Name: The Strange Details of the FTX Scandal
Uploaded: 2022-11-16T18:27:23.000Z
Description: Watch the stand-up comedy video 'The Strange Details of the FTX Scandal' from PowerfulJRE on Comedy Buff. Published 2022-11-16. Transcript available.

Watch the stand-up comedy video 'The Strange Details of the FTX Scandal' from PowerfulJRE on Comedy Buff. Published 2022-11-16. Transcript available.

The Joe Rogan experience speaking of shame this
Now I'm just getting this is the per you and I are the perfect people to talk
about this crypto class scientists
Oh, we have economists. Yes
We have strong opinions and no information a
Great combination when you're dealing with the fact that people have lost
billions and billions of dollars
But what so Jamie's been filling me in on this over the weekend and he also is
an economist
Yeah, I'm not the worst is our go-to expert. I'll just find interesting links
and say hey check this out
Which is fine. Yeah, that's journalism. Yeah, and as a journalist, what's your
It seems like well, here's the thing if you're running any kind of currency
operation and
You're involved in a polyamorous relationship with seven other people. I gotta
think you're wacky
Nine nine other people ten ten of the people total what do they do?
They just were polyamorous living in a house together all live together in the
same place in the Bahamas and they'll just bang each other
Hey
So wait set this up because you're kind of starting in the middle. What are we
talking about here fun?
Talk about a lot of fun in the Bahamas. Yeah with billions of dollars other
people's money
So they call that a tax haven tax haven yeah, so this fella was running this
exchange and
They also had tokens someone explained it someone did a really good job of
explaining it and we could play that video
But it might take too much time. It's like a 12-minute video, but he was
explaining how
These tokens are like they're essentially unregulated
But it's almost like you're owning stock and it's or almost like owning coin.
It's very confusing, but
it's one of those classic examples of people try to cash in and
Then the whole thing came down from Ponzi scheme has been thrown around. Yeah
quite a lot
Well, there's not just that there seems to be money missing like a lot of money
missing that got moved from one corporation to a sister corporation
So this is FTX, right? Yes. Yeah, and
Apparently they reached out to coinbase
I read that they reached out to coinbase and coinbase is like we can't help you.
This looks bad like what's going on over here and
Then now it's sort of imminently collapsing and tons of people have invested
tons of money over there
And they don't know what the fuck is going on and people are trying to pull
their money out by buying
NFTs for ridiculous amounts of money in the Bahamas because apparently people
in the Bahamas still have access to
The the thing to the exchange is that the case? Yep. Yep
Then they would imagine that there are reaching out to the person then buying
this NFT that would have yesterday been worth nine dollars
And now it's about like ten million right to then make like a currency exchange
like you can keep ten percent of that
So they jack up the value of it, right? Right. So they basically say look, I'm
gonna buy your NFT for ten million dollars
I'm gonna give you a million dollars and then you give me the nine back
And so that's how they're exchanging money and trying to just draw it out of
this account, right?
Who knows how that's gonna work out, right? Whether people gonna be like fuck
you look at your money
How's that work, right?
But all of it is run by this guy who they were in the middle of
profiling him
Who's who sent like this? I did Mike Michael Lewis is the guy's name
He's a writer of like Moneyball and the big short many books
And so he was in the middle of profiling this guy when everything collapsed,
which is wild, right?
Why that is very wild wild? Yeah, like what are the odds that that happens at
the exact same time?
Cuz this guy was this wonder kid who had developed this thing was worth 15
billion dollars
And was like wearing pajamas and shit like one of those like eccentric cats
Didn't all the crypto kind of take a big massive hit though
I think all of crypto did take a big massive hit, but I think this is a lot crazier
than that, right?
This isn't just like crypto took a hit everybody's businesses fucked. This is
like shenanigans some some high-level like serious shenanigans
The most generous billionaire. Yeah, that's part of the so they're like yet
This has been unfolding like in real time on Twitter
Which has been an interesting place to be for last few weeks, but uh
This guy apparently during this used a PR
I don't know if this would be a scheme, but a youtuber it was paid to make this
piece about him
And the way he gives away money
Hmm, which adds to
Well, I want people to know we'll want people to know he's a good guy
He reached out to Elon apparently while Elon was buying Twitter and offered to
chip in 3 billion
And he said Elon said that said his bullshit meter off
Because like Elon's a serious dude
You say he's like this guy's 3 million liquid or a billion rather 3 billion
liquid like does he have that money right?
That's a lot of money right say like we're gonna buy Twitter for 44. I'm in for
3 right 3 billion, right?
That's a crazy amount of money. Yeah, and so Elon said that said his bullshit
meter off right cuz like what you get the 3 billion
Yeah, you can't just say that to that guy like oh cool. He's not gonna just say
oh cool. He's gonna know
Basically what you kind of can't he's a fucking he's the richest guy in the
world understands money right and he knows who really has that money and who
may be
Yeah laundering well who might be just kind of a crazy person who you know is
Probably can't believe he's in where he's at when you find stories about him
from before he was like the world's youngest
Billionaire happens super fast world richest person under 30 committed billions
the vast majority of his fortune to tackling the most pressing problems facing
the future of
Humanity where it's nice get his money though. Look on that. What are those
most pressing problems? Click on that link?
What is that link up there? This is it's on red it off to on them. Oh, it's on
red it. Yeah
Interesting
Like I understand where Elon made his money
It's I think like all things he's probably not all bad
It just didn't work out the way he thought it was going to and it was for so
long
And he probably thought I could get away with doing what he was doing and he
probably also thought he was doing good
So if you really is like super charitable, he probably also thought that he was
way smarter than he was
Right because he's under 30 and he's a billionaire already. He probably thinks
he's the fucking shit
Could you imagine if you were worth 15 billion and you were 28?
You would think you're the shit you think you do whatever and also you're
banging nine people in the house together
Yeah, I'd be doing bad stuff. That's too much money for a 20-something. You're
not playing by any rules anybody's rules fuck off
Yeah, and I'm gonna give my money away to everybody and I'm also gonna move 10
billion over here
New York Post is reporting this stuff, too. Okay, cryptocurrency billionaire
broke the bank for Dems. Okay, so this might be real
so amid the jubilation and gloating by Joe Biden Chuck Schumer and pals over
Democrats better than expected showing in the midterms comes a disturbing story
that may
Explain something about how they won such a curious election Biden's second
biggest donor cryptocurrency billionaire wonder kind
Wonder kind wonder kind wonder kind Sam Bankman fried is it fried or for free
freed?
Yeah, Sam Bankman fried aka SPF. I like that
Saw his business file for bankruptcy days after the election
But not before pumping 40 million into the Democratic Party to spend on get out
the vote and other shadowy
Ballot harvesting mech mechanics for the midterms the shambolic. That's a new
word. What's that mean?
Don't know what does that mean? Let's find out what that means. I need to know
Olick. I'm confused
Shaman like we think means
Shambolic maybe shaman like chaotic disorganized chaotic disorganized mismatch.
Oh, I would say yeah, definitely
Shambola gets a new word
30 year old whiz kid once said to have been worth 16 billion had spent 10
million in helping get Biden elected in 2020
SBF's mother Stanford
Oops, Stanford law professor Barbara freed
also the co-founder of left-wing political action committee
Mind the gap which has raised a reported
140 million to help Democrats win elections through the same get out the vote
grift a more
Unlikely billionaire you could not find and of course his money was built on
thin air a math genius with poor social skills
SBF reportedly lived in a polycule a polyamorous relationship with multiple
people in a luxury penthouse with about ten co-workers in the tax haven of the
Bahamas
Where he where his collapsed crypto exchange
FDX was headquartered. Mmm. Wow. This is bad. This is crazy. Yeah
It's crazy that a person like that
Got to where he was I mean
New Reuters is reporting that between now Reuters excuse me is reporting that
between 1 billion and 2 billion of customer funds have vanished from FTX
Conveniently after the Democrats safely spent his money
At the very least this is a New York Post. Yeah at the very least. It's the
same
Negligence and lack of due diligence that the celebrities that endorsed
companies like this
Didn't do you know what I mean? It's like well, how could they know right if
you're a celebrity?
I'm just just like play devil's advocate. Yeah, if you're Matt Damon or whoever
Kim Kardashian
I mean people are making money with Bitcoin. There's Bitcoin billionaires.
There's coinbase, which is apparently doing very very well
There's a bitcoins that are sponsoring sports. They sponsor arenas, right?
They they name arenas after them actually I think they have to change one of
the arenas. This was one of them
Yeah, yeah, yeah. Oh it did which one was it Miami Miami? Of course it's Miami.
It's all the cocas. Yeah
Party that's so main economy of that town. So
How would they know well I knew I mean, I don't mean to say that but it's like
I always questioned it and I knew so how come they didn't know
Maybe if they turned off their greedy fucking hat for one second and ask some
fucking questions about what's actually going on
They would have known been like what actually is this, but they didn't they
said oh he's offering me 30 million dollars
So I can endorse them that'll make people believe in it more and they'll invest
in it
And then we'll take that money in and all your money that you're hoping is
gonna turn into more money when this thing blows up
We'll take that and fund the fucking Democratic and we'll find the political
party. Yeah, it's slippery
It is definitely slippery. There's something that's what happened. There's
something very weird about it
It's the same thing like what's the cult again? I keep forgetting all me what
they did what he did with the Seagram's daughters
they funneled all the money into his little cult and
With that money he was able to get the Dalai Lama and a couple other people
that gave it legitimacy
And then other people going like it must be legitimate if this person's in it
and they started giving them all the money
And all he was doing doing was branding women and fucking them. What did they
think he was doing though?
They thought he was doing the self-help thing and empowering women and and
You know teaching them how to be more
rigorous and very ignorant to this cult. Oh, it's incredible when I found out
it was involving Hollywood people. I was like, yeah
But yeah, that gave up on the the actors from Smallville
There was a few other people and it but it was all over the world
It wasn't just LA and it was based in Albany first of all that that's how you
know people are stupid because if I'm not I'm not if you're
Buying in to a cult that's in Albany you're stupid and then they went to Albany
to
Attend his little weekend retreats. It's a bad place to live. It's Albany. It's
a shithole
People from Albany are mad at you right now. Do you understand? Well, they know
I'm right though. It's a dump
It's the fucking capital of the state of New York you son of a bitch. Yeah, I
know and I it's I don't know why
It's a shithole
It's a fucking dump, but they did the same exact thing that these crypto people
did specifically this kid freed
It's definitely not the Bahamas. It's not the Bahamas. Right. He got it right.
Yeah. Kid got it right. He got the billions like Bahamas
Yeah, he just went to the Bahamas
That is a pretty wild thing to do though to be living in the house
Banging all these people you're working with raking in billions
Funneling some of it to the Democratic Party doing all this philanthropy work
Probably thinking you're a fucking gem of a person. Yeah until it all comes
crashing down
But if it didn't come crashing down, that's like the Bernie Madoff thing
If it wasn't for the 2008 crash would Bernie Madoff been able to keep that
hustle going? Oh, he was so good at it
He was so good. He was so good. He used to show up at his clients sons baseball
games and answer their phone calls and of course
He did he really was a good con artist course. He showed great attention to
them
So they didn't they didn't look at the stealing hand
I mean, but you know the Democratic Party should have done a little due
diligence been like what is this?
They didn't ask questions either or not. They just took the money. They took
the money. It's not their fault
What the fuck are they supposed to do if this lady set it up with her son and
he's fucking funneling that money yeehaw
Let's go. You don't have to go and do an audit on their business and make sure
it's running right. Give me that money
But not even- I don't care where you got it from. I don't know nothing. Yeah
People come to see your show how much of it is cocaine money?
How much how many people are coming to see Giannis Papas that are secretly coke
dealers? I would say probably
Zero percent. More than one. Well, maybe one. Yeah. Come on. All the shows you've
ever done. In Miami, a hundred percent in Miami
Out of all the shows you've ever done, how many people paid for your ticket and
they were involved in illegal activities? That's different though
I'm not that I'm not the government. I'm not claiming to be good. We're just
accepting a little money
We don't have time. We're running a campaign. We're trying to overturn this Roe
v. Wade bullshit. Yeah, come on, man
We're trying to codify woe v. Wade. We need money. That's what I love when they
turned over Roe v. Wade
The first thing it is give us money. Yeah, give us more money. We need
donations. The only way we're gonna fix this
Yeah, and then yeah, no they- The article says that they used him like Greta Thunberg
Oh, like Greta Thunberg the teenage eco evangelist
SBF was manipulated into serving a useful purpose. Isn't that kind of editorializing
though? It could be. You don't exactly know what was going on there
In other words, FBF's analytical IQ and social ineptitude made him a prime
recruit for the cause of hijacking capitalism to divert money to left-wing
causes
Whoa. Nerd sniped. So the article the article describes Bankman-Fried's
recruitment into the EA cult when he was a young man at MIT
MIT as being nerd sniped, which is the practice of attracting brain power by
presenting problems as puzzles
Whoa EA is effective altruism for those whoa
Interesting

The Strange Details of the FTX Scandal

The Joe Rogan experience speaking of shame this
Now I'm just getting this is the per you and I are the perfect people to talk
about this crypto class scientists
Oh, we have economists. Yes
We have strong opinions and no information a
Great combination when you're dealing with the fact that people have lost
billions and billions of dollars
But what so Jamie's been filling me in on this over the weekend and he also is
an economist
Yeah, I'm not the worst is our go-to expert. I'll just find interesting links
and say hey check this out
Which is fine. Yeah, that's journalism. Yeah, and as a journalist, what's your
It seems like well, here's the thing if you're running any kind of currency
operation and
You're involved in a polyamorous relationship with seven other people. I gotta
think you're wacky
Nine nine other people ten ten of the people total what do they do?
They just were polyamorous living in a house together all live together in the
same place in the Bahamas and they'll just bang each other
Hey
So wait set this up because you're kind of starting in the middle. What are we
talking about here fun?
Talk about a lot of fun in the Bahamas. Yeah with billions of dollars other
people's money
So they call that a tax haven tax haven yeah, so this fella was running this
exchange and
They also had tokens someone explained it someone did a really good job of
explaining it and we could play that video
But it might take too much time. It's like a 12-minute video, but he was
explaining how
These tokens are like they're essentially unregulated
But it's almost like you're owning stock and it's or almost like owning coin.
It's very confusing, but
it's one of those classic examples of people try to cash in and
Then the whole thing came down from Ponzi scheme has been thrown around. Yeah
quite a lot
Well, there's not just that there seems to be money missing like a lot of money
missing that got moved from one corporation to a sister corporation
So this is FTX, right? Yes. Yeah, and
Apparently they reached out to coinbase
I read that they reached out to coinbase and coinbase is like we can't help you.
This looks bad like what's going on over here and
Then now it's sort of imminently collapsing and tons of people have invested
tons of money over there
And they don't know what the fuck is going on and people are trying to pull
their money out by buying
NFTs for ridiculous amounts of money in the Bahamas because apparently people
in the Bahamas still have access to
The the thing to the exchange is that the case? Yep. Yep
Then they would imagine that there are reaching out to the person then buying
this NFT that would have yesterday been worth nine dollars
And now it's about like ten million right to then make like a currency exchange
like you can keep ten percent of that
So they jack up the value of it, right? Right. So they basically say look, I'm
gonna buy your NFT for ten million dollars
I'm gonna give you a million dollars and then you give me the nine back
And so that's how they're exchanging money and trying to just draw it out of
this account, right?
Who knows how that's gonna work out, right? Whether people gonna be like fuck
you look at your money
How's that work, right?
But all of it is run by this guy who they were in the middle of
profiling him
Who's who sent like this? I did Mike Michael Lewis is the guy's name
He's a writer of like Moneyball and the big short many books
And so he was in the middle of profiling this guy when everything collapsed,
which is wild, right?
Why that is very wild wild? Yeah, like what are the odds that that happens at
the exact same time?
Cuz this guy was this wonder kid who had developed this thing was worth 15
billion dollars
And was like wearing pajamas and shit like one of those like eccentric cats
Didn't all the crypto kind of take a big massive hit though
I think all of crypto did take a big massive hit, but I think this is a lot crazier
than that, right?
This isn't just like crypto took a hit everybody's businesses fucked. This is
like shenanigans some some high-level like serious shenanigans
The most generous billionaire. Yeah, that's part of the so they're like yet
This has been unfolding like in real time on Twitter
Which has been an interesting place to be for last few weeks, but uh
This guy apparently during this used a PR
I don't know if this would be a scheme, but a youtuber it was paid to make this
piece about him
And the way he gives away money
Hmm, which adds to
Well, I want people to know we'll want people to know he's a good guy
He reached out to Elon apparently while Elon was buying Twitter and offered to
chip in 3 billion
And he said Elon said that said his bullshit meter off
Because like Elon's a serious dude
You say he's like this guy's 3 million liquid or a billion rather 3 billion
liquid like does he have that money right?
That's a lot of money right say like we're gonna buy Twitter for 44. I'm in for
3 right 3 billion, right?
That's a crazy amount of money. Yeah, and so Elon said that said his bullshit
meter off right cuz like what you get the 3 billion
Yeah, you can't just say that to that guy like oh cool. He's not gonna just say
oh cool. He's gonna know
Basically what you kind of can't he's a fucking he's the richest guy in the
world understands money right and he knows who really has that money and who
may be
Yeah laundering well who might be just kind of a crazy person who you know is
Probably can't believe he's in where he's at when you find stories about him
from before he was like the world's youngest
Billionaire happens super fast world richest person under 30 committed billions
the vast majority of his fortune to tackling the most pressing problems facing
the future of
Humanity where it's nice get his money though. Look on that. What are those
most pressing problems? Click on that link?
What is that link up there? This is it's on red it off to on them. Oh, it's on
red it. Yeah
Interesting
Like I understand where Elon made his money
It's I think like all things he's probably not all bad
It just didn't work out the way he thought it was going to and it was for so
long
And he probably thought I could get away with doing what he was doing and he
probably also thought he was doing good
So if you really is like super charitable, he probably also thought that he was
way smarter than he was
Right because he's under 30 and he's a billionaire already. He probably thinks
he's the fucking shit
Could you imagine if you were worth 15 billion and you were 28?
You would think you're the shit you think you do whatever and also you're
banging nine people in the house together
Yeah, I'd be doing bad stuff. That's too much money for a 20-something. You're
not playing by any rules anybody's rules fuck off
Yeah, and I'm gonna give my money away to everybody and I'm also gonna move 10
billion over here
New York Post is reporting this stuff, too. Okay, cryptocurrency billionaire
broke the bank for Dems. Okay, so this might be real
so amid the jubilation and gloating by Joe Biden Chuck Schumer and pals over
Democrats better than expected showing in the midterms comes a disturbing story
that may
Explain something about how they won such a curious election Biden's second
biggest donor cryptocurrency billionaire wonder kind
Wonder kind wonder kind wonder kind Sam Bankman fried is it fried or for free
freed?
Yeah, Sam Bankman fried aka SPF. I like that
Saw his business file for bankruptcy days after the election
But not before pumping 40 million into the Democratic Party to spend on get out
the vote and other shadowy
Ballot harvesting mech mechanics for the midterms the shambolic. That's a new
word. What's that mean?
Don't know what does that mean? Let's find out what that means. I need to know
Olick. I'm confused
Shaman like we think means
Shambolic maybe shaman like chaotic disorganized chaotic disorganized mismatch.
Oh, I would say yeah, definitely
Shambola gets a new word
30 year old whiz kid once said to have been worth 16 billion had spent 10
million in helping get Biden elected in 2020
SBF's mother Stanford
Oops, Stanford law professor Barbara freed
also the co-founder of left-wing political action committee
Mind the gap which has raised a reported
140 million to help Democrats win elections through the same get out the vote
grift a more
Unlikely billionaire you could not find and of course his money was built on
thin air a math genius with poor social skills
SBF reportedly lived in a polycule a polyamorous relationship with multiple
people in a luxury penthouse with about ten co-workers in the tax haven of the
Bahamas
Where he where his collapsed crypto exchange
FDX was headquartered. Mmm. Wow. This is bad. This is crazy. Yeah
It's crazy that a person like that
Got to where he was I mean
New Reuters is reporting that between now Reuters excuse me is reporting that
between 1 billion and 2 billion of customer funds have vanished from FTX
Conveniently after the Democrats safely spent his money
At the very least this is a New York Post. Yeah at the very least. It's the
same
Negligence and lack of due diligence that the celebrities that endorsed
companies like this
Didn't do you know what I mean? It's like well, how could they know right if
you're a celebrity?
I'm just just like play devil's advocate. Yeah, if you're Matt Damon or whoever
Kim Kardashian
I mean people are making money with Bitcoin. There's Bitcoin billionaires.
There's coinbase, which is apparently doing very very well
There's a bitcoins that are sponsoring sports. They sponsor arenas, right?
They they name arenas after them actually I think they have to change one of
the arenas. This was one of them
Yeah, yeah, yeah. Oh it did which one was it Miami Miami? Of course it's Miami.
It's all the cocas. Yeah
Party that's so main economy of that town. So
How would they know well I knew I mean, I don't mean to say that but it's like
I always questioned it and I knew so how come they didn't know
Maybe if they turned off their greedy fucking hat for one second and ask some
fucking questions about what's actually going on
They would have known been like what actually is this, but they didn't they
said oh he's offering me 30 million dollars
So I can endorse them that'll make people believe in it more and they'll invest
in it
And then we'll take that money in and all your money that you're hoping is
gonna turn into more money when this thing blows up
We'll take that and fund the fucking Democratic and we'll find the political
party. Yeah, it's slippery
It is definitely slippery. There's something that's what happened. There's
something very weird about it
It's the same thing like what's the cult again? I keep forgetting all me what
they did what he did with the Seagram's daughters
they funneled all the money into his little cult and
With that money he was able to get the Dalai Lama and a couple other people
that gave it legitimacy
And then other people going like it must be legitimate if this person's in it
and they started giving them all the money
And all he was doing doing was branding women and fucking them. What did they
think he was doing though?
They thought he was doing the self-help thing and empowering women and and
You know teaching them how to be more
rigorous and very ignorant to this cult. Oh, it's incredible when I found out
it was involving Hollywood people. I was like, yeah
But yeah, that gave up on the the actors from Smallville
There was a few other people and it but it was all over the world
It wasn't just LA and it was based in Albany first of all that that's how you
know people are stupid because if I'm not I'm not if you're
Buying in to a cult that's in Albany you're stupid and then they went to Albany
to
Attend his little weekend retreats. It's a bad place to live. It's Albany. It's
a shithole
People from Albany are mad at you right now. Do you understand? Well, they know
I'm right though. It's a dump
It's the fucking capital of the state of New York you son of 