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It’s crucial to understand that ordinarily the FBI applies for a wiretap separately from the National Security Agency. The NSA had tapped my phones for years, going back to the 1993 World Trade Center attack. But those wire taps would not automatically get shared with the FBI, unless the Intelligence Community referred my activities for a criminal investigation. The FBI took no such action. Instead—by coincidence I’m sure, the FBI started its phone taps exactly when the Senate Foreign Relations Committee planned a series of hearings on Iraq in late July, 2002.212 That timing suggests the FBI wanted to monitor what Congress would learn about the realities of Pre-War Intelligence, which contradicted everything the White House was preaching on FOX News and CNN. In which case, the Justice Department discovered that I told Congress a lot—and Congress rewarded the White House by pretending that I had not said a word. But phone taps don’t lie. Numerous phone conversations with Congressional offices show that I identified myself as one of the few Assets covering Iraq.213 Some of my calls described the peace framework, assuring Congressional staffers that diplomacy could achieve the full scope of results sought by U.S policymakers.

[C]ritics of Canadian securities regulators sometimes point out that a number of high-profile US securities cases have resulted in prison sentences for the offenders, while incarceration for Canadian securities law violators seems very rare...[A]s has often been noted, incarceration is far more frequent in the United States for crimes of all kinds, yet it is not usually suggested that this is proof that the United States is generally a safer place to live than Canada.

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Asset-backed securities involve a high degree of financial engineering. As a general rule of thumb, the more complexity that exists in a Wall Street creation, the faster and farther investors should run.

Ever heard of collateralized debt obligations? Mortgage-backed securities? Non-bank asset-backed commercial paper? What about income trusts? Or even mutual funds?

RT had paid him $45,000 for his appearance. His colleagues had warned him that taking Kremlin gold would fatally compromise him, and they also thought that he didn’t care. (Flynn’s twenty-seven-day stint as Trump’s White House national security adviser ended after he lied to the FBI about his conversations with the Russians.) Stein said her campaign paid for her trip to Moscow, but RT paid her back. It ran more than one hundred stories on its American channel supporting her bid for the White House, amplifying her positions—“a vote for Hillary Clinton is a vote for war”—which reliably corresponded with the party line of the Internet Research Agency. “She’s a Russian asset—I mean, totally,” Clinton said three years after the election, an intriguing and incendiary charge.

• Loads are sales charges that kick in when you buy (front-end load) or sell (back-end load) open-end mutual fund shares. • Expense ratio refers to ongoing fees for the fund, which range from 0.09 percent to more than 3 percent; lower fees are associated with index funds, higher fees with managed funds. • Minimum investment requirement for open-end funds typically ranges from $500 to $3,000 for the initial investment only. • NAV (net asset value) equals the total current value of all assets held by the fund minus any outstanding liabilities divided by the total number of outstanding shares [(assets – liabilities)/shares].

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Buying mines was one way to address the issue: now Glencore’s traders would have a guaranteed flow of commodities to sell, without having to outbid their competitors to secure them. ‘I’ve always said, pure commodity trading without the assets backing up the trading is very difficult,’ Glasenberg says today.25 It was one thing to buy a few coal mines.

they’re waiting for something. Because frankly, with the assets they already have, they’re poised to take over most of the world any time. The only thing I can see holding them back is the security forces of the governments they’d likely target. Until they find a way around that, or find a way to get those forces behind themselves, we’ve got some time.

For the purposes of this book, however, the relevant question is much narrower: the issue is not whether, in general, a national securities regulator is preferable to Canada's fragmented provincial securities regulatory system. The key question, for our purposes, is this: Would a national securities regulator have made a material difference in this specific case? Framed this way, the question is much more challenging and the answer far less certain.

[A]lthough there are many arguments that strongly support the establishment of a national securities regulator in Canada, it is not entirely clear that the regulatory response to the ABCP meltdown is among them.

You know, Chloe, sometimes I think you're just writing lies about ancient Maine in order to mess with me... Venture capital. Collateralized debt obligations. Structured investment vehicles. This is like some occult shit. People won't read it... Asset-backed security. This shit sounds made-up! It sounds like some fake shit!

Crucially, most of the existing Harrah’s debt did not have to be refinanced. Because it was not secured by any collateral, suddenly Harrah’s could issue senior debt backed by the company’s assets. It would do so in the LBO deal, pushing $4.5 billion of existing debt to the bottom of the totem pole in a $25 billion debt stack. This was cruel. Those existing unsecured bonds crashed in price as they were last in line to be repaid. But the maneuver allowed Apollo and TPG to issue new debt more cheaply. And it illustrated one of the key legal principles that would echo through this case: Debtholders’ relationship with the company remains strictly contractual. Any rights they have must be bargained for and embedded in documents. The management and board of a company, in contrast, have fiduciary duties which dictate that they maximize shareholder value.

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