Rise, fall of Sam Bankman-Fried, FTX at center of Michael Lewis' new book | 60 Minutes
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- čas přidán 1. 10. 2023
- Author Michael Lewis met with FTX founder Sam Bankman-Fried more than 100 times. Lewis breaks down the crypto superstar’s rise and fall in his new book, “Going Infinite.”
#news #sambankmanfried #sbf
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This is what happens when you collaborate rather than investigate. Total lack of objectivity which goes against everything true journalism stands for.
Exactly. This isn't an "inside story." It's the story of a writer who got too close to SBF & shall we say, lost the lens.
Unfortunately, I can give this video only 1 thumbs down.
Indeed. But then I wonder what, exactly, was the author's true purpose? If actual, objective journalism was it, then he failed miserably (e.g., Fried asking him for advice on major decisions, and him giving that advice...). But if was just as an author who was writing a sensationalized book who wanted content that would get a lot of clicks and attention, I'd say he did a hell of a job.
Or is it a planned fluff piece timed perfectly for his upcoming trial ? Seems everyone is in on it but us peasants
@@hobbs2005 Great question, based on Lewis's past books eg "Liar's Poker," "The Big Short," etc I'd say his project has been more of a journalistic rather than a sensationalistic one. Compared to the past, I think he's missed the journalistic mark this go-round by a wide margin.
Shame on Lewis and 60 Minutes for trying to rehabilitate a con artist.
Coffeezilla broke this down better than 60 minutes and Michael Lewis.
Shame?? They don’t know what that is
Are they really trying to rehabilitate him?
@@willmpet seems like they like fraud ponzi schemes provided he hates Trump.
They are not trying to rehabilitate SBF. They are trying to sell a book that Lewis wrote about SBF.
Yes “he bet at his own casino”, but your missing a key point. He bet at his own casino WITH his customers deposits at his bank next door. If he won, he kept the winnings for himself. When he lost, his customers were in the hole and not him.
Yeah but he was going to change the world with all the money he stole…..so we should be ok with it 😂. “The world needs a person like SBF”
Exactly this. Privatise gains; socialise losses. It’s the American Way, innit 😏
@@lornarettig3215the Caribbean way
@@Praisethesunsonthe American way. He just used the Caribbean as a tax heaven
@@thehoneydeev , American way indeed!!!! We led the world to Ponzinomics....
Lewis' glib dismissal of those who were effected by SBF's malfeasance and fraud is spectacularly insensitive and cruel.
To characterise those who lost their hard earned as "crypto speculators in the Bahamas" speaks volumes about his character, or lack thereof.
exactly!
You don't understand! He only made money for altuism...like giving money to Mitch McConnel.
Agreed. This interview is disgusting.
Agreed! Also *affected* is the right word
@@dankjank1236 Are you American?
You notice how they down play his crime. He is just a criminal not a guy who is looking out for the future
I don't think they care about the crime that much, it's the STORY that they're interested about, i think it just comes off as downplaying
"White"-collar crime is usually covered like that
Exactly! 60 minutes is such a joke
He was one of the biggest democratic donors
You couldn't be more wrong.
When 60 Minutes did a story on Bernie Madoff's fraud, they actually talked to the victims. Later, they did profiles with the relatives, but underneath it all was a deep shame at being involved.
What this story needs is more shame and less infatuation.
yep. this story is so full of holes. None of the right questions allowed to be ask and none of the matter of fact claims expanded on. Complete garbage white washing. 60 Minutes is horrible and complicit by this piece.
Let's face it crypto bros are very unsympathetic characters. CNBC did a doc (it's on CZcams) with the victims, they don't come across very well. I think the story plays better without them.
@@edwardcromwell9228 You make a very good point. Though the fraud that was committed was gross, at least the victims weren't nuns and schoolteachers (generally). Let's just focus on the fraud until SBF gets his life sentence.
@@edwardcromwell9228 How many victims are there? They were all on a single CNBC documentary or what percentage of them?
@@jinparksoulHow many do you expect to be interviewed? Do you think how many of Bernie's victims were interviewed back then?
His parents were very much involved and acquired assets worth millions....
They were highly politically connected, wonder if that’s why they seem to have got away with it so far
Yes, they were involved in being his parents. So what?
Can you do a piece on the retirements he ruined??
Life savings and careers too. The aftermath is painful!
@@roselynewanjiru6893: and sui cides.
Yeah but SBF wants to give money to poor people once he’s done stealing so it’s fine.
People put their retirements in crypto? That's dumb. I was always taught never gamble more than you're willing to lose...
@@NotKimiRaikkonen Yes, That makes it ok that he stole? Especially since he wanted to give it away….right?
You don’t have to go all the way to the base of the shaft Mike
THANK YOU
Made me quite literally - laugh out loud. Thank you.
🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣
😂😂😂😂😂
💀💀💀🤣🤣🤣🤣🤣🤣🤣
i love how Lewis downplays SBF criminal seriousness when the interviewer compares him to Elizabeth Holmes. People lost life savings because of this dude.
I guarantee you that lives were lost too, both directly and indirectly.... And that's not simply due to investment losses either, crypto has enabled human trafficking as well....
Maybe because of Caroline , she was managing Alameda 😉🤔🤔🤔 . Completely different to Holmes...she lied to peoples face about a product that did not exist or work and took action to silence anyone who knew .😉
@@giseledesjardins8239 , they BOTH did that....
@@giseledesjardins8239But here’s the thing Holmes never actually hurt the end user only investors, which yes is bad I’m not excusing it, but comparatively it’s not as bad as millions losing their life savings.
they lost life savings because of their own greed based decisions.
Michael Lewis is that special type of intellectual who is so put off by regular people that he could all but indulge in watching their collective suffering so that he can stroke himself at their pain.
I would agree with all of that except for calling him intellectual ... more like a simp who knows how to write
Berkeley intellectual
People fail to see that he’s not actually committed the alleged crimes. He is an author and his humour as a writer is what assists his creative process. It’s curious to observe the craziness of people putting money into such schemes and untrusted platforms.
Lewis is typical Cali
Oh man he seems like a cool fun dude🤦🤦🤦
I’m halfway thru this and wondering why they are painting SBF as a nerdy somewhat innocent genius as opposed to a genius con self interested person.
Trying to get him a reduced sentence…same reason they bring up Trump as an existential threat to democracy to appeal to sh!tlibs.
@@reedmartin8212 I can see the "business" aspect from your perspective on drawing out the story, but in my opinion since I dont have a profit motive, I dont think the guy deserves any respect or benefit of the doubt in any way. ANd also dont care to hear his story because me and many other dont give a hoot and his rise and fall etc etc and "his story" Too many people like this getting air time in our society. Better to throw him away and and toss the keys off the GGB.....mabye that'll deter the next "young genius" from stealing peoples money.
Makes sense@@reedmartin8212
Because that's who he actually was , numb nuts. The bandwagon groupthink is wrong, not Lewis.
Hopefully SBF parents will get indicted for something, they are horrible people/parents and should be in jail with him
if he truely is how 60 min and Lewis protrait him, then someone must be behind this fraud.. his parents ? using their son to profit
And all the complicit government officials....
More info has been released from the man doing the bankruptcy and SBF or rather SBF's father had ensured certain things were in place in case of a bankruptcy and the messages directly show that. The records also show a direct transfer of $10 million dollars to his parents shortly before the crash. Everyone is wondering how he is paying for his legal fees and such. . .he may have gifted it to his parents knowing there was an issue coming. His father had much more to do with the business and access to things and wrote up some specific legal things. The records show SBF's father had the same level of access as SBF. The record about SBF's mother shows she didn't really do anything with FTX, but she asked for donations to her causes and to the school she worked for and when she can get extreme donations for the college she works at . . . . . .many have said that it's fairly good job security as it pays wells beyond just her salary for years to come. All evidence being discovered is being turned over to the prosecution in the SBF trial and we will see if the DA brings charges against his father or both parents by insinuation of the benefit derived from the donations made to places of work and charities they participate in.
Israeli defense force lmao
The level of misinformation in this interview is criminal. This interview contributes to the image of aloofness for Sam Bankmanfried when he was aware, complacent, and involved.
Did you lose money in crypto?
Maybe his parents know someone at 60 minutes. They seem to be very influential. Enough to convince “mr.wonderful” they would look out for him.
We’re you his roommate?
@@jebrook what
Totally agree
Michael Lewis is simping so hard for SBF, I wonder how much he was paid to speak of his virtues and how he's really not a bad guy at all. And downplaying the pain of the victims who lost their money, real people with families to take care of, what a class act....
He gives Tom Brady $55M, and he somehow likes him. Go figure
20:40 $8B was not a rounding error for FTX! Sam is one of the world's greatest con artists.
So, his ex-GF flunked math? ;-P
You're whole life has been pain and poverty... When you get money and life is always a party do you really think you'll be keeping close track?
I've nearly died more than 5 dozen times!
Uncle Sam's allowance isn't motivating me to go again every morning...
Equal opportunity is.
Look at every perspective before you judge in ignorance!
@@igorschmidlapp6987 i believe they broke up and she stop caring about it.
He started by conning the author who's trying to sell his crappy book
Respectfully you mistake other people's stupidity for somebody else's genius
Damn I'm really disappointed in Michael Lewis, I wonder how much they paid him to do PR for Sam Bankman-Fried
Enough to buy his soul and self-respect, apparently.
Did he get paid or conned?
Those DEM donations 🎉🎉🎉
@@lakeconroehouse dont be daft - this is the USA. like all good banksters + bankster wannabes, they ofc bought both sides of the aisle. look at ryan salame's donations.
@@haplon33 Well……….his family background has deeper ties to a certain group. 👃🏻
michael lewis said if there was not a run for the money, FTX would still be making money.
this is like bernie madoff saying "had the stock market not dropped and people started pulling money out, we would still be making money"
That's true. Doesn't change that it was a scam. It just admits the scam keeps going as long as the suckers don't all cash out at the same time.
Americans could bankrupt every health insurance company in the same way if the poors were coordinated enough.
@@Praisethesunson how is that any different from modern banks? If everyone decided to take their money out now, the banks would also collapse. They're just as much scammers.
Anyone who defends SBF needs to have their finances investigated.
What kisses me off is these stories & the media still acting like he was so altruistic. He did several interviews to save face & never showing an ounce of remorse or concern over people losing all their money. I’m never gonna buy that he had good intentions no matter how u wanna try & sell it.
He also never, as far as I've heard, actually did anything altruistic. He was definitely going to though.
I'll be altruistic and give money away like SBF did to 501c3 charitable organizations, I will give millions. . . .I mean it's really easy to give when it's not your money. Who wants to put money in my bank? I promise 20% returns like SBF did!
Whew, I know some 501c3's I could invest in. . . . .maybe pull what another company did and claim altruistic intentions as a huge PR campaign and plant a single tree every year to "help with global warming" and do a 501c4 I am in charge of.
This guy overlooks that much of the personality Sam created for himself was fake. He admitted to it and just look at how he allowed his parents to profit from their connections with Sam...
It's in the book.
Yeah, read the book.
@@LichenAndMoss Is it worth the read?
i think itll be good to watch the trial first since a lot of new evidence will come out and Lewis seems a little too close to his subject
@@Tyler-vw9bh
I love how these to gentleman, gigglingly how sam is so silly, about no board of directors, no HR. no compliance officer, mean while hard working blue collar people, and rich folks, money is been stolen by this elitist. This whole thing is NOT a joke ...Mr Lewis really needs to back down that big smile on his face.
They do show how some elite entities think: above the law, maximum profit and unquestionable power over other people.
I agree, but I wonder what type of person is going to invest in crypto. It was & still is IMO an unproven & very risky way to invest. I don't understand why people would invest in this...but...many did.
@@user-mg6wn4hs5tI agree however a lot of people would have made money from the crypto invested had it not been fleeced by sbf breaking contract terms,since the price of crypto when ftx started to get big was less than it is now and as the saying goes “no investments bad if you earn money”
Risk is exciting
"I agree, but I wonder what type of person is going to invest in crypto."
Get Rich Quick schemes prey on desperation. People that believes that the cards they have been dealt in life with are unfair, that they have no prospect of improvement, and suddenly a charismatic Wunder Kid like Sam Bankman Fried appear and tells them that if only those people give him all their life saving, he will give them a financial future: "The nay sayers don't understand, it's all FUD! This is my ONE thicket to financial independence!"
Folks wanted so much to believe the hype of his genius and exceptionalism.
It was carefully crafted and sold...
@@roselynewanjiru6893 crafted by whom?
This is basically a stoke fest for a criminal. It’s embarrassing
So the question that 60 Minutes did NOT ask in this interview was... did SBF pay Michael Lewis for his time and advice... and that in any way shape or form impact any aspect of how Lewis told this story in his book.
I think that's a moot point, because whether he was paid or not, Lewis was going to benefit from the inside scoop both financially and in terms of media presence. That being said, Lewis is an established non-fiction writer, however we know that a true story always has to be embelished and tightened to have an arch that keeps you interested.
And I bet Lewis is still getting paid by SBF.
@@SIRIUS3540 how tf would sbf pay Michael lewis, hes dead broke and in jail
Maybe the same way he's paying his multi million dollar legal bills? @@walkjac
this
Is this guy for real??? Fell for Sam himself.
Did you hear the last line in the piece?
@@LichenAndMoss What line do you mean?
i think you're missing the point. Michael Lewis is arguably the greatest nonfiction writer of all time. he was on the frontlines of this story. if he's saying what he's saying, I wouldn't think twice to believe it.
@@mattirwin463 I'm in the Crypto space for 3 years or so now. Before that stocks etc. Believe me. I was there. Fortunately I didn't have any funds on FTX.
@@ratti80 the last line.
wow - just lost a lot of respect for Michael Lewis. He never even used the words fraud, theft or stole
It was only Monopoly Money.
Michael Lewis never lets the truth get in the way of a good story!
Well said
He really was fawning over SBF wasn't he.
Reminds me of a certain party on the hill!
A “different” kind of thief is still a thief.
😂
Right? A thief is a theif...case closed. Funny how different generations manage to put a new spin on quite ancient stuff.
The dishonesty of the host subject is insane. SBF stole money, and lies non-stop. Why trust him?
Cause Crypto buyers are perfect suckers to steal from.
This was good. I feel we also need expose videos on "not a financial advice" CZcams influencers that shilled ftx and they should be brought to justice. 😆
facts.
Lewis is the human form of our economy
Lewis’s objectivity here is concerning, especially when it comes to him advising SBF on business ventures at 15:51.
Lewis didn't know that he was fraudulent until after all of this had collapsed. No one did. He didn't meet SBF with the intention of covering a tragedy. He had no idea what the story was. His objectivity is warranted and valid.
You didnt listen to what he was saying? He did not advise SBF on business dealings lol
That is because Lewis was always a shoddy economist. His grasp of the math behind it was always low and thus his move to being a journalist. His 2 op notch alma maters helped him tremendously in getting interviews and jobs. Pays to advertise that you graduated from top schools even though they churn out a good amount of bad students.
@@SudiB777 you must live in your mommy's basement.
Yeah it really seems its trying to paint it like he wasn't nefarious from the start, and the fact that he was with him he could be found complacent to the feds.
SBF is proof multitasking is a myth. You always end up neglecting one of the issues on the plate.
He gave money to Biden 😂
he gave money to everybody@@Bidenfriend
@@Bidenfriend Also the small detail that FTX was visited and backed by none other than Bill Clinton himself!
@@Bidenfriend and Republicans. He "donated" millions of dollars to both political parties.
@@sassagrass7095 he gave a small amount of money to republican candidates who were likely to lose to Democrats in general elections (Mastriano in Pennsylvania, for example), same tactic used by Soros and other major Dem donors. He was 100% a democrat
I really can’t understand how they try to convince us that SBF is not a criminal and a fraud but just a genius who was trying to save the world and we should all be prying he wins in court. I really hope SBF and everyone involved rot in jail.
It was when Lewis said: "They actually had a great real business, If no one had ever cast aspersions on the business, if there hadn't been a run on customer deposits they'd still be sitting there making tons of money."...that did it for me. What?! I had to watch that five times to believe he actually said that. WTF.
Michael Lewis was conned by this sociopath. He should be ashamed of himself buying into this grift. Sam stole from ordinary people and he believes this nonsense. Tom Brady adored the 50 million dollars, Michael Lewis read the government findings, not Sam's BS facts. This was a family affair and I bought your book, which I won't read after your interview. You lost all credibility!
He is not conned. He is paid. The timing of the book coming out. Lewis even said at the beginning that jury got to read his book.
IT CAN BE RELATIVES, FRIENDS, OR STRANGERS. SOME PEOPLE HAVE THE ABILITY TO CON, LIE, SWINDLE, ETC OTHER PEOPLE.
I also like simple, black and white labels. Nuance is too much work.
Okay so this guy says he wants to have all this money to be able to help put people through school or something like that to become doctors and help the world but yet he's buying Sports Arenas and paying celebrities vast amounts of money for nothing. Glad he's in jail
Its called marketing, ever run a business before? You need advertisements for attention; how would anyone have invested in FTX if there wasn't faces to back it?
Lewis doesn’t mention the email where San admits his effective altruism is nothing more than social signaling to gain trust and respect Lmao. This interview is a complete farce. To think prospective jurors might see this is frightening
The one thing I learned from this interview was not to buy the idiot's book. 60 Minutes really scrapped the bottom of the barrel on this interview.
I have sadly known some people like SBF in my day and I would guess he falls within a level of sociopathy based on how so many people describe him and the way he charms people and that level of charisma could take a man like Mike Lewis and really entice him and being with SBF as much as he was over the two years and being a sounding board and more of a "friend" than an objective journalist has really made him biased towards SBF and exclude many FACTS from his book. The agreement people signed to be with FTX said their money/other crypto currencies would NOT EVER BE USED FOR OTHER PURPOSES. These were not people who speculated with their life savings or teacher's pension funds who "speculated" with large amounts of their funds. These people had the understanding that their money was safe and the ads Mr. Lewis refers to and the money spent on such ads was directly taken from people who put money into FTX. It was STOLEN money!!!
I hope he looks back on this after the trial with guilt. I hope that in 5 or 10 years he looks back and goes "Wow, I was taken by a major con-man and I looked like a biased fooled and lost all objectivity and didn't really do my homework. . . . .so glad I will NEVER make that mistake again!" because this is terrible journalism and should be in schools for "what never to do in journalism".
This was a very difficult to listen to, especially given everything we now know SBF has done.
It's cringe
This dude is still high on Sam's supply, it's so disturbing, no doubt infuriating for all those 1000's of victims out there...
Yeah but he was going to give the money away and change the world once he was done stealing
@@lakeconroehousedidn’t you hear? Tom Brady and Steph curry gave all that SBF cash to Africa and now have they like so many doctors. It s a paradise thanks to ol stealin Sammy
@@natrichgotgame5244 😂 What a great guy he is!! He’s like Jesus but Jewish…..oh wait! 💡
And just like Jesus he was persecuted for trying to do good in the world. He’s not a criminal, just misderstood. All praise SBF!
He is so lost about some issues it's scary.
Which ones?
That Trump is the existential threat that he is even willing to pay a lot of money to control American Presidency and disallow peoples right to choose who they think they will need to run their country. A typical liberal woke who are living in a delusional world lthat does not know how the elites control this world in hypocrisy.
@@LichenAndMossall
Oh, Mr Lewis is FAR from "lost" he's completely disingenuous.... Feigning ignorance....
@@benjaminaristotleboes3157 sounds like someone invested in crypto, you don't sound like the brightest individual yourself.
This idea that he was an ‘effective altruist’ is just so ridiculous and it just sheds light on how empty it is as an idea.
Anybody can just say “I’m an effective altruist”
It means jack
Not buying that money wasn't important to SBF, if that's the case why did SBF buy his family expensive real estate in the Bahamas. Michael Lewis has sttoped to a new low, probably to just sell his book and enrich himself
“If no one had cast aspersions on the business, if there hadn’t been a run on customers deposits, they’d still be making tons of money” NONSENSE - FTX didn't have 'depositors' - FTX was an exchange not a bank. It was fraudulent precisely because there was no full cover for customer assets.
Same as Bernie Madoff..... And, as with Bernie, authorities WERE WARNED......
It took the Ponzi being exposed by a market downturn, just like Bernie.....
If you want to call something without any intrinsic value like all crypto-"currencies" an asset...
@@ralphboyshline1518 , exactly.... It's a liability and scam....
LOL..the glossiest of gloss-overs ever.
Elon Musk only needed a 5 minutes meeting with Sam to smell all the BS!
Just finished the book. I definitely feel that Michael Lewis downplayed the crime of SBF. Michael pictured him as a nerd and genius at the same time, and the tragedy happened while SBF was kind innocent in the process. I found it is a bit unusual when the trail is still on going while the book has already published.
There was no crime here, just a false narrative. All exchanges are allowed to "yield farm" aka invest customer funds. All this talk of "missing" and "stolen" is just referring to money he invested on their behalf.
@@NickKautz…yes but it was funds that were diverted from Alameda Research, meaning he used client funds for purposes other than those that were agreed upon. This is the very definition of fraud, and because the funds went “missing”, theft….
Also, he was aware. This has been proven over and over again
"Yield farming" is the investment of customer funds. It doesn't matter if they went to Alameda or FTX, an exchange is allowed to yield farm. He's also making close to a billion a year in profit from FTX services and probably just added that to the same pool as all the other funds, so when he would buy things with his own profits, it was from the pool of all the money but it was well within his share of it. The amount he spent on things that could be argued were at least somewhat personal is like $550 -$600 million from what i can tell. And $400m of that was charity donations. So well within the margin of company profit, but easy for an outsider to mistake for spending customer money. His awareness that he was using customer funds is not being argued, it's whether he thought it was ok or not that is the question. And to me it's clear that he did think it was ok because it WAS ok.@@sirjonestotherescue
Doesnt matter when there's no records aka the audit trail to separate the two. Stupid thieves who stole then failed to make it whole..
@@NickKautz He was just found guilty by the jury, so this has aged very poorly.
The part he is not talking about but that matters a lot is the parents: what are SBF relations to them ? How does it explain his personality and flaws ? Are they somehow complicit ?
Most probably 60 Minutes would have to close shop & hand over the business to 60 Minutes Australia! 🤔
Is it questionable to anyone else, the timing of this 60 minutes special? His trial is about to start and here we have someone objectively trying to cast doubt into people’s minds as to the intention and guilt of SBF. It’s no wonder that people as a whole don’t trust the media.
It gets the most views
Also how will this "60 Minutes" special benefit SBF? The jurors have been chosen. Those are the men and women who now hold the fate of SBF in their hands. If they're sequestered somewhere, they will never see this "60 Minutes" special until the trial is over.
@@pdruiz2005jury they are trying to influence the jury. In this day and age it's hard to keep the jury completely immune from outside influences.
Someone on the jury could talk to a loved one that saw this show, for example.
"Cast doubt into people's minds." Heaven forfend! In a trial the jurors go in presuming the accused's innocence, that's how the justice system works. It's for the the prosecution to convince them otherwise.
prime example of how money can buy you relationships and power positions
Michael is sugar coating a sociopath and it is honestly, sickening. Lewis is so much an apologist for SBF that it makes you wonder how much of that FTX money that sloshed around - went into his pocket.
It’s shocking that these two are laughing and getting giggles from this story. We need to reimagine what it is to be smart. SBF is the new opposite of smart.
Maybe he is smart. A once honorable and respected institution like 60 minutes is doing a fluff piece on him to explain away his crimes.
"He paid Tom Brady 55 million dollars for 20 hours a year for 3 years (to promote FTX) He paid Steph Curry 35 million dollars"
Larry was right in his fax commercial not to buy FTX 🤣 and still made 35 million 🤣🤣🤣
I had to run the vacuum cleaner around the room for the amount of fluff that was left behind after watching this.
A very superficial treatment, and one suspiciously friendly to SBF. Nothing but vapid questions posed to Lewis by the interviewer.
I wonder why. SBF was a huge benefactor for the Democrat party. Michael Lewis has gone soft. Gotta support your liberal buddies. Even if they are criminal.
THANK YOU, WIZARD!!!! This Sixty Minutes episode needs to be used as a historical reference on what the OPPOSITE of investigative journalism is ......
why does he protect fraudsters?
He got paid a fee to do it, like SBF did with O'Leary. SBF also did this with news reporters and even witness tampering.
@@bobbyboygaming2157 Exactly. I'd be interested to know who Michael Lewis's "friend" was that was thinking of investing with SBF.
I saw an interview with another writer who was looking into SBF at the time of the collapse of his companies. He said he thought Lewis had been taken in and perhaps he's right. Or maybe he was paid off.
It's disappointing.
Elizabeth Holmes had countless brilliant people fooled, and Sam is no different. "Possibly losing some money that belonged to crypto speculators in the Bahamas". Really Michael Lewis?? What about the thousands of people who lost their life savings? I instantly regret buying this book
A lack of corporate controls is not cute, quirky, or funny. It’s criminal. accounting, HR, and finance are there to ensure laws that protect employees and consumers are followed.
I don’t understand how Lewis can put out the book in the first day of the trial and also do this interview before the trial begins.
he's milking it
It’s free promotion
Let me explain - $$$$$$$$$$$$$
sounds like he cut the middle man for corporate lobbying and did it all himself
I’m no financial genius and I knew that FTX was scam or at the very least, a mismanaged company that would lose people money.
Ignorance is not a legitimate defense when you are at his level
The Enron guys still tried it.
Seems to me like Lewis is trying to sanitize SBF’s image with humor and half’s truths
This dudes mannerisms and speaking reminds me so much of Mark Cuban
He even looks like Mark cuban
This guy just brewed up his writing/journalistic career
Calling the first witness for the defence? "... they actually had a great real business, (your Honor) if no one had ever cast aspersions ......." Lewis @23:25. By definition a business that cannot survive true aspersions does not sound like a great real business.
The lawyer was in on it for sure.
Sam's ex-GF is either going to burn him on the witness stand, or wind up being indicted as an accessory...
I found out that she was charged, and pleaded guilty. She is so going to burn him...
Outkast has a song about a girl named Caroline... and every time I hear someone say her name...I HEAR ANDRE 3000 "CAROLINE.... you're the reason for the word witch" 🤭🤭🎶🎶
When the interviewer gets interviewed, you know you’re on the grid.
I can't believe 60 minutes would let him spew this crap on their program
He thought he was above the law or could not be bothered to look up and/or comply with it. His whole group were just too young - they needed a few people in their 40s and 50s with business experience. His parents should have forced him to have in house attorneys, accountants external and internal, regular training on separation of funds (his biggest issue). It is not okay to use Alm bank accounts for FTX even if it were simply because FTX could not open accounts. SBF is probably autistic and I hope his parents have arranged a medical report. That does not diminish his ruination of people's lives and fortunes.
So you think he knowingly swindled people out of their monies?
How in the world could use parents Force anything?
Excellent synopsis, but i deduce it to him just being a lazy crook.!!!!
@@trueone6243 _"So you think he knowingly swindled people out of their monies?"_
He is no different from Elizabeth Holmes they may be young, but it's not an excuse to flush funds without basic understanding/conditions
No way does this work if there is an “adult” in the room. He couldn’t have one.
A lot of comments drawing a parallel to “fool me once shame on you, fool me twice shame on me” - The online world can turn skeptical in a heartbeat.
Still, I’ll buy the book. Been a fan of Lewis since Liars Poker.
Liars poker was his last good book. Every book since has been a fun story with lots of misleading or inaccurate information. Moneyball, the blindside, the flash boys, I’ve read them all. He’s a great storyteller but he’s not a trusted journalist.
Best comment in the whole interview came from Jon Wertheim not Michael Lews: SBF was Elizabeth Holmes in cargo shorts!
I can't wait to see who the next one of these guys will be. There's one brewing up somewhere. This is going to go on in perpetuity.
It'll play out where the crew find a way to exploit people's money and hopes.
SBS absolutely paid this MF’er to make him sound better than Jesus 😂
Yup
I can't be the only one who is and always has been absolutely dumbfounded and baffled by the fact that ANYONE who is supposedly competent intelligent professional Etc. And many of them supposedly at a level suited to functioning in globally complex circumstances institutions COULD EVER FOR A SINGLE SOLITARY SECOND CONFUSE THIS GUY WITH SOME KIND OF GENIUS... MIND
BL🤯WING
They don't. His PR tells them to.
I have thought this very thing. Some things I have explanations for, but the explanations to me still do not sway me enough to have made the decisions that some of his initial major investors did. If someone showed up to any meeting with me and wouldn't even put down their game controller I would think they have an addiction to gaming or a problem with respect for me and my time and would likely end it well before scheduled, but major institutions still took this as "amazing" and gave him hundreds of millions of dollars. He clearly showed how much he gave a F* from the very beginning and I can't believe that no one believed what they saw and how he treated them. He told places that normally ask for a seat on the board when shelling out that kind of money "No, take it or leave it" like he had 100 other offers from billionaires on the table and when he squeezed banks and professional investment firms wearing his board shorts and dying in video game. . . . . .they gave in. I said explanations, not excuses as some behaviors were not excusable.
8
So you were ousted from the only business you co-owned with someone because everyone hated how controlling you were and half the staff walked out because of you. You are in your 20's and have never really "run" a company and don't know how to hire accounting, CFO's, HR, unbiased legal/lawyers for contracts and issues, PR, a COO, and so on, but want 150 million here and 300 million there. . . . . .sure, why not. What idiots gave SBF the money in the first place with no oversight and dear lord WHY? He shouldn't have been given $1.
When the WSJ interviewed him at 3am his eyes were darting all across the room. Up, down, side to side. Body language shows a very shifty character.
"Every cause he sought to serve, he damaged. Every cause he sought to fight, he helped."
What a perfect summary of modern day activism and altruism.
Amazing how they speak so glowingly of Sam bad man!!🤯🤯
This man has been writing about every single financial disaster we’ve had omg…
He is a great sycophant. That gives him access to write about these ghouls.
Michael Lewis is talks about Sam Bankman Freid like he came from nothing, over came all this adversity to create an empire, FTX... He grew up with upper class advantages aka A SILVER SPOON ($$$, education, business and government contacts, etc etc etc that makes opening the doors to this type of success so much easier. It's why the rich get richer
You don’t remove an intermediary when sending crypto. The intermediary is the miner who chooses to bundle your transaction into a block, and just like a bank, charges a fee, albeit a smaller fee. The real value proposition of crypto is being able to send large sums of money for a fraction of what it would normally cost, and to be able to do so anonymously.
Lol so crime. Cryptos value is crime. I was wondering why the Triads in Macau take payments in Crypto.
For a guy who is a vegan Sammy boy has a bit of a gut on him
Allegedly he was eating steak and lobster every day with OPM (other people's money)
Almost all vegans i have ever know are at least overweight. Most overeat carbs. Meat is healthy, carbs ( among other things) are fueling the metabolic syndrome
If you sit around all day on the computer and never exercise, doesn't matter what you eat, you gain weight.
veganism is bad for you
I like how this 60 minutes is unter 30 minutes long
The fact that this video has 10K *DISLIKES* and only 3.2K likes as of 10.7.2023 - tells me all that I need to know!
People like SBF love to wear titles like "Entrepreneur" and CEO, but will be the fist ones to pull a "I don't know" when things go left. I also don't understand how he is out here doing all of these media interviews, I'd be more worried about getting JUMPED or being shot!
Barbara Fried's philosophy: 'Why take personal responsibility when you can blame it on crypto?' 🤷♂💰
"Nerd of all nerds, even the nerds dont hang out with this nerd he's such a nerd"
Calling billions "some money ", now that's hilarious 😊
Ever wonder why there’s so much distrust in modern media?…. Look no further than this “fluff piece”. SMH
Michael Lewis is simply another con artist. What a masterpiece on his side to try to portray SBF as good but lost guy.
I think guy knew right away SBF was FOS and a shitstorm was coming, and saw both the opportunity of seeing the story through and the downside of quitting on it. The more valuable (and perhaps not so interesting) story is why society becomes fascinated with such stupidity.
That's a powerful angle actually. Why are people fascinated by such? SBF won't be the last.
Cause it was stupid that had more money than your entire family bloodline will ever have.
Love Michael Lewis as a writer but in this interview he comes out a little scammy. Like he will do anything to grab a great story. When he crosses the line and starts counseling Bankman on both personal matters and the company itself, is he still an objective journalist? And now that Sam has crashed and burned, he seems delighted to share confidentials...
Yes, I will read the book. Hope that Bankman had genuine dreams to help the world but paying congressmen is always a slimy look. Not that our high ideal elected leaders ever have a problem with that.. 'Will that be cash or gold bars...?'
Hope Lewis gets brought to the trial. Seems like in this case he was aware as an unofficial advisor that he was fully aware that crimes were taking place and yet kept quiet..
So writers have right to confidentiality ?
Our lack of regulation is the reason a kid in cargo shorts could rise and fall so fast.
How are so many people fooled by this guy? I took one look at SBF and said, "Yeah, I'm not putting my money on that guy's exchange."
They sold an image of a young, successful & altruistic guy making a difference. Lots of smoke screens to hide the dark persona.
Larry David was right*!😂
FTX founder Sam Bankman-Fried has been found guilty on all charges related to the collapse of his now-bankrupt cryptocurrency exchange in the first of two criminal trials against the former CEO.
It’s dumb that he described his book as a letter to the jury when the jury will absolutely NOT be allowed to view any of it
From 20:00 on Michael Lewis goes from kind of mediocre on this to an absolute cultist defending a criminal that stole billions of dollars from people.