Michael Lewis' INSANE SBF FRAUD Defense | Breaking Points

Krystal and Saagar discuss Michael Lewis giving a bizarre defense of SBF's fraud at FTX.

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[ianstallings]

Co-mingling funds between companies without investors knowing is plain fraud. Plenty of people went to prison for it, and SBF will too.

[ericsarnoski]

Watched the 60 minutes interview. Sounded a lot like a paid for PR defense campaign .

[bonniehainey]

As Saagar often says, “Follow the money!” Lewis epitomizes the values of Wall Street!

[bambooshot]

If SBF was a Nigerian scammer, I'm certain Michael Lewis would have a *drastically* different take. He's not the only one who still defended SBF. These people saw him like the son they never had. They had a personal stake in his success! This is pure denial at its worst. Michael's affinity for SBF is clouding his optics as to who SBF REALLY was. And it is sometimes harder to admit you didn't see the warning signs, so you try weird rationale to explain why you should still believe in this scammer.

[gunterke]

Two weeks ago, Patrick Boyle (of the YT channel) interviewed another writer who wrote a book partly on SBF (but in a very critical fashion), Zeke Faux. He spend much less time with SBF, he was more into trying to understand the whole NFT craze back then, but Faux noticed that Michael Lewis was actually way too close to SBF. Lewis actually interviewed SBF during an event organized by FTX. During this so called interview, Lewis didn't grill him, he praised SBF in many ways: he's a genius, a billionaire, etc. Faux, despite writing his first book, thought Lewis' behaviour was not fit for a journalist.

[Stuart]

*Christ! these two are more reliable & likable than ANYONE in "mainstream media" its what telling the truth gets you. Respect.*

[leonhart]

Thrilled to hear you guys are having Coffeezilla on, dude is a legend.

[bravetraveler]

Corruption has been effectively legalized in this country.

As long as you say things like, “I didn’t know, it was a mistake, ” incompetence appears to be an ironclad defense.

[Paetaor]

He didn’t want to rewrite the book when he found out the truth.

[Mike-In-O-Town]

Anyone who would assert SBF's crypto exchange was totally legitimate is someone who's not worth listening to for a moment. Wow!

[YoungEagle]

SBF and his parents make me cringe. When will his parents be held accountable for their wrongdoing in this mess. Media isn’t talking about it enough . His parents most certainly helped put together this sophisticated scheme at times even helping him run the business. SBF’s parents siphoned millions of dollars and funneled it into their stanford university causes, funded their lavish lifestyle, and they accepted millions of dollars in cash and gifts.

[br]

This situation reminds me of the book "Fatal Vision" by Joe McGinniss about Dr. Jeffrey MacDonald, now in prison for the murder of his wife and two daughters. MacDonald gave McGinniss a lot of access, apparently expecting that McGinniss would produce a favorable account, but McGinniss eventually became convinced of MacDonald's guilt.

[grantwalkersound]

The premise is wrong from the outset. Madoff also had legitimate business just like SBF. Their issues began the same way... Their investments took massive losses during an economic downturn, and instead of acknowledging the financial hit... They instead covered up losses by taking new deposits to cover old debt. Thus begins the intentional defrauding of investors to keep your head above water. They are identical stories.

[Danny-sxcj]

"You either die a hero, or you live long enough to see yourself become the villain." RIP to Lewis' credibility. One sure fire way to tell if something is a Ponzi scheme, is that you are told it isn't one.

[davidtaggart]

When you Steal customer Funds... your Stealing!

[davidmann]

This is ridiculous. Shit it sounds like they might be going after his parents because they were using FTX accounts as their own personal piggy bank.

[wvguy]

Michael Lewis, known for great books such as, "Hitler's Benevolent Plan", "Stalin the Savior", and "Madoff Misunderstood".

[MrPatrickslovell]

You guys absolutely nailed this! I am so glad I watched this.

[overtlooked]

Madoff ran Nasdaq and had a “hedge fund” that blew up as well, the Ponzi Scheme. Madoff was successful and wealthy from Nasdaq alone but couldn’t help himself. The irony in that Michael Lewis said that SBF’s side gig didn’t make sense is almost an exact corollary of Madoff.

[markg]

Caroline Ellison = temptress? OK, that is a bit of a stretch.