Former multi-billionaire and CEO of crypto exchange FTX, Sam Bankman-Fried, is facing trial in the Southern District of New York, presided over by Judge Lewis A. Kaplan. In this episode, Michael Lewis speaks with court reporter Lidia Jean Kott and former prosecutor turned defense attorney Rebecca Mermelstein about the charges against Sam and what to expect from the trial. They discuss Sam's rapid downfall, potential prison sentence, unregulated cryptocurrency risks, fraudulent transfers, and potential charges in a civil lawsuit.

Michael Lewis and Lidia Jean Kott discuss the sentencing of Sam Bankman-Fried with legal expert Rebecca Mermelstein. They explore the courtroom drama, unexpected sentencing outcomes, and the controversy surrounding justice. The podcast delves into the implications of a lengthy prison sentence and the potential for redemption post-release.

Sam Bankman-Fried faces cross-examination from the government's chief prosecutor. The defense highlights his guarded responses and memory difficulties. The prosecutor undermines his credibility, exposing his ignorance about wrongdoings in his company. Testimonies are compared and ads for other podcasts are included. The chapter ends with the remaining steps in the trial, including cross-examination and upcoming witness testimonies.

Michael Lewis, Lidia Jean Kott, and Rebecca Mermelstein discuss the prosecution's case against Sam Bankman-Fried and speculate on what might happen next, including the possibility of Bankman-Fried testifying. They analyze the strong evidence presented by the prosecution and the defense's struggle to discredit cooperating witnesses. The potential consequences of conviction and lack of remorse are explored, along with the judge's perspective on intent and the concept of jury nullification. The podcast also delves into the interactions, decisions, and identities of the individuals involved in the trial.

Former co-CEO of Alameda Research and Sam Bankman-Fried's ex-girlfriend, Caroline Ellison, takes the stand in the trial for fraud. The prosecution questions her involvement and she points out Sam in the courtroom. The trial continues with Gary Wong's testimony and the examination of liquid and illiquid assets.