Rise, fall of Sam Bankman-Fried, FTX at center of Michael Lewis' new book | 60 Minutes 

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.

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.

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....

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?

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.

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 RU-vid) 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?

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🤦🤦🤦

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?

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. 👃🏻

THANK YOU

Made me quite literally - laugh out loud. Thank you.

🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣🤣

😂😂😂😂😂

💀💀💀🤣🤣🤣🤣🤣🤣🤣

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?

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.

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.

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

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!"

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

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

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.

It was carefully crafted and sold...

@@roselynewanjiru6893 crafted by whom?

This is basically a stoke fest for a criminal. It’s embarrassing

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 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

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.

😂

Right? A thief is a theif...case closed. Funny how different generations manage to put a new spin on quite ancient stuff.

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.

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.

facts.

Well said

He really was fawning over SBF wasn't he.

Reminds me of a certain party on the hill!

Cause Crypto buyers are perfect suckers to steal from.

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.

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.

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

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!

The Enron guys still tried it.

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

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.

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.

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 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.

It'll play out where the crew find a way to exploit people's money and hopes.

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" 🤭🤭🎶🎶

He is a great sycophant. That gives him access to write about these ghouls.

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.

Lol so crime. Cryptos value is crime. I was wondering why the Triads in Macau take payments in Crypto.

he's milking it

It’s free promotion

Let me explain - $$$$$$$$$$$$$

He even looks like Mark cuban

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.

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.

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 ......

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

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.

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.

Internet access allows you to run scams from your cell... ;-P

@@igorschmidlapp6987 If that is your opinion go for it 😂, but if you have internet in jail you don’t need to scam at all, because you will be intertaing by social media. 😄😂😁

Called Stimming. Sign of Autism.

Neurodivergent

​@markw999 Indeed, either Sam Bankman-Fried have ADHD or Autism

@@yosnake49 Or both.

Man...I'm glad my parents were not that accomplished otherwise it would be hard to feel accomplished in life. I think SBF had inferiority complex

Yup

Before social media that wasn't considered trolling, it was called a literary device. Now people just project their negativity onto everything.

He didn't know the prior work. SBF just saw part of a few of the movies based on Lewis books.

What you fail to consider is that anyone dumb enough to put their life savings in unregulated securities out of the Bahamas, is hard to have sympathy for.

because she started the party and ALLEGEDLY departed in 2018. she may have developed the initial start up and business plan but she didn't go to the after party 👀👀but I'm with you..i need more information, She may have enough money to hide in the shadows, or a really loyal tech engineer like Beyonce status that can wash her digital foot prints and supress her information

So writers have right to confidentiality ?

Yep He too stole money Crypto too. But so far he may be of use to others so he can't be touched Only once he fails scamming people and goes broke Then He will go to jail

Amen.!!!!!