34 min listen
The Naked Emperor Episode 3: Busted
FromUnderstood
ratings:
Length:
32 minutes
Released:
Mar 27, 2023
Format:
Podcast episode
Description
In the weeks after FTX filed for bankruptcy Sam stuck to his story: he did not commit fraud.
FTX’s post-collapse CEO claimed the company had been a managerial and financial disaster, writing that he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
In response to his cratering public image, Sam Bankman-Fried talked. A lot. He exhibited an almost reckless desire to tell his side of things, insisting he could explain – and vindicate – himself. It was an exceptionally bizarre move for someone who had lost not just his personal fortune, but potentially the funds of millions of customers. Even as U.S. prosecutors filed charges, and his former friends turned on him, SBF was unwavering.
With the legal odds against him, why would SBF risk so much by refusing to shut up?
For transcripts of this series, please visit: https://www.cbc.ca/radio/podcastnews/the-naked-emperor-transcripts-listen-1.6784363
FTX’s post-collapse CEO claimed the company had been a managerial and financial disaster, writing that he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”
In response to his cratering public image, Sam Bankman-Fried talked. A lot. He exhibited an almost reckless desire to tell his side of things, insisting he could explain – and vindicate – himself. It was an exceptionally bizarre move for someone who had lost not just his personal fortune, but potentially the funds of millions of customers. Even as U.S. prosecutors filed charges, and his former friends turned on him, SBF was unwavering.
With the legal odds against him, why would SBF risk so much by refusing to shut up?
For transcripts of this series, please visit: https://www.cbc.ca/radio/podcastnews/the-naked-emperor-transcripts-listen-1.6784363
Released:
Mar 27, 2023
Format:
Podcast episode
Titles in the series (14)
Episode 1: The Hype: Sam Bankman-Fried wasn't like other crypto moguls: he drove a Toyota Corolla, he was an advocate for government regulation, he said he would give billions away to charity. That is, until he lost it all in what has been called “one of history’s greatest-ever destructions of wealth.” Sam Bankman-Fried, aka SBF, had an empire. His cryptocurrency exchange, FTX, and hedge fund, Alameda Research, together were worth billions. Celebrities sang his praises, and politicians took his donations. Then, it all collapsed – almost overnight. There were millions of FTX customers. Now, they don’t know where their money is. Host Jacob Silverman, co-author of a forthcoming book about crypto and fraud, takes a closer look at the hype around SBF and FTX, and how it only grew, even as other crypto companies crashed around them. How powerful was Sam Bankman-Fried? And how did he initially manage to hang on, to thrive even, as other giants tumbled towards bankruptcy? by Understood