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Against the Rules with Michael Lewis
Judging Sam: Ellison Testimony Wraps Up
Oct 13, 2023
Caroline Ellison, former co-CEO of Alameda Research and Sam Bankman-Fried's ex-girlfriend, testifies in a trial. Topics discussed include misleading balance sheets, an alleged bribe, transcendental meditation, and a secret recording revealing Sam's authorization.
18:01
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Quick takeaways
- Alameda Research borrowed money from FTX customers and misrepresented it as long-term loans, exposing their riskier position.
- Sam Bankman-Fried's involvement in planning to bribe a Chinese government official demonstrates his trust in Caroline Ellison and implicates him in alleged financial crimes.
Deep dives
Caroline Ellison's testimony on balance sheets and misleading information
Caroline Ellison, a former co-CEO of Alameda Research, testified about balance sheets during the June 2022 downturn in the crypto market. She revealed that Alameda had borrowed money from FTX customers and had a lot of debt to FTX. To mislead Genesis, a lender, she created seven versions of the balance sheet, with the final version putting Alameda's debt to FTX in a section called long-term loans. This was misleading because these were actually customer funds and Alameda was in a riskier position than reflected in the balance sheet.
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