Metallgesellschaft (MG) is the classic case study in risk management for the mismanagement of hedging strategies. The company sold long-term forward contracts on heating oil and gasoline to customers and attempted to hedge this exposure using short-term futures contracts (a strategy known as "stack and roll"). When energy prices dropped significantly, the short-term futures positions suffered massive margin calls, creating a severe funding liquidity crisis, despite the fact that the underlying long-term forwards were gaining in value.

• Enron: Known for accounting fraud and hiding debt in Special Purpose Vehicles (SPVs).
• Volkswagen: Known for the emissions testing scandal (operational risk) and a massive short squeeze involving Porsche (market risk/manipulation).
• Barings Bank: Brought down by a rogue trader (Nick Leeson) engaged in unauthorized speculative trading, which is an example of operational risk and failure of internal controls.