In April 2011, he and a colleague won the Pulitzer Prize for national reporting for a series of stories on questionable Wall Street practices that helped make the financial crisis the worst since the Great Depression. He was the lead reporter on the “Secret IRS Files” series that exposed the tax avoidance strategies of the ultrawealthy. The series won several prizes, including the Selden Ring in 2022. He also won the 2015 Gerald Loeb Award for commentary.
He was the editor on the “Friends of the Court” series, which revealed how a small group of politically influential billionaires wooed justices with lavish gifts and travel; it won the Pulitzer Prize for public service in 2024.
He serves on the advisory board of the University of California, Berkeley’s Financial Fraud Institute. And he was a consultant on season 3 of the HBO series “Succession.”
His work has appeared in The New York Times, The Atlantic, NewYorker.com, The Washington Post, The Baffler and The American Prospect and on NPR and “This American Life.” Before joining ProPublica, he was the Wall Street editor of Conde Nast Portfolio and a columnist for The Wall Street Journal, covering markets and finance.
He lives in Brooklyn with his wife, the journalist Sarah Ellison, and their daughters.
A Financial Crisis Inquiry Commission document shows Magnetar selected assets for a billion dollar Merrill Lynch mortgage securities deal, despite having long asserted otherwise.
Looking inward in the grand tradition of American self-improvement, the investment bank promises to be nicer and more transparent, but ignores the structural problems that helped ignite the financial crisis.
Rapper 50 Cent urges millions of Twitter followers to invest in an obscure penny stock, the latest in a long list of celebrities offering investment advice that’s long on risk and short on security.
Two weeks ago, Standard & Poor’s put out a press release: The credit rating agency warned it was poised to <a href="http://www.bloomberg.com/news/2010-12-15/s-p-says-it-incorrectly-analyzed-re-remic-mortgage-bonds.html">downgrade</a> almost 1,200 complex mortgage securities.
The builders of mortgage securities at industry giant Merrill Lynch couldn’t find buyers for their wares. So they paid another group at Merrill to take billions of dollars of the unwanted assets.
The regulatory overhaul of the financial system that passed last summer scored a big victory: It barred investment banks’ wagering with their own capital. Many expect Wall Street will find a way around these rules.
Across the world, there are booms. Chinese Internet companies are flourishing. Energy companies are finding new sources of power. Commercial real estate is coming back.
The SEC is investigating whether JPMorgan adequately disclosed to investors that the hedge fund Magnetar influenced a deal it was also betting against.
A European-based investment fund and a French bank are battling it out in New York state court over complex securities created at the behest of the hedge fund Magnetar
As investors left the market in the run-up to the meltdown, Wall Street created fake demand, increasing their bonuses — and ultimately making the crisis worse.
Thank you for your interest in republishing this story. You are are free to republish it so long as you do the following:
You have to credit ProPublica and any co-reporting partners. In the byline, we prefer “Author Name, Publication(s).” At the top of the text of your story, include a line that reads: “This story was originally published by ProPublica.” You must link the word “ProPublica” to the original URL of the story.
If you’re republishing online, you must link to the URL of this story on propublica.org, include all of the links from our story, including our newsletter sign up language and link, and use our PixelPing tag.
If you use canonical metadata, please use the ProPublica URL. For more information about canonical metadata, refer to this Google SEO link.
You can’t edit our material, except to reflect relative changes in time, location and editorial style. (For example, “yesterday” can be changed to “last week,” and “Portland, Ore.” to “Portland” or “here.”)
You cannot republish our photographs or illustrations without specific permission. Please contact [email protected].
It’s okay to put our stories on pages with ads, but not ads specifically sold against our stories. You can’t state or imply that donations to your organization support ProPublica’s work.
You can’t sell our material separately or syndicate it. This includes publishing or syndicating our work on platforms or apps such as Apple News, Google News, etc.
You can’t republish our material wholesale, or automatically; you need to select stories to be republished individually. (To inquire about syndication or licensing opportunities, contact [email protected].)
You can’t use our work to populate a website designed to improve rankings on search engines or solely to gain revenue from network-based advertisements.
We do not generally permit translation of our stories into another language.
Any website our stories appear on must include a prominent and effective way to contact you.
If you share republished stories on social media, we’d appreciate being tagged in your posts. We have official accounts for ProPublica on Twitter, Facebook and Instagram.
Copy and paste the following into your page to republish:
