{"title": "Crime and Profiteering | Karo Hämäläinen | Negotiator 161", "titleOriginal": "Rikos ja rahastus | Karo Hämäläinen | Neuvottelija 161", "episodeNumber": "161", "guest": "Karo Hämäläinen", "publishedAt": "2022-11-17", "duration": "48:34", "durationIso": "PT48M34S", "youtube": "https://www.youtube.com/watch?v=F-GBU1TLPEk", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/231-rikos-ja-rahastus-karo-hamalainen-neuvottelija-161", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "leadership_governance"], "description": "The author and financial journalist Karo Hämäläinen works through the cases in his book Rikos ja rahastus, from the Finnish asphalt cartel to Bernie Madoff. The conversation explains why road paving was such fertile ground for a cartel, and why a cartel eventually surfaces whatever its members intend. Nick Leeson's option positions, Charles Ponzi's postal coupon arbitrage and WinCapita's cult-like inner circle all tell the same story about how the promise of a risk-free return persuades people to part with their money. Libor manipulation, Enron's accounting and the question of whether a public exchange improves the game at all follow. It closes on listings, the return of value investing, the Fortum and Uniper mistakes, and who actually gets to define fair value.", "chapters": [], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata and the neuvottelija.fi episode record. No chapter marks are published here: the publisher's list holds only two marks, at 0:00 and 0:48, and it is a split of the show-note text rather than a chapter list, so republishing it would assert timestamps that do not hold. No transcript is published either — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The episode is built around the guest's own book, published shortly before recording, and is promotional in that sense. The individual cases are described as the book describes them; where a case involves living people, the episode discusses findings that were reached in court, and the Fortum and Uniper passage is a commercial post-mortem rather than an allegation of wrongdoing.", "coreTheses": ["The recurring mechanism across every case is the promise of a return without risk; the instruments differ and the promise does not.", "Asphalt paving was ideal cartel ground because the buyers are municipalities and the product is hard to differentiate — structure, not character, produced it.", "Cartels surface eventually because they require continuous coordination among people whose interests diverge over time.", "Fortum and Uniper belong in the same book as the frauds not because anyone acted criminally, but because the valuation questions are the same ones."], "slug": "ep161-rikos-ja-rahastus-karo-hamalainen", "guestsCanonical": ["Karo Hämäläinen"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/karo-hamalainen/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep161-rikos-ja-rahastus-karo-hamalainen/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep161-rikos-ja-rahastus-karo-hamalainen/index.md", "captions": null, "transcript": null, "videoId": "F-GBU1TLPEk", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep161-rikos-ja-rahastus-karo-hamalainen/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep161-rikos-ja-rahastus-karo-hamalainen/"}