Against the Rules with Michael Lewis
Judging Sam: Week 3 is in the books
Oct 20, 2023
Dive into the unfolding drama surrounding Sam Bankman-Fried's trials and their impact on finance. Discover key insights from witness Nishad Singh about the emotional dynamics at FTX and the ethical challenges posed by modern finance. Explore the tense courtroom atmosphere where strict rules amplify conflicts, alongside discussions about the influence of social media on legal strategies. Finally, the podcast unveils the ethical complexities of philanthropy tied to controversial figures, shedding light on public perceptions versus reality.
18:26
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Quick takeaways
- Nishad Singh's limited understanding of finance led to his cynicism about the laws around money and his realization that law is not always what is written.
- Ken Sun, the general counsel of FTX, testified that Sam repeatedly assured him that customer funds were safe and separated, but was shocked to see the balance sheet showing Alameda in billions of dollars in the red.
Deep dives
Nishad Singh's Testimony
During Nishad Singh's testimony, he revealed that he had a limited understanding of finance when he joined Alameda Research. He learned about the world of money through Alameda Research and FTX. He talked about his realization that the law is not always what is written, but what people care to enforce, leading to his cynicism about the laws around money. Nishad also discussed Sam's lack of emotional intelligence and how it affected the company. Additionally, he acted as a translator between Gary and Sam, helping to bridge the communication gap. Despite spending time with Nishad, it was suggested that he might not have been aware of the risks they were taking with customer money.
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