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The Next Big Idea

GOING INFINITE: Michael Lewis Wants to Change Your Mind About Sam Bankman-Fried

The Next Big Idea

Next Big Idea Club

Self-improvement, Arts, Books, Society & Culture, Education

4.51.3K Ratings

🗓️ 5 September 2024

⏱️ 72 minutes

🧾️ Download transcript

Summary

In March, when Sam Bankman-Fried, the disgraced founder of FTX, was sentenced to 25 years behind bars for stealing $8 billion from customers, many people saw it as just punishment for a two-faced poser who had spouted a lot of rot about altruism just to mask the rank odor of his relentless greed. Michael Lewis, the famed author of Moneyball and The Big Short, was not one of those people. Through his eyes, Sam didn’t look like a con man. He looked like an awkward but well-meaning kid who meant what he said about wanting to save the world and was undone not by avarice but by his “pathological ability to foist risk upon other people without asking their permission.” Michael is in a unique position to draw these conclusions. He spent the months leading up to and immediately following Sam’s downfall hovering over his shoulder, watching him operate, learning how he thought. Michael wrote a book about it, Going Infinite, published last fall, right as the crypto wunderkind-turned-pariah began his trial. Now that it’s out in paperback and the dust has settled, we invited Michael onto the show to talk about why he was drawn to Sam in the first place, what he thinks of the critics who say he was too soft on him, and how we should reconcile our primal desire for simple narratives with the complexity of real life. 🎟️ Join us for a live taping of this show on Sept. 11 with Yuval Noah Harari. More details at https://nextbigideaclub.com/events 🏛️ Check out “The Canary,” Michael’s installment in the Washington Post’s new series “Who is government?” 🎁 Get 25% off a Next Big Idea Club subscription when you use the code PODCAST at https://nextbigideaclub.com/

Transcript

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0:00.0

Before we get started I want to personally invite you to a live taping of this show in New York City on September 11th with the one and only Yevall, Noah Harare, best-selling author of Sapiens in Homo deus. We'll be discussing his new book,

0:15.1

Nexus, A Brief History of Information Networks, From the Stone Age to AI. To grab your ticket,

0:21.8

which includes a free sign copy of Yevol's book visit

0:24.8

next big idea club dot com slash events. There's also a live stream option if you

0:30.3

can't make it in person. LinkedIn presents.

0:34.0

I'm Rufus Griskum, and this is the next big idea.

0:41.0

Today, Michael Lewis on Sam Bankman Freed,

0:46.0

the art of storytelling,

0:48.0

and being unreasonably happy. The first time we tried to get Michael Lewis on the show was back in February

1:07.2

2022. He just released an audio book of Liar's Poker, the book that made him famous 30 years ago.

1:14.0

We thought it was a good time to talk with him about what he'd learned in the three decades since.

1:19.0

Decades in which he'd become America's foremost financial journalists and arguably the nation's greatest

1:25.3

storyteller. His team declined. Michael was out of the country, they said, working on a new book.

1:31.8

When press for details, the only thing they'd tell us was,

1:35.2

trust me, it's fascinating.

1:38.2

Nine months later, on November 11, 2022,

1:41.6

their cryptic response suddenly made sense.

1:45.8

The cryptocurrency world is reeling after the meltdown of one of its most popular trading platforms.

1:52.3

Sam Bankman Freed stepping down as CEO of FTX as his crypto exchange files for bankruptcy.

1:58.9

His net worth was more than $26 billion.

2:02.7

It's now down to zero.

2:04.5

There's so much we don't know.

...

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