How FTX used billions to influence The Swamp --- and then collapsed

The Drill Down with Peter Schweizer

Government Accountability Institute

News Commentary, News, Daily News, Politics

4.9 • 627 Ratings

🗓️ 22 November 2022

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

“A massive crash and burn.” That is how Peter Schweizer describes the collapse of crypto-currency billionaire Sam Bankman-Fried and his ill-fated company, FTX. The company has filed for bankruptcy, and reports indicate it owes its fifty largest creditors $3.1 billion dollars. Quite a cautionary business story. But here on The Drill Down, we explore the political side of this story – the corruption and “regulatory capture” that allowed Sam Bankman-Fried to create such a house of cards. In the latest episode of the podcast, Peter and co-host Eric Eggers dig in on the Washington side of this.

Transcript

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0:00.0	Research that resonates.
0:05.8	Schweitzer has not been wrong on any of his years and years of reporting on the Biden's.
0:12.4	Investigations that matter.
0:14.4	If your last name wasn't Biden, do you think you would have been asked to be on the board of Burisma?
0:19.0	I don't know. I don't know. Probably not. But that's, you know, I don't think that there's a lot of things that would have happened in my life that if my last name wasn't fired. The only entities, the only people that would report on this, and Peter Schweizer, who deserves a medal of freedom in my view. This is The Drill Down with Peter Schweitzer. Hi, I'm Peter Schweitzer and welcome to the Drill Down,
0:40.8	where we relentlessly expose cronyism, corruption, and the abuse of power in Washington, D.C.
0:46.9	joined as always by our co-host, the co-pilot Eric Eggers, author and vice president here
0:52.2	at the Government Accountability Institute, massive crash
0:57.0	and burn, Eric.
0:58.2	It was a massive crash and burn.
1:00.7	And no, we're not talking about the United States' performance in the World Cup.
1:03.8	At least, at least not yet.
1:05.6	Exactly.
1:06.5	Give it time.
1:07.1	Give it time.
1:07.5	Exactly.
1:08.2	But it could resemble, potentially, the collapse of FTX, the cryptocurrency exchange, which
1:15.1	has filed for bankruptcy court protection and has said to owe its 50 biggest creditors at least
1:20.8	$3.1 billion.
1:23.0	They're still trying to unwrap that.
1:24.7	And we wanted to talk about this today, not just because I'm enormously
1:28.0	frustrated because I've lost money in the crypto markets, but to talk about what this means
	...

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