Slate Money - ATM Scam Summer School
Slate News
Slate Podcasts
4.5 • 6K Ratings
🗓️ 23 August 2025
⏱️ 57 minutes
🧾️ Download transcript
Summary
This week: We got more details on the ATM scam that swept New York City thanks to a teen summer job program and an infinite money glitch last month. Felix Salmon, Elizabeth Spiers, and Emily Peck discuss the mechanics of the scam, the fallout for the many parties involved, and the tragic irony that a program meant to teach teen financial literacy led them straight into a harsh real world lesson. Then, Yieldstreet is part of a growing trend of startups that want to democratize private investing but it’s not proving to be a great bet. The hosts discuss the economy of private investment and ask whether or not it's a good idea to make it more public. And finally, the Wall Street Journal published an opinion piece from a 22-year-old about how you should sacrifice your youth to get rich. What’s the real value in trying to become a “thought leader” with pieces like this?
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Podcast production by Jessamine Molli and Cheyna Roth.
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Transcript
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| 0:00.0 | Hello! Welcome to Slate Money, your guide to the business and finance news of the week. |
| 0:19.2 | I'm Felix Salmon with Elizabeth Spires of New York Times. |
| 0:22.4 | Hello. |
| 0:23.3 | And with Emily Peck of Axios. |
| 0:25.8 | Hello. |
| 0:26.2 | And we are going to talk about ATM glitches and what happens when you can withdraw unlimited |
| 0:33.8 | amounts of money from an ATM. |
| 0:35.8 | We are going to talk about alternative assets and whether normal folks should be able to |
| 0:41.0 | invest in them. |
| 0:42.3 | We are going to talk about thought leadership and whether you should give up your sleep and |
| 0:48.5 | your social life in your 20s to become rich. |
| 0:50.8 | We have a sleep plus segment on beef and the price thereof. It's all coming up on Slate Money. |
| 1:06.3 | Hi, this is Ava from Vanta. In today's digital world, compliance regulations are changing constantly, |
| 1:13.7 | and earning customer trust has never mattered more. Vanta helps companies get compliant fast and stay |
| 1:19.4 | secure, with the most advanced AI automation and continuous monitoring out there. So whether you're |
| 1:24.5 | a startup going for your first SOC 2 or ISO-27,00, or a growing enterprise managing vendor risk, Banta makes it quick, easy and scalable. And I'm not to say that because I work here. Get started today at banta.com. Ah, Benny's parents, thanks for coming. Hi-ya. So, Benny has really blossomed this term. You're telling me, he outgrew his bike. |
| 1:45.0 | We sold it, on eBay. |
| 1:46.8 | Oh, that's not quite what I meant. |
| 1:48.3 | It's free to sell on there? |
| 1:49.5 | Free to sell? |
| 1:50.7 | Easy too. |
| 1:51.6 | Sold Benny's bike, your guitar, my jacket. |
... |
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