The dog in the night time

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Podcast idea - look at unusual anomalies in the markets and ask why they persist

Categories

Fraudsters

what are the red-flags that an out and out fraud, pyramid, ponzi scheme is going on? are there some consistent themes?

Theories:

  • Over-reliance on effective regulation: we imagine regulators are better resourced, more powerful and more talented than they are. - assumed the SEC was doing its job
  • Credibility: Connection to well-regarded community pillars
  • Interconnectedness of red-flags
  • Belief in paradigm shift as part of the story: We’ve banished risk. The internet has changed economics forever
  • Micromanager: Single person unusually able to influence/control the narrative
  • Cult of personality: single svengali
  • Secrecy: Insistence on confidentiality not just of unannouced plans but of entire operation. Black box operations.
  • High turnover: Especially when combined with confidentiality. Workplace bullying etc.
  • Hostility: combative/aggressive demeanour to criticism

With all the checks and balances in financial regulation, how did:

  • Bernie Madoff get away with it? - Author Harry Markopoulous
  • Nick Leeson
  • Theranos
  • Enron
  • Dot com bust
  • CDOs
  • Libor - Anthony Browne

Does regulation work? - Netting - Diversity