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There aren’t many live TV events that have truly blown my mind.
Immediately comes to mind 16 years ago on my TV screen, Zinedine Zidane, one of the best footballers in the world, literally headbutted an opposing defender in the biggest stage of the World Cup final. I saw that
Recently, I remember watching the prime minister of my country (Ireland), Leo Varadkar, speaking live on national television about the COVID pandemic.
It will probably take some time to forget those historic moments. And I’m sure you’ll remember the last one you saw for a while too.
Sam Bankman-Fried, the disgraced CEO of bankrupt exchange FTX, gave an almost hour-long interview at the New York Times’ Dealbook Summit last night.
I have no idea why this interview was done. Bankman-Fried dialed in from the Bahamas, apparently done against the advice of “the people”. They are supposed to work in the legal profession.
I feel obligated to tell and explain what happened. I don’t know.”
“It’s not something I look at,” he said when asked if he was concerned about potential criminal liability.
Like his disastrously leaked DM conversation on Twitter, I have no idea why this interview took place. At this point he finds it hard to believe what comes out of Bankman-Fried’s mouth. And in that Twitter conversation, Bankman-Fried explained that the reporter was a “long-time friend” and that he “foolishly” forgot to be a reporter.
Last night’s interviewer, Andrew Sorkin, asked him about some of the wild confessions in that DM exchange. Agreed to have played the “game” as we all did.
The more I read, the more I think SBF is *very* bad.
Shows zero regrets. lie. Mysterious tweet. I feel like he’s playing a game.
Hard to believe these DMs are real (per @KelseyTuoc On Vox’s compelling work he seemed to think they were speaking confidently. be frank) pic.twitter.com/sivc7zyYg4
Dan Ashmore (@DanniiAshmore) November 16, 2022
“As far as I know,” “as far as I know,” and “I don’t know the details,” were many. Despite being the CEO of FTX and owning his 80% stake in Alameda, Bankman-Fried has repeatedly said he does not have full oversight on certain issues.
Call me a cynic, but I don’t believe a company can take out a billion dollar loan without 80% of the owners knowing.
He also said, oddly enough, that FTX US could start allowing withdrawals right away, fully accommodating his “knowledge”. Are you going to believe he’s really this out of the loop?
The big question is whether Bankman-Fried will face jail time for his actions. For now, most people believe he doesn’t. Considering he was chatting at his New York Times summit, I’m not sure what to think, albeit virtually.
He was nervous throughout the interview. Nervous smiles, convulsions, gazes at the floor. A question about him taking prescription drugs at the office confused him a bit, but his “I had a bad month” comment elicited laughter from the audience.
The biggest problem, of course, is yet I don’t know how he allowed so many assets to be transferred to Alameda. No one has clarified what happened.
To most people, it looks like a scam, sending client assets to Alameda while smiling on magazine covers and speaking in front of Congress. very It’s hard to believe Bankman-Fried didn’t realize how big those transfers were and how devastating the losses at Alameda were.
I wasnt paying enough attention to exchange positions and position risk, especially Alameda position risk, he tripped. “I greatly underestimated what the size and speed of the market crash would look like.
At this point Bankman-Fried has had enough. What an embarrassment for the entire industry. The industry has taken a hit and it’s not over yet. Let’s hope we can get over this one day.
