Salomon Brothers was one of the largest investment banks in the US in the 1970s and 1980s. It was the first bank to sell mortgage-backed securities. The head of the government bond trading desk at Salomon had figured out a way to scam the Fed's treasury auctions. When the scam surfaced, the Fed and the SEC were both determined to bring down Salomon, but Warren Buffett stepped in to help find the culprit and keep the bank running.

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Bernie Madoff ran an investment management firm that was not open to all - it was an invite-only club. That is what made it aspirational. Many investors saw it as a sign of status if they got to invest with Madoff. But no one knew that Madoff was not investing their money; he was just running a Ponzi scheme that lost investors a massive $65 billion.

How did he pull it off?

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Disclaimer: The stocks or financial instruments discussed in this podcast are meant for educational purposes only. Please do not consider them recommendations or financial advice of any form.

Seven women from a housing society in South Mumbai started Lijjat Papad in 1959. It started as a co-operative and has since onboarded more than 45,000 member sisters. Interestingly, Lijjat also runs the Sasa brand of detergents and soaps.

Lijjat Papad is a masterclass in sustainably managing a large-scale organization that has remained true to its core values, even decades after its establishment.

Zerodha Varsity on Social Media:

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Disclaimer: The stocks or financial instruments discussed in this podcast are meant for educational purposes only. Please do not consider them recommendations or financial advice of any form.