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The Vulture
The Vulture
Five billion in sales. Twelve million in cash.

Sep 4, 2026

•

6 min read

Five billion in sales. Twelve million in cash.

The collateral was the fraud. Nobody checked it.

The Vulture
The Vulture
The number that killed Spirit Airlines

Sep 1, 2026

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5 min read

The number that killed Spirit Airlines

It wasn't fuel. It wasn't the bailout. It was hours in the air.

The Vulture
The Vulture
Circuit City fired its best salespeople on purpose

Aug 28, 2026

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5 min read

Circuit City fired its best salespeople on purpose

Not the worst performers. The best ones. The company said so in the press release.

The Vulture
The Vulture
RadioShack spent $610 million on its own stock

Aug 25, 2026

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4 min read

RadioShack spent $610 million on its own stock

Twelve profitable years. One buyback program. And a covenant that made shrinking illegal.

The Vulture
The Vulture
A million dollars a second

Aug 21, 2026

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4 min read

A million dollars a second

The bank committed no fraud. It bought government bonds. It was gone in under 48 hours.

The Vulture
The Vulture
It had the money. Nobody would lend to it.

Aug 18, 2026

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3 min read

It had the money. Nobody would lend to it.

Bear Stearns was solvent on the Monday and gone by the Sunday. Nothing about its balance sheet changed.

The Vulture
The Vulture
The 1.9 billion that was never there

Aug 14, 2026

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3 min read

The 1.9 billion that was never there

Three years of audits confirmed money that did not exist. Nobody called the bank.

The Vulture
The Vulture
Twenty years of perfect quarters. None of them came from the factory.

Aug 11, 2026

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7 min read

Twenty years of perfect quarters. None of them came from the factory.

General Electric was the stock people inherited. The turbines and the jet engines were real. The earnings, increasingly, came from somewhere else entirely, and the disclosures said so the whole time.

The Vulture
The Vulture
The trades never happened. Not one of them.

Aug 7, 2026

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5 min read

The trades never happened. Not one of them.

Clients held statements showing sixty-five billion dollars. The money sat in a single bank account. An outside analyst put it in writing to the regulator in 2000, again in 2001, and again in 2005.

The Vulture
The Vulture
Kodak owned the patent on the thing that killed it.

Aug 4, 2026

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4 min read

Kodak owned the patent on the thing that killed it.

The camera worked in 1975. Management told the engineer not to show anyone. Thirty-seven years later the company filed for Chapter 11.

The Vulture
The Vulture
The board loaned him $400 million. It was not his money.

Jul 31, 2026

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4 min read

The board loaned him $400 million. It was not his money.

WorldCom's CEO borrowed against his own stock. Then the company started covering his margin calls.

The Vulture
The Vulture
Theranos Was Worth $9 Billion. The Machine Never Worked.

Jul 28, 2026

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4 min read

Theranos Was Worth $9 Billion. The Machine Never Worked.

$945 million raised on a device that could not do what it promised.

The Vulture
The Vulture
$600 billion. Gone in a weekend.

Jul 24, 2026

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2 min read

$600 billion. Gone in a weekend.

Dick Fuld said it was safe. He was wrong. Here is what the filing actually looked like from inside the building.

The Vulture
The Vulture
He told employees to buy. He was selling.

Jul 21, 2026

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2 min read

He told employees to buy. He was selling.

Ken Lay knew exactly what was inside the books. His employees didn't.

The Vulture
The Vulture
He raised $32 billion. None of it was real.

Jul 17, 2026

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3 min read

He raised $32 billion. None of it was real.

Sam Bankman-Fried built the world's most trusted crypto exchange. Then spent eight billion dollars of customer money on bad trades and beach houses.

The Vulture
The Vulture
They moved the brand to the Cayman Islands. Then filed for bankruptcy.

Jul 14, 2026

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3 min read

They moved the brand to the Cayman Islands. Then filed for bankruptcy.

J.Crew owed $1.7 billion in debt. Before the filing, private equity moved the brand offshore. The creditors got what was left.

The Vulture
The Vulture
Blockbuster had 9,000 stores. One phone call ended everything.

Jul 10, 2026

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2 min read

Blockbuster had 9,000 stores. One phone call ended everything.

Netflix offered to sell itself for $50 million. Blockbuster laughed them out of the room. What happened next took fifteen years.

The Vulture
The Vulture
They moved the money before the company died. The courts came for it anyway.

Jul 8, 2026

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4 min read

They moved the money before the company died. The courts came for it anyway.

Fraudulent conveyance is the legal mechanism that lets bankruptcy courts reach back in time and claw assets back. Here is how it works—and how executives get caught.

The Vulture
The Vulture
He bought $130 million of stock. Then sold it all. Then it went to zero.

Jul 7, 2026

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2 min read

He bought $130 million of stock. Then sold it all. Then it went to zero.

Ryan Cohen took a large position in Bed Bath & Beyond. Pumped it. Sold everything in two days. Eighteen months later the stock was worthless.

The Vulture
The Vulture
Sears went bankrupt. Its CEO bought the real estate.

Jul 3, 2026

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2 min read

Sears went bankrupt. Its CEO bought the real estate.

Eddie Lampert ran Sears into the ground. Then he bought the buildings through a company he controlled. The creditors got what was left.

The Vulture
The Vulture
How distressed debt funds take over a dying company without paying a dollar.

Jul 1, 2026

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2 min read

How distressed debt funds take over a dying company without paying a dollar.

This is the playbook. Loan to own. Here's exactly how it works.

The Vulture
The Vulture
The stock went up 1,400%. The company was bankrupt.

Jun 30, 2026

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2 min read

The stock went up 1,400%. The company was bankrupt.

Hertz filed for bankruptcy owing $19 billion.Then retail investors made it a meme stock.This is what actually happened.

The Vulture
The Vulture
They loaded it with $5 billion in debt. Then walked away rich.

Jun 26, 2026

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2 min read

They loaded it with $5 billion in debt. Then walked away rich.

KKR and Bain didn't kill Toys R Us. They just made sure someone else would pay for it.

The Vulture
The Vulture
WeWork was worth $47 billion. Then somebody read the financials.

Jun 23, 2026

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2 min read

WeWork was worth $47 billion. Then somebody read the financials.

The biggest startup collapse in history. Here's who saw it coming.

The Vulture
The Vulture
18 restaurant chains. One criminal CEO. Here's who got rich.

Jun 19, 2026

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2 min read

18 restaurant chains. One criminal CEO. Here's who got rich.

The creditors didn't get paid back. They became the owners.

The Vulture
The Vulture
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