Episode Details

On August 9th, 2007, BNP Paribas suspended redemptions from three money market funds. The reason: it was impossible to value the assets because there was no market for them. The assets were triple-A rated structured credit securities. That date — thirteen months before Lehman — is the actual start of the 2008 financial crisis. The system that distributed subprime mortgage risk from California to pension funds in Oslo was not a fraud. It was a legal, rated, audited machine that had been specifically designed to do exactly what it did. 

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This episode dissects the shadow banking system, the mortgage securitization chain, and the credit intermediation architecture that converted individual loan risk into a global systemic crisis by distributing it so widely that nobody knew where the losses were when they arrived. Shadow banking. Mortgage securitization. CDO. MBS. Subprime crisis. BNP Paribas. 2008 financial crisis. AAA rated securities. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.