Against the Rules with Michael Lewis

Rebecca Mermelstein, a former prosecutor turned defense attorney, shares her insights on the impending trial of Sam Bankman-Fried, the ex-CEO of FTX. She discusses the challenges prosecutors face building their case, the rapid legal actions taken against bank fraud in the crypto world, and the ethical responsibilities tied to such high-profile trials. Mermelstein also highlights the complexity of trial preparations, including defense strategies and the potential ramifications for Bankman-Fried's future, offering a captivating glimpse into the legal intricacies surrounding this case.

Historian Jonathan Barry from the University of Exeter dives into the enigmatic world of Sir John Knight, a 17th-century Bristol merchant now at the forefront of modern gun rights discussions. He explores Knight's controversial actions and their surprising relevance to today’s Second Amendment debates. The conversation unpacks how Knight's story reflects on individual rights versus societal regulations, emphasizing the challenges historians face in revisiting his legacy. Expect humor intertwined with profound insights into how historical figures can shape contemporary legal frameworks.

Jordan Libowitz, Communications Director at the Center for Responsibility and Ethics in Washington (CREW), dives deep into the murky waters of campaign finance law. He highlights the staggering $40 million political donations from crypto mogul Sam Bankman-Fried and its implications. Libowitz explains how this troubling situation encapsulates the rise of dark money in politics, the consequences of the Supreme Court's Citizens United ruling, and the ethical dilemmas inherent in political spending. His insights reveal why accountability in political donations is crucial for democracy.

Andy Mitchell could be called a "doctor for business." His firm, Lantern Asset Management, buys up businesses in immediate need of cash and willing to sell at bargain-basement prices. Michael Lewis calls up Mitchell to get the "distressed asset" angle on the company at the center of Lewis's next book: the now extremely distressed crypto exchange, FTX. But along the way, we hear about other businesses on the skids, including the maker of Twinkies, and the Weinstein Company. Head to atrpodcast.com and submit a question for Michael to answer in an upcoming episode.See omnystudio.com/listener for privacy information.

Gabriel Mukobi, a Stanford senior studying computer science, and aL Xin, a Harvard senior in statistics, are passionate leaders in effective altruism (EA). They explore the philosophy of EA, emphasizing data-driven approaches to altruism. The duo discusses the impact of Sam Bankman-Fried on the movement, the clash between immediate relief and long-term existential threats, and the personal sacrifices inherent in maximizing good. They tackle moral responsibilities and the evolution of their community in navigating ethics amidst global challenges.

Molly White, a renowned software engineer and fierce cryptocurrency critic, discusses her insightful perspective on the crypto landscape. She highlights her early recognition of hucksterism and fraud in the crypto rise, sparking her skepticism. Molly shares her journey from Wikipedia editing to advocating against crypto scams. The conversation delves into media portrayals of Sam Bankman-Fried and critiques the simplistic narratives surrounding him. Additionally, she explores the varied responses to cryptocurrency criticism, particularly the lack of female voices in the debate.

David Skeel, a corporate law professor at the University of Pennsylvania and expert on bankruptcy, dives into the complexities of the FTX bankruptcy. He discusses the historical evolution of bankruptcy laws in the U.S. and examines the fallout from Sam Bankman-Fried's actions. Skeel highlights the intricacies of filing for bankruptcy, including clawback challenges and asset transactions, shedding light on the legal mazes faced by debtors and creditors alike. This conversation uncovers both the chaos surrounding cryptocurrency and the broader implications for the financial landscape.

Eugene Soltes, a Harvard Business School professor and author of "Why They Do It," dives deep into the motivations behind white-collar crime. He discusses how societal perceptions have shifted over the decades, particularly regarding high-profile cases like FTX and Bernie Madoff. The conversation reveals the psychological complexities of these criminals, the challenges of prosecuting white-collar offenses, and the harsh realities faced by offenders post-incarceration. Soltes stresses the importance of understanding ethical dilemmas in the business landscape.

Andy Greenberg, a senior cybersecurity writer for WIRED and author of "Tracers in the Dark," dives into the dark side of cryptocurrency. He explores how investigators navigate the blockchain to trace illicit activities, revealing the irony that a technology born for anonymity now aids in uncovering crime. Greenberg discusses the FTX heist, the ethics of anonymity, and the surprising challenges law enforcement faces. He also highlights the transformation of public perception about cryptocurrency's traceability, suggesting the future for bad actors is increasingly grim.

The podcast dives into the dramatic world of cryptocurrency, focusing on Sam Bankman-Fried and the rise and fall of FTX. Michael Lewis engages with experts from various fields, including blockchain technology and white-collar crime. Each discussion reveals the complex landscape of regulations and the implications for personal finance and campaigning. Listeners are invited to explore these themes deeply as they uncover the secrets behind the digital currency boom.