What Is Silvergate Capital & Why Does It Matter? | Edwin Dorsey

Hidden Forces

Demetri Kofinas

Government, Business

4.8 • 1.6K Ratings

🗓️ 28 December 2022

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

In Episode 290 of Hidden Forces, Demetri Kofinas speaks with Edwin Dorsey. Edwin is the author of “The Bear Cave,” a financial newsletter focused on exposing corporate misconduct that regularly moves markets and is cited frequently in Bloomberg terminal breaking news alerts. Edwin was recently profiled in Institutional Investor and is part of a wave of new authors on Substack who are changing the landscape of financial journalism.

Today’s conversation focuses on Silvergate, a little-known but very important bank that recently found itself under investigation by US Senators Elizabeth Warren, Roger Marshall, and John Kennedy for its role in facilitating the movement of funds critical to the operations of Sam Bankman-Fried's failed crypto Exchange, FTX. Silvergate describes itself as the "leading bank for innovative businesses in FinTech and cryptocurrency," but its main business appears to have been facilitating payments between crypto hedge funds like Alameda and crypto exchanges like FTX. It already faces at least one class action lawsuit, alleging that the company aided and abetted FTX's fraudulent activities and breaches of the exchange's fiduciary duty through improper transfers, and through the lending and commingling of user funds. This evolving story extends well beyond Silvergate and helps you piece together some of the larger story that we have been trying to tell on this podcast in the last few months.

If you want to listen to it, you can subscribe to our premium content and gain access to our premium feed, episode transcripts, and Intelligence Reports at HiddenForces.io/subscribe.

If you want to join in on the conversation and become a member of the Hidden Forces genius community, which includes Q&A calls with guests, access to special research and analysis, in-person events, and dinners, you can also do that on our subscriber page. If you still have questions, feel free to email [email protected], and Demetri or someone else from our team will get right back to you.

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Producer & Host: Demetri Kofinas

Editor & Engineer: Stylianos Nicolaou

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Episode Recorded on 12/21/2022

Transcript

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0:00.0	What's up, everybody? My name is Demetra Cuffinus and you're listening to Hidden Forces,
0:06.0	a podcast that inspires investors, entrepreneurs and everyday citizens to challenge consensus narratives,
0:14.0	and to learn how to think critically about the systems of power shaping our world.
0:19.0	My guest in today's episode, which is available to premium subscribers only, is Edwin Dorsey.
0:25.0	Edwin is the author of the Bear Cave, a financial newsletter focused on exposing corporate misconduct
0:31.0	that regularly moves markets and is cited frequently in Bloomberg Terminal Breaking News Alerts.
0:38.0	Edwin was recently profiled an institutional investor and is part of a wave of new authors on
0:44.0	substack who are changing the landscape of financial journalism.
0:48.0	Our conversation today focuses on a little known but very important bank
0:53.0	that recently found itself under investigation by US Senators Elizabeth Warren, Roger Marshall, and John Kennedy.
1:00.0	For its role in facilitating the movement of funds critical to the operations of Sam Beckman Freed's failed crypto exchange FTX.
1:09.0	Silvergate describes itself as the, quote, leading bank for innovative businesses in FinTech and cryptocurrency.
1:18.0	But its main business appears to have been facilitating payments between crypto hedge funds like Alameda and exchanges like FTX.
1:26.0	It already faced at least one class action lawsuit, ledging the company aided and embedded FTX's fraudulent activities
1:34.0	and breaches of the exchanges fiduciary duty through improper transfers and through the lending and commingling of user funds.
1:43.0	This is an evolving story that extends well beyond Silvergate and helps you piece together some of the larger story
1:50.0	that we've been trying to tell on this podcast in the last few months.
1:54.0	You can gain access to it as well as our entire content library which includes early releases to episodes like this one,
2:01.0	subscriber only episodes, transcripts and intelligence reports by going to hiddenforces.io slash subscribe.
2:09.0	All of our content tiers give you access to our premium feed, which you can listen to on your phone using your favorite podcast app,
2:17.0	just like you're listening to this episode right now.
2:21.0	If you want to join in on the conversation and become a member of the hiddenforces' Genius Community,
	...

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