The SKADI Podcast

In February 2005, while the Convertible Bond market languished in a vicious volatility crunch, Lehman Brothers in Tokyo stunned the market, privately financing a Moving Strike Convertible Bond for Livedoor. The Yen 80bn deal, worth approximately US$750m, purportedly made Lehman Brothers US$140m. But at what cost? Livedoor was later found to be an Enron style fraud, and the flamboyant Chief Executi...

On May 1st 2026 the "Internet blew up!". Cannons, Fish heads, the intoxicating mix of sex, money and power. A now retracted court filing latched on to by the Daily Mail drew attention to a complex people investigation conducted by the Investment Banking giant JP Morgan. Thousands of reels, memes, carousels, generated on social media as the case played out in the court of public opinion....

The Titanic was promoted as unsinkable, equipped with state-of-the-art safety features. But on April 15, 1912, it struck an iceberg, leading to one of the deadliest maritime disasters. This narrative serves as a powerful metaphor for the risks facing the sales industry today, particularly with the rise of AI and automated systems that, while designed to enhance efficiency, may introduce significan...

Traders are often seen as cynical and paranoid individuals. But what happens when their reliance on technology, like AI, leads them to reinforce their biases instead of questioning their strategies? As trading teams get smaller, and roles are replaced with automation, are the controls devised over many decades fit for purpose in the emerging world of Generative AI? In this episode Nic takes a look...

In the world of finance, few attempts to corner a market are as infamous as that of the Hunt brothers' silver squeeze in the late 1970s. With the backdrop of inflation concerns and a shaky economy, these oil billionaires embarked on a quest to control the silver market. They amassed a massive position, causing silver prices to skyrocket from $6 to $50! But, as often is the way with high-risk games...

Nic and Damian examine the near-collapse of Vestia . At its height: Over €20 billion in derivatives exposure Massive collateral calls A liquidity crisis Criminal convictions Executive resignation Parliamentary inquiry Sector-wide reform This was a housing association. And yet its balance sheet behaved like a leveraged derivatives book. More about SKADI: Website: www.skadilimited.com X: https://x.c...

Imagine a global food company. Milk cartons on breakfast tables worldwide. Sponsorships in Formula One and top-flight football. Billions reported in cash reserves. And yet — when the truth emerged — much of that cash simply didn’t exist. This is the story of  Parmalat , and how it became one of the largest corporate frauds in history. Nic and Damian to a look at how a family grocery business grew...

January 6th 2026 the US began the operation to capture Venezuelan President Maduro. By the 7th January the media were reporting that contracts placed on two prediction market exchanges: Kalshi and Polymarket, relating to the US invading Venezuela were not resolved. Nic and Damian discuss the sudden rising popularity of Prediction Markets. What are they? How do they work? What are the risks? Is it...

David Smothermon finished 2015 on a high. He had generated substantial profits in the Houston subsidiary of Trammo AG. A firm founded half a century earlier specialising in the global trade of Ammonia. But while the profits rolled in, his positions grew. By the end of 2015, while being congratulated, he was asked to reduce risk. Bonuses would be paid in May, but the losses started to grow. Smother...

This episode is brought to you in association with Tristan Bramble’s Words with a Founder Podcast – link . In this conversation, Tristan Bramble speaks with Nic Corry , founder of SKADI  , about his journey from a successful trading career to establishing his own company. They discuss the importance of continuous learning, the dynamics of client relationships, and the challenges of being a founder...

The OceanGate incident shocked the world, but it also revealed key failures in how risk is assessed and communicated. In this episode, we explore the warning signs, the decisions made, and what this event can teach us about accountability, innovation, and safety. Discussion panel: Nicolas Corry & Damian Taylor Podcast Production: Alexandra Mexi If you enjoy the SKADI podcast then be sure to su...

A look at some of the recent legislation and regulation regarding loot boxes and other matters affecting the video games industry. In this episode, Rob and Nikhi l of Collyer Bristow chat with Damian regarding the complex and rapidly evolving regulatory landscape facing the gaming industry in 2025, covering new legislation such as the UK’s Online Safety Act, the EU Digital Services Act, and the Di...

In this explosive episode, we uncover the multimillion fraud pulled off by Michael Viney — a tale of doctored emails, hidden accounts, and luxury spending, all at HMRC’s expense. From inside BGC’s walls to a dramatic courtroom showdown, this is one of the UK’s boldest and most audacious financial scandals. Discussion panel: Nicolas Corry & Damian Taylor Podcast Production: Alexandra Mexi If yo...

In this episode, Nic and Damian zoom in on Tim and Natalia Wiswell , two central figures in the infamous Mirror Trading Scandal. A scheme that quietly moved billions out of Russia through Western banks under the guise of legitimate trades. Who were the Wiswells, and how did they become entangled in one of the most sophisticated financial laundromats of the modern era? Join us as we dive into this...

30 years ago Nick Leeson's actions of ego, ambition, and unchecked greed led to the catastrophic collapse of one of the UK’s oldest and most esteemed financial institutions Barings Bank. Through unauthorised trading, Leeson accumulated losses of almost £1 billion, ultimately bringing down a 233-year-old bank that had been a pillar of British banking. Leeson’s risky, unmonitored trades in the deriv...

Nic and Damian review the unfolding allegations being made in relation to Rachel Reeves’ concurrent departure from HBOS. How do these resonate with those found in typical whistleblow investigations? What’s unusual? What’s not? Discussion panel: Nicolas Corry & Damian Taylor Podcast Production: Alexandra Mexi If you enjoy the SKADI podcast then be sure to subscribe to our newsletter ! You will...

Trading since the 1990s hosts Nic and Damian help audit, legal and investigation teams at some of the largest firms. They have seen first hand the impact of financial crises, regulatory and cultural shifts, the advance of technology and its impact on the flow of information, management of risk and ease of execution. Together they host "The SKADI Podcast" and are on a mission to help othe...

In celebration of the Lunar New Year, we kick things off by discussing the DeepSeek situation. The Chinese AI that’s been causing waves in the stock markets and shaking up the wider AI industry. Join Damian and Nic as they unpack the DeepSeek buzz ! Discussion panel: Nicolas Corry & Damian Taylor Podcast Production: Alexandra Mexi If you enjoy the SKADI podcast then be sure to subscribe to our...

On the afternoon of 7 April 2023, Management at DenizBank were shocked to discover that one of their managers had seemingly defrauded some of the biggest names in Turkish Football out of millions. Join Damian and Nic as they examine the case of Seçil Erzan, the seemingly successful bank manager tasked with winning the business of the cream of Galatasaray Football Club. Air Tags in suitcases of cas...

In July earlier this year Hurricane Beryl left a swathe of desolation in its wake. It was one of the strongest hurricanes to ever hit Jamaica , and the island was declared a disaster zone. But despite being covered by a Catastrophe Bond , the parametric triggers were not met, and not a single cent was paid out. Senior Compliance practitioner Bobby Banerji takes Nic and Damian on a guided tour of C...

In this episode of The Skadi Podcast, Damian and Nic pick over the events which took place at Macquarie Bank’s Metals and Bulks Trading Desk between June 2020 and February 2022. Discussion panel: Nicolas Corry, Damian Taylor Podcast Production: Alexandra Mexi If you enjoy the SKADI podcast then why not join our Discord community? There’s a treasure trove waiting for you including all the materials...

It may have been 7 Centuries since the first bank run, but what have we learned and why do bank runs keep happening? From the Bardis to Stockholms Banco, from Northern Rock to SVB, Nic and Damian look back at the history of Bank Runs. How have they been prevented? How could they occur in the future? Discussion panel: Nicolas Corry, Damian Taylor Podcast Production: Alexandra Mexi If you enjoy the...

In the early 1990s, facing ruinous losses, around 30 people took their own lives. They were the Lloyds Names. A tragic scandal which brought the London Insurance market to its knees. Nic and Damian head out of the studio to find out who the Lloyds Names were, what was the history behind Lloyds, how did so many people come to be paying out substantial claims year after year, and what lessons can be...

Then episode 41 of The Skadi Podcast is about Cyber!   Our guest today is Christ Ashton who is a senior associate in RPC’s Cyber and Tech Insurance practice.   This is the 3rd time in our Podcast series where we looking at cyber security, following on from episode 38. with William Taaffe from Lockdown Cyber Security and episode 28 where Nic and Damian discussed Quantum cyber threats as part of our...

Horizon is SKADI 's forward-looking monthly publication for Audit, Compliance and Investigation professionals working in the financial industry. In this month’s Horizon Unpacked, Nic and Damian are discussing one of the highest risk interfaces in the Financial Markets. Inter-Dealer Broking . The unique combination of contrasting compensation, opacity, anonymity, dealing by etiquette increase c...