All Episodes
Financial Forensics: The Due Diligence Files — 342 episodes · page 1 of 4
Sumitomo 1996: Mr. Five Percent Hid a Decade of Losses │File 170 T1
Sumitomo 1996: A Hedge Netting to Zero │GP/LP - 3 Red Flags│File 170 T2
LME Nickel 2022: Clearing Blind Spot │GP/LP - 3 Red Flags│File 169 T2
LME Nickel 2022: One Hedge, Ten Brokers, $4B Erased │File 169 T1
Bill Hwang 2024: Swap Fraud & Blind Spot │GP/LP - 3 Red Flags│File 168 T2
Bill Hwang 2024: Nine Banks, One Hidden Position │File 168 T1
Silvergate Bank 2023: Payment Network Concentration & Counterparty Single-Point-of-Failure │ GP/LP Analysis - 3 Red Flags │ File 167 T2
Silvergate Bank 2023 : Every Major Crypto Exchange Cleared Through One Pipe. When the Bank Closed, So Did the Plumbing │ File 167 T1
Genesis Global 2023: Intra-Group Note, No Real Repayment Source │ GP/LP Analysis - 3 Red Flags │ File 166 T2
Genesis Global 2023: A $1.1B Loss, Paid With a 10-Year IOU │ File 166 T1
FTX Extended 2020 : The Line of Code That Let Alameda Borrow $65 Billion - File 165 T1
FTX Extended 2020 : Circular Collateral & the Insider Risk Exemption - GP/LP Analysis - File 165 T2
Purdue Pharma 2019 : The Sackler Fortune & The Bankruptcy Shield│File 164 T1
Purdue Pharma 2019 : Third-Party Releases vs Creditor Recovery│File 164 T2
Mallinckrodt Opioid Bankruptcy 2025 : It Paid Victims Twice, and Cut Both Times │ File 163 T1
Mallinckrodt 2020: Pre-Arranged Bankruptcy & Repeat Chapter 11 Recovery Cut │ GP/LP Analysis - 3 Red Flags │ File 163 T2
Luckin Coffee 2020 Extended: Three Clocks, Three Months │ File 162 T1
Luckin Coffee 2020: Governance Detection Lag & Compromised Audit Committee │ GP/LP Analysis - 3 Red Flags │ File 162 T2
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