Against the Rules with Michael Lewis Judging Sam: Ellison Testimony Wraps Up
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Oct 13, 2023 Lydia Jean Cott, a court reporter covering the high-profile Sam Bankman-Fried trial, breaks down the gripping testimony of Caroline Ellison, Bankman-Fried’s ex-girlfriend and former co-CEO of Alameda Research. They discuss the emotional turmoil of Ellison's revelations about financial misconduct and risky investments involving customer funds. The dynamics in the courtroom reveal a stark contrast between her compelling delivery and the defense's weak strategy. Secrets come to light, raising questions about ethics in finance and the human cost of courtroom drama.
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Misleading Balance Sheets
- Caroline Ellison created multiple balance sheet versions for Alameda Research.
- Sam Bankman-Fried chose a misleading version, omitting FTX customer fund usage.
Alleged Chinese Bribe
- Alameda's Chinese bank account was frozen amidst an investigation.
- SBF allegedly directed a bribe to Chinese officials, overruling objections.
Utilitarianism's Influence
- SBF's utilitarianism led him to prioritize maximizing good over established rules.
- Ellison claims this framework influenced her involvement in illegal activities.