All episodes

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