Receipts

Annotated bibliography

Standing rule: if we used it, it lives here. LT is the date or the document. IT is the incentive reading. DK stays DK. AL is labelled on the card, not laundered into the referee. The number you see is 2026 money. Hover the cart for grocery money, CPI. Hover the bank for a hole scaled to GDP. The original is underneath.

01 · Index · LT
Then-dollars, 2026 dollars
BLS CPI-U; BEA GDP
The number you see is 2026 money. Hover the cart for grocery money, CPI. Hover the bank for a hole scaled to GDP. Grocery uses CPI-U, August 2026 near 335 on the 1982-84=100 index. System holes use the same slice of nominal GDP, 2026 economy about $32.5 trillion.
cards: didmca-1980, rtc-1989, ltcm-1998, tarp-pass-2008, aig-2008
02 · Investigation · LT
When Genius Failed
Roger Lowenstein
The book is in the sandbox this pass. More than 40 percent a year. Gave {cpi|$5.5 billion|$2.7 billion} back, leverage 18 to 28. Policy was no haircut. Charging Scholes a haircut would have meant admitting nobody understood Black-Scholes. Merrill saw only one side. {gdp|$360 billion|$100 billion} borrowed, {gdp|$3.6 trillion|$1 trillion} in side bets. Fold and each bank holds one side of a dead contract. When you owe half of Wall Street a trillion by Monday, Treasury has a problem. The Street used rules of thumb that worked, instead of fancy math that could make you bankrupt. Consortium: stay three years, salary {cpi|$500,000|$250,000}. Partners exploded. Banks needed signatures. Wikipedia is the public link. The file is the book.
cards: ltcm-1997, ltcm-1998
03 · Investigation · LT
The Big Short
Michael Lewis
The book is in the sandbox this pass. Bundling, leftover, stamp AAA. January 2007: Okada at the Wynn, four hibachi islands, one shorter per grill and a ring of longs. Lippmann mixed the table because his shorts wanted to quit. They left at under {cpi|$500 million|$300 million} short and came back at {cpi|$900 million|$550 million}. Without the shorts the longs had nothing to buy. Wikipedia is the public link. The file is the book.
cards: dream-2003, slices-2005, peak-2006, hibachi-2007, aig-2008
04 · Primary · LT
The Financial Crisis Inquiry Report
FCIC
The official 2011 file. Dissent chapters matter. Not a single-villain story.
cards: contained-2007, bear-2008, lehman-2008, aig-2008, tarp-pass-2008, jail-2011
05 · Timeline · LT
FIRREA and the RTC
FDIC
The unwind that worked. Slow, public, some jail. Taxpayers about {gdp|$720 billion|$125 billion}.
cards: garn-1982, keating-1987, rtc-1989
06 · Primary · LT
Garn-St Germain Depository Institutions Act
Congress
Let them grow out of it. 1982.
cards: garn-1982
07 · Index · LT
Enron scandal
Britannica
SPEs, mark-to-market, Andersen, SOX. The audit passed.
cards: levitt-2000, enron-2001, sox-2002
08 · News · LT
Kind Words for Andersen
New York Times
Lay's letter to Levitt killing auditor independence. LT as a document.
cards: levitt-2000
09 · Primary · LT
Has Financial Development Made the World Riskier?
Raghuram Rajan / Jackson Hole
The 2005 warning the room did not want.
cards: jackson-2005
10 · Timeline · LT
Near Failure of Long-Term Capital Management
Federal Reserve History
The room, the dates, Bear's no.
cards: ltcm-1998
11 · Investigation · mixed
Crazy Eddie fraud
accounts of Sam Antar / court record
Brooklyn, not New Jersey. The carnival. Inventory at night. The audit passed. The cubicle lesson. Sam Antar.
cards: eddie-1987
12 · Timeline · LT
Managing the Crisis: The FDIC and RTC Experience
FDIC
The unwind that worked, then closed. Greenwich treated the close as a license.
cards: rtc-1989, rtc-1995
13 · Primary · LT
SEC Consolidated Supervised Entity program
SEC / GAO aftermath
Forty to one. The cubicle wrote the haircut. Bear and Lehman used it.
cards: sec-2004
14 · Index · LT
S&P CoreLogic Case-Shiller Home Price Index
S&P
The peak. The address was already empty in the sand states.
cards: peak-2006, contained-2007