As Obama sweeps into the White House, he promises to fix Wall Street once and for all. What his government will do next will shift compliance from a back-office nuisance to a boardroom power.
In our third episode of Gone Rogue: The 2008 Story, Shield explores the most sweeping financial reform since the Great Depression and how it defined the next decade of Wall Street.
We hear from leading compliance experts from across the industry on the biggest questions facing modern compliance officers: Why does “tick-the-box” culture still threaten trust and stability in our financial system? How does the current geopolitical landscape affect compliance?
Most importantly, we ask: have we learned our compliance lessons for when the next crisis hits?
Key learnings from this episode include how new technologies pose the next great compliance challenge, how compliance exploded from tiny teams into global departments, and what impacts the new framing of compliance had within businesses.
This is a Message Heard production for Shield. Find out more at https://www.shieldfc.com
In this second episode of Gone Rogue: The 2008 Story, we uncover the day Treasury Secretary Hank Paulson summoned the CEOs of America’s nine biggest banks–what he tells them will end a certain era of Wall Street and American capitalism.
Key questions in this episode are: Why did the government let Lehman Brothers fail, but bailed out AIG just days later? How was $700 billion conjured up out of thin air? Would the government’s plan really bring the financial crisis to an end?
Hear from Axios’ top Wall Street correspondent and Shield’s Director of Surveillance and Governance Strategy as we learn how “Too Big to Fail” reshaped the balance of Wall Street, why bailout policy looked chaotic and inconsistent, and how early communications surveillance gave a unique window into the modern compliance platforms that we have today.
On September 15th, 2008, Lehman Brothers collapsed - triggering the biggest financial crisis since the Great Depression.
17 years to the day since Lehman Brothers fell, Shield returns with Gone Rogue: The 2008 Story. Hear from those inside the bank itself as we reveal how systemic compliance failures across Wall Street helped turn a housing downturn into a global financial meltdown.
In this first episode we ask the hard questions: Why did Lehman Brothers fail when others survived? How did compliance failures across the industry fuel the crisis? Could regulators, risk managers, or compliance officers have stopped it before it was too late?
Key insights from this episode include why compliance was seen as a checkbox exercise in 2008, how “Liar Loans” and subprime mortgages slipped through the system unchecked and the widespread culture of risk-taking that blinded Wall Street.
This is a Message Heard production for Shield. Find out more at https://www.shieldfc.com
Gone Rogue is back for another season. Join us as we continue to confront the darker side of a world driven by profit.
This season marks the 17th anniversary of the 2008 recession—the day Wall Street stopped. It wasn't just an economic collapse; it was a compliance catastrophe that changed everything we know about banking.
Join us as we retrace the moments that reshaped the industry forever, hearing untold stories from those who lived through it.Episode
One released September 15th.
Following the largest ever settlement for insider trading in history, SAC is no more - but Steve escapes with his skin intact.
So what are the consequences of this investigation? Did it change anything?
For Steve: officially innocent in the eyes of the law and the American people, he continues to manage his private fortune and purchase eye-wateringly expensive art - as his former employee begins a 9-year stretch in prison.
For the industry: everything. We discuss with leading industry figures the growing power of compliance and surveillance in the ten years since the case was closed.
We also look towards the future - how will new technology like AI impact Wall St? Will it be a boon to regulators? Or will it only empower the people looking for any way to get an edge on their competition?
This is a Message Heard production for Shield. Find out more at: https://www.shieldfc.com
After scraping through several legal battles, SAC might feel they’ve proven themselves beyond scrutiny.
Enter ‘the man busting Wall St’: Preet Bharara. A hotshot District Attorney with a track record of getting the biggest Wall St scalps now has his sights set firmly on SAC - who will blink first?
So begins a tight battle fought through lawyers, press releases, and even more lawyers.
As two senior figures at SAC are charged with insider trading, the pressure on SAC reaches boiling point.
This is a Message Heard production for Shield. Find out more at: https://www.shieldfc.com
In a tale of Wall St legend, Steve Cohen made $8,000 in profit on his first day as a Wall St trader.
Everything he touched turned to millions and when he founded his own hedge fund, investors queued up round the block to see their money double before their eyes.
But much like the Greek King of Myth, this magic touch soon brought unwanted consequences.
Whether through jealousy of his success or genuine concern, rumours began to swirl and everyone, including the Federal government, began to ask: Just how did SAC turn a buck?
This is a Message Heard production for Shield. Find out more at: https://www.shieldfc.com
Delving behind the scenes of the shadowy world of finance, Gone Rogue is a narrative podcast series about the financial mavericks who bend the rules till they break.
Join us as we confront the darker side of ambition and to contemplate the elusive nature of justice in a world driven by profit.
In this first series we investigate the story of the biggest settlement for insider trading in history: SAC Capital Advisors, founded by the enigmatic Steve Cohen.
