Judging Sam: Going Infinite – Jacob Weisberg interviews Michael Lewis
Oct 2, 2023
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Michael Lewis, journalist and author, discusses his new book 'Going Infinite: The Rise and Fall of a New Tycoon' in this podcast. He shares his experience following crypto entrepreneur Sam Bankman-Fried's journey from being a genius innovator to standing trial on multiple charges. Lewis talks about how he selected Sam as his book's subject, the collapse of FTX, and the drama and loyalty within the company. This episode also explores the art of storytelling in legal cases and the unusual behavior of a key witness during the trial.
The podcast highlights how Sam Bankman-Freed's unconventional approach to running FTX, including the lack of management and organizational chaos, contributed to the collapse of his company.
The trial delves into the loyalty and betrayal of personal relationships within FTX, with key witnesses like Gary Wang and former employees testifying against Sam Bankman-Freed.
Deep dives
The Rise and Fall of Sam Bankman-Freed
Sam Bankman-Freed, the founder of FTX cryptocurrency exchange, is being tried for financial crimes that could result in a life prison sentence. This podcast series follows the trial and delves into the story of Sam's meteoric rise in the crypto world and the subsequent collapse of his company. The first episode sets the stage for the trial, providing background on Sam's upbringing and his journey from effective altruism to the world of high-stakes crypto trading. It also explores author Michael Lewis' personal connection and involvement in the story, having written a book about Sam's rise and fall.
The Personalities and Dynamics at FTX
The collapse of FTX has led to a web of personal relationships turning into loyalty and betrayal. Gary Wang, one of the key witnesses, has an uncanny ability to remain silent and will be an intriguing presence on the witness stand. Many employees of FTX, who were once loyal to Sam, are now testifying against him. The trial will uncover the drama that unfolded behind closed doors and shed light on the deep personal connections that have been fractured by the collapse of the company.
The Unusual Nature of Sam Bankman-Freed
Sam Bankman-Freed's personality is described as peculiar and unlike anyone typically seen in a position of running a company. He is highly intelligent, yet finds it challenging to relate to people and prefers a world of numbers and data. Despite his inability to effectively manage employees, he strongly believed that people should not need to be managed. His unconventional approach to running FTX led to organizational chaos, including the lack of an org chart, titles, or even a list of employees. Additionally, his upbringing was isolated and contributed to his unorthodox nature.
The Trial and Sam Bankman-Freed's Odds
The trial poses significant challenges for Sam Bankman-Freed, as the odds are stacked against him. Acquittals in federal criminal cases are rare, and the government's narrative is relentless in its negativity towards him. Additionally, the collapse of FTX has left many individuals, including small investors and FTX employees, as victims who had trusted in the integrity of the company. While Sam maintains his innocence, his chances of a favorable outcome are uncertain, with the betting markets heavily favoring a conviction.
For the past year and a half, journalist Michael Lewis has been following crypto entrepreneur and former CEO of FTX Sam Bankman-Fried. The resulting book, "Going Infinite: The Rise and Fall of a New Tycoon", is out October 3. When Michael started his reporting, SBF was heralded as a wunderkind, a genius, a crypto innovator, a major philanthropist and political donor. Now, Sam Bankman-Fried is standing trial on multiple charges, including wire fraud, securities fraud, and misusing billions of dollars of customer funds. If convicted, he could spend the rest of his life behind bars. Michael was there – with unprecedented access – to see it all happen. In this episode, Pushkin's Jacob Weisberg interviews Michael about how he chose Sam as his book subject, what he thought the book was going to be about, and when he sensed things were going to come crashing down for Sam and FTX.
This conversation was recorded on September 13.
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