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Slate Money

Money Talks: The Synapse Scandal

Slate Money

Slate Podcasts

Investing, Business

4.3988 Ratings

🗓️ 10 December 2024

⏱️ 36 minutes

🧾️ Download transcript

Summary

In this Money Talks: The collapse of Synapse and resulting fallout highlights how regulators are failing fintech users. Felix Salmon is joined by CNBC’s Hugh Son who has been closely following the situation. They unpack the chain of events that led to thousands of users losing access to their funds, the complexities of FDIC insurance, and how regulators allowed this massive scandal. Want to hear that discussion and hear more Slate Money? Join Slate Plus to unlock weekly bonus episodes. Plus, you’ll access ad-free listening across all your favorite Slate podcasts. You can subscribe directly from the Slate Money show page on Apple Podcasts and Spotify. Or, visit slate.com/moneyplus to get access wherever you listen. Podcast production by Jessamine Molli and Cheyna Roth. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to money talks from Slate Money.

0:17.6

I'm Felix Salmon of Axios and this is the show where we talk to some of the smartest and most awesome people in the world about the most interesting things going on in the world of business and finance and economics and that kind of stuff. And this week we have Hugh's son of CNBC. Hugh, welcome.

0:38.3

Thanks for having me, Felix.

0:40.3

We are going to talk about synapse.

0:43.3

And broadly, we are going to talk about FDIC insurance, which is one of those things that just works.

0:52.3

It's one of those things that no one ever needs to worry about.

0:55.8

And now suddenly it's something that people need to worry about.

1:00.4

And you have found a whole bunch of people who had money in FDIC insured bank accounts

1:09.0

who lost their money.

1:11.3

Is that basically the top line here?

1:13.9

That's right.

1:14.6

Yeah.

1:18.4

Turning an idea into a small business doesn't happen by accident.

1:22.1

You need to be all in.

1:23.8

At constant contact, we have the digital marketing tools you need to get the word out, close the sale,

1:28.7

raise the funds and gather a community around this thing you've built.

1:31.9

So let's do this together.

1:33.5

Let's send this, share this and shout this from the rooftops.

1:36.6

Let's segment this, automate this, and AI this for real results fast.

1:41.1

Let's get out of this what we put into this.

1:42.8

Let's build this.

1:43.8

Let's grow this. Let's get out of this what we put into this. Let's build this. Let's grow this.

...

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