Three Roles, One Collapse | File 159 T2
Sears Holdings / Eddie Lampert 2005 : Sears' Chairman Bought Back What He Stripped | File 159 T1
Johnson & Johnson Texas Two-Step 2021-2025 : J&J Created a Company Just to Go Bankrupt | File 158 T1
Johnson & Johnson Texas Two-Step 2025 : 3 Courts, Two different states.Same Verdict | File 158 T2
Situational Awareness LP - Leopold Aschenbrenner 2026 : The Leverage Nobody Hid -GP/LP Analysis - File Extra T2
Situational Awareness LP - Leopold Aschenbrenner 2026 : The Fund That Was Honest About Everything and Still Got Margin-Called - Extra File T1
Penn Treaty Network America 2009–2017: Rehabilitation vs Liquidation Risk│File 157 T2
Penn Treaty Network America 2009–2017: Long-Term Care Insolvency│File 157 T1
GE Capital 2018 : Long-Tail Liability Risk vs Actuarial Reserve Adequacy│EP156 T2
GE Capital 2018 : Long-Term Care Reserves & Actuarial Smoothing│EP156 T1
Valeant Pharmaceuticals 2015: Roll-Up Strategy & The Philidor Channel│EP155 T1
Valeant Pharmaceuticals 2015 : Undisclosed Related-Party Options & Captive Channel Control│EP155 T2
HP & Autonomy 2012 : The $8.8B Write-Down & Dual Standard Autopsy│File 154 T1
Autonomy HP 2012 : Certified Financials Reliance & Audit Quality Due Diligence│File 154 T2
FIFA 2015: Correspondent Banking & Dollar Clearing Jurisdictional Vectors│File 153 T2
FIFA 2015: Inside the $150M Private Sports Bribery Architecture│File 153 T1
Cobalt Energy 2017: Assigned Local Partners & The Clean Regulatory Failure│File 152 T1
Cobalt Energy 2017: Mandatory Consortia Risks vs Regulatory Proxy Blindspots│File 152 T2
Mozambique LNG 2021: The $20B Investment Decision & The Force Majeure Timeline│File 151 T1
Mozambique LNG 2021 : Quantitative Project Finance vs Dated Incident Logs│File 151 T2
Anta Sports 2019: The Distributor Proxy Control & The Hidden SAIC Paper Trail│File 150 T1
Anta Sports 2019: Non-Wholly Owned Independence Claims vs Public Registry Reality│File 150 T2
China Huarong 2021: The Unwritten Sovereign Guarantee & The $16 Billion Capital Wipeout│File 149 T1
China Huarong 2021: Implicit Sovereign Backstops vs Contractual Credit Recourse│File 149 T2
Imtech 2015: The Phantom Order Book & Europe's Suppressed Corporate Warning│File 148 T1
Imtech 2015: Percentage-of-Completion Drift & Cost Input Manipulation Economics│File 148 T2
Ahold 2003: The Secret Side Letters & Europe's Multi-Billion Grocery Fraud│File 147 T1
Ahold 2003: Joint Venture Consolidation Arbitrage & Promotional Allowance Timing Fraud│File 147 T2
Vivendi Universal 2002: The Illusion of Consolidation & France's Largest Corporate Loss│File 146 T1
Vivendi Universal 2002: Consolidated Liquidity vs Structural Cash Access Bifurcation│File 146 T2
Allied Capital 2007: Grading Your Own Homework & The Five-Year Valuation War│File 145 T1
Allied Capital 2007: Illiquid Portfolio Fair Value & The Structural Loss Deferral Incentive│File 145 T2
Heta Asset 2015│ The Suicidal Guarantee & The Six-Year Legal War│File 144 T1
Heta Asset 2015: State Moratorium on Wind-Down Vehicle & Senior Creditor Recovery Uncertainty │File 144 T2
Banco Popular Spain 2017: Solvency Solipsism & The Definitive Capital loss Judgments│File 143 T2
Banco Popular Spain 2017│The One-Euro Bank & The Ten-Day Liquidity Collapse│ File 143 T1
Credit Suisse AT1 2026│The Empty Victory & The Three-Jurisdiction War│ File 142 T1
Credit Suisse AT1 2026: The Sovereign Treaty & Arbitration Suspensive Effect Valuation Front│File 142 T2
First Republic Bank 2023│Relationship Subsidy & The Duration Structural Deficit│ File 141 T1
First Republic Bank 2023: Relationship Collateral & The Unsecured Retention Assumption│File 141 T2 (2023)
Signature Bank 2023: Public Arithmetic Signals & The Network Propagation Run│File 140 T2
Signature Bank 2023│ Liability Concentration & The Sectoral Contagion Mechanism│ File 140 T1
REITs Office 2023 │The Capitalization Rate Obsolescence & The Appraisal Lag Gap │File 139 T1
REITs Office 2023: Valuation Lag Methodology & The Institutional Redemption Trigger│File 139 T2
PCAOB China Reform 2022: Brand Reputation Asymmetry & The Structural Verification Absence│File 138 T2
PCAOB China Reform 2022│The Cross-Border Audit Verification Gap & Sovereign Access Standoff │ File 138 T1
Extraordinary Branch Profitability & The Internal Information Suppression Mechanism in Danske Bank Estonia│File 137 T1
Danske Bank Estonia 2015: Correspondent Banking Exit Signals & The Revenue Protection Imperative│File 137 T2
The Triple-A Liability: How a Shadow Subsidiary Triggered the $182B Collapse of AIG│File 136 T1
AIG Financial Products 2008 : Regulatory Arbitrage & Credit Risk Modeling in Financial Holding Structures│File 136 T2
The Price of Truth: Inside Hindenburg Research’s 8-Year War Against Corporate Fraud│File 135 T1
Hindenburg Research 2025: The Dual Short Report Classification & Institutional Portfolio Governance│File 135 T2
The Only Lender Illusion:Inside the Invisible 3.5B Leverage Loop of 3AC│File 134 T1
Three Arrows Capital 2022: Bilateral Credit Opacity & The On-Chain Counterparty Surveillance Gap│File 134 T2
How Celsius Network Built the Ultimate Digital Bank Run│File 133 T1
Celsius Network 2022: The Terms of Service Asset Title Illusion & Rehypothecation Arbitrage│File 133 T2
Why PG&E Sparked America’s Deadliest Utility Crisis│File 132 T1
PG&E 2019 Bankruptcy: The Historical Book Value Disconnect & Asset Maintenance Due Diligence│File 132 T2
The Construction Giant That Choked on Its Own Debt│File 131 T1
Astaldi S.p.A. Insolvency 2018: The Carrying Value Realization Gap & Project Cross-Default Risk│File 131 T2
The Billionaire Who Plundered His Own Company's Pension│File 130 T1
BHS & Philip Green Collapse 2016: The Pension Covenant Valuation Gap & Private Equity LBO Risk│File 130 T2
Inside the Shadow Banking Empire That Fooled the World│File 129 T1
Greensill Capital Collapse 2021: The Institutional Disclosure Gap & The 2024 IASB Reporting Mandates│File 129 T2
Inside the Department of Bribery: Latin America’s Biggest Fraud│File 128 T1
Braskem & Odebrecht Fraud 2016: The Related-Party Governance Deficit & The Arm's-Length Pricing Signal│File 128 T2
The Hedge Fund That Built a Fake Auditor to Fool Wall Street│File 127 T1
Bayou Accounting Fraud 2005: The Institutional Due Diligence Deficit & The Independent Asset Verification│File 127 T2
Blood, Lies, and False Promises: The Deadly Theranos Loophole│File 126 T1
Theranos Regulatory Gap 2018: The Regulatory vs Commercial Validation & The Analytical Validity Deficit│File 126 T2
Archegos Regulatory Reform 2025: The Total Return Swap Information Gap & The Rule 10B-1 Withdrawal│File 125 T1
Archegos Regulatory Reform 2025: The Counterparty Credit Arithmetic & The Form PF Reporting Limits│File 125 T2
The Ghost Millions: Inside Wirecard’s Phantom Cash Empire│File 124 T1
Wirecard Asia Collapse 2020: The Segment Profit Concentrations & The Intermediary Trust Verification Deficit│File 124 T2
Glencore Bribery Architecture 2022: The Third-Party Intermediary Vector & The Sham Consulting Invoices│File 123 T1
Glencore Bribery Architecture 2022: The Sovereign Corruption Risk Vector & The Compliance Monitor Disclosures│File 123 T2
Abengoa Insolvency 2015: The Hybrid Bond Equity Illusion & The Project-Level Debt Concealment│File 122 T1
Abengoa Insolvency 2015 : The Accounting vs Economic Leverage & Off-Balance-Sheet Liquidity Risks│File 122 T2
Colonial BancGroup Collapse 2009: The Fictitious Mortgage Kiting & The Lender-Borrower Bilateral Collusion│File 121 T1
Colonial BancGroup Collapse 2009: The Warehouse Asset Aging Anomalies & The Circular Audit Confirmation Deficit│File 121 T2
Sunbeam Corporation Turnaround 1998: The Cookie Jar Accounting & The Phantom Bill-and-Hold Surge│File 120 T1
Sunbeam Corporation Turnaround 1998: The Financial Accrual Ratios & Distressed Company Compensation Mismatch│File 120 T2
Comverse Technology Backdating 2006: The Impossible Statistical Luck & The Phantom Employee Option Pool│File 119 T1
Comverse Technology Backdating 2006: The Form 4 Asymmetric Signals & Compensation Governance Due Diligence│File 119 T2
Societe Generale Rights Issue 2008: The Corporate Disclosure Sequence & The 50-Billion Secret Liquidation│File 118 T1
Societe Generale Rights Issue 2008: The Disclosure Sequencing Framework & Market Authorization Boundaries│File 118 T2
Bear Stearns Hedge Funds 2007: The NAV Misrepresentation Mechanism & The Personal Account Redemption Gap│File 117 T1
Bear Stearns Hedge Funds 2007: The Legal Asset Mark Verification & Illiquid Credit Due Diligence Framework│File 117 T2
Countrywide Financial 2007 : The Originate-to-Distribute Incentive & The Mozilo Insider Liquidations│File 116 T1
Countrywide Financial 2007 : The Early Payment Default Signal & Risk Retention Frameworks│File 116 T2
Kaupthing Singer & Friedlander 2008 : The Branch vs Subsidiary Perimeter & The Isle of Man Expatriate Run│File 115 T1
Kaupthing Singer & Friedlander 2008 : The Legal Entity Due Diligence & Sovereign Fiscal Capacity Outflows│File 115 T2
Anglo Irish Bank 2008 : The Quinn CFD Conversion & The Blanket Nationalization│File 114 T1
Anglo Irish Bank 2008 : The Property Concentration Index & Wholesale Funding Vulnerability│File 114 T2
Refco & BAWAG 2005 : The CEO Receivable Fraud & The Sixty-Seven Day Collapse│File 113 T1
Refco & BAWAG 2005 : The Deficiency Notation Loophole & Related-Party Verification│File 113 T2
Lernout & Hauspie 2001 : The Language Development Scam & The Flanders Valley Illusion│File 112 T1
Lernout & Hauspie 2001 : Document Verification vs Physical Reality & Auditing Emerging Markets│File 112 T2
LTCM Extended 1998 : Inside the New York Fed Rescue Room & The Clearing Cascade│File 111 T1
LTCM Extended 1998 : The Too-Big-To-Fail Precedent & The Coordinated Risk Subsidy│File 111 T2
Amaranth Advisors 2006 : The Scale Trap & The Illusion of Multi-Strategy Diversification│File 110 T1
Amaranth Advisors 2006 : The Return Concentration Risk & The Institutional Capture Framework│File 110 T2
Enron Valhalla 1987 : The Culture-Forming Fraud & The Performance-Protection Trap│File 109 T1
Enron Valhalla 1987 : The Management Decision Layer & The Asymmetric Oversight Signals│File 109 T2
Monte dei Paschi di Siena 2013-2022 : The 550-Year Longevity Paradox & The Sovereign-Adjacent Zombie Cycle│File 108 T1
Monte dei Paschi di Siena 2022: The Zombie Rescue Architecture & The Institutional Governance Risk│File 108 T2
Yes Bank 2020 : The Rana Kapoor NPA Understatement Cycle & The DHFL Quid Pro Quo│File 107 T1
Yes Bank 2020 : NPA Divergence Gaps, Connected Lending Risk & Underwriting Source Tests│GP/LP Analysis - 3 Red Flags│File 107 T2
DHFL 2019 : The Ghost Borrower Mortgage Network & The $5B Bandra Books Diversion│File 106 T1
DHFL 2019 : NBFC Promoter Diversion Risk, Asset-Layer Opacity & Borrower Reality Tests │GP/LP Analysis - 3 Red Flags │File 106 T2
Satyam / India 2009 : The 96-Hour National Security Rescue Operation & Hidden World Bank Track│File 105 T1
Satyam Computer Services 2009 : Internal Control Capture, ERP Forgeries & Direct Circularization Mechanics │GP/LP Analysis - 3 Red Flags │File 105 T2
Daewoo 1999 : The Group Issued 27% of Korea’s Corporate Bonds in a Single Quarter. The Owner Believed It Was Too Big to Fail│File 104 T1
Daewoo 1999 : Implicit Guarantee Pricing Mechanics & Sovereign-Corporate Nexus Risk │GP/LP Analysis - 3 Red Flags │File 104 T2
Long-Term Credit Bank of Japan 1998 : The 5 Trillion Yen Zombie Lending Cycle and the Historic Postwar Nationalization│File 103 T1
Long-Term Credit Bank of Japan 1998 : Evergreening Mechanics & NPL Disclosure Gaps │ GP/LP Analysis - 3 Red Flags│ File 103 T2
Yamaichi Securities 1997 : The CEO's Tears, the Hidden Client Losses, and the Collapse of Japan's Relational Banking Culture│File 102 T1
Yamaichi Securities 1997 : Broker Tobashi vs Corporate Tobashi │GP/LP Analysis — 3 Red Flags│File 102 T2
Wirecard & BaFin 2020 : The Short-Selling Ban, the Financial Times Criminal Investigation, and the Regulator as a Fraud Shield│File 101 T1
Wirecard & BaFin 2020 : Regulatory Shields & National Champion Dynamics │GP/LP Analysis - 3 Red Flags │File 101 T2
Washington Mutual 2008 : Product Engineering & Origination Incentives │GP/LP Analysis - 3 Red Flags │ File 100 T2
Washington Mutual 2008 : The $307 Billion Mortgage Machine and the Largest Bank Failure in US History│File 100 T1
IKB Deutsche Industriebank 2007 : The €9.3 Billion Rhineland Conduit Collapse and the First European Subprime Casualty│File 99 T1
IKB Deutsche Industriebank 2007 : Sponsored Conduits & Off-Balance-Sheet Arbitrage │GP/LP Analysis — 3 Red Flags │File 99 T2
FlowTex Technology 2000 : The 4.9 Billion Mark Sale-Leaseback Fraud and the Phantom Physical Assets Architecture│File 98 T1
FlowTex Technology 2000 : Collateral Audits & Asset-Backed Lease Verifications │GP/LP Analysis - 3 Red Flags│File 98 T2
Balsam AG 1994 : The World's Largest Sports Surface Manufacturer and the 1.8 Billion Mark Factoring Snowball│File 97 T1
Balsam AG 1994 : Receivables Verification & Trade Factoring Exposure │GP/LP Analysis - 3 Red Flags │File 97 T2
Steinhoff International 2017 : The €6.5 Billion Fictitious Accounting Black Hole and the Retail Empire Collapse│File 96 T1
Steinhoff International 2017 : Audit Perimeters & Fraud Perimeters │ GP/LP Analysis — 4 Red Flags │ File 96 T2
Hypo Alpe Adria 2014 : Subnational Guarantees & Sovereign Backstops │ GP/LP Analysis - 3 Red Flags │File 95 T2
Hypo Alpe Adria 2014 : The Carinthian Sovereign Liability Paradox and the Defective Eurozone Bail-Out│File 95 T1
Nortel Networks 2009 : The $4.5 Billion Patent Auction and the Tragic Cross-Border Liquidation Queue│File 94 T1
Nortel Networks 2009: IP Allocations & Cross-Border Insolvency Treaties │ GP/LP Analysis - 3 Red Flags│File 94 T2
Cresud & IRSA 2002 : The Hard Asset Illusion and the $590 Million Dollar-Peso Convertibility Leverage Trap│File 93 T1
Cresud & IRSA 2002 : Currency Mismatch & Fixed Peg Stress-Testing │GP/LP Analysis - 3 Red Flags │File 93 T2
NMC Health 2020 : The $4 Billion Undisclosed Debt Failure and the Anatomy of a Big Four Audit Collapse│File 92 T1
NMC Health 2020 : Reverse Factoring Mechanics & Hidden Debt Reclassification │GP/LP Analysis - 3 Red Flags│File 92 T2
Banco Espírito Santo 2014 : Related-Party Cascades & Holding Chain Due Diligence GP/LP Analysis - 3 Red Flags│File 91 T2
Banco Espírito Santo 2014 : The Five-Layer Holding Cascade and the €3.6 Billion Single-Quarter Capital Collapse│File 91 T1
Banco Nación Argentina 2001 : Quasi-Fiscal Transmissions & Directed Lending Architecture │GP/LP Analysis - 3 Red Flags│File 90 T2
Banco Nación Argentina 2001 : The Largest Sovereign Lender Operating as a Hidden Fiscal Instrument│File 90 T1
Metalclad Corporation 1997 : Regulatory Taking Framework & Political Risk Disconnect │GP/LP Analysis - 3 Red Flags│File 89 T2
Metalclad Corporation 1997 : Federal Permits, Municipal Blockades, and the Cactus Decree That Cost Mexico $16.7 Million│File 89 T1
Autonomy Corporation 2011 : Revenue Composition Misclassification & Channel Stuffing │GP/LP Analysis - 3 Red Flags │File 88 T2
Autonomy Corporation 2011 : The CEO Was Fired Before the Deal Closed. Then They Wrote an $8.8 Billion Dollar Check│File 88 T1
Zambia Eurobond Default 2020 : Bilateral Asymmetry & Restructuring Deadlocks │ GP/LP Analysis - 3 Red Flags│ EP87 T2
Zambia Eurobond Default 2020 : The Invisible Creditor. The Opaque Architecture of a $3 Billion Dollar Standoff — EP87 T1
H2O Asset Management 2019 : UCITS Liquidity Misclassification & Fund Runs │ GP/LP Analysis - 3 Red Flags │ EP86 T2
H2O Asset Management 2019 : The UCITS Liquidity Trap. €2.6 Billion in Lars Windhorst Private Bonds — EP86 T1
HIH Insurance 2001 : Actuarial Capture & Long-Tail Reserving Volatility │ GP/LP Analysis — 3 Red Flags │ EP85 T2
HIH Insurance 2001 : The Actuarial Capture Mechanism. Why the Board Never Checked the Claims Assumptions — EP85 T1
Bankhaus Herstatt 1974 : Settlement Asymmetry & Gross Principal Exposure │ GP/LP Analysis - 3 Red Flags │ EP 84 T2
Bankhaus Herstatt 1974 : The German Regulator Did the Right Thing. In New York, It Was 10:30 AM. The Dollars Never Arrived — EP84 T1
Agrokor 2017 : Sovereign Restructuring Intervention & Factoring Exposure │ GP/LP Analysis - 3 Red Flags │ EP83 T2
Agrokor 2017 : The Sovereign Override Mechanism. How a Bill of Exchange Matrix Blew Up the Balkans' Largest Corporate — EP 83 T1
Icesave 2008 : Jurisdictional Arbitrage & Sovereign Deposit Backstop limits │ GP/LP Analysis - 3 Red Flags │ EP 82 T2
Icesave 2008 : The Cross-Border Passport Trap. When a Volcano of High-Yield Deposits Met a Local Guarantee Fund — EP82 T1
Skandia 2003 : Dual-Entity Operational Arbitrage │ GP/LP Analysis - 3 Red Flags │EP81 T2
Skandia 2003 : The Subsidiary Looting Mechanism. How Management Captured a Lifelong Savings Giant — EP81 T1
GameStop 2021 : Short Squeeze Risk vs Fundamental Risk │ GP/LP Analysis — 3 Red Flags │ EP80 T2
GameStop 2021 : When Retail Read the Same Filings as Melvin Capital and Flipped the Trade — EP80 T1
Terraform Luna 2022 : Yield Sustainability vs Mechanism Analysis │ GP/LP Analysis — 3 Red Flags│EP79 T2
Terraform Luna 2022 : $40 Billion Destroyed in 72 Hours by an Algorithm Doing Exactly What It Was Designed To Do — EP79 T1
Binance 2023 : Compliance Documentation vs Compliance Program │ GP/LP Analysis - 3 Red Flags│EP78 T2
Binance 2023 : The Largest Crypto Exchange Pleaded Guilty, Paid $4.3 Billion, and Kept Dominating the Market — EP78 T1
SoftBank Vision Fund 2017 : Self-Referential Valuation & Capital Concentration Risk │ GP/LP Analysis - 3 Red Flags │ EP77 T2
SoftBank Vision Fund 2017 : $100 Billion That Became Its Own Market. How Capital Concentration Broke Price Discovery — EP77 T1
Greensill Capital 2021 : Insurance Dependency & Single Point of Failure │ GP/LP Analysis - 3 Red Flags│EP76 T2
Greensill Capital 2021 : How $10 Billion in Trade Finance Funds Collapsed Over One Insurance Policy — EP76 T1
Rusal 2018 : Beneficial Ownership Transmission & Commodity Supply Chain Risk │ GP/LP Analysis — 3 Red Flags │EP75 T2
Rusal & OFAC Sanctions 2018 : How One Man’s Designation Crashed the Global Aluminum Market — EP75 T1
Petrobras & Lava Jato 2018 : Political Appointment Capture & State-Owned Kickback Architecture │ GP/LP Analysis - 3 Red Flags│EP74 T2
Petrobras & Lava Jato 2018 : How Brazil’s Largest Company Became a Political Kickback Machine — EP74 T1
Pandora Papers 2021 : Trust Architecture vs Shell Company Due Diligence │GP/LP Analysis - 3 Red Flags│EP73 T2
Pandora Papers 2021 : How the United States Became One of the World’s Most Effective Offshore Secrecy Jurisdictions — EP73 T1
Panama Papers 2016 : Offshore Shell Infrastructure & Beneficial Ownership Gap │GP/LP Analysis - 3 Red Flags │EP72 T2
Panama Papers 2016 : The Law Firm That Built the Infrastructure for Global Financial Concealment — EP72 T1
HBOS Reading 2007 : Referral Channel Capture & Workout Function Risk │GP/LP Analysis — 3 Red Flags │EP71 T2
HBOS Reading 2007 : The Bank Division Created to Save Businesses Was Used to Destroy Them — EP71 T1
TD Bank 2024: AML Program Adequacy vs Flat Cost Paradigm │GP/LP Analysis - 3 Red Flags │EP70 T2
TD Bank 2024 : The Bank That Grew Fastest in North America But Kept Its AML Budget Flat for a Decade — EP70 T1
GPB Capital 2018 : Distribution Coverage Ratio Failure & Broker-Dealer Due Diligence Gaps │GP/LP Analysis - 3 Red Flags│EP69 T2
GPB Capital 2018 : The Auditor Resigned. The FBI Raided. Seventeen Thousand Retail Investors Lost $1.8 Billion — EP69 T1
Signa Group 2023 : Circular Valuation Architecture & Related-Party Rent Mechanism │GP/LP Analysis - 3 Red Flags│EP68 T2
Signa Group 2023 : The Buildings Were Real But the Rents Came From Its Own Losing Companies. The Valuations Were Circular — EP68 T1
Reza Zarrab & Halkbank 2016 : Sovereign Compliance Gap & Correspondent Banking Risk │GP/LP Analysis - 3 Red Flag│EP67 T2
Reza Zarrab & Halkbank 2013–2016 : How $20 Billion in Iranian Oil Money Moved Through the US Banking System Disguised as Food Purchases - EP67 T1
Lebanon 2019 : Sovereign-Bank Doom Loop Mechanism & Circular Insolvency │ GP/LP Analysis — 3 Red Flags │ EP66 T2
Lebanon Banking Collapse 2019 : The Banks Closed Their Doors and Kept the Money. No Law. No Court Order. Just an Informal Agreement — EP66 T1
Sri Lanka 2022 : Multi-Policy Collapse & Sequential Option Elimination │GP/LP Analysis - 3 Red Flags│EP65 T2
Sri Lanka 2022 : The Government Banned Fertilizer to Save Foreign Exchange. The Crop Failure Cost More Foreign Exchange Than the Fertilizer Did — EP65 T1
Mozambique Tuna Bonds 2016 : Hidden Sovereign Guarantee Architecture & Transaction Capture │GP/LP Analysis - 3 Red Flags│EP64 T2
Mozambique Tuna Bonds 2016 : The Business Plan Said $200M Revenue. Debt Service Was $260M. The Bond Was Oversubscribed — EP64 T1
Waste Management 1998 : Audit Capture & Depreciation Estimate Manipulation │GP/LP Analysis - 3 Red Flags │EP63 T2
Waste Management 1998 : $1.7 Billion in Fake Profits. Arthur Andersen Found the Problem Every Year. Signed Off Anyway — EP63 T1
Bre-X Minerals 1997 : Chain of Custody Failure & Physical Asset Verification Fraud │GP/LP Analysis - 3 Red Flags │EP62 T2
Bre-X Minerals 1997 : The World's Largest Gold Deposit. One Geologist. One Preparation Shack. No One Watching — EP62 T1
Olympus Corporation 2011 : Tobashi Scheme & Goodwill Manipulation as Loss Concealment │GP/LP Analysis - 3 Red Flags│EP61 T2
Olympus Corporation 2011 : He Was CEO for 13 Days. Then He Read the Acquisition Files. Then He Was Fired — EP61 T1
Banco Ambrosiano 1982 : Comfort Letter as Collateral Fabrication & Jurisdictional Arbitrage with Sovereign Immunity | GP/LP Analysis — 3 Red Flags | EP60 T2
Banco Ambrosiano 1982 : God's Banker Was Found Hanging Under Blackfriars Bridge With Bricks in His Pockets — EP60 T1
LIBOR 2012 : Self-Reported Benchmark Capture & Honor System Verification Failure | GP/LP Analysis - 3 Red Flags | EP59 T2
LIBOR 2012 : Every Morning at 11 AM, 16 Banks Sent a Number. Nobody Checked. $800 Trillion Priced Off the Result — EP59 T1
Silicon Valley Bank 2023: HTM Duration Mismatch & Social Media Bank Run Acceleration | GP/LP Analysis - 3 Red Flags | EP58 T2
Silicon Valley Bank 2023 : Solvent on Thursday. $42 Billion Gone by Friday. A Group Chat Ran the Bank — EP58 T1
Credit Suisse 2023 : Reputation Run Mechanics & AT1 Contractual Wipeout | GP/LP Analysis - 3 Red Flags | EP57 T2
Credit Suisse 2023 : $17 Billion in Bonds. Not One Payment Missed. FINMA Wrote Them to Zero Anyway — EP57 T1
Luckin Coffee 2020 : VIE Audit Gap & Circular Related-Party Revenue Fabrication | GP/LP Analysis - 3 Red Flags | EP56 T2
Luckin Coffee 2020 : 1,418 Investigators. 11,000 Hours of Video Surveillance. One Database Nasdaq Never Saw — EP56 T1
Carbon Credit Fraud 2024: Certification Capture & Unobservable Asset Verification Failure | GP/LP Analysis - 3 Red Flags | EP55 T2
Carbon Credit Fraud 2024 : Six Million Fake Credits. The DOJ Called It Fraud. The Registry Called It Verified — EP55 T1
Abraaj Group 2018: LP Capital Commingling & GP Working Capital Misappropriation | GP/LP Analysis — 3 Red Flags | EP54 T2
Abraaj Group 2018 : $13.6 Billion. The Middle East's Biggest PE Firm. LP Capital Used to Pay the GP's Grocery Bills — EP54 T1
Peregrine Financial 2012 : Bank Statement Fabrication & Source Independence Failure │GP/LP Analysis - 3 Red Flags│EP53 T2
Peregrine Financial 2012 : He Faked the Bank Statements for 20 Years. The Regulator Never Called the Bank — EP53 T1
MF Global 2011 : Rehypothecation Under Liquidity Stress & The Conditional Custody Guarantee │GP/LP Analysis - 3 Red Flags│EP52 T2
MF Global 2011 : $1.6 Billion in Client Funds Went Missing. Nobody Decided to Take It. That Was the Problem — EP52 T1
Allied Irish Banks 2002 : Fictitious Hedge Documentation & Verification Function Degradation │GP/LP Analysis - 3 Red Flags│EP51 T2
Allied Irish Banks 2002 : He Didn't Hide the Position. He Built the Evidence That It Didn't Need Hiding — EP51 T1
Argentina Convertibility 1991-2001: Currency Board Architecture & Convertibility Premium Mispricing │ GP/LP Analysis - 3 Red Flags │ EP50 T2
Zimbabwe 2008 : Productive Collateral Destruction & Monetary Financing Spiral │ GP/LP Analysis - 3 Red Flags│EP49 T2
Argentina Convertibility 1991 : The Plan That Ended Hyperinflation Built the Trap That Caused the Default — EP50 T1
Zimbabwe 2008 : The Government Printed a $100 Trillion Bill. It Couldn't Buy Bread by Afternoon — EP49 T1
Brady Bonds 1992: Creditor-Designed Restructuring & Back-Loaded Sovereign Debt Risk │ GP/LP Analysis - 3 Red Flags │EP48 T2
Brady Bonds 1992 : The Rescue Was Designed by the People Argentina Was Being Rescued From — EP48 T1
Yugoslavia 1993: Monetary Financing & Central Bank Independence Collapse │ GP/LP Analysis - 3 Red Flags │EP47 T2
Yugoslavia 1993 : The Government Printed Money to Fight a War. The Population Paid the Tax in Savings — EP47 T1
NLB Slovenia 2013: Bail-In as Sovereign Fiscal Policy & EU Burden-Sharing Mechanism │ GP/LP Analysis - 3 Red Flags│ EP46 T2
NLB Slovenia 2013 : They Went to Sleep Holding Bank Bonds. They Woke Up With Nothing — EP46 T1
Yukos 2003: Selective Enforcement & Retroactive Tax Assessment │ GP/LP Analysis - 3 Red Flags│ EP45 T2
Yukos 2003: How Russia Used a Tax Bill to Seize a $45 Billion Oil Company Without Passing a Single Law — EP45 T1
Satyam 2009 : Promoter Share Pledge Concealment & Dual Parallel Fraud │ GP/LP Analysis - 3 Red Flags │EP44 T2
Satyam 2009 : He Confessed in an Email. $1 Billion in Cash That Never Existed, and a Shareholding Register That Was Never Accurate — EP44 T1
HealthSouth 2003: Multi-CFO Complicity Chain & Tone at the Top │ GP/LP Analysis - 3 Red Flags│ EP43 T2
HealthSouth 2003 : Five Consecutive CFOs Fabricated the Same Earnings. All Under the Same Instruction— EP43 T1
Tyco International 2002 : Compensation Committee Capture & Executive Loan Forgiveness │ GP/LP Analysis - 3 Red Flags │ EP42 T2
WorldCom 2002: Expense Capitalization & Acquisition Currency Collapse │ GP/LP Analysis - 3 Red Flags │ EP41 T2
Tyco International 2002 : He Stole $400 Million From His Own Company. The Board Approved Every Dollar — EP42 T1
WorldCom 2002 : The $11 Billion Accounting Entry That Turned Operating Costs Into Capital Investments — EP41 T1
S&L Crisis 1989: Deposit Insurance Moral Hazard & Regulatory Forbearance │ GP/LP Analysis — 3 Red Flags │ EP40 T2
S&L Crisis 1989 : How the U.S. Government Guaranteed a Gamble It Never Priced — EP40 T1
Mississippi Bubble 1720: Monetary Premium vs Fundamental Value & Fiat Convertibility Collapse | GP/LP Analysis — 3 Red Flags | EP39 T2
Mississippi Bubble 1720: The Scottish Gambler Who Invented Central Banking — and Destroyed France — EP39 T1
South Sea Bubble 1720: Sovereign Credibility Premium & Parliamentary Conflict of Interest | GP/LP Analysis — 3 Red Flags | EP38 T2
South Sea Bubble 1720: The Government Debt Scheme That Ruined Isaac Newton — EP38 T1
Japan 1990: Asset Price Collateral Loop & Balance Sheet Recession Diagnostic | GP/LP Analysis — 3 Red Flags | EP37 T2
Japan 1990: The Bubble That Took 35 Years to Recover From — EP37 T1
Iceland 2008: Sovereign Backstop Capacity Analysis & Wholesale Funding Dependency | GP/LP Analysis — 3 Red Flags | EP36 T2
Iceland 2008: How Three Private Banks Bankrupted an Entire Country | EP36 T1
Shadow Banking 2008: Securitization Chain, Model-Dependent Ratings & Repo Funding Risk │ GP/LP Analysis - 3 Red Flags │EP35 T2
Shadow Banking 2008 : The Legal Machine That Destroyed the Global Financial System│ EP35 T1
Flash Crash 2010: Spoofing, Liquidity Illusion & Order Book Integrity │GP/LP Analysis - 3 Red Flags │ EP34 T2
Flash Crash 2010 : One Trader in a Bedroom Erased $1 Trillion in 36 Minutes │EP34 T1
Parmalat / Italy 2003: Phantom Liquidity & The Dual Audit Split│GP/LP Analysis - 3 Red Flags│EP33 T2
Parmalat / Italy 2003 : The Fax That Ended a €14 Billion Lie — EP33 T1
Bankia 2012: IPO Window Dressing & Political Governance as a Credit Indicator | GP/LP Analysis — 3 Red Flags | EP32 T2
Bankia 2012: They Sold Shares to Retirees at the Branch Where They Kept Their Savings. Eleven Months Later, the Bank Was Gone — EP32 T1
Barings Bank 1995: Rogue Trader Control Failure & PnL-Driven Compliance Silence | GP/LP Analysis — 3 Red Flags | EP31 T2
Barings Bank 1995 : 233 Years. One Error Account. One Trader Who Controlled the Front and the Back. One Pound — EP31 T1
BCCI 1991 : Jurisdictional Arbitrage & Consolidated Counterparty Risk | GP/LP Analysis - 3 Red Flags| EP30 T2
BCCI 1991 : A Bank in 78 Countries. Audited in Pieces. Supervised by Nobody. $13 Billion Gone | EP30 T1
Cum-Ex 2012 : Legal Arbitrage vs. Legal Authorization & Dividend Withholding Extraction at Systemic Scale | GP/LP Analysis - 3 Red Flags | EP29 T2
Cum-Ex 2012 : The Tax Was Paid Once. The Refund Was Filed Twice. 35 Banks Scaled It. The Courts Called It Criminal — EP29 T1
Swedbank / Baltic Laundromat 2019 : Compliance Capture Through Revenue Dependence & Correspondent Banking Incentive Failure | GP/LP Analysis - 3 Red Flags | EP28 T2
Swedbank / Baltic Laundromat 2019 : Compliance Saw It. Management Overrode It. €200 Billion Later, the CEO Was Gone — EP28 T1
ISDS / Micula v. Romania 2026 : BIT Mechanics & Cross-Border Enforcement | GP/LP Analysis - 3 Red Flags | EP27 T2
ISDS / Micula v. Romania 2026 : They Signed a Treaty Before They Joined the EU. Then the EU Required Them to Break It -- EP27 T1
Caritas Romania 1994 : Ponzi Mechanics in a Financial Vacuum & Regulatory Capture Through Political Legitimization | GP/LP Analysis - 3 Red Flags | EP26 T2
Caritas Romania 1994 : He Promised 8x in 90 Days. Four Million People Believed Him. The Math Never Did — EP26 T1
Kerviel / SocGen 2008: Rogue Trader Blind Spot & PnL-Driven Compliance Failure | GP/LP Analysis - 3 Red Flags | EP25 T2
Kerviel / SocGen 2008 : He Hid $50 Billion Inside the Bank's Own Risk System. For Two Years — EP25 T1
Evergrande 2021 : Pre-Sale Ponzi Structure & Local Government Fiscal Transmission | GP/LP Analysis - 3 Red Flags | EP24 T2
Evergrande 2021 : 1.2 Million Buyers Paid in Full. The Apartments Don't Exist — EP24 T1
Wirecard 2020: Third-Party Revenue Fabrication & Audit Confirmation Gap | GP/LP Analysis - 3 Red Flags | EP23 T2
Wirecard 2020 : The Auditor Signed for 10 Years Without Confirming the Cash Existed — EP23 T1
Greece / Goldman Swap 2010: Reporting Framework Arbitrage & Off-Balance-Sheet Sovereign Misrepresentation | GP/LP Analysis - 3 Red Flags | EP22 T2
Greece / Goldman 2010 : The Deficit Was 3.7%. The Real Number Was 15.4%. Goldman Knew — EP22 T1
Theranos 2018 : Governance Theater & Board Composition vs. Board Function | GP/LP Analysis - 3 Red Flags | EP21 T2
Theranos 2018 : She Raised $9 Billion on a Machine That Never Worked — EP21 T1
1MDB 2015 : Sovereign Extraction Mechanism & Counterparty Jurisdiction Mismatch | GP/LP Analysis - 3 Red Flags | EP20 T2
1MDB 2015 : Goldman Charged 9%. The Market Rate Was 1%. Nobody Asked Why — EP20 T1
Madoff 2008 : Audit Verification Gap & Feeder Fund Incentive Misalignment | GP/LP Analysis - 3 Red Flags | EP19 T2
Madoff 2008: $65 Billion. One Auditor. He Just Waited for the FBI — EP19 T1
SWIFT 2022: Sovereign Exclusion Mechanism | GP/LP Analysis - 3 Red Flags | EP18 T2
SWIFT 2022: The Weekend They Weaponized the Financial System — EP18 T1
Soros / Black Wednesday 1992 : Sovereign Commitment Optionality | GP/LP Analysis - 3 Red Flags | EP17 T2
Soros / Black Wednesday 1992 : Soros Made $1 Billion in a Day. The Government Handed Him the Trade | EP17 T1
Gold Central Banks 2024 : Reserve Currency Risk Premium & The Dollar Architecture No Portfolio | GP/LP Analysis - 3 Red Flags | EP16 T2
Gold Central Banks 2024: They Spent 50 Years Saying Gold Was a Relic. Then Bought More Than Ever — EP16 T1
Adani Group 2023 : Float Manipulation & Related Party Architecture | GP/LP Analysis - 3 Red Flags | EP15 T2
Adani Group 2023: Short Selling as Market Discipline & Asymmetric Information — EP15 T1
China Debt Trap Africa 2026 : Sovereign Collateral Architecture & Cross-Default Triggers | GP/LP Analysis - 3 Red Flags | EP14 T2
China Debt Trap Africa 2026 : How Infrastructure Loans Became Asset Seizures — EP14 T1
Odebrecht 2016: Regulatory Arbitrage & Sovereign Scale Corruption | GP/LP Analysis — 3 Red Flags | EP13 T2
Odebrecht 2016 : 12 governments. $788 million in bribes , All logged in their own system | EP13 T1
WeWork 2019 : IPO Window Dressing & Community Adjusted EBITDA | GP/LP Analysis —3 Red Flags | EP12 T2
WeWork 2019 : They lost $2 for every $1 they made. SoftBank gave them $10 billion anyway | EP12 T1
Blackstone / Invitation Homes 2021: Regulatory Capture & Policy-Dependent Return | GP/LP Analysis — 3 Red Flags | EP11 T2
Kiyosaki / Rich Dad 2024: Entity Shielding & Multi-Entity Liability Isolation | GP/LP Analysis — 3 Red Flags | EP10 T2
Archegos Capital 2021: Total Return Swaps & Prime Brokerage Counterparty Gap | GP/LP Analysis — 3 Red Flags | EP09 T2
FTX 2022: Rehypothecation Without Disclosure & Wrong-Way Risk | GP/LP Analysis — 3 Red Flags | EP08 T2
Lehman Brothers 2008: Repo 105, Margin Call Cascade & Incentive Architecture | GP/LP Analysis — 3 Red Flags | EP07 T2
Global Debt 2026: Reserve Currency Mechanics & The Triffin Dilemma | GP/LP Analysis — 3 Red Flags | EP06 T2
Strait of Hormuz 2026: Tail Risk Mispricing & Liquidity Illusion | GP/LP Analysis — 3 Red Flags | EP05 T2
Enron 2001: Off-Balance-Sheet SPVs & Circular Collateral | GP/LP Analysis — 3 Red flags | EP04 T2
Argentina Default 2001: Sovereign Financial Repression & Rollover Risk | GP/LP Analysis — 3 Red Flags | EP03 T2
Trump Taj Mahal 1991: Fee Extraction & Related Party Transactions | GP/LP Analysis — 3 Red Flags | EP02 T2
LTCM 1998: Prime Brokerage Leverage & Tail Correlation | GP/LP Analysis — 3 Red Flags | EP01 T2
Invitation Homes 2012-2019 : The Distressed Asset Window & The Single-Family Rental Securitization│File 011 T1
Rich Dad Poor Dad 2012 : The Entity Shielding Architecture & The Isolated Corporate Wallet│File 010 T1
Archegos 2021 : The Total Return Swap Architecture & The Invisible $160B Position│File 009 T1
FTX 2022 : The Backend "allow_negative" Architecture & The Manufactured Token Collateral│File 008 T1
Lehman Brothers 2008 : The Visible 31x Leverage & The Repo 105 Liquidity Illusion│File 007 T1
Global Sovereign Debt 2026 : The Triffin Dilemma & The Silent Central Bank Diversification│File 006 T1
Strait of Hormuz 2026 : The Tail Risk Mispricing & The Unhedged Geopolitical Chokepoint│File 005 T1
Enron 2001 : The Mark-to-Market Architecture & The Shadow Special Purpose Vehicles│File 004 T1
Argentina Default 2001 : The Corralito Freeze & The $100B Pesification Expropriation│File 003 T1
Trump Taj Mahal 1991 : The Fee Extraction Architecture & The $94.5M Junk Bond Debt Service │File 002 T1
LTCM 1998 : Distributed Prime Brokerage Leverage & The Blind Aggregate Derivatives Architecture│File 001 T1