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Against the Rules with Michael Lewis
Judging Sam: Nishad Singh Takes the Stand
Oct 17, 2023
Former FTX executive Nishad Singh takes the stand in the trial of Sam Bankman-Fried; details about Sam's spending habits, a Super Bowl party, and a personal anecdote involving Hillary Clinton; Nishad's distress over owed money to FTX; endorsement deals, backdating financial documents, and political donations mentioned.
08:41
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Quick takeaways
- Nishad Singh revealed Sam Bankman-Fried's concern over debts and convinced him to stay with FTX for its survival.
- Michelle testified about Sam's extravagant spending habits and his disregard for objections, raising concerns about reckless spending.
Deep dives
Nishad's Testimony Reveals Concerns About Alameda's Debts
During the trial, Nishad, a key insider, testified about a pivotal moment when Sam suggested shutting down Alameda in September 2022. Nishad was startled to learn that Alameda owed FTX customers a significant amount of money. In a one-on-one conversation on the penthouse balcony, Sam acknowledged his concern about the debts, mentioning that it had affected his productivity. Nishad, feeling disturbed and betrayed, saw five years of hard work turn into something he considered evil. He wanted to quit, but Sam convinced him that FTX needed him for its survival.
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