Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Wednesday, November 1st, and today we are talking about the SEC being reprimanded by another government body.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord.

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bit.ly slash breakdown pod. All right, friends, well, as I mentioned earlier this week, I am heading

off later today, actually, for around five days, so the breakdown will be taking basically its first

break ever. And so what I'm going to try to do today is get through as many of the big stories

that are floating around as possible. The most important one I think in many ways is this reprimand of the SEC

by the government accountability office. But before we get to that, let's wrap up our coverage

of SBF's testimony. Sam's cross-examination finished up on Tuesday with U.S. Assistant Attorney

Danielle Sassoon getting specific about what Sam knew as

FTX came crashing down. The questioning for the day began with an inquiry into Sam's cozy

relationship with regulators and government officials in the Bahamas. Sam continually deny

knowledge of the details. This included him initially claiming to not remember inviting

the Prime Minister of the Bahamas to a private dinner with Bill Clinton and Tony Blair during an FDX conference. This struck most observers as a very

bizarre thing to claim to forget, and as Carly Riley from Overpriced JPEGs put it, that was a classic

Sam moment that just embodies the way he answers everything, where you're pulling teeth, even for

things that are benign. You can just admit that you

invited the prime minister to dinner. Now, eventually, Sam admitted that there had been, quote,

something like a dinner with them, and Sam quibbling over whether or not there had been food.

Sam was asked whether he offered to pay off the Bahamas national debt of around $11.6 billion,

...