A hedge fund named Magnetar comes up with an elaborate plan to make money. It sponsors the creation of complicated and ultimately toxic financial securities...while at the same time betting against the very securities it helped create. Planet Money's Alex Blumberg teams up with two investigative reporters from ProPublica, Jake Bernstein and Jesse Eisinger, to tell the story.
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Host Ira Glass talks with producer Alex Blumberg and his parents about a bad dog they once had, and how nothing—not getting hit by cars, attacked by bigger dogs, or being shipped off to live on a farm—could stop this dog from coming home. "The Cat Came Back" is sung by Nedelle Torrisi.
Alex Blumberg tells the story of an audacious act of rebranding done by a group of people who aren't normally thought of as very audacious: public librarians. In Michigan, they've started staging rock concerts in libraries.
Then Chicago-radio-listener and writer Alex Blumberg (he's now one of our producers) tells the story of encountering a corporation on its first day. It made all the human errors anyone does on a first day: exhibiting false confidence, pretending it wasn't the first day, trying too hard.