Financial Forensics: The Due Diligence Files

In August 2009, the collapse of Colonial BancGroup marked the largest banking failure of the year, costing the FDIC deposit insurance fund an estimated two point eight billion dollars. While external analysts attributed the bank’s insolvency to standard real estate losses in its commercial and construction loan portfolio, the core driver was a massive, multi-billion-dollar fraudulent conspiracy operating directly within its Mortgage Warehouse Lending Division (MWLD) in Orlando. For seven years, the bank's largest customer, Taylor, Bean & Whitaker Mortgage Corporation (TBW), systematically fabricated collateral records to cover massive cash shortfalls, directly colluding with a senior bank executive to keep the multi-billion-dollar credit line active.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠⁠

This narrative financial autopsy exposes the operational architecture of the lender-borrower collusion between TBW Chairman Lee Farkas and Colonial Senior Vice President Catherine Kissick. We map the precise progression of the fraud, starting in 2002 when TBW began experiencing a permanent structural deficit, running daily overdraws of fifteen million dollars. Instead of executing margin calls, Colonial personnel actively manipulated intraday data entries—delaying warehouse debits until after secondary market credits cleared—to create a permanent check-kiting mechanism that kept the line seemingly balanced at the end of each business day.

As the deficit scaled, the mechanism transitioned into the active creation of fictitious data assets. TBW generated fake loan numbers for non-existent borrowers and re-pledged mortgages that had already been sold and delivered to secondary market agencies like Freddie Mac and Ginnie Mae. The episode outlines how Farkas established Ocala Funding to misappropriate an additional one point five billion dollars from institutional investors like Deutsche Bank and BNP Paribas to prop up the scheme, the audit verification failures of PricewaterhouseCoopers, and the fraudulent attempt to secure five hundred and fifty-three million dollars in federal TARP funds before an inside whistleblower triggered a federal raid. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Colonial BancGroup bank failure 2009 FDIC, Lee Farkas Taylor Bean Whitaker mortgage fraud, Catherine Kissick bank executive collusion sentencing, mortgage warehouse lending line credit kiting, fictitious residential mortgage assets collateral pool, Ocala Funding liquidity misappropriation institutional losses, PricewaterhouseCoopers PwC audit failure warehouse verification, Troubled Asset Relief Program TARP application fraud, Federal Reserve bank examination oversight failures, asset backed securities mortgage originations tracking, secondary market delivery velocity data mismatch, whistleblower criminal investigation search warrant execution, non depository mortgage originators capital deficit, financial forensics bank ledger paper trail

This GP and LP institutional framework converts the multi-year Colonial BancGroup and Taylor, Bean & Whitaker failure into an active due diligence model for credit facilities. We deconstruct three distinct signals embedded in the regulatory and operational record that could have allowed institutional investors to identify the collateral breakdown before the FDIC intervention. We map single-counterparty concentration risk within the Mortgage Warehouse Lending Division (MWLD), analyzing how fee-generation incentives prevented the implementation of independent compliance gates.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠⁠

When conducting institutional underwriting or credit risk assessments on mortgage warehouse lending facilities, the core parameter of verification is the independence of the collateral confirmation procedure. An audit framework that confirms asset existence by routing inquiries through the very counterparty whose representations are being verified is not an independent review—it is a documented circularity that masks structural fraud. In asset-backed lending, risk management cannot be outsourced to the relationship team or the borrower, particularly when a single client represents a dominant concentration of a division's revenue.

The analysis details the technical utility of the collateral aging report, demonstrating how an expanding ratio of warehouse assets relative to the actual velocity of secondary market deliveries indicates impaired, delayed, or entirely fabricated loans. We examine the landmark 2017 bench trial where Colonial's bankruptcy estate successfully established PwC's failure to independently circularize secondary market purchasers, servicers, or borrowers. Finally, we deliver three operational mandates for institutional lenders today: enforcing strict, independently monitored concentration limits; establishing automated audit triggers for stale collateral; and structuring verification pathways that bypass the originator completely.

Colonial Bank warehouse lending collateral verification models, single counterparty concentration limits credit risk management, PwC professional negligence litigation bench trial 2017, collateral aging report mortgage turnover velocity, asset backed lending independent circularization procedures, audit trail confirmation flaws internal control testing, secondary market delivery verification underwriting tools, mortgage originator credit risk stratification frameworks, data entry kiting intraday tracking mechanisms, corporate governance bank relationship fee conflicts, liquid asset misrepresentation regulatory reporting, institutional allocator due diligence checklists warehouse lines, alternative investment counterparty verification structures, financial forensics credit facility asset tracking

Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

In July 1996, the board of directors of Sunbeam Corporation hired Albert Dunlap, a corporate restructuring specialist famously nicknamed "Chainsaw Al" due to his aggressive cost-cutting methods. Within months, Dunlap executed a brutal operational overhaul: closing eighteen of twenty-six manufacturing plants, firing half of the twelve-thousand-person workforce, and shrinking the legacy product catalog by eighty-five percent. On paper, the turnaround appeared magnificent, propelling Sunbeam’s stock from fifteen dollars to an all-time high of fifty-three dollars a share in early 1998. Wall Street widely celebrated the performance as an exemplary corporate rescue operation. However, the reported revenue growth did not reflect sustainable consumer demand; it was an elaborate financial illusion engineered by pulling future sales into current reporting periods through aggressive accounting manipulation.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠⁠

This narrative financial autopsy deconstructs the mechanics of the multi-million-dollar channel stuffing and bill-and-hold accounting fraud that precipitated Sunbeam's systemic collapse. We map how Chief Financial Officer Russell Kersh and controller Robert Gluck established massive "cookie jar" reserves during the 1996 restructuring phase, later releasing those over-allocated provisions back into 1997 operational income to artificially inflate earnings metrics when scrutiny was highest. The episode exposes how the company targeted major retail distributors in the fourth quarter of 1997, offering unprecedented discounts to force massive inventory placement. Sunbeam recognized the immediate sell-in revenue under bill-and-hold terms while physically storing the unneeded seasonal goods in third-party warehouses leased by the company itself.

The narrative tracks the direct parallel to Arthur Andersen's prior audit deficiencies at Waste Management, revealing how engagement partner Phillip Harlow repeatedly signed clean, unqualified audit opinions despite documenting clear non-compliance with US GAAP. By early 1998, the distribution channel was completely full, end-consumer sell-through lagged, and future demand had been entirely exhausted. When the board discovered the artificial nature of the sales pipeline, Dunlap was abruptly terminated, leading to a comprehensive financial restatement that wiped out sixty-five percent of reported net income and forced the company into Chapter 11 bankruptcy. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Sunbeam Corporation channel stuffing fraud 1998, Albert Dunlap cookie jar reserves manipulation, Russell Kersh bill and hold revenue recognition, Arthur Andersen audit failure Phillip Harlow SEC, restructuring specialist cost cutting corporate governance, consumer product inventory distribution channel accumulation, generally accepted accounting principles GAAP compliance failures, earnings management look forward sales distortion, corporate bankruptcy liquidation share price collapse, executive equity compensation alignment risk incentives, product sell in vs sell through metrics, financial statement restatement net income overstatement, Securities and Exchange Commission civil enforcement action, institutional investor equity wealth destruction case study

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This GP and LP institutional framework converts the 1998 Sunbeam Corporation accounting scandal into an active capital markets risk assessment model. We analyze three distinct arithmetic signals derivable entirely from the public 10-K filing that could have warned allocators of systemic manipulation long before the board terminated management. We calculate the days sales outstanding (DSO) expansion, proving that Sunbeam’s accounts receivable grew at twice the rate of revenue, signaling that sales were being recorded far ahead of commercial finalization. The analysis details how to track distributor inventory backlogs to identify hidden channel-stuffing practices, and maps the widening divergence where net income surges while operating cash flow severely deteriorates.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

The analysis incorporates the Beneish M-Score—an eight-variable quantitative model that flagged Sunbeam’s 1997 financial reports as a high-probability manipulation candidate using only public metrics—demonstrating how institutional allocators failed to utilize open data. We explore the severe governance misalignment caused by a CEO compensation structure indexed almost exclusively to short-term stock performance hurdles, creating an inevitable incentive to borrow future revenue to protect personal payouts. Finally, we provide four underwriting requirements to review auditor independence trends and evaluate structural process risks across equity-heavy distressed restructurings.When analyzing a distressed asset turnaround or conducting institutional due diligence on a company executing aggressive operational restructuring, the traditional risk metrics focus heavily on head-count reduction and fixed-cost consolidation. However, the critical operational risk resides in the decoupling of recognized revenue from actual cash generation, where management manipulates the timing of sales to satisfy near-term transaction milestones. While public corporate narratives emphasize immediate margin expansion, the structural truth of an asset's viability is embedded within the relationship between cash flow volatility and the accounting accruals reported on the balance sheet. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Sunbeam Corporation Beneish M score financial model, days sales outstanding DSO accounts receivable expansion, operating cash flow earnings divergence indicators, channel stuffing sell through risk stratification analysis, distressed asset turnaround due diligence frameworks, equity indexed executive compensation incentive distortions, Arthur Andersen audit partner liability tracking precedents, financial accruals to total assets ratio, US GAAP revenue recognition criteria auditing, cookie jar accounting reserve release mechanisms, balance sheet manipulation quantitative risk screens, institutional allocator underwriting process risk metrics, corporate governance board oversight failure models, seasonal inventory placement contract term verification

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This narrative financial autopsy deconstructs the structural collapse of Comverse Technology, the definitive case study that turned an academic paper into a massive federal criminal investigation. We map the precise mechanism utilized by founder and CEO Kobi Alexander, Chief Financial Officer David Kreinberg, and General Counsel William Sorin to systematically alter corporate records and manipulate option pricing. The episode details how Comverse did not merely backdate execution documents; the leadership architecture went so far as to create a hidden pool of phantom employees within the company's internal HR database. These fake identities were routinely awarded hundreds of thousands of backdated options, which were later harvested and transferred into a secret slush fund controlled directly by the executive suite.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

The narrative tracks the internal friction that developed when external auditors began asking for concrete grant documentation, the rapid unravelling of the scheme following a definitive Wall Street Journal investigation, and the dramatic international flight of Kobi Alexander, who transferred tens of millions of dollars to Namibia to evade FBI arrest. Through a forensic review of SEC filings and criminal indictments, we examine how a dominant multi-billion-dollar telecom software giant was forced into massive financial restatements, operational paralysis, and ultimate corporate deletion from the public markets. In 2006, a systemic corporate governance scandal shattered the integrity of equity-based executive compensation across Corporate America. While the financial press initially treated option grant dates as routine administrative scheduling, an academic statistical model developed by finance professor Erik Lie exposed a mathematical impossibility: over an entire decade, corporate executives were receiving stock option grants precisely on the days when their company’s stock price hit its absolute lowest point of the month. The mathematical probability of this occurring by random chance across hundreds of independent events was effectively zero. This was not administrative luck; it was backdating—the widespread practice of retroactively selecting historical dates to maximize personal executive wealth at the direct expense of public shareholders.Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Comverse Technology option backdating scandal 2006, Kobi Alexander Namibia international fugitive extradition, Erik Lie stock option grant statistical model anomalies, Securities and Exchange Commission civil enforcement accounting fraud, David Kreinberg William Sorin criminal indictment plea, retroactive option pricing grant date manipulation mechanics, phantom employee database stock option allocation pool, executive compensation committee capture governance failure, Wall Street Journal financial forensics options investigation, deferred prosecution agreement financial restatements audit tracking, look back options pricing model corporate record alteration, technology sector executive wealth extraction schemes, internal control deficiencies material nonpublic information abuse, corporate governance failure employee stock option plans

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This GP and LP institutional framework converts the 2006 Comverse Technology backdating scandal into an active corporate governance due diligence model. We isolate three specific, highly visible risk signals embedded directly within the public SEC Form 4 filings that allocators could have utilized to identify the manipulation years before federal regulators intervened. We deconstruct the relationship between the grant date and the filing lag, demonstrating how a persistent pattern of multi-week delays between the purported allocation of an option and its formal regulatory declaration serves as an absolute structural red flag for retroactive manipulation. The analysis establishes how a basic quantitative screen of historical stock performance immediately following grant dates can reveal artificial price troughs that defy standard market distribution models.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

The episode further evaluates the systemic breakdown of the board-level compensation committee, analyzing how independent directors routinely signed blank authorization documents, accepted management's verbal narratives without verifying data inputs, and failed to cross-reference grant logs with the actual corporate payroll registry. We detail how modern governance standards, including the Sarbanes-Oxley two-day filing mandate and post-crisis independent compensation committee requirements, were specifically architected to compress these information asymmetries. Finally, we map an explicit four-part operational checklist required by institutional investors to stress-test equity compensation documentation, assess board capture risks, and verify the integrity of management-led allocation structures in modern alternative investments.When evaluating asset placement or conducting institutional due diligence on public technology companies heavily reliant on equity compensation, the primary risk variable is never the historical revenue trajectory or product market fit. The fundamental institutional exposure resides within the compensation committee's governance architecture and the exact level of operational discretion management possesses over the timing and documentation of asset creation. While public annual reports focus entirely on top-line metrics, the true indicators of counterparty vulnerability and leadership capture are often sitting in plain sight within regulatory filings long before an external investigative catalyst or whistle-blower forces a public market correction. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Comverse Technology Form 4 regulatory filing due diligence, executive stock option grant lag analysis red flags, compensation committee capture corporate governance framework, quantitative screen historical option price distribution anomalies, Sarbanes Oxley two day filing requirement compliance, independent director oversight failure validation procedures, asset allocation risk executive compensation structures, internal audit verification procedures payroll log cross reference, institutional due diligence public data analysis models, accounting fraud detection material weakness identifiers, SEC corporate disclosure requirements equity compensation plans, management discretion valuation inputs governance risk variables, forensic data sheet stock option grant tracking tools, counterparty risk management alternative investment underwriting

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This narrative financial autopsy deconstructs the corporate decision-making sequence at Societe Generale between January 19 and January 24, 2008. We map how management, in coordination with the Governor of the Bank of France and the AMF, secured authorization to force-sell tens of billions in index futures into declining global markets while hiding the liquidation from the public. The episode exposes how the subsequent five point five billion euro rights issue was quietly arranged with Wall Street underwriters and priced at a deep thirty-nine percent discount using a reference window where the market was trading completely blind.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Societe Generale rights issue 2008, Jerome Kerviel rogue trader fraud discovery, equity futures portfolio liquidation market pressure, AMF regulatory disclosure sequence authorization, emergency capital raise underwriting discount, Federal Reserve emergency rate cut January 2008, material nonpublic information corporate governance, JP Morgan Morgan Stanley global coordinators wall cross, systemic stability market manipulation defense, financial crisis bank recapitalization frameworks, compliance internal controls risk monitoring alert failure, Euro Stoxx 50 DAX futures selling volume, class action shareholder settlement, financial forensics transaction paper trail analysis

This GP and LP institutional framework converts the 2008 Societe Generale capital raise into an active capital markets due diligence model. We analyze the structural logic of the AMF's authorization that allowed SocGen to execute a secret three-day unwinding, examining the unformulable macro questions that left institutional asset allocators trading on incomplete signals. Finally, we map three explicit analytical requirements for underwriting due diligence—deconstructing pricing reference distortion, underwriter wall-crossing timelines, and the regulatory boundaries where systemic stability arguments supersede public market fairness.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

When evaluating an emergency rights issue announced simultaneously with a material negative disclosure, the standard institutional variables focus on underwriting safety and subscription discounts. However, the true allocation of risk resides within the hidden timeline where a listed entity holds asymmetric nonpublic information, and the reference prices for new capital are established in a managed data vacuum.Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Societe Generale disclosure sequencing framework model, emergency rights issue pricing reference distortion, AMF regulatory authorization boundary precedents, institutional capital markets information asymmetry risks, underwriter wall crossing procedures compliance, systemic stability intervention policy mechanisms, European equity futures market signal interpretation, public disclosure exemption material information management, bank capitalization discount risk premium calculation, financial forensics liquidity event underwriting metrics, Euro Stoxx index volatility price discovery flaws, Bank of France emergency intervention coordination, counterparty risk asset allocation frameworks, listed financial institution corporate governance parameters

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In the summer of 2007, the collapse of two flagship Bear Stearns structured credit vehicles marked the functional prologue to the global financial crisis. While the broader market interpreted the event as a generic subprime mortgage write-down, the structural failure was driven by an operational information gap between private internal portfolio assessments and public net asset value reports.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

This narrative financial autopsy deconstructs the structural collapse of the Bear Stearns High-Grade Structured Credit Strategies Fund and its Enhanced Leverage companion. We map the precise divergence between the funds' public marketing materials—which declared a modest six to eight percent subprime exposure—and the actual sixty percent concentration later established by federal regulators. The episode details how valuation models for illiquid collateralized debt obligations (CDOs) were utilized to delay the recognition of market deterioration, the critical margin calls from Goldman Sachs and Merrill Lynch that broke the structure, and the subsequent high-stakes criminal trial that redefined the legal boundaries of managerial intent. Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Bear Stearns hedge fund collapse 2007, Ralph Cioffi Matthew Tannin criminal trial acquittal, collateralized debt obligation CDO tranche valuation fraud, subprime mortgage portfolio exposure misrepresentation, net asset value NAV mark methodology discretion, Goldman Sachs prime brokerage margin call 2007, Merrill Lynch collateral seizure liquidation auction, asset backed securities ABS structured credit contagion, hedge fund leverage redemption suspension gates, Securities and Exchange Commission civil enforcement settlement, High Grade Structured Credit Strategies Enhanced Leverage Fund, internal corporate email forensic paper trail evidence, subprime indices market correlation performance divergence, investment bank parent emergency capital rescue operation

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This GP and LP institutional framework converts the 2007 Bear Stearns hedge fund failure into an active counterparty due diligence model. We isolate three specific risk signals present within the public record long before the systemic freeze, evaluating the critical disclosure gaps embedded in over-the-counter credit instruments. The analysis details how post-crisis standards like SEC Rule 2a-5 and AIFMD independent valuation mandates were designed to close these cross-border gaps. Finally, we map four explicit portfolio parameters required to stress test illiquid credit fund valuations and confirm manager communication integrity.

🔴 Every corporate failure leaves behind a pattern.

FFL Risk Pattern Scan provides access to a searchable library of documented corporate collapses, frauds and restructurings that can be filtered by geography, sector, collapse mechanism and fraud vector.

Compare live opportunities against historical cases using pattern matching and risk assessment tools designed for investors, lenders and deal teams.

All analysis runs locally and remains private.

⁠⁠⁠⁠⁠⁠https://risk-pattern-scan.lovable.app/⁠

When evaluating asset placement within funds holding complex alternatives, the core risk is never the historical performance curve; the risk is the manager's level of discretion over the inputs that generate the asset marks. While monthly investor reports provide an absolute net asset value, the true institutional exposure resides within undisclosed valuation methodologies, model assumption lags, and the information asymmetry built into General Partner and Limited Partner structures.Financial Forensics Labs — Every collapse has a pattern. We dissect it. Layer by layer.

Bear Stearns asset mark verification due diligence frameworks, illiquid structured credit valuation methodology inputs, SEC Rule 2a5 fair value accounting standards, alternative investment fund managers directive AIFMD valuation compliance, General Partner Limited Partner GP LP information asymmetry, hedge fund redemption gates leverage covenant interaction, independent fund administrator dealer indicative quotes audit, over the counter OTC credit asset pricing models, portfolio management conflict of interest disclosure rules, financial forensics alternative investment underwriting metrics, index performance correlation asset class market divergence, private credit commercial real estate valuation risk, internal model default recovery rate assumptions analysis, fund of funds counterparty risk evaluation systems