In 2008, all three of Iceland's largest banks collapsed in the span of a week — a staggering $182B loss. At first, it appeared to be another unfortunate victim of the 2008 financial crisis. But was the truth so simple? In "Iceland's Secret", ex-FME regulator Jared Bibler helped lead a task force to discover the shocking truth hidden beneath the ice, bringing to justice the bank executives and government officials behind a decade-long con.
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For Masayoshi Son, founder and CEO of SoftBank, short-term profits and costs were negligible. In his perspective, there was only the future that mattered. In his boundless quest of acquisitions, he would spend billions acquiring hundreds of companies across various companies, often vastly overpaying when he saw any potential. In 2000, this strategy would make him the richest man in the world — propelled by inflated valuation of his stocks during the dotcom bubble — for three days, after which he would lose 98% of his net worth. How sound was this strategy, and were the gambles he made truly a worthwhile one?
Read part one of Son's story, from Lionel Barber's "Gambling Man", here:
In the past decade, high-frequency trading made up nearly half of U.S. stock market trading volume. But did the advantage their speed give them come at the cost of investors? Read more takeaways from Michael Lewis' "Flash Boys" at: