The FTX meltdown is a cautionary tale

Make Me Smart

Marketplace

Business, News

4.6 • 5.5K Ratings

🗓️ 22 November 2022

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

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Summary

FTX customers fear they’ll never get their money back from the bankrupt cryptocurrency exchange. They’re not wrong to worry. Could this further erode consumers’ trust in the financial system? Plus, mourners are grieving the victims of a deadly mass shooting at an LGBTQ nightclub in Colorado Springs, Colorado. Meanwhile, in Qatar, anti-LGBTQ rules are already being tested at the 2022 World Cup. Then, Kimberly makes us smile with a story about ice-skating and perseverance.

Here’s everything we talked about today:

- “FTX Crypto Customers Worry They Will Never See Their Money Again” from The Wall Street Journal

- “Charities funded by Sam Bankman-Fried may be asked to return donations: ‘I had assumed FTX to be a reputable company'” from MarketWatch

- “American journalist detained at World Cup” from News.com.au

- “Seven European World Cup captains ditch One Love arm band under FIFA pressure” from Reuters

- “GLAAD CEO blasts anti-LGBTQ pols, social media companies after Club Q shooting” from ABC News

- “Interfaith church gathers to remember Club Q victims and raise awareness of anti-trans violence” from Colorado Public Radio

- “In a First, Rich Countries Agree to Pay for Climate Damages in Poor Nations” from The New York Times

- “COP27 climate talks: what succeeded, what failed and what’s next” from Nature

- “Pink Rollerskates Into 2022 AMAs With Dazzling ‘Never Gonna Not Dance Again’ Opener” from Rolling Stone

We can’t do this show without you. Keep sending your comments and questions to makemesmart@marketplace.org or leave a voice message at 508-U-B-SMART.

Transcript

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0:00.0	Ready when you are boss lady.
0:03.0	Yeah, I'll be a boss lady. Let's go.
0:05.0	All right. All right. Let's go.
0:08.0	Let's go.
0:13.0	Hey everybody, I'm Kyle Rizzo. Welcome back to Make Me Smart.
0:16.0	And yes, I barely made it today, but that's all another story.
0:19.0	We're making today make sense is what we're doing.
0:22.0	Yes, and I'm Kim really Adam's and thank you for rushing on my behalf.
0:26.0	So I could get to a thing I have to do after.
0:29.0	And thank you all for joining us on this Monday.
0:32.0	Today we're going to do the usual. We're going to do a deep dive into some of the stories of the day.
0:36.0	And then the wonderful Jake is going to hit our happy play sting.
0:40.0	And we'll talk about a story or two that made a smile.
0:43.0	So Kai, what caught your attention?
0:46.0	So I've got two things that are both reasonably quick, but and they kind of fall in the in the yeah, the category.
0:54.0	But I do have to kind of point them out. The first is an article in the Wall Street Journal.
0:59.0	Talking about what Neil Lerwin at Axios called the FTX omnischambles,
1:05.0	because obviously the collapse of that cryptocurrency exchange is a catastrophe on many, many, many levels.
1:12.0	The headline in this article in the Wall Street Journal today said,
1:16.0	FTX crypto customers worry they will never see their money again.
1:21.0	And I think people need to recognize that.
1:24.0	That's the cautionary tale out of this whole thing. Well, there are many.
	...

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