All episodes
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