Sam Bankman-Fried vs. the Crypto Grift

Sam Bankman-Fried vs. the Crypto Grift

Author: Bloomberg and iHeartPodcasts July 11, 2023 Duration: 40:13

Every generation produces a financier or businessperson who personifies how easy it can be to part fools from their money, part smart people from their senses, and part the media from skepticism. There’s a long list of exhibits of that genre, from Charles Ponzi to Bernie Madoff. Does Sam Bankman-Fried belong in that pantheon? There’s lots of evidence suggesting he does. He – and the crypto-currency empire he built – are the subjects of sprawling fraud and money laundering probes. His company, FTX, is bankrupt and federal prosecutors in New York have indicted the 31 year-old former multi-billionaire for a range of financial crimes. SBF, as he’s known, maintains that he is innocent of any wrongdoing and he still gets to have his day in court. Hannah Miller covers crypto for Bloomberg News and is the host of a new podcast, “Spellcaster,” about the life and times of SBF. 

See omnystudio.com/listener for privacy information.


Tim O'Brien, a senior executive editor at Bloomberg Opinion, hosts this weekly Crash Course from Bloomberg and iHeartPodcasts. Instead of observing from the sidelines, each episode places you directly inside the high-stakes environments where major disruptions in business and society actually unfold. The narrative-driven podcast examines what happens when powerful forces-like raw ambition and innovative thinking-meet immovable objects like entrenched competition and institutional power. These collisions aren't abstract; they happen in the very real worlds of Wall Street trading floors, Main Street small businesses, Hollywood studios, and the corridors of Washington, D.C. By dissecting these pivotal moments, the series uncovers the practical, often surprising lessons that emerge from the chaos. It’s a deep dive into the mechanics of change, offering clarity on how today’s upheavals shape tomorrow’s landscape. You’ll hear detailed stories and analysis that go beyond the headlines to explain the why and how behind the news, making complex power struggles accessible and compelling.
Author: Language: en-us Episodes: 67

Crash Course
Podcast Episodes
Authoritarianism vs. Democracy [not-audio_url] [/not-audio_url]

Duration: 38:28
Berlin is the epicenter of one of the most grotesque authoritarian moments in world history: the rise of Adolf Hitler and the Nazi regime, and all of the horrors that flowed out of that. To consider that history, and the…
Silicon Valley Bank vs. the Fed [not-audio_url] [/not-audio_url]

Duration: 37:41
Imagine you couldn’t take another breath because oxygen disappeared. You gasp for air until your body shuts down. Money provides oxygen to our economy. When the money flow slows, so does the economy. If money stops circu…
Putin’s Russia vs. Ukraine [not-audio_url] [/not-audio_url]

Duration: 44:26
When Russian President Vladimir Putin launched a full-scale invasion of Ukraine, he intended to quickly subjugate the entire country. That, of course, didn’t happen. Ukraine – backed by a global alliance – fought back. T…
Small Businesses vs. The Pandemic [not-audio_url] [/not-audio_url]

Duration: 34:48
Remember the early days of COVID-19 lockdowns when, practically overnight, it seemed that every shop closed its doors? Do you remember how all of those small businesses you might have taken for granted – the ones that ga…
Artificial Intelligence vs. Humanity [not-audio_url] [/not-audio_url]

Duration: 52:20
Artificial intelligence, or “AI” – the foundation of decades of science fiction and movies – has gone mainstream. It’s here. ChatGPT, a chatbot launched in late 2022, is a free, ask-me-anything tool that can write seemin…
Cryptocurrencies vs. Reality [not-audio_url] [/not-audio_url]

Duration: 42:10
The Winklevoss twins are known for walking away from Facebook with tens of millions in stock and other payments. More recently, they’re known for a new project: An asset management firm and a digital currency exchange th…
Oatly vs. Big Milk [not-audio_url] [/not-audio_url]

Duration: 42:28
It’s hard for little companies to take on huge competitors – especially an industry like Big Milk, which has a longstanding grip on consumers’ diets and lifestyles. It takes attitude to consider yourself a revolutionary…
Warrior Cops vs. Responsible Policing [not-audio_url] [/not-audio_url]

Duration: 47:36
U.S. police officers shoot and kill more than 1,000 people annually. According to a Washington Post study, half of those people are White, but Blacks are shot at more frequently, even though they represent just 14% of th…
Part 3: Tribal Casinos vs. Digital Sports Gambling [not-audio_url] [/not-audio_url]

Duration: 34:31
Native Americans now run about half of the national gambling market – or about $40 billion in casino revenue – but the threat the digital boom poses to Native American tribes is often overlooked. The Mashantucket Pequot…
Part 2: Sports Gambling vs. Match Fixing [not-audio_url] [/not-audio_url]

Duration: 31:55
Americans bet about $165 billion a year, but here’s something Tim O’Brien worries about: When there’s billions of dollars on the line, how likely is it that your favorite sport is going to get corrupted? Gamblers and cri…