Matt Levine on the Collapse of FTX and Alameda

Odd Lots

Bloomberg

News, Investing, Business, News Commentary, Business News

4.4 • 1.6K Ratings

🗓️ 18 November 2022

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

It was on an episode of the Odd Lots podcast in April 2022 that Sam Bankman-Fried infamously characterized yield farming as a "box," in a metaphor that made the practice sound a lot like a ponzi scheme. Of course, in the wake of the collapse of his two main firms — FTX and Alameda Research — that conversation looks more and more like a huge red flag, but also provides insight into the shaky finances of his crypto empire. Bloomberg Opinion columnist Matt Levine was also a guest on that episode and he joins us again this week to discuss where we are in the fallout out of the FTX saga.

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Transcript

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0:00.0	Do you know what your interest rate is on your savings account?
0:02.7	I bet it's lower than you think.
0:04.4	Go ahead and look.
0:05.2	And in the meantime, I'll tell you about US Treasury bills on public.
0:09.2	As of 9-1-2023, you could earn an annualized 5.5% yield with T-bills when held to maturity.
0:16.2	That's the highest rate on six-month Treasury bills since the year 2000.
0:20.0	Go to public.com slash T-Bill podcast to get started.
0:23.8	This is a paid endorsement by public.com,
0:26.0	fees and conditions apply.
0:27.3	Treasury accounts at public.com or through Geco Securities Inc.
0:30.4	Member Finra and SIPC.
0:31.8	Not FDIC insured?
0:33.1	No bank guarantee.
0:34.0	May lose value.
0:34.8	Full disclosures can be found at www.public.com slash T-Bill podcast.
0:56.9	Hello and welcome to another episode of the Odd Lots podcast.
1:24.7	I'm Joe Wyzenthal.
1:25.9	And I'm Tracy Alloway.
1:27.3	So Tracy, we're continuing to talk about the implosion of FTX and Alameda,
1:33.6	the Sandbankman-free empire.
1:35.6	Yesterday, we talked to two people who are involved in the story in different ways.
1:40.7	One who is a market maker who had used and got caught out on the FTX site.
	...

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