Well for starters, outside of the US financial regulatory system. They were operating a shadow bank and unregulated securities exchange in the Bahamas and Hong

Well for starters, outside of the US financial regulatory system. They were operating a shadow bank and unregulated securities exchange in the Bahamas and Hong Kong. The media and regulators were willing to take a sympathetic view to all of the openly illegal banking and securities violations while times were good, but they were performing a highline act with no safety net the whole time.