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I haven’t read Michael Lewis’ The Big Short: Inside the Doomsday Machine, but I find it difficult to believe that the author expressed much sympathy for those involved in the United States housing bubble prior to the 2008 financial crisis. By contrast, his account of former FTX CEO Sam Bankman-Fried
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The book’s relatively sympathetic treatment of Sam becomes more striking in contrast to depictions of his adversaries, such as Binance CEO Changpeng Zhao. Before the book was published, a letter from Creative Artists Agency circulating in Hollywood said Lewis likened Sam and CZ “to the Luke Skywalker and Darth Vader
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Most of these were losing bets from the start with Alameda losing millions of dollars in its first months. It lost over $500,000 every day throughout one such month, Lewis wrote, while some trading funds had “simply vanished” due to poor fund management. Original Source
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“In the fine print of the employee Serum contract, he’d reserved for himself the right to extend Serum’s jail time, and he used it to lock up all employees’ Serum for seven years,” Lewis wrote. “They now understood that if he had changed the rules once, he might do it
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The book says Jump was “near the top” of the list of FTX’s 50 “biggest accounts whose owners had been unable to remove their money from the crypto exchange,” Lewis wrote. Jump Trading lost $206 million while its affiliated trading firm, Tai Mo Shan Ltd., lost more than $75 million,
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We should caveat this with a few hugely important details: almost no one outside of publisher Norton or Lewis’ circle has read the book, which publishes tomorrow, coinciding with the start of Sam Bankman-Fried’s trial, where the disgraced founder is set to plead not guilty to multiple counts of fraud.
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“Even his best friends, inside the company said, ‘Sam is just not built to manage people,’” Lewis said, adding that Bankman-Fried didn’t know the names of other members of the board of directors, and appears to have viewed their role as mere rubber-stamping. Original Source
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Michael Lewis, the bestselling author of The Big Short and Moneyball, has revealed that he has almost finished writing his book on Sam Bankman-Fried (SBF) and the collapse of the FTX crypto exchange.The upcoming book is titled Going Infinite: the Rise and Fall of a New Tycoon, and Lewis initially
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Former FTX CEO Sam Bankman-Fried is scheduled to appear in court on the afternoon of Jan. 3 to enter a plea on two counts of wire fraud and six counts of conspiracy against him in relation to the collapse of the FTX cryptocurrency exchange, Reuters reported Dec. 28 citing court
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“His childhood, early success on Wall Street, embrace of effective altruism and the creation of a crypto empire that catapulted him in record time into the ranks of the richest people in the world seemed more than sufficient for a signature Michael Lewis book,” the letter said. “The events of
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