About this page: This page comprises finance articles written by Janet Tavakoli. See also the press section for articles in which Janet Tavakoli has been interviewed and quoted, and see video interviews from 2003 to present. For commentaries written by Janet Tavakoli from 2003-2014 see Archives of Public Commentaries Authored by Janet Tavakoli.
Structured Finance Definitions and Concepts
Clear and Present Danger: Foreign Investment in U.S. Debt
“Clear and Present Danger” – Janet Tavakoli – Oct 31, 2011
“Hidden Bank Risks Drive Investors to Productive Assets, U.S. Treasuries, and Gold” – Janet Tavakoli – Dec 16, 2013
“CDO Evolution Creates New World of Risk” – GARP Risk Review aka Risk Professional – Nov/Dec 2003 Issue 15 – Janet Tavakoli The original article is available to clients upon requiest. This article has been updated and consilidated into: “Collateralized Debt Obligations (CDOs): A Complete Guide“
“Synthetic CDOs: Analyzing Risks and Rewards” (Invisible Hedge Funds: STCDO Arrangers’ Correlation Books) – Risk Professional – July/Aug 2004 Issue 19 – Janet Tavakoli
“The Trials of Tranching” – International Financing Review (IFR Magazine) Issue 1556, October 25, 2004 – Janet Tavakoli
“Ultimate Leverage: Collateralized Fund Obligations” – HedgeWorld‘s Accredited Investor – June 2004 Updated June 2025 – Janet Tavakoli
VIDEO: Janet Tavakoli’s Address to the International Monetary Fund in Washington, D.C. – IMF – April 2005
“CDOs: Caveat Emptor” – Risk Professional, Sep/Oct 2005 Issue 26 – Janet Tavakoli The original article is available to clients upon requiest. This article has been updated and consilidated into: “Collateralized Debt Obligations (CDOs): A Complete Guide“
“The Elusive Income of Synthetic CDOs” – Journal of Structured Finance – Winter 2006 Volume 11, Number 4. – Janet Tavakoli
“Mon Ami ISDA: Crisis in Credit Derivatives” – Reuters HedgeWorld – May 22, 2006 – Janet Tavakoli
“Are You Sure You Made a Fortune Shorting the ABX (or TABX)?” – Reuters HedgeWorld – December 7, 2007 – Janet Tavakoli
Goldman Sachs and AIG: The Hidden Financial Crisis Story – Updated June 2025
The articles below about Goldman Sachs’s role in the AIG crisis authored by Janet Tavakoli have been consolidated into the article: “Goldman Sachs and AIG: The Hidden Financial Crisis Story,” linked above. Individual articles are available to clients upon request.
“In Subprime, AIG Sees Small Risk; Others See More” (subscription) by David Reilly
Tavakoli says AIG failed to disclose material losses on credit default swaps on supersenior tranches of collateralized debt obligations. Wall Street Journal, August 13, 2007
“Letter from Congressman Issa to William C. Dudley on Circumstances Surrounding AIG Bailout” (pdf) – Congressman Darrell E. Issa – Oct 30, 2009
“Goldman Sachs Lies of Omission – Janet Tavakoli – October 28, 2009
“Goldman Sachs: Reasonable Doubt” – Janet Tavakoli – November 2, 2009
“I Apologize to David Viniar and Goldman’s Lawyers” – Janet Tavakoli – Nov 5, 2009
“Goldman’s Undisclosed Role in AIG’s Distress” – Janet Tavakoli – November 10, 2009
“Factors Affecting Efforts to Limit Payments to AIG Counterparties” (pdf – 2.19 MB) – SIGTARP – Nov 17, 2009
“I Retract My Apology and Call for More Regulation of Goldman Sachs” – Janet Tavakoli – November 22, 2009
“Congress Exposes Potential Profiteering in AIG’s Deals: Delay Enabled Further Cover-Up” – Janet Tavakoli – January 28, 2010
“Goldman Sachs: Spinning Gold” – Janet Tavakoli – April 7, 2010
“Landesbanken: Even Lower Ratings May Be In Order” – Financial Times, December 1, 2003
“Investors Are the Gullible Ones If They Rely on Ratings as Indicators of Robustness” – Financial Times, December 29, 2003
“Structured Finance: Rating the Rating Agencies” – Risk Professional – Jan/Feb 2005 Issue 22 This article has been consolidated, updated, and expanded into “Credit Rating Agencies: How Moody’s, S&P, and Fitch Failed” available via the link. The original article is available to clients upon request.
Tavakoli, Janet. “Comments on SEC Proposed Rules and Oversight of NRSROs” Letter to Securities and Exchange Commission, February 13, 2007.
“Tavakoli Structured Finance Revokes the Credit Rating Agencies’ NRSRO Designation” – TSF – July 26, 2011
“Subprime Mortgages: The Predators’ Fall” – GARP Risk Review aka Risk Professional March/April 07 Issue 25
“Bear Stearns Bailout: 2007 Warning Predicts 2008 Crisis.” June 27, 2007. Updated 2025. Originally published with permission in LIPPER HedgeWorld on June 27, 2007, under the title: “Bear’s Bailout a Bad Idea.” Tavakoli Structured Finance retains the copyright.
“Greater Global Risk Now Than At Time of LTCM” – Financial Times, May 7, 2007
“Dicey Deals Done Dirt Cheap” – TSF – January 3, 2008 (Ambac, MBIA, FGIC, et.al. with credit derivative exposure to CDOs)
“Dead Calm: No One Trusts You” – TSF – July 30, 2008 (Merrill’s built-to-fail synthetic CDOs)
“Bank of America’s Shareholders Should Reject Bonus Plans” (serious disclosure issues) – TSF – Jan 12, 2010
“Wall Street’s Fraud and Solutions for Systemic Peril” -Summary of Presentation to the International Monetary Fund in Washington, D.C. – TSF – Sept 21, 2009
“Repairing the Damage of Fraud as a Business Model” – TSF Presentation to the FHFA in Washington – Dec 8, 2010
“Wall Street and the Financial Crisis” (pdf – 5.57 MB) – United States Senate (Committee chaired by Senator Carl Levin) – April 13, 2011
Comment Letter to the SEC Re: File no. S7-11-13 – TSF – February 24. 2014
“Euro Endgame” – TSF – June 1, 2011
“Standard’ Credit Default Swaps on Greece Are a Sham and It’s Not a Surprise” – TSF – Oct 27, 2011
“MF Global Revelations Keep Getting Worse” – TSF – Nov 11, 2011
Representative Marcy Kaptur’s Special Order on MF Global – TSF – Congresswoman Marcy Kaptur – December 14, 2011
Enron, J.P.Morgan and Offshore Special Purpose Vehicles – TSF – April 10, 2003
“JPMorgan’s and Blythe Masters’ Debacles in Commodities” – TSF – August 9, 2010 – Updated February 6, 2014
“A Risk Manager’s Impossibility?” – Risk News and Resources – September 24, 2013
“Volcker Blames Models, Dimon Blames Policymakers” – TSF – February 24, 2009 Updated February 18, 2014
“China’s Challenge to US Dollar: From 2009 Warning to 2025” – TSF – Dec 6, 2011
“Oil and Power: Iran Approach Must Avoid Past Mistakes” – HedgeWorld (Reuters) – June 12, 2006
“Oil Pressure: Fallout from the Iraq Study Group Report” – HedgeWorld (Reuters) – December 14, 2006, Updated February 13, 2014
Washington Must Ban U.S. Credit Derivatives as Traders Demand Gold (Part One) – March 8, 2010
Credit Derivatives on United States: Games and Gold (Part Two) – March 8, 2010
“How to Corner the Gold Market- Updated and Consolidtated into “Gold Market Manipulation: The Complete Guide” June 2025” – TSF – March 30, 2010
“Gold Game Changer: J.P. Morgan Accepts Gold as Money” – Huffington Post – February 7, 2011
“Michael Lewis: Wall Street’s Smart Aleck Apologist” – TSF – March 15, 2010
“Taleb Kills $20 Billion Mythical Swan” – TSF – June 1, 2009
“Gasparino’s Glass Jaw is No Audience Draw” – TSF – July 22, 2009, Updated January 2014
“Where Were Drama Pundits When It Mattered?” – TSF – July 29, 2009
“Rick Ungar Gives Barry Ritholtz a Lesson in the Law” – TSF – refers to April 24, 2010 – posted April 24, 2014
“Financial Journalism: ‘Sometimes Being Responsible means Pissing People Off'” (LIBOR scandal) – TSF – July 3, 2012
“Third World America: Fast Tracking to Anarchy” – Huffington Post – August 23, 2010
“The Middle Class is Drowning in Debt and Choking on Lies” – Huffington Post – June 24, 2011