I recently got an e-mail from Frank Partnoy about his co-authored cover story in the Atlantic magazine Jan/Feb issue – just posted here. He and Pulitzer Prize-winning reporter Jesse Eisinger ask “What’s Inside America’s Banks?”
Even more than four years after the crisis, the answer is scary: trillions of dollars of derivatives, financial tricks resembling those Enron used, and black boxes filled with incomprehensible risks. Join Jesse and me on our adventure through the financial statements of the bank widely regarded as one of the safest: Wells Fargo. Be afraid.
All the incentives are to mislead your customers.
Interesting, when I watched the video, the “sponsor” was Goldman Sachs. Watch the video.