Morgan of crypto. Doesnt mothe bother me. Im thrilled to be announcing im partners with ftx. Great easy way. I dont think so. The crash in bitcoin continues. Happened very quickly. You need ftx. Latest fallout from ftx. Sam bankmanfried. The former ceo of ftx. I ly is playing the game he was taught to play. Im fascinated by scams. Criminal defense attorney. Mr. Corzine would you raise your heigh right hand. I see a lot of them mad. Worst than enron. I you know. What the [ bleep ] in November Of 2022 ftx collapsed. Stunning financial markets. Caught regulators by surprise. Sam bankmanfried has resigned his role. Unbelievable. Billions of dollars banished in to the air. Now market. Ouch it went to zero. Full consequences of ftxs collapse are still not known. One month after it is bankruptcy the ceo Sam Bankmanfried called by his initials sbf was indicted by the federal government. The arrest of ftx founder Sam Bankmanfried in the bahamas. Story is bigger. Sam bankmanfried wound up in handcuffs, story is not over. Rise and fall of ftx is itself a devastating indictment of our ruling class. Of the journalists who made the fraud possible by shielding for Sam Bankmanfried for years. Im all in are you. The celebrity who endorsed him for cash. To buy, sell, trade. An time o indictment of our society, regulators who ignored his crimes and politicians who profits from them, ftx saga is the story of our time, a corrupt, elite in an Economic System that creates nothing, that is that story. Story. I am a correspondent with fox business network. Susan lee has been covering crypto currency for years. Susan lee, i would call ftx like the Td Ameritrade or charles schwab. A place you can buy and sell bitcoins, whatever, Crypto Currenty You like. Ftx it is a cryptocurrency aircra exchange. One of the largest Crypto Echanges in the world, billions of dollars traded on exchange, users thought it was legitimate. You are most important person and company in exri crypto. He is pretty smart. I am sam this is my story. He came with a scruffy kid that may not shower much that wears a lot of tshirts and shorts, just a guy who is sleeping on a beanbag and a genius out of nowhere. Sam bankmanfried of the one of the rich e the richest men in the world, promoting a humble image. They wrote fawning, profiles. He lives with roommates. One of them a golden doodle. Joining me now Sam Bankmanfried. I want to get rich not because i like money, but because i wanted to give that money to charity. You were called j. P. Morgan of crypto. It doesnt bother me. He promoted himself beyond financial world. At One Point Umpired in Major League Baseball wore the ftx on their shirts and miami heat arena renamed ftx arena. Cool. Sam bankmanfried associated with professional athletes, model ands world leaders. Im here with sam from ftx, were at Crypto Bahamas conference. It may have peaked last spring in Crypto Bahamas, a conference sponsored by ftx. Im convinced we have a lot of money, energy and talent behind crypto. The whoses who of crypto was in the bahamas, felt like th the anointing of a new king. They even had a super bowl ad. I dont think so. Im never wrong about this stuff. Never. Missiimploded on november 2. Coin desk a blog that covered the crypto marketed reported that Sam Bankmanfried personal hedge fund had taken on huge amounts of debt, the fund was close to ftx, Sam Bankmanfried owned 90 percent of that company, alameda was use the ftx crypto currency as collateral. It started with the coin desk report, questioning whether the fft was used for loans. Reviled Alameda Research, Balance Sheet is full of ftx native token. I am making up a tok token, saying a susan tok ttoke an. You can give he a mortgage for 500 Thousand Dollars because that is what im telling you that susan token is worth. They withdrew 5 billion of funds in one day. I called the twitter Driven Madrif madof made. Tweeted to his followers. On november 8, the rival, announced a Nawpp A Nonbinds agreement to bailout ftx and the next day reverses course. Just happened very quickly, i think that the lie wassic possiblessed. Over course of next few days, crypto currently prices across the board collapsed, and share prices start toed tank. The crash in Bitcoin Conditions this morning, as sag av ftx explodes. On november 9. It is marking investment in florence down to zero. A total loss. November 10. They freeze ftx assets Sam Bankmanfried tweeted, im sorry. That is the biggest thing, i [bleep] up and should have done better. He tweeted out an apology today, the worst. On november 11 ftx filed for bankruptcy, and Sam Bankmanfried of the forced to resign, next day, Wall Street Journal reports that Alameda Research chief executive. Knew that ftx length t len money to alameda to help meet its liability fee, alameda was once owned by ftx Sam Bankmanfried girlfriend. On november 17, john ray, ceo of writing in the ftx brurbankruptcy filings, never in my career have a seen such a failure of corporate controls and absent of financial information. Ftx of the dead. Sam bankmanfried was exposed. Lomita feed is 101 years old. When covid hit, we had some challenges. I heard about the Payroll Tax Refund that allowed us to keep the people that have been here taking care of us. Learn more at getrefunds. Com. Introducing the limited Edition Disney collection from blendjet. Nine exciting designs your whole family will Adore Blendjet 2 is portable, which means you can blend up nutritious smoothies, protein shakes, or frozen treats, just about anywhere recharge quickly via usbc. It even cleans itself. Order yours now from blendjet. Com and bring a little disney into your life. Im dave saks. I was founding Chief Operating Officer of paypal. I went to invest in Companies Like facebook, airbnb, uber. What went wrong at ftx . Ftx reason for what happened his hedge fund, alameda had a Trading Account on ftx. He says that ftx gave a more join loan to alameda. He was unaware of how big it got. Margin loach is loan allows to borrow against the amount of security you own in this case alameda using ftx up house crypto currency as collateral, when the market started to fall in spring of 2022, the bets soured. Other problem as they lose more money. That token was Class Ral Collateral it should have been sold off and margin called, it didnt happen, Auto Liquidoing provisions that apply over other count at ftx were turned off in alameda. Sam bankmanfried gave his personal hedge fund unlimited access to money deposited by the ftx customers. I am jam jamie dimon. The ceo of j. P. Morgan, imagine if you put your money in a j. P. Morgan account, you thought you were just depositing there for safekeeping, you find out it is gone, it was transferred to jamie dimons personal hedge fund, and only collateral he gave was a token he made up and as loan got bigger and bigger there was nomar j there was no margin call. Then the only question is, was this a planned fraud or did it just end up that way. As we saw with war in iraq. And financial crises and rise of donald trump, legacy media again got everything wrong. Number of people spoke to who dealt with Sam Bankmanfried described him in mice ways. Nice ways. They say it was an accident. I loved him. He got support of the Main Treatment Medi StrMainstream Media, turning him into a bigger person, i have yet to see one apology from media, and are still, excusing what he did. If you want to say he is guilty before he is tried, i just dent understand. You have seen New York Times. The story with kid loves almost writing a puff piece, declaring that ftx was not a Exrie Criminal Mas Maste mastermind. Media is willing to give ftx a pass, you have to ask why,. I. To thank you for engaging in a tooa time of truth. Sam bankmanfried. Membership Media Outlets took millions from ftx. He funded the good press he got, he sent money to various other left wing journalism projects that paid off in favorable coverage. Professional reporters did not bring Sam Bankmanfried to justice, the amateurs on twitter did. It is not Mainstream Media that second posing it i learned most about what happened on twitter, and on youtube. Online sleuths who are doing heavy lifting to reveal the story. Uncovered details how Financial Media missed, including Sam Bankmanfried importantal dangsasam is a Sam Bankmanfried personal drug use. One twitter account. Posted a picture of a rapper frap wrapper for transcription of on the desk. Fda approved. It has many side effects they collude compulsive gambling. They are required to be on special special diet, and contains risk of mania. And. It seems like when you read the stories, it sounds like a bunch of kids who on adderall having a sleep over. His girlfriend who was ceo of his hing hen hedge fund, tweeted when you think about active struck lore there is not much difference between methamphetamine on the street and that a doctor might preswipe prescribe. Sam bankmanfried staked billions of dollars. Person. Ohe played Video Game League of legends on a zoom call with investors. Ftx approved expense reports with personalized emojis, they had no board, no oversight. And bookkeeping they relied on quick book software. It is run by members of a drug fueled sex cult, somehow, despite numerous trips to abou bahamas, no one in media noticed. How do you do that . Allergies dont have to be scary. screaming defeat allergy headaches fast with new Flonase Headache and allergy relief two pills relieve Allergy Headache Pain . And the congestion that causes it Flonase Headache and allergy relief. Psst psst all good Sam Bankmanfried played by a different set of rulings because he was a member of the ruling class, buying influence with millions of stolen money, and donated massive sums to charities. Preaching a new moral gospel. A Single Person can potentially save thousands with their lives. He is playing game he was taught to play. He believes in the concept of earn, to give. I am vivek ramaswamy, i wrote a pair of books one is woke inc. The other is nation of victims. Greatest impact for good. He pretended like he cared. Other than profit and power to gain more of each, that is Cardinal Rule of 21 century capitalism. Just really, large. Funny part of this irony about soar is part of t story, he was able to create that virtuous smoke screen that deflected everyone elses scrutmy. He used to money to become one of the biggest donors in this years midterm election. Donates Tens Of Millions to Democratic Candidates to the good guys, nobody bothered to ask how he generated that kind of liquidity. This is in hamlet for a reason. True as human history. There is enormous amount of positive impact we could have on the work. The guy pro protests chase of virtue much, might be the guy you want to question then turn and run the other way. Sam bankmanfried donated more 40 million in 2022 political cycle, 99. 6 of his donation to democrat. I think duty as a member of the industry to get us regulated to move the industry in a more responsible directions. He was the the face of socalled responsible regulation. Of the crypto currency industry. Things that i have been arguing for are more regulation. You see a guy calling for more regulation in his own industry, look of him in the eye, turn around and run the other way, their market power combined with political power to fleece you. Something at core is affect of altruism. A great question. I am curtis. Im a retired Software Engineer and a blogger. Raise your hand. Effective altruism is a faddish social Movement Popular in ruling class circles, founded by academic peter singer, a moral monster who opens infanticide. Believers. We need a new model of charity focused on maximizing affect of giving no matter human cost. You look at argument for just you know case for affect of altruism, you see they you could buy flowers for your grandmother or save the lives of 0. 1 children. You can impact way more people through you know our philanthropy and how you give back then. Like, you are doings huge thing, for some child or a thing for your grandmother, is she going to eat the flowers . You have a theory of altruism that involves the conclusion that you should never buy your grand mother flowers. They say, they are trying to help largest number of people even if it means hurting those closest to them, and replace natural feeling of loyalty to family and friends. Dollar spent in a third world country goes farther than your own neighborhood. It is affect everi effectively a dark religious movement. Sam bankmanfried is one of its high priest. Charles dickens writes about it. She has a large family, she neglects to sending money to i believe it is in the congo. One thing if you want to get in large u. S. City but another, how do we get to someone in middle of kenya. St impossible to know if your socalled altruism is helping anyone, if you are focused on people who live thousands of miles away. Or on theoretical issues like climate change. They work hard to subvert or corrupt, you actually know if you are trying to help your cousin, you are like feeding his gambling habit, and you take that and you spread if over a large number of people in africa it is hard to know whether you are doing a good or bad thing. Sam bankmanfrieds effective altruism was a sham. National truistic about it there was nothing altruistic about it. He didnt know he was being interviewed. The reporter is someone he thought was a friend, the reporter asked. Was this emphasis you put on effective altruism, part of the rouse you are creating and Sam Bankmanfried said, yeah here, admit it, yes, heehe, he said this is the dumb game we woke westerns have to play. That is what you call saying the quiet part out loud. He is articulating the golden rule of modern woke capitalism, you pretend to care about the woke virtue it is is a sm over 5 Million People have fallen in love with a portable blender. Blendjet 2 gives you icecrushing, big blender power onthego. So you can throw in your favorite ingredients and blend up a delicious smoothie anytime, anywhere. Blendjet 2 even cleans itself. Just add water, a drop of soap, recharge quickly with any usb port. Ready to fall in love . Order yours now on blendjet. Com part time job, full time hustle, all time shero to all of us. You nurture we listen, you teach we thrive. You lift our spirits, but weve Gotta Lay Down the truth. Its time for you, our shero to stretch for the stars. A free online chat can give you the Personalized Tips you need to start boosting your Retirement Savings today. Start saving more for retirement, so you can feel prepared and live your life to the fullest. Visit aceyourretirement. Org after brush see Wi Brucbankruptcy but before his arrest, Sam Bankmanfried tried if go out on a tour. A criminal defense attorney. Im shocked, my colleagues and i are shocked he was still there giving interviews. What do your lawyers tell you right now . Are saying thatting that issuggesting this is a good idea. They are very much not. First thing we tell our clients, in criminal law, no more talking that is the first thing that is rule one. We have a sign there, with a fish with a big mouth, said, you know i wouldnt be here if not for my big mouth. One interview with good morning america. Digital assets may not be loaned to ftx trading, they cant be loaned out. I there existed a bar lending facility. On ftx. And i think that is probably covered i dont remember where but somewhere else. That is him stopping thinking about it, saying to himself, my lawyers done tadidnt talk about this or told me not to go here, he wanted to slowdown, only reasons he is doing this to set the narrative. I ask myself a lot, how i made a series of mistakes. The narrative, and i made a mistake, i didnt steal anything, i didnt defraud anyone. I made a mistake. One of his strategies to clutter his sentences with jargon so no one could understand. Big position open on ftx. That position um, i think was very over collateralized a year ago, there a total market collapse, you know, specifically a large collapse in asset overs last month. I am no expert. But i dont think you answered my question. Techniquecrattic jargon is part of it. If you cant explain it to a 14 year oatyearold that