Hello and welcome. You are listening to Patrick Boyle on Finance, a podcast exploring ideas from quantitative finance, examining events occurring in markets right now and financial history to see what lessons can be taken away, including interviews with some of the most interesting people in the world of finance. To learn more about the podcast, visit onfinance.org.

A little over a year ago, Sam Bankman-Frey told the press that one day he hoped to buy Goldman Sachs

and maybe the Chicago Mercantile Exchange. Of course, the people at Goldman and the

CME would have been delighted to hear this at the time as it was in July 2021, and crypto back

then was really hot. Now, while many of my regular viewers possibly think that I avoided getting

caught up in all of the excitement, I can't really lie, that's not

true. I, too, was inspired by Sam Bankman Fried. And while I didn't end up putting all of my money

in crypto or even advertising crypto exchanges in my videos, I did buy these New Balance trainers. and I was just sort of trying to be cool like

Sam Bankman-Fried and that is a shame that I will have to live with for the rest of my life.

We all have our crosses to bear. I can only offer my sincerest apologies to anyone who saw me walking around in public wearing them.

It was wrong of me and I truly have no excuse.

Now, unfortunately, the people at Goldman Sachs and the CME got some bad news this week. They will have to stay in

New York, London and Chicago and may never get to attend one of those Bored Ape conventions

in Miami that look like so much fun. It's less and less likely that they'll get to hang out

with Michael Saylor attending parties in El Salvador

either. As I've said, we all have our crosses to bear. So Sam Bankman-Fried is the founder

of FTX, the now bankrupt crypto exchange, and Alameda Research, the now bankrupt

crypto hedge fund.

That's a huge oversimplification of the corporate structure, just to be clear, as according

to the FT the corporate structure looks like this, with each box in that diagram representing

a separate corporate entity.

It looks like there are around 77 different companies in there, and it's

...