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Odebrecht 2016: Regulatory Arbitrage & Sovereign Scale Corruption | GP/LP Analysis — 3 Red Flags | EP13 T2
Season 2 Episode 13
The win rates on government contracts were statistically anomalous. The margin structure on public contracts was inconsistent with competitive biddi…
2 months ago
Odebrecht 2016 : 12 governments. $788 million in bribes , All logged in their own system | EP13 T1
Season 1 Episode 13
Odebrecht paid $788 million in bribes across twelve governments. They did not do this informally. They built a dedicated department — with its own st…
2 months ago
WeWork 2019 : IPO Window Dressing & Community Adjusted EBITDA | GP/LP Analysis —3 Red Flags | EP12 T2
Season 2 Episode 12
The unit economics were in the S-1. The lease duration mismatch was in the footnotes. The founder control structure — supervoting shares, related par…
2 months ago
WeWork 2019 : They lost $2 for every $1 they made. SoftBank gave them $10 billion anyway | EP12 T1
Season 1 Episode 12
WeWork lost $2 for every dollar of revenue it generated. Its leases were twenty years long. Its contracts with tenants were month-to-month. The CEO …
2 months ago
Blackstone / Invitation Homes 2021: Regulatory Capture & Policy-Dependent Return | GP/LP Analysis — 3 Red Flags | EP11 T2
Season 2 Episode 11
the return had three components: acquisition discount from forced sellers, rental yield from a captive market, and tax shield from depreciation at in…
2 months ago
Kiyosaki / Rich Dad 2024: Entity Shielding & Multi-Entity Liability Isolation | GP/LP Analysis — 3 Red Flags | EP10 T2
Season 2 Episode 10
The entity structure was public. The liability was in the operating company. The intellectual property and brand were in a separate vehicle. The mec…
2 months ago
Archegos Capital 2021: Total Return Swaps & Prime Brokerage Counterparty Gap | GP/LP Analysis — 3 Red Flags | EP09 T2
Season 2 Episode 9
This is the analysis from the bank's side — how the fee revenue from a prime brokerage relationship corrupts the risk committee's ability to ask the …
2 months ago
FTX 2022: Rehypothecation Without Disclosure & Wrong-Way Risk | GP/LP Analysis — 3 Red Flags | EP08 T2
Season 2 Episode 8
The auditor had two people and an office in the metaverse. There was no CFO, no independent board, no segregation of client funds. John Ray — the la…
2 months ago
Lehman Brothers 2008: Repo 105, Margin Call Cascade & Incentive Architecture | GP/LP Analysis — 3 Red Flags | EP07 T2
Season 2 Episode 7
Repo 105 moved $50 billion off Lehman's balance sheet at each quarter end. The auditor signed the accounts. The Fed had access to the books through …
2 months ago
Global Debt 2026: Reserve Currency Mechanics & The Triffin Dilemma | GP/LP Analysis — 3 Red Flags | EP06 T2
Season 2 Episode 6
Three signals are in the public data right now. The maturity compression of US federal debt. The declining share of foreign official Treasury holding…
2 months ago