The Art of Fraud: True Crime Director Joe Berlinger & Former SEC Chair Jay Clayton 01/04/23

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 4 January 2023

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sam Bankman-Fried has pleaded ‘not guilty’ to multiple charges against him, including securities fraud and money laundering. Netflix’s new docuseries, “Madoff: The Monster of Wall Street” starts streaming today, and director Joe Berlinger says he sees parallels between today’s fallen crypto king Sam Bankman-Fried and “sociopath” Bernie Madoff in the nineties. The true crime director discusses revealing never-before-seen footage of Madoff’s deposition in 2016, and considers history’s cycle of fraud. Former SEC Chair Jay Clayton weighs in too, saying he considers SBF’s crimes–if he’s convicted of them–to be the same caliber of Madoff’s. Plus, Washington is poised for another tough day for Rep. Kevin McCarthy in his battle for House Speaker, and Apple stock is taking a hit, but the company still has big plans for the metaverse. In this episode: Joe Berlinger, @joeberlinger Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Cameron Costa, @CameronCostaNY

Transcript

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0:00.0	Bring in show music please.
0:03.0	I'm C. N.C. producer Cameron Costa.
0:07.0	Today on Squawk Pod, Sam Bankman-freed, pleading not, to counts of money laundering, securities fraud, and plenty of others.
0:18.0	Former SEC Chair Jake Clayton with the legal take.
0:22.0	This is a scheme that if it's proven to be true,
0:24.8	it's much bigger than what Madoff did.
0:26.7	It seems to be of that caliber, right?
0:29.4	And Madoff was going to spend the rest of his life in jail.
0:32.6	And speaking of Bernie Madoff,
0:34.8	true crime director Joe Burlinger
0:37.4	is out with his latest series for Netflix.
0:41.2	I've done a whole bunch of serial killer shows over the last couple of years and I consider
0:46.3	Bernie a financial serial killer because he shares a lot of those qualities, a complete lack of empathy.
0:52.4	And Burlinger sees parallels between the swindler of the 90s and the fallen
0:57.8	crypto king of today. Fraud keeps happening in this country every five to eight years and the roots of fraud are the same.
1:07.6	Plus justice for Southwest passengers and the House vote we can't take our eyes off of, Kevin McCarthy's battle for Speaker.
1:17.0	Yeah, I'm going to watch the day, go between different cable channels, just a laugh.
1:21.0	It's Wednesday, January 4th, 2023, and Squack Pod begins right now.
1:27.0	Stand Becky by in 3, 2, 1, Q, please.
1:32.0	Good morning, everybody. Good morning everybody.
1:33.0	Welcome to Squackbox here on C.
1:35.0	We're live from the NASDAQ market site in Times Square.
	...

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