The best way to rob a bank is to own a bank.
I think that the collapse over the past week of Gree
The Best Way to Rob a Bank
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This commentary is being provided to you as general information only and should not be taken as investment advice. The opinions expressed in these materials represent the personal views of the author(s). It is not investment research or a research recommendation, as it does not constitute substantive research or analysis. Any action that you take as a result of information contained in this document is ultimately your responsibility. Epsilon Theory will not accept liability for any loss or damage, including without limitation to any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Consult your investment advisor before making any investment decisions. It must be noted, that no one can accurately predict the future of the market with certainty or guarantee future investment performance. Past performance is not a guarantee of future results. Statements in this communication are forward-looking statements. The forward-looking statements and other views expressed herein are as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and there is no guarantee that any predictions will come to pass. The views expressed herein are subject to change at any time, due to numerous market and other factors. Epsilon Theory disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein. This information is neither an offer to sell nor a solicitation of any offer to buy any securities. This commentary has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Epsilon Theory recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a financial advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
That was one of my favorite financial history books:
https://www.amazon.com/Best-Way-Rob-Bank-Own/dp/0292754183
I was waiting to see if you guys would pick up this story. Credit to ZH for picking at this scab early.
Great article Ben, impressed with your ability to not only figure it out (adding colorful details) but writing so clearly so that your readers completely get it
Thank you
It will be fascinating to see who gets burned through this. A few thoughts from Bronte capital on ‘who is holding the bag’.
http://brontecapital.blogspot.com/2021/03/greensill-who-is-holding-bag.html
After three decades in this business, the only thing that surprises me is that supposedly smart people continuously fail to do even the tiniest bit of due diligence. And yes, there is always a “rogue (fill in the blank)” to blame.
Wherever there’s a carcass with bits of meat still remaining on the bones, Leon Black cannot be far away. Something tells me that a few months from now Apollo investors can look forward to being sold a new and exciting distressed asset fund filled with only the sort of opportunity that the brain trust in the Solow Building could find.
Amazing how many of these “rogue” employees seem to exist and yet nobody ever bothers to put in controls to catch them. If only there were some sort of hierarchical structure that could be created that applies due diligence to deals before they are executed…
Yes, those pedo-apologists seem to have a keen eye for the distressed.
“You got fins to the left, fins to the right and you’re the only bait in town.”
Thanks Ben. Enjoyed the presentation.
The fallout continues. Now the Scottish Nationalist Party has been dragged in to this mess.
https://www.spectator.co.uk/article/the-snp-s-foray-into-high-finance-has-come-at-a-big-price