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. 

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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.
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