Top Five Corporate Frauds of The Century
ฝัง
- เผยแพร่เมื่อ 7 ก.ค. 2024
- Welcome back to Patrick Boyle on Finance. In todays video we look at some of the biggest Corporate Scandals since the turn of the century in no particular order, and let’s see if there is anything we can learn from them. This video is a re-upload of Fridays video as there were audio problems with the original.
Timestamps
00:00 Introduction
00:16 Elizabeth Holmes - Theranos
04:10 Lu Zhengyao - Luckin Coffee
07:43 Markus Braun - Wirecard
11:34 Bernie Ebbers - Worldcom
15:20 Jeff Skilling - Enron
18:54 Conclusion
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Hi Patrick, what do you think of the "Adaptive Markets Hypothesis" and would you do a good thorough video on it? hehehe Cheers!
@@ago3241 Is that different from the "efficient market hypothesis"?
This is the 3rd of your fraud videos I have watched (along with Rogue Traders & Ponzi) and its amazing at what people ARE ALLOWED to get away with. Elizabeth Holmes technology was obviously bullshit. Her father was a VP at Enron. The flags should have been out from day 1 that it was bullshit.
*All of these had warning flags that they were bullshit.*
I saw your vid on Greensill because that is news here in Australia *AND THAT* had warning signs.
I saw this the other day and I love your opinion on water trading. ->th-cam.com/video/5oyFRoxuf4g/w-d-xo.html
Note" The renowned guru who fathered our water trading scheme "trained at Harvard" the same place with the professor who built the Texas power system.
It took me 3 goes to get through that doco because its so upsetting. I expected it to be a doco about global water issues and instead it was all about how Australia is doing a Texas Power Grid on water and then selling that scheme to the world.
The farmer on that doco is a dairy farmer. Since since 1985 our population ahs grown from 15 to 25 million and we now have huge export markets to China (for baby formula) and Japan (for frozen cream & other products). So demand for dairy production has skyrocketed. Its outpaced out nations needs with the exports. Yet in 1985 we had over 22,000 dairy farmers and now have less than 9,000 dairy farmers.
I am an engineer and did Economics 101 as an elective. What they taught me was that when demand goes up prices go up (basic supply-demand concepts). People have to produce more to meet the demand. Dairy farming should be one of the greatest and safest jobs in Australia and yet they're going out of business.
I'm just the ass hole engineer you're the financial wiz can you explain it?
Can you explain when dairy farming should be a boom industry instead its a nightmare.
00
can tell more about wirecard and EY and the failure of the BaFin?
I did not knew hitman was into finance
Cheap stolen joke! But you get an upvote anyway. 😏
Well, now you knew.
agent-47. lol.
I was the one who came up with the joke first
Credits to you, did not see that
I was working in automated blood testing R&D when Theranos started. Everyone in the department knew it wasn't possible, we weren't even concerned about them as a competitor.
The Theranos debacle is why we have strict laws regarding healthcare innovation. Having worked myself in Silicon Valley, interestingly enough across the street from Theranos it became clear to me that a lot of VC’s and tech entrepreneurs don’t realize tech startup hypergrowth models just don’t work in biotech and medicine.
I find it interesting that certain firms like WeWork, Luckin and Theranos were classified as silicon valley style companies, when they were not.
@@PBoyle well, they had their own indoor pool and kombucha on tap at wework and the CEO famously complained that they didn’t had the right coffee machine. All the while you would see VC’s talking on their phones while driving on their segways to the office. On the outside it sure looked like one!
@@tonyzeljkovic4952 Yep, the executives look the part!
Fools a lot of fools.
People are lazy, they don't want to read financial statements!
They might if the FDA is abolished.
@@goatface6602 the FDA has flaws but it's abolition would be a Titanic nightmare. You should educate yourself on the deaths caused by the early 20th food processing and pharmaceutical industries when producers had free reign.
"Because there is an app of course is a disruptive tech company" Loved this part 😂😂😂😂😂
I remember deciding to try out a cup of Luckin in Beijing. The place was completely empty, there were no menus and they told me I had to download the app to order. I just went to Starbucks across the road
😄😄😆
You NEEDED the app to order?
Talk about unnecessary technology, why would you have someone install an app for something as ordinary as some coffee.
@@5bagsofpopcorn yeah it’s a cashless store. You download the app, load your profile with funds then go in and order.
Lo
@@5bagsofpopcorn There's a restaurant like that in Sweden also. I also find it unnecessary to not allow normal ordering.
This short selling thing sounds interesting, before I get started I would like to know if there is a list of CEOs dressing like Steve Jobs? This would make the stock picking so much easier 😉
You can even buy this thing like a dickie on a tuxedo that's just the collar of a Job's turtleneck you can wear under other clothes. The ones Jobs wore were pretty expensive and the people who copy him are all about being fake so it was a pretty good idea in a business sense. They even had a Kickstarter campaign for it. I don't know if they succeeded because it just got ripped off by a heap of manufacturers and was available on Wish. 🤣🤣🤣
That Carl Sagan guy looks shady.
@@robertplatt643 Carl Sagan, look to the Stars!
You already are on your way to blowing up your account. 👍
Look for people talking about ”disruption”, that will work too
Two years later and the video already needs an update. Amazing times we live in.
Iknorite
In the Wirecard saga, the bigger news for me was how the regulators protected the fraudulent behaviour and went after the journalist and short sellers. There usually isn't just a single cockroach, I wonder how many inside the system had been compromised.
I read that BaFin employees owned Wirecard shares (or options)
@@mipmipmipmipmipmight be but also that the German government was more than eager to show case German prowess taking on the US tech and finance sector. Having stocks is not enough.
chuckled on "...named it Edison because Tesla was taken .. " .. it is crime to not subscribe to this channel
"it is crime to not subscribe to this channel" ... FACT
I loved that line as well.
Taken by a bigger fraud
The Theranos “200 tests at once” was a bad idea, even if it actually worked. All medical tests have a small false positive or negative rate, meaning you told positive for something you don’t have. Sometimes it is a lab error, or sometimes physiologic interference (if you had shellfish to eat recently, you can get a falsely high arsenic reading, etc). Even if 99.99% accurate, if you run hundreds of unneeded tests per person at a time, there is a decent chance of getting a false positive result in 1 of every just 4 or 5 panels. Almost always, that false positive lab test leads to additional testing, appointments, worry, even procedures or scans, just to prove “no you don’t have cancer, ..just a false positive.” Who is going to pay for all those unneeded, additional work-ups? This is also why doctors now actively discourage “annual physicals” in people under 50 - 60, as the chance of a false positive test is higher than the chance a test will catch something in an asymptomatic person early enough to have a benefit. So except for a few unusual scenarios (such as in the military), medicine doesn’t really want or need 200 tests at once.
This is true to an extent but if it actually was as easy as theranos claimed it to be, you could just run the test multiple times at little cost. It’s unlikely you’d get a false positive multiple times in a row.
There was another aspect of this "200 tests at once" thing that everyone missed.
Elizabeth Holmes got the idea of using a single drop of blood from blood glucose meters. Why no one asked diabetics (especially people who have had type 1 diabetes for decades) about this is a mystery to me.
You see, blood glucose meters have become much easier to use over time. However (unless I am mistaken), is has never been the case that a device (using a single drop of blood) would measure blood glucose and something else. Or maybe blood glucose and 10 other things.
That we could go from measuring blood glucose from a single drop of blood, to running 200 tests from a single drop of blood, with nothing in between? No. Fucking. Way.
It's beyond my understanding, but for what's it worth I think that it will always be impossible due to the nature of testing for something. You would need different samples in order to make sure that drop of blood has the disease contained in it, right? Maybe I'm overestimating the scarcity of these organisms.
You can see why hospitals and drug companies would love that, right?
@@anonymoususer2634 I would think so, particularly to rule out cases where the blood sample is compromised somehow (like someone said above, they had shellfish or grapefruit or whatever the night before) or there is suspicion of a false positive/negative result. Heck I don’t know, I’m just a cab driver 😊
Holmes father also had a part in Enron as a higher up executive soo... I guess the apple doesn’t fall far from the tree.
Ah the comment Deja Vu as well.
Liz here learned a lot from Jeff Skilling. Both have ideas that left other "lesser" people to realize into reality and both want to change the effing world.
Not that I’m a fan of the Holmes family, but he actually wasn’t a higher-up executive. He was VP of the clean energy solutions group and had nothing to do with finance or trading. At a company with Enron’s corporate structure, a VP is nothing more than middle-management.
The Holmes thing still floors me. How did anyone meet with this woman and take her seriously? If someone talked to me in an obvious fake baritone, I'd get up and leave- let alone invest any money. There had to be something that made people throw $millions into it. It didn't make sense at the time, and it doesn't make sense still...
The Apple lmao
I am thinking of one company that in a very short time became more valuable than all established competitors combined (by stock valuation), operating in a traditional business but claiming to revolutionize the industry by improving a 100+ year old technology.
The excitement is electric!
I see where you’re going with this! Maybe we should short their stocks
Yeah. But then YOU CAN'T NAME a single American auto maker who exports around the world that has been founded LESS THAN 100 YEARS ago. And you also don't understand how TERRIBLE GM is at managing car companies. It has DESTROYED a few of the ones it bought while destroying most of the ones it ORIGINALLY had.
Huh, I wonder why that tech was left behind 100+ years ago….
Enron investors (and Arthur Anderson) weren't the only ones to lose out. Enron employees' retirement accounts were mandated to be funded with 100% Enron stock. Employees could do nothing as they literally saw million dollar retirement accounts drop to zero value.
Damn that’s fucked up
I remember watching the doco on that and MEANWHILE skilling and others were selling yens of millions in their stocks the ENTIRE time
I don’t think that it was mandated. They were encouraged to buy it and any acquired companies were stock swapped. DOL would prevent this mandate but they could hype and encourage. There are trading windows for 401ks. So, if they did what management encouraged, they absolutely could have been trapped in a sinking investment. But mandated stock purchase sounds illegal.
They weren’t mandated to do it but many did. And in context of the times you can’t fault them for choosing to do so. If you look at how Enron performed against the S&P its stock was a juggernaut until it wasn’t. During the 90s it was destroying the S&P. In 2000 it gained 87% compared to the S&P losing value. And there’s also a likelihood that there was favorable acquisition terms for employees who purchased shares. It isn’t uncommon that employees can buy shares for less than outside investors while accepting restrictions on their ability to sell. And if you were an employee during that time it would’ve probably felt like an obvious decision to make. What really sucks is the time frame during its decline where the company executives kept assuring employees to purchase company stock while they sold millions of their own. Enron was just so shitty in every fashion. And outside of the money you always wonder how employees felt about the work they did. They spent years thinking they were innovating and doing great work only to learn that it was all a ruse.
This is not true, it was not mandated at all.
Patrick, once again I have to comment. I’m getting as many tips in dry humor as I am in practical finance.
Salute.
“LET THEM ALL ROT ,just misleading lies ,oh yeah they have your back ,except for Morgan and their shorting silver ,or TFX or????????
The thing about the Theranos thing that still baffles me is the blatant denial of the investors. All these other companies had smooth con artists at the helm that were able to fool people and cover up wrong doing.
But, with Theranos in walks a woman in her 20s talking in an obvious fake baritone; who didn't freaking blink like she was Hannibal Lecter. Who the hell interacted with this woman and thought "she's legit, I'll invest my money". Even before the scam broke, I would watch her presentations and think "what the heck is wrong with that woman??" Tech people are renowned for being a little eccentric, but this woman was obviously fake from the jump.
I know a lot of smooth brain investors. Lots of them follow the hype.
Her eyes always looked a little insane to me. I’d leave a blind date with her after 2 minutes, much less give her $100M.
Having a board of old, horny men wanting to bone Holmes made it all the more legit.
Don’t be sexist. Women are just as capable of convincing people to invest in things that don’t exist as men are.
Fools seek out the company of other fools. 😮
Charlie Munger said, "Derivative accounting in America is a sewer....is an insult to sewage."
Just paper it over, the smell will diminish!
Small correction: you dont need one blood vial for each test, you can actually run lots of different tests on the same vial, you need multiple vials because certain tests need different vials that are incompatible with eachother, for example, some vials will be just simple vacuum vials, some will have citrate added, some will have a polymer in the bottom, some will have ETA, and if you're using the ETA vials you can't measure the coagulation of someone or if you're using the normal tube, you will have problems with the blood clotting and you won't be able to properly count platelets or measure hemoglobin... A normal blood analysis will easily have tens of different tests and only require two or three vials
But still quite a bit of volume of blood is needed.
so .. do you just add water to get "more blood" ??
@@rhuephus no, you need blood and chemicals to keep the blood "good", like anticoagulants, some of these chemicals are incompatible with certain tests
@@rhuephus Each analysis parameter doesn't necessarily require a huge amount of blood/plasma (although more than a single drop of blood) so it's not very often that there isn't enough material to analyse the parameters ordered.
Cold Fusion has one of the best mini-documentaries about Theranos I've ever heard, it's amazing how this woman managed to deceive so many people and get away with it.
because believe all women.
Believe the stories told!
Cold Fusion‘s dramatic narrator is so annoying I can’t stand the video more than 30 seconds. Even if the content is good.
@@OK-Computer It's just a guy talking, kind of softly.
Not "amazing" but definitely frustrating and a reflection of hard-core biases and unearned privilege
Can you imagine fucken Henry Kissinger vouching for your gohtdam blood machine? Kryyst. 🙄🙄🙄
That channel steals entire scripts from mainstream, originally produced and researched documentaries. They are a joke of a channel.
Watch the actual documentaries. For Enron, "The smartest guys in the room". For Theranos "The inventor - Out for blood in silicon valley".
This is nicely made, no baseless music; no unnecessary jokes, I can work and listen to this without any problem :)
just a thumping bass outro. lolz
"They had to name it 'Edison' because the name 'Tesla' was already taken."
SUBSCRIBE
Why are you subscribe to Common Sense skeptic? He's a little weirdo liar.
Incredible that the short seller actually employed 1000s of people to do footwork as part of the investigation. That's the short selling system at work.
Dieselgate should be #1 on the list. How people believed in "clean diesel"?
Some of my 'favourites'
- HSBC when they fixed LIBOR rates
- HSBC when they fixed precious metal prices
- HSBC when they manipulated FX benchmark rates and front-run their own customers
- And who can forget when HSBC laundered billions of dollars of drug cartel money
I don’t know why you put that last one in past tense
interesting that many executives ended in prison, but in the case of financial firms after 2008 they just received their bonus and kept working as nothing happened. That talks about the power of the financial industry.
The absolute arrogance of those ‘turds’ speaks volumes of the system that was in place and is still in place to protect them. Looking back to the early 90’s when CEO’s went to jail for poor lending decisions by the state banks… and then compare it to the lack of action taken by ‘the powers that be’ must raise the question just how far ‘up the chain’ the involvement went..all the way to the top I would suggest.
Is it me, or are we seeing a trend as it seems that some of the biggest VC firms only seem to do there due diligence on investments under $1,000,000. If it's a billion plus let's just throw caution to the wind!
Do you mean $1,000,000,000?
Who would have the audacity to lie when asking for hundreds of millions in investment hahaha
They say ,"money attracts 💰 money".
Damn it...how can you not laugh about your own jokes?
Best regards from your biggest fan
Stonkman never laughs.
The greatest fan is steve I believe lol
Enron smartest guys in the room, and Bad Blood (about Theranos) are two of my favorite books. Both of companies featured on this list.
Ironic that Holmes of Theranos' father was an Enron executive.
The documentary version of the Enron book is probably my favorite to watch again and again. So well explained and directed.
As a South African fan of this channel I would love to see you do a clip on Steinhoff. Unless you already have, in which case I would appreciate posting the link to that video
Thank you very much for the video. I remember how Ernst and Younge managed to say that they were the victims in Eurocard accounting scandal....while being the auditor. Ironically, same thing occured to Andersen accounting and Enron scandal, which ended Andersen. 20 years pass and same thing is being labeled as being a victim of accounting fraud
Even funnier. EY are also one of the culprits in the Wire Card scandal ... funny that.
@@Marlow925 yes, Y and E who were auditors claim being victims, while Kpmg (another big auditor) were hired after them and actually sent an auditor to Philipinnes to find 2b (actually just doing their job), who, in fact, did his job and the audit from Kpmg started the Eurocard saga. Also its funny, how Andersen auditors were found guilty in Enron case, than supreme court reversed the decision (because judge in first case was bias) but reputation was ruined and Andersen dissolved voluntarily. E and Y, have major scandal more and more often, just checked wikipedia major scandals (wiki is a goid source as long as you double check sources). Right now, my trust level in their auditing is... believing its all opposite.
On a personal note, i think it will only be fair if 100% of Eurocard losses to investors an/or Governments ( in form of fines) were paid by Ernst and Yonge.
I had forgotten about Lukin Coffee until you mentioned it. I haven't followed Lukin Coffee because I had no interest in coffee shops in China. However, I know the name because Lukin Coffee was recommended by the Motley Fool Stock Advisor service. Maybe something can be said about the quality of Motley Fool analysts.
Re-upload looks and sounds much MUCH better. Very nice.
The edit was on point! With the Nikola car picture and good old Dr. Evil! Loved it!
I'm skeptical of anyone who dresses like steve jobs or whom tries to cull people with vague descriptions using a slow "romantic" accent (looking at you Lucid motors)
Is there something sketchy about lucid?
Glad to see the sound got better!
This guy is an absolute boss. You need more subs bro. :>
I admire how you can speak for 10+ minutes straight absolutely smoothly with no noticable cuts. I really wonder, if you have at least some text you read from behind the cam (no shame if you do)
I wondered the same thing.
Discovered your channel via your hilarious streams with Tom. Great content to binge watch while being stuck here in London lockdown. :)
Love these videos more than your previous videos you've put out Patrick, much more entertaining!!!!!!
Dear Sir, thank you for truly a very interesting long list of videos. I love then and have binge watched a whole lot of them. If you keep posting them, I’ll continue to look at them!
Really impressive. 👍👌🍀
“Might of Faked Some Numbers” 😂🤣 Yeah I would say so
This reupload has made groundhog day seem more like groundhog day.....
Thank you for this comment, I thought I was going crazy lol
Sometimes I wish there was a transcription of your videos, so I don't have to write down the jokes myself to show them to my friends. Excelent videos. Funny and educative.
Elizabeth Holmes, father worked at Enron and then government agencies and her mother was a congressional staffer. She put retired government on her board. How did this not set off alarm bells?
Wolves will always eat sheep!
I soon as I finish watching this, I’m going to my closet to throw away all my black turtlenecks!
the subtle, dry and brutal humour in this is astounding. love it.
Found you on Coffeezilla Patrick, glad I did.
pretty slick editing there with that Nikola truck.
I like your style... I like your presentation... you give us the fact that we want... you got yourself a new subscriber.
It's Holmes #1 for me. The sheer hubris of touting yourself as the next Steve Jobs, the fantasy product, to the hilarity of actually wearing black turtlenecks and, of course, the fake voice. It's just too good.
Yeah, she was a laugh at first. But man she got pregnant while she was looking at twenty years! Who does that!? To me it just got, disturbing. I mean who gets pregnant when they are looking at twenty years? Now it's just sad. She gets 11 1/2 years, and appeals immediately and behaves as if there's nothing going on. That's denial on steroids! Those kids are going to be a mess. Future felons! It runs in the family.
Interesting that you started with theranos and ended with enron, Elizabeth Holmes father was a senior vp at enron. I can't for the life of me remember if he was prosecuted for his involvement or turned states evidence. Now I'm going to have to do some reading to refresh my memory.. forgive my bad punctuation I'm rather intoxicated. Excellent video. Allways a pleasure to hear your distinct voice syntax and diction.
well congrats ... even being "intoxicated" your comment composition is better than most others ....
All interesting stories but the Worldcom scandal has somehow always fascinated me the most. On paper a true fairytale of a guy making it big but due to greed destroyed everything he built. Of all these people I would have liked to have seen Bernie Ebbers stay on top and show everybody that it’s possible to build something so big from very little.
Really good enjoyable info. Dry humour is always welcome in these times.
Former San Diego based Peregrine Systems deserves an honorable mention too, for cooking their books when they accounted potential sales through resellers as actual sales.
I can sit back and hear you talk all day. Ty
And I can lie back and sleep like a baby all night.
As always, awesome video. Great examples on why short seller is necessity in the market.
Then let Reddit people buy any stock they want ,but did you notice the brokers,money managers was losing money so the brokers told all the retail customers “sorry you can’t do that ,it will hurt my friends. What BS .
Great video as always!
I enjoy your program which surprises even myself. Well done and I try not to laugh.
Great video, now I know how to spot a fraudulent company from a mile away!
Great video!
Thanks for another interesting video!
I worked at Worldcom during the chapter 11 issues in the UK, was a fabulous place to work. Loved it, left to go to EDS after that, wasn't as great. But the money was much better.
It was a horrible day when chapter 11 was announced!
I bet it was a great place to work, being extremely overvalued and with revenue and profit being artificially pumped removes some pressure to do actual work. A bit like working for the average Silicon Valley company now
Excellent work 47
love this, bro!!!!
I like how Patrick makes jokes without even flitching xD
It is great how you explain information!!!
Fantastic Channel Good Sir.
This was really interesting! I'm impressed I didn't know three of these.
What ? how could you not ?
I heart Patrick Boyle on Finance!
You forgot Elon musk !!!
Great job Patrick.
What I don’t understand is why bright guys like Ellison didn’t do any due diligence, like say, having blood tests done on their own blood from a traditional company and having the same tests done (while actually watching the tests) by Theranos.
Success in one field makes one conflate success in everything. Hubris sets in. Intuition takes over senses.
When you have as much money as he does you run out of things to spend on.
Awesome video! Enjoyed very much.
Very informative!
Humour and finance. Informative and eminently watchable.
Could you include Bernie Madoff in your next video?
Really great content, thank you!
I had a buddy. World Com sales. He was making great commissions.
He was told to signemup.. He told me that the systems he was selling would never be realized... A year later he was looking for something else.
True story. I had "inside information" but at the time I didn't even know what that meant. Let alone I didn't have two nickles to rub together!!!
Great video
I just have to say it;
WE LOVE THE PATRICK
I was working in China during the Luckin coffee launch. The coffee tasted good, popular and still okay today and the outlets are still open. But, as is normal in China, for the initial first few months, the prices were very competitive with good discounts and offers. Then the prices went up and no doubt became less appealing.
Maybe the company was too ambitious and over extended, plus a bit of financial irregularity thrown in!!
The deadpan delivery of sarcasm 👌🏽
Outstanding as usual.
Well done Patrick
Well done
Great vidro
I love your desk succulent.
Nice watch mate 👌
Bre-X is a pretty good one to study as well.
I love your videos!
Just subscribed!
Patrick is my favorite British comedian.
I'm so glad Theranos did not name its testing machine "The Tesla Machine."
Tesla is taken by a bigger fraud :D
Great, also worth to mention the Tyco scandal in 2002-2003
I like this account! lol great vid
Fastau came to my company and gave a talk a few years back. It was super interesting
Thank you for your video's. I like your well thought out and very direct reporting. Q. In your opinion, do you think that a lot of the practices done by these bankrupt fraudulent companies are going on today? Thank you.
Yep I wish you'd included the fraudster Milton, but plugging a picture of his "truck" in the video was a nice touch.
wonderful..thanks
Excellent
Lovely surprise to see Paola Fisch pop up for a cameo, Scorchio!