The King of Short Selling

"If we don't, Black's team will catch it," Ellen said. "And then we look sloppy and dishonest." The phone rang. Trevor put it on speaker. "This is Marcus," said a voice like gravel dragged over steel. "Who changed my deck?" Silence filled the room. Ethan said, "I did." "Name." "Ethan Lin." "Why?" "Because Cobalt's securitized receivables still have economic recourse. The old chart treated them like they vanished. They didn't." "The company says risk transfer is complete." "The company also guarantees excess spread support through a subsidiary they consolidate only when convenient." There was a pause. Ethan could hear a keyboard on the other end. "Page reference."