We Buy A Junk Bond

Planet Money

NPR

Business, News

4.6 • 29.8K Ratings

🗓️ 9 September 2020

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Team Indicator buys Cardiff a surprise present. A terrible, extremely risky, but wildly interesting investment. Then it gets interesting. The company that issued the junk bond declared bankruptcy. But that wasn't the end of the story. | Subscribe to our daily podcast, The Indicator here.

Transcript

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0:00.0	Hey everyone, Stacey Vanick Smith here. I'm the co-host of Planet Money's Daily Show,
0:11.6	The Indicator. So about six months ago, we at The Indicator made an investment. It was
0:17.5	a risky investment. Pretty much everybody told us we were going to lose our shirts, but
0:21.9	we went for it anyway. And this investment took us on a pretty amazing journey into the
0:27.4	world of energy markets, debt, pink slips, and even death, transformation, and rebirth. It has been
0:34.7	truly epic. We've devoted several episodes of The Indicator to this journey, but today on a very
0:40.5	special Planet Money, we have combined them. A whole journey into one episode. And it all started
0:46.3	back in December with a surprise. Holiday surprise, actually, for my co-host, Cardiff Garcia. Here it is.
0:58.3	Cardiff Garcia, we've asked you to come into the studio today because there is a new member of
1:03.8	Team Indicator. Oh really? Yeah. You course you know most of our team are producers, Darius
1:09.4	Raffion and Lena Sonskiri and our editor Patty Hirsch. And this new mystery person about whom I was
1:17.0	not consulted. Yes, there is a new member of the team. Okay. So Cardiff, you might remember in an
1:23.9	interview earlier this week, you told economist Tim Hartford that you thought a junk bond would be
1:30.0	the perfect gift. For Christmas, yes, until we call the part editor Patty Hirsch and say,
1:35.8	can we get Cardiff a junk bond? I'm Santa said, how's Cardiff been a good boy this year?
1:44.3	And we said absolutely he has. Good enough. I went to the edge of my seat by the way.
1:49.8	I said, let's try it. Planet Money has a special little flush front of things just like this and
1:54.5	it's just sitting there gathering dust. Go for it. So we decided that we were going to make a
2:00.3	probably terrible incredibly risky but maybe just maybe very lucrative investment. We were going
2:07.8	to buy a junk bond. Hello and welcome to Planet Money. A lot has happened since December and a lot
2:15.4	has happened with our junk bond since December. Today on the show, we bring you a three part saga.
2:20.9	Our junk bond journey, starting with the purchase. Buying a junk bond. We did not really know where
	...

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