Judging Sam: Judging the FTX Bankruptcy

Judging Sam: Judging the FTX Bankruptcy

Author: Pushkin Industries March 27, 2024 Duration: 43:17

While Sam Bankman-Fried has been on trial, the cryptocurrency exchange he founded, FTX, has been going through bankruptcy proceedings. Jonathan Lipson, a professor at Temple Law School, tells Michael Lewis that he believes the proceedings have highlighted problems with the US bankruptcy system. 

Jonathan Lipson’s research paper “FTX’d: Conflicting Public and Private Interests in Chapter 11” is forthcoming in the Stanford Law Review. You can read a draft here

You can listen to our previous interview about the FTX bankruptcy with Jonathan’s co-author, David Skeel, here

See omnystudio.com/listener for privacy information.


Fifteen years have passed since Michael Lewis published his defining work, Against the Rules: The Big Short Companion. In that time, the story of the 2008 financial crisis, first told in his best-selling book and later in an Oscar-winning film, has only grown more relevant. This audio companion, produced by Pushkin Industries, is not a simple retrospective. Instead, Lewis, joined by co-host Lidia Jean Kott, uses the anniversary as a starting point for a deeper investigation. They examine the enduring legacy of that seismic event-how its lessons were absorbed, ignored, or misunderstood in the worlds of business, culture, and even sports. Listeners are brought directly into conversations that feel both urgent and reflective, including Lewis catching up with the film's director, Adam McKay, and revisiting the real-life individuals whose stories fueled the original narrative. The result is a podcast that functions as a vital, living appendix to a modern classic, asking what we truly learned and how the rules of the game have-or haven't-changed since the house of cards came tumbling down. It’s an essential listen for anyone who wonders how the past continues to shape our present.
Author: Language: en-us Episodes: 100

Against the Rules: The Big Short Companion
Podcast Episodes
The Sudden Celebrity of Sir John Knight from Revisionist History [not-audio_url] [/not-audio_url]

Duration: 48:26
In the battles over gun rights, a shadowy English nobleman from the 17th century has unexpectedly taken center stage. Who was he? What did he do that has — 300 years later — endeared him to a generation of legal scholars…
On Background: The Political Spender America Deserves [not-audio_url] [/not-audio_url]

Duration: 29:02
During the 2022 election cycle, crypto mogul Sam Bankman-Fried gave as much as $40 million in political donations. That whopping sum caught the attention of campaign finance watchdogs, even before Bankman-Fried was arres…
On Background: Who Buys Distressed Assets? [not-audio_url] [/not-audio_url]

Duration: 35:25
Andy Mitchell could be called a "doctor for business." His firm, Lantern Asset Management, buys up businesses in immediate need of cash and willing to sell at bargain-basement prices. Michael Lewis calls up Mitchell to g…
On Background: Effective Altruism Still Has Friends [not-audio_url] [/not-audio_url]

Duration: 34:27
One-time crypto-currency king Sam Bankman-Fried was a big proponent of a philosophical movement known as “effective altruism,” or EA. Advocates of EA say we should use data and reason to find the best ways of doing good.…
On Background: Crypto Skeptic Proven Right [not-audio_url] [/not-audio_url]

Duration: 31:51
If you spend any time reporting on the world of crypto currency and Bitcoin, then you’re going to run across the name Molly White. She’s a software engineer who has been called "the cryptocurrency world's biggest critic.…
On Background: A History of Bankruptcy in the US [not-audio_url] [/not-audio_url]

Duration: 33:12
Often when a corporation declares bankruptcy, that happens at the end of a long and difficult road. But entering bankruptcy proceedings also means setting out on a new and equally difficult road. That’s where Michael Lew…
On Background: White-Collar Crime and Punishment [not-audio_url] [/not-audio_url]

Duration: 39:25
Why do people commit white-collar crimes? And how has the way we think about — and prosecute — white-collar criminals changed over time? As part of the background research for his next book, which is about Sam Bankman-Fr…
On Background: Bad Actors on the Blockchain [not-audio_url] [/not-audio_url]

Duration: 36:09
For his next book, Michael Lewis wants to find out how investigators manage to trace the murky trail of illicit crypto. Cryptocurrency started with the dream of cash changing hands without a trace. But that dream has tur…
On Background from Against the Rules [not-audio_url] [/not-audio_url]

Duration: 2:56
Michael Lewis's next book is all about Sam Bankman-Fried, founder of the crypto-currency exchange FTX, who now faces federal charges. As with all of his books, Lewis is talking with experts to get background context on t…
Episode 7: The Person Who Knows [not-audio_url] [/not-audio_url]

Duration: 45:21
The United States had a pandemic plan. But when a pandemic came, we hesitated to follow it. The country was hobbled by argument and doubt. Much of that doubt came from experts who proposed that Covid might not be as leth…