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Kerviel / SocGen 2008: Rogue Trader Blind Spot & PnL-Driven Compliance Failure | GP/LP Analysis - 3 Red Flags | EP25 T2
Season 2 Episode 25
In November 2007, Eurex sent Société Généralea formal letter flagging an unusually large DAX futures position heldby one of its traders. Compliance f…
1 month, 3 weeks ago
Kerviel / SocGen 2008 : He Hid $50 Billion Inside the Bank's Own Risk System. For Two Years — EP25 T1
Season 1 Episode 25
In January 2008, Société Générale discovered that a junior trader had built a €50 billion unauthorized position in European equity futures. Jérôme Ke…
1 month, 3 weeks ago
Evergrande 2021 : Pre-Sale Ponzi Structure & Local Government Fiscal Transmission | GP/LP Analysis - 3 Red Flags | EP24 T2
Season 2 Episode 24
Every real estate credit model has a line for pre-sale receivables. In China's property sector, pre-sale cash was not ring-fenced — it was working ca…
1 month, 3 weeks ago
Evergrande 2021 : 1.2 Million Buyers Paid in Full. The Apartments Don't Exist — EP24 T1
Season 1 Episode 24
In 2021, Evergrande was the most indebted real estate company in the world. Three hundred billion dollars in liabilities. One point two million apart…
1 month, 3 weeks ago
Wirecard 2020: Third-Party Revenue Fabrication & Audit Confirmation Gap | GP/LP Analysis - 3 Red Flags | EP23 T2
Season 2 Episode 23
Ernst & Young audited Wirecard for ten years. One point nine billion euros in cash appeared on the balance sheet — held at Philippine banks. EY accep…
1 month, 3 weeks ago
Wirecard 2020 : The Auditor Signed for 10 Years Without Confirming the Cash Existed — EP23 T1
Season 1 Episode 23
In June 2020, Ernst & Young told Wirecard it could not confirm one point nine billion euros in cash held at Philippine banks. EY had audited Wirecard…
1 month, 3 weeks ago
Greece / Goldman Swap 2010: Reporting Framework Arbitrage & Off-Balance-Sheet Sovereign Misrepresentation | GP/LP Analysis - 3 Red Flags | EP22 T2
Season 2 Episode 22
Every sovereign credit model has a line for fiscal deficit. The number comes from the sovereign's own reporting. Greece's reported deficit in 2001 wa…
1 month, 3 weeks ago
Greece / Goldman 2010 : The Deficit Was 3.7%. The Real Number Was 15.4%. Goldman Knew — EP22 T1
Season 1 Episode 22
In 2001, Goldman Sachs structured a currency swap for the Greek government that moved two point eight billion euros of sovereign debt off the balance…
1 month, 3 weeks ago
Theranos 2018 : Governance Theater & Board Composition vs. Board Function | GP/LP Analysis - 3 Red Flags | EP21 T2
Season 2 Episode 21
Theranos had a board that included George Shultz, James Mattis, and Henry Kissinger. It had no one with clinical laboratory science expertise, no one…
1 month, 3 weeks ago
Theranos 2018 : She Raised $9 Billion on a Machine That Never Worked — EP21 T1
Season 1 Episode 21
Elizabeth Holmes raised $900 million from investors including the Walton family, Rupert Murdoch, and former Secretary of State George Shultz. Therano…
1 month, 3 weeks ago