Against the Rules with Michael Lewis
Judging Sam: Catching up with Michael Lewis
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Privileges given to Alameda Research on the FTX platform, including the ability to go into negative balance and an unlimited line of credit, raise concerns of dishonesty and conflicts of interest.
- Sam Bankman-Fried's calculated and analytical approach towards the book about him suggests that its impact may be more on public perception than on his legal judgment.
Deep dives
Testimonies from Gary and Adam reveal privileges and code changes
During the trial, two key witnesses, Gary and Adam, testified about the privileges given to Alameda Research on the FTX platform. These privileges included the ability to go into negative balance, an unlimited line of credit, faster order placement, and deposits of US dollars going to Alameda accounts. Gary revealed that these privileges were added to the code on Sam's instructions, and he acknowledged that FTX customer money was used to repay borrows. Adam, on the other hand, expressed concerns about the $8 billion owed by Alameda to FTX, which Sam dismissed, saying they were "bulletproof" last year but uncertain now. Adam's testimony shed light on conflicts of interest between Alameda and FTX, raising questions about dishonesty and omission in their dealings.
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