Meta kept the debt for its $27 billion Louisiana data center off its books, legally, and the bonds ended up in funds millions of ordinary savers own. We read the filings, then followed the bonds into 247 funds. Here's how it works, who else does it, and where the debt went. Full sources and credits are in the comments. 0:00 Meta's $27 billion data center 1:12 Part 1 · The trick 2:53 Part 2 · Everyone does it 4:37 Part 3 · The cracks 5:42 Part 4 · Who holds the debt 7:23 Part 5 · Your 401(k) 7:56 On the record Event footage: news, C-SPAN and company video, muted, used for commentary (fair use), credited in the sources comment. Stock: Pexels. Maps: © MapTiler © OpenStreetMap. Original score.