FTX: Worse Than Enron!

[@PBoyle]

Sign up for Blinkist using this link: blinkist.com/patrickboyle

[@gianlucasamaritani8362]

Patrick can you please tell us in what kid-run digital-ponzi crypto-metaverse coin we should invest in?

[@montanalove8411]

@@gianlucasamaritani8362 why not just invest in all of them?

[@gianlucasamaritani8362]

​@@montanalove8411 I think more research is needed on how ponzi-scheme diversification works before I put money in it. On the other hand, digital ozone ponzi investing on a single asset is a well rounded branch of finance which I'm an expert in.

[@LordMacGyver13]

Hey Patrick, can you make a video on the favorable treatment sbf has from the majority of the mainstream media and the fact that they depict him as "kids" and "unexperienced" takes away the fraud part of the whole conversation. They also blame his competitors for what he has created

[@BubuH-cq6km]

🤷🏼‍♂ What about the Epstein Pedo Cult ties❓

[@nappiral]

I know this isn't technically a comedy channel and yet somehow Patrick never ceases to be hilarious.

[@raul0ca]

Popcorn, we need more popcorn!

[@toomanyaccounts]

how would he react if someone asked if they could treat his dome like the Buddha's belly?

[@jdiluigi]

Dry humor is usually the best humor..

[@mygoogle1594]

Mr. Boyle has the most excellent deadpan delivery. 🤘

[@avivhod4968]

I almost choked from laughing at the sultry wood nymph illustration!

[@senpaihorse7695]

Id pay top dollar to see Patrick do a financial stand up show, would absolutely kill it

[@Juxtaposition1-Bitchute]

kzbin.info/www/bejne/bYjYdmSZnN2Bptk

[@TheRafftnix]

Maybe something blockchain-thingy with lots of AI? Perhaps Elon would even tweet about it…

[@Drakshl]

You could sell NFT tickets with complete resale rights, so the whole tour becomes an investment vehicle

[@walterwhite1]

CNN 2001: Let's tie Enron to W. Bush! CNN today: Crooked Crypto financier gave millions to Dems??? BURY IT! Abortion, Ukraine, Jan. 6!!!

[@jle92708]

Well he’s doing it for free here 😅

[@janzalud216]

Transition of this channel from full finance to full finance full comedy channel is complete. Im rewatching this as much as dave chapelle

[@rosalindcormier4384]

Except that this channel’s jokes have gotten better with time not worse

[@Ln-cq8zu]

And I've recently come across Kat Williams. Patric is right up there 😂

[@Ln-cq8zu]

​@@rosalindcormier4384the so called elites just keep giving!😮

[@davidroberts6549]

What happens when neophytes and ideologues are let loose. I can speak about Enron. I worked as a freight trader for one of the biggest commodity trading firms in the world back in the 1990's / 2000's and my wife's father was very high up in the Enron heirarchy. His was an interesting story. Like me, he was from Liverpool in the UK, and he was a plumber by trade. Back in the 1960's when oil and gas was being developed in the North Sea, there was very good money for skilled workers that were willing to put up with the conditions of life on a rig in force 10 storms. He worked his way up the chain, with Houston Oil and Gas, merged with Portland oil and Gas and ultimately became Enron. In those 30 odd years he'd become head of projects and had built pipelines, dams and power stations all over the world. At this time he was head of what was to be a famously doomed power plant in India. In 2000, Enron were looking to develop their London office, and had a rec for somebody to set up their power-traduing desk. My father in law, who was very influential by now in Enron, suggested I go for it. At the time we lived in Paris, and so I took the Eurostar to London for the first of my interviews. They worked on a black ball system, like Goldman Sachs did at the time. You spent time with a variety of departmental heads and they each had to give you a white ball in order to be invited back for the next round. I got through six rounds and now I was facing my final interview. I should say that their offices were on Buckingham Palace Road. A fabulous glass thing with a huge atrium. We took the lift to the 8th floor, and I could see floor after floor of empty desks and spaces, until we arrived on the 8th, and all hell was let loose. Everyone was charging everywhere, hotdesking and whatever buzz thing was the motif at the time. I felt somewhat senior, and I was 32 years old. I met the managing director, Danny McCartney, from Houston head office. I'd say he was about 27. he asked me these questions. ' How many people live in the London power utilities region? / So how many utility bills is that? / What do you reckon the average utility bill is? / How old is the power infrastructure in London." Then he said, that there was no power-trading position anymore but that they wanted me to head up "deal-origination" - ie sales. So here was the plan. Enron would build a whole new suite of power generation facilities, along with grid access and all associated step down facilities to replace the ageing infrastructure that dated back to the 1930's. London couldn't afford the price, and so we would securitise ten years worth of utility bills and ship 'em off to our mates at JP Morgan, who would then issue notes on the back of this security and sell them to Mars, and then they would send the Martian money back to us at Enron, and we would then lend it to the London Electricity Board who would then spend it on us to build their beautiful new energy system. At the time ENE shares were at about $80 a piece. I listened to this Bullshit but kept my thoughts to myself, I declined the job and took the next Eurostar back to Paris. One of my clients was a very large Greek oil tanker fleet operator and he called whilst I was on the train. he knew what I was doing and was curious to hear how I'd got on. I told him the story of the LEB / ENE / JPM / Mars perpeptual motion machine bonds and he asked me to check what the borrowing cost was for ENE stock. He was going to short it. Big style. I contacted my father in law, and suggested he begin to liquidate his positions in ENE stock and options. He was only about a year from retirement and he probably had millions in there now. He'd been with the firm in one form or another since he was a boy. He laughed in my face. Enron stock only goes up. It had just been voted Forbes company of the year for the 5th consecutive time. It had someting like the 6th largest mkt capitalisation on the NYSE. My friends shorted ENE about a week before Jeff Skilling stepped down - at about $80 / share. By the end of ther year, 6 months or so later, ENE was gone, along with Arthur Anderson. My friend made about 80 million dollars. My father in Law lost everything, and had to go back to work building pipelines in ALberta, and even in the Baghdad Green Zone repairing pipes etc damaged by the war. It\s a shaggy dog way of describing youthful hubris, and a negligent approach to correct procedures and appreciation of risks. In retrospect, the signs are always, ALWAYS there to be seen.

[@lesleyegbert4807]

I love finding treasures like this in the replies. Cheers.

[@davidroberts6549]

@@lesleyegbert4807 Thank-you. They were strange times...But there is nothing new under the sun.

[@hewhohasnoidentity4377]

Why is it always Europeans who have never been introduced to the concept of a paragraph? It is created by using the enter key. Sometimes labeled as a carriage return. When used appropriately, the gap above this sentence is created. Paragraphs make reading easier.

[@archipiratta]

@@davidroberts6549 what's the tldr version of the OP please? 😅

[@larryo6874]

Your comment reminds me of the movie, “The Big Short” where most people in 2008 thought the housing market could only go up but a few realized things were soon to go south….

[@heyquantboy]

I love Patrick Boyle's understated humor.

[@--Dani]

It is great...cheers

[@neshenniper5498]

Hes absolutely hilarious 😂

[@sbamba3027]

Just straight up cultured and nuanced disrespect 🤣🤣

[@aidanabregov1412]

I like his hardline stance against Woodnymphs! 🇺🇸

[@Leoti42]

As do we all!

[@yomodojo]

Your sense of humour; please, please, please keep on infusing it in to your work, Patrick. Thank you for making this for us. Best wishes.

[@minky7252]

He’s fantastic

[@Karearearea]

I know FTX collapsing is a huge tragedy for everyone who lost money, but god I love the entertainment we're getting out of it

[@eschaton2834]

Same way I feel about Trump being elected again.

[@letsburn00]

The only problem with it is that it's happening at the same time as the twitdown. So we have two dumpster fires simultaneously.

[@areichental]

I luckily got out of FTX in time, but holy shit I'm addicted to the drama right now. For the first week, I would wake up in cold sweats wondering what happens next. Whenever I thought there's no way it could get any more ridiculous than that, it's somehow kept getting more insane. I have no idea how it can possibly get crazier but I'm sure SBF won't disappoint

[@Monsterpala]

Everyone investing in crypto and loosing got what they deserved. Crypto is producing NOTHING but wasting energy. There is the service of moving value outside of state control but this is also a very questionable thing. One could perhaps argue that it is better than oil companies especially in autocratic states but from a logical perspective this is a pretty stupid investment and the fact people get rich with this is a sign how broken the system is.

[@areichental]

@@Monsterpala I'll make you a deal bud. Send $50 in Bitcoin to a friend overseas. Then, get your bank to wire $50 to your friends Bank overseas and let me know which experience is better for you. Rather than cheering at people's financial distress, maybe take a look at what you're criticizing. I condemn fraud in all of its forms but that's exactly what happened at ftx, Celsius and Voyager. As far as people developing actual financial tools, maybe learn the difference :)?

[@joetrease9552]

“The whole sultry wood nymph situation…” 😂😂😂 Love your humor, and your content PB! Thank you!

[@vdotme]

Wood nymphophiles & wood nymphophobes 🤣🤣🤣🤣🤣

[@Seasonednuts-iv5gd]

hey i didn't get the reference on what the joked about

[@-Blick182-]

@@Seasonednuts-iv5gd the CEO of Alameda (if i recall correctly) went to some interview or somesuch meeting dressed as a wood nymph. She also apparently used to date SBF and is like the sec chair's daughter

[@letsburn00]

@@-Blick182- That's not correct. Her father is an academic economist. He is high up in the MIT economics department though. Given its a top 5 global university though, there is basically a 100% chance that he worked with or in charge of, or taught people who were very powerful. Another guy at the university department ended up as SEC chair. Which isn't surprising, given its MIT. Don't lat fake stuff distract you from real scandals. That an academic economist ended up having a kid who peddled snake oil is pretty much on the mark.

[@tomo1168]

you couldn't make something like that up. only life can provide stuff like this :D

[@nicedubs8163]

Excellent coverage on this attrocious scheme. I'm an accountant, and I noticed long ago that a surprising amount of novice "investors" have a surprising amount of ignorance over general finance concepts as well as a lack of business accumen.

[@kenclarke8417]

You don't need to be an accountant. Anyone who knows what their checking account balance is would be horrified at RJ3's filings.

[@nicedubs8163]

@@kenclarke8417 True dat

[@Boondoggle_Mollywop]

Your wit and quirky sense of humor are exactly what keeps an otherwise disinterested fool like me sticking around to learn all this valuable economic information. Thank you for helping me to better educate myself against my normal sensibilities. I appreciate your content very much.

[@YouTubeGlobalAdminstrator]

I'm so happy when some financial turmoil happens as it means Patrick is going to make some hilarious content. 👌

[@snooganslestat2030]

Agree!

[@Mikesco3]

I don't feel safe to watch his videos other than sitting on the toilet

[@harrywood6827]

Patrick does make humour out of it 100% but do you see how he looks, I'd love his personal take on these events.

[@iko3]

I used to tune in for the solid information and education Patrick provides but now I eagerly watch his videos for his amazing comedy as well. I would watch his stand up because he is a stand up guy.

[@chrisnln1619]

My hat is off to you sir. Your delightful combination of Sahara-dry, deadpan delivery of comedy disguised as economics commentary is sublime.

[@kentong2033]

He's comedy gold! 😂

[@piggsinablankie]

I recently discovered this guy, and that's the definition of him. Absolutely love the deadpan, dry humor. When he said "Sam and the gang" and showed a picture of the Little Rascals, I lost it. Hilarious.

[@laviniag8269]

The "Softbank. Always Softbank" line reminded me of Blackadder. Superb delivery sir!

[@themountain3461]

@@laviniag8269 didn't BlackRock get involved as well?

[@arrowknee7356]

Informative and funnier then most stand up comedians. Well done, well done.

[@alexc2265]

Than* but what do I know? I’m a sultry wood nymph.

[@orterves]

In our post-truth reality, the best comedy now comes from just reporting the truth with clarity and insight

[@WiseOwl_1408]

@@alexc2265 gross

[@arrowknee7356]

@@alexc2265 Be gone sultry wood nymph. :p

[@chriswhitenack5446]

This is a thing of beauty. As I'm sure Patrick knows, nobody can make this kind of thing up. Pure gold!

[@jonathansmith776]

Patrick!!! The last 2 videos may have been the greatest ever in 10 years. Thanks for bringing a smile to a fantastic finance video! I’ve never laughed so much. Thank you

[@SmellyFatCock]

Agreed

[@wallyslow]

the Stephen Wright of finance journalism.

[@sampotter4455]

Were any wood nymphs, sultry or otherwise, ever discovered at Enron? Great story and entertaining storytelling! More please.

[@Dwightstjohn-fo8ki]

Nah. Enron was old school: a bunch of old guys in Texas playing good ol boys.

[@swankydanky8025]

@@Dwightstjohn-fo8ki so there were satyrs instead?

[@playtoyx]

@@swankydanky8025 pissed off brownies maybe. Probably a few pixies I heard a lot about powder and Enron.

[@thomasfisher5742]

Are these wood nymphs descendants 0f the family of WOODEN TOPs who lived in UK in the mid to late 50s lol

[@johnr6087]

@@Dwightstjohn-fo8ki It’s like White Collar crime got a nostalgic reboot to fit a new Gen-Z audience.

[@AbdulRWatches]

Satirical financial Videos should be a thing Patrick offers us more often 😁 Thanks Prof 👍🏽

[@bygonebebygones8503]

I agree but he needs to find a company thats completely run by clowns first.

[@somethinglikethat2176]

Call it a tech service that's innovative and disruptive and Softbank will invest.

[@fabiopaolobarbieri2286]

@@bygonebebygones8503 That describes most conglomerates today.

[@morganshook3168]

As a New Balance wearing wood nympho I take my hat off to you sir. Haven't laughed that hard in a while. Cheers!

[@zimriel]

NBros represent

[@rhetoric5173]

The first surrealist accountant

[@RealBoiJare]

New Balances are sick asf. No idea where Patty gets off

[@tucoramirez9557]

Let's clarify, are you a nympho, or a nymph?

[@tropik5724]

Its some of the only shoes I can wear lol

[@ReadingRambo152]

Tons of us absolutely love you and your channel! All of your videos are incredibly informative, and well written! Sorry you have to deal with all the haters!

[@metnaam23]

and the wood nymphs

[@klam77]

Hating on ENron will NOT solve your problems. YOU are the haters, not US! (see my comment above, tee hee, --love, klam).

[@basic48]

Perfectly put together with just the right amount of sarcasm to get the point across at how unbelievable this fiasco really was, well done...love the channel.

[@DanielH874]

Top notch dry humour and financial analysis. Keep it up! You're a gem.

[@UnderscoreZeroLP]

Not analysis but still good 👍

[@adamb8575]

your comedic delivery is getting better every video, quickly becoming one of my favorite channels.

[@RyanBlanchard-qo1ju]

Patrick, this is the second video I have watched of yours and both of them have been extremely informative with the presentation being equally entertaining. It is refreshing to finally listen to someone who is not flailing, yelling, and bouncing around the screen!! Great work, I look forward to watching more of your content!!

[@RaderizDorret]

Enron, Madoff, Theranos, Nikola Motors, now FTX. I'm starting to think there is more to these scams. After all, the same people "fall for" the same bullshit.

[@ThePapaja1996]

Wirecard

[@AnhNguyen-hn9vj]

possibly it is part of the money experiment trying to make money out of thin air. possibly imitate some ancient dark magic. Unfortunately, it didn't seem to work very well. lol instead of making money out of thin air, it seems to make money disappear into thin air. lol

[@Galworld761]

Name one product Tesla has delivered on time and fully operable… now point that out to Tesla fans. Ask about the tunnel or Mars. Listen to the “hater” name calling. People like cult of personalities.

[@AUFalcon64]

the funniest part of this whole saga is kevin oleary from shark tank getting screwed by this after being so smug

[@sixter4157]

Yet he said he would be be willing to work with SBF again. What? I can't stand him.

[@tulipstothemoon349]

He was being paid by them. He didn't get screwed, he's a habitual liar, he'll say anything for a check.

[@kristiblack4789]

Proof positive that there is a God!

[@djsmithe]

Kevin is a Elon Musk fanboy too. Read the Wikipedia page on Kevin. The reason we have Kevin is because of incompetent Mattel executives.

[@arnoldsherrill2585]

Does what happens when the smartest guy in the room ends up getting burned by his own match

[@dabeatboxer83]

Enron was over double the amount of ftx. Insane. Took everyone's life savings away in a new york minute.

[@ericgabriel3902]

I am really here for the perfect dry humor, but I do appreciate the information provided in this entertaining way. Great work as always

[@neonovalis]

Mr. Boyle is taking the pisz ... FTX and Bankman is just the perfect setup ... how could one not to (take the pisz)?

[@klam77]

lemme guess you also like dry sherry, ? dry beer? superdry jackets?

[@johnsmith9403]

Absolutely the best thing I have watched today. Patrick wins the internet

[@silverbanded4134]

I am so glad I found this channel today. 3 minutes in and it’s nothing but gold and top tier content 🙌🏼

[@DenverUglies]

Hello Patrick. I found your channel my accident last week. I immediately subscribed. I like your humor and expert analysis. Tomorrow, I’m driving 800 miles to visit family in Montana. I’ll be listening to you to entire time. Thank you

[@dolphine675]

I think the fact that economics in the modern world has become a work of fictional schemes and hedges and completely void of any relationship with the manual labour that improves living standards is what makes your videos so hilarious Patrick :⁠-⁠)

[@samankucher5117]

i was born 25 years ago and every year that i remember things seem to be going from bad to worse for people in my economic situation.

[@TP76_76]

You don’t even have to care about finance to thoroughly enjoy watching Patrick’s videos. His humour and delivery is genius.

[@FinNewsInsider]

I would sign up for his class on financial history if he offered it. As an embedded event analyst on the street I love his take. Stay great King. Cheers!

[@davidwelty9763]

These VC firms should be held accountable by regulators as well. Due diligence is dead.

[@pianomikey0]

When Patrick covers a topic so dry as finance, coupled with such astonishingly incompetent management, the resulting opportunity deadpan is aMAZing. You have a real gift, Pat.

[@wtf_usa5597]

Geez.. Even New Balance is hating on you! I'm sorry for your troubles Patrick. A great thank you for enduring this suffering to bring us the latest financial news. 😫

[@phokust]

Your dead-pan wit and in-depth analysis keeps me looking forward to your next video drop. Thank you so much for the entertainment and education, Patrick!

[@gentlemankennyedwards2533]

Your content has taught me more reality and substantive information than the economics classes I had in college. Thanks.

[@Hossak]

How do you keep such a straight face, Patrick? I think I strained a muscle trying not to wake up other people in the house watching this.

[@Miclpea]

😂😂😂😂

[@raul0ca]

Risk manager worked a year at Credit Suisse. He said that with a straight face!

[@JessicaMargaretDean]

Utterly remarkable. SBF sound like a spoiled kid who thought he was smarter than everyone else so he didn’t have to play by their rules because that’s what he was told by everyone around him. Groomed to be a rich stupid “wunderkind.” Excellent breakdown and explanation as usual. Thank you!

[@pauldbradford]

And SBF’s parents are Stanford Educators with the same grifter BS 😎

[@johns5558]

He actively engaged in the opposite of what everyone else was doing. From a particular point of view, thats genius, from the point of view of corporate governance of course, its broadly and deeply criminal. But thats why he purposefully set up in the Bahamas, had no board, and used the exchange cash in his trading firm.

[@DDDd-yz6kz]

Charles Ponzi didn''t grow up in a rich family

[@thealexandralorian]

His parents were so involved in taking money from FTX and kept asking for money from their son!

[@capecodcorporate]

I'm so happy I've been watching your channel for so long, this felt like it all really paid off.

[@k54dhKJFGiht]

I loved that show Patrick! That was laugh out loud stuff! It was objective, and I learned from it! Good on Ya, and your Bob Newhart comedy style!

[@lfcatchall]

Absolutely love your dry wit. It is amazing keep up the good work. And your Insight on the financial landscape is so helpful for us regular people. Thank you.

[@metnaam23]

Patrick, I was laughing out loud, (and on a Friday night no less) and this was before I read the comments below. Now I want every dry financial news snippet everywhere to be delivered like this. For all Sultry Wood Nymphs out there (SWNs? - I digress). Thank you PB

[@johnweimer3249]

This channel is informative and hilarious. And I love for a guy who barely ever blinks he’s sponsored by Blinkist.

[@glawrence]

😂

[@eomanga]

Haha

[@YujinVasquez]

This channel is so underrated. By far my favorite real Finance channel on YT.

[@trish1344]

Thank you so much for these videos, Patrick. Your dry humor combined with precise and obviously well researched, educated analysis is very appreciated.

[@SUPAFUZZED]

You're the funniest finance channel I watch by far. Great content, even better dry humor. Love it, cheers!

[@snooganslestat2030]

Iv read the bankruptcy filing - absolutely insane. Been waiting for Patrick's videos on this! I'd happily watch him talk about & make jokes about this for hours.

[@michaelmoses8745]

Where could one find this filing?

[@snooganslestat2030]

@@michaelmoses8745 Pacer. I believe I got the link on Patrick Boyles second video about this story.

[@droneee3478]

This is the last time I trust a sultry wood nymph. And I'm tossing my New Balances.

[@llucos100]

Patrick is truly the real victim here, having been forced to create personalised emojis for this video 😢

[@trishoconnor2169]

I'm a new subscriber who just loves being able to find financial commentary hilarious.

[@erikbrown77]

LOVE your humor! And you do an excellent job of explaining these complicated financial fiascos.

[@brianmolloy9393]

My favourite part of this complete masterpiece is that "sultry wood nymph" is a tag in the meta data

[@8aemi]

😂😂

[@aurablur]

LOOOL

[@pedropena880]

I love how informative and hilariously funny is your channel. Love the sarcastic humor + the real good financial information. Keep it up!

[@step_bro9357]

This might be one of your best comedy pieces on your channel for a financial disaster keep it up lol

[@mandelbro777]

Love the intro Patrick. your deadpan humor is just what finance commentary needs right now :)

[@disinterBaz]

Thanks for covering this better!! That last video on FTX focused on such minor stuff I'm glad you're doing material on the inside stuff going on inside!

[@kingclover1395]

You could tell by the way SBF wore those same shorts and t-shirt every time he did a TV interview that it was all a ruse meant to make everybody think that he was one of these eccentric tech geniuses that always get so much media attention and end up on the cover of magazines.

[@mixerD1-]

True....you could think a lot more conspiratorially than that. I'll be stunned if there aren't massive restrictions put on the ability of anyone to invest in future if they aren't already a professional, licensed or full time investor. There's an awful lot of this story that'll never see the light of day, and going by what Patrick is pointing out that he highlighted in the past about FTX you would be forgiven for thinking that the company was "organised" with the business plan of accruing capital then mysteriously "losing" all of it with insufficient records to trace any of it whatsoever, or any lay person to figure out what happened.

[@Wishkeyn]

You mean like Elizabeth Holmes?

[@pimacanyon6208]

@@Wishkeyn we can always hope that SBF gets a prison sentence LONGER than what Homes got. But because SBF made huge "contributions" (of make believe money!) to the Democrats, he will probably walk away scot-free.

[@pimacanyon6208]

@@free_your_mind2216 well said. It's amazing that supposedly "smart" people could be fooled so easily. In my opinion, they are all getting what they deserve!

[@StreyX]

This just gets worst the more you learn about it. So they were stealing user funds and made sure that their positions don't get liquidated when the user's accounts did.

[@ArtByHazel]

Thank you for your dry humour, wit, educational analysis about financial literacy. I’m shocked about what happened to FTX and the behind-the-scenes we rarely know about the dealings of billion dollar corporations.

[@aaronmathias6739]

Awesome watch! Patrick Boyle's dry wit & a sublime sense of humour makes his videos equal parts enlightening and entertaining.

[@nitehawk86]

The first minute of dissing is perfect. Thank you.

[@alschwartz8732]

Patrick, I believe you need to do a video explaining how having a sultry wood nymph on the management team affects company valuations for investment purposes

[@gregh7457]

that thing is far from sultry

[@joeyjo-jojuniorshabadoo6827]

The seemingly bumbling incompetence is yet another layer for covering up intentional malice.

[@joaocarreira2276]

Another great video PB! Informative, straight to the point and funny. A rare treat. 👏🏻

[@blueskye1827]

Keep up your great work... Not only do you make it entertaining and interesting you make it informative... Thankyou, thankyou!!

[@richardbloemenkamp8532]

This gives me so much confidence in the largest VC investers in the world including Sequoia and Softbank. They really look very thoroughly where they put their money. Good thing that with the increased inflation they will be forced to be more careful whether to put it on red or on white.

[@IamGrimalkin]

After more recent information came out; to be honest I doubt they were ignorant of who SBF was. I think for many of them, they knew he was a crook, because that's what they wanted. For Sequoia, note that in the bankruptcy filing Patrick referenced that FTX are also invested in Sequoia in turn. If both of them invested in each other, they can both mutually use customer money to buy their own equity, which is good for executives with their own equity. Also, recently Chamath Palihapitiya talked about (anonymous) VC funds buying into crypto exchanges so they can learn how to mint their own crypto tokens and rugpull them. If e.g. Softbank is one of them, they may have made more money rugpulling tokens than they lost in FTX equity.

[@templarknight7]

@@IamGrimalkin That's unlikely. They'd have to have done thousands of rugpulls to maybe make enough to be more than a rounding error in their accounting books. These are billion dollar organizations and for a rugpull to be worth the effort, it would have to be large enough that the mainstream media picks up on it, which would not bode well for their future.

[@IamGrimalkin]

@@templarknight7 Softbank invested $100m into FTX. There have been crypto tokens which pumped to over $100m market cap before dumping. In theory, they could have already made back their FTX investment in a single pump & dump.

[@SuperSetright]

It is a big fat laundry operation CONSPIRACY by all J/E/W/I/$/H parties concerned. They were all I/N on it. Willing conduits for investors money to third parties under the guise of gross mismanagement. Follow the money.......and don't forget....10% for the big G/U/Y.

[@templarknight7]

@@IamGrimalkin Just because the market cap hits $100M does not mean you can extract 100M from a rug pull. At most, you only get fractions of the market cap because the price tanks so quickly.

[@matth4784]

Patrick’s getting savage lol I was literally laughing through 90% of this vid. Bravo

[@robertosans5250]

Fantastic video! You have a talent for being informative and extremely funny at the same time. I wonder if your pupils realise how fortunate they are of having you as their teacher.

[@Roger_Diz]

If my finance instructors were as engaging as you, I'd have my degree today.

[@UnderscoreZeroLP]

Likely truen’t but pog nonetheless

[@thepenguinpopper2509]

fantastic presentation!!! I have never thought of finance as interesting and entertaining before your channel.

[@NiceTriGuy]

Love to see Patrick's take on why SBF has not already been arrested/charged/locked up.

[@LilleyAdam]

Because no one knows who has jurisdiction.

[@steverobertson6393]

Uh, did you not notice who he donated large amounts of money to? . . . They're likely to look into him right after they open up "you know who's" laptop or maybe they could determine exactly how that guy killed himself while on suicide watch at MCC. Not to be rude, I genuinely make these points. We are not in a state or condition / place with markets of genuine price discovery. This is a game. A game played by those who openly lie. That's fine. Live and let live and all, however, for those whose retirement savings will be lost when this fiasco becomes truly unglued (anyone with a 401k) this won't be funny. Market loses will be 90%+ when price discovery become paramount. Best of luck to ya all.

[@SinStar87]

@@steverobertson6393 You enjoy hunter's dick pics and the sbf trial?

[@arthurtreibs4174]

GREAT SARCASM, PATRICK. THE STORY IS TRULY INCOMPREHENDABLE. NEVER EVER FALL FOR PROMISES OF HUGE RETURNS WITHOUT THOROUGH AND COMPLETE DUE DILLIGENCE WITH A GREAT DEGREE OF CINICISM. KEEP 'EM COMIN' PAT, YOU'RE A STAR, BUDDY!!!😍😍😍

[@Whateverworksism]

Thanks for your videos Patrick. Looking forward to this one. Good evening to you sir. edit: turns out it was a great video as always!

[@liasisboa]

I never thought a financial guy would make me convulse in laughter… His dry delivery is precious…

[@danielschein6845]

Patrick's video proves that you need to laugh because it works better than sobbing.

[@lennkristal5484]

He is nothing if not a brilliant economist/comic! Fabulous episode.

[@NICO-Z-TRADER]

Nice video as usual. I think that most of the issues in FTX fallout is that: 1- it operated as an exchange under no regulation. Users who put their money at FTX didn't understand what are the implication of no customer funds protection. So it means that with or without their knowledge, they took a massive risk. 2- To me, it is not that shocking that FTX was not run in a proper way. We are talking about a very young company. The issue is much more related to too big too soon, amplified with leverage and crypto. We should also note that compared to other startups, FTX raised a smaller amounts of capital. 3- I agree that the famous VC (including why I am not suprised Softbank) didn't do the right due diligence. This is more like a big f... mistake. In any case, nice video as usual.

[@Dwightstjohn-fo8ki]

young or not, being run "not in a proper way" was very DELIBERATE on their part. There's no infor. that they even TRIED to bring in a person skilled to scale up the companies and be legitimate about it. M.I.T., Ph.D., MONEY.

[@joeshugabowski1444]

Was not run in proper way..quite a wording. He was betting with leverage with Clients money., Its fraud, crypto per se does not need sperate regulation

[@Redsoxman9991]

As a crypto die hard since ‘17 this bear market drama is TOO GOOD. I think this is how middle aged ladies feel watching Real Housewives drama.

[@johnway9853]

As always, Patrick spends my Patreon buck wisely. Thanks for the great rundown.

[@toddleroux4745]

Good god. This guy is HIGH-LARIOUS ... and incredibly informative. I gotta rewatch the previous FTX vid ... even to begin to absorb all the info.

[@EXCELGUPTA]

I watch your channel on a regular basis and have learnt so much. You are a one smart one and I appreciate you so much for putting up these videos. You are providing a great public service.

[@Jose-vv9cc]

I thought this was a finance/comedy channel. Looks like it's a comedy/finance channel. We've got SBF and Elon to thank for that. Keep up the amazing work, Patrick!

[@CreditPad]

"WoodNymph Activist NewBalance Extremists" 🤣💀

[@dr.wianmeintjes9028]

Patrick, at leats if Money kicks you out, you have thoroughly mastered Sit Down Comedy. Lovelly. The facts is Premium. The presentaion, unique and passionate. Thank you for your channel. May your woods be clear ...

[@Soothsayer-rs5nb]

Patrick, you are a true artist of communicating information with a great deal of humor. I can’t quite discern whether it’s humor or education or both.

[@besomewheredosomething]

This is British humor at its finest. I watch these videos for the same reason I watched Top Gear (when it was good). Bucketloads of real knowledge and amazing wit, your execution is solid sir!

[@kingofcelts]

He's not British! ..

[@besomewheredosomething]

@@VuuHere Well shit, compliment is still sincere.

[@TheNaldiin]

@Michael Davidson Zilla did the same and is now refered to a Canadian.

[@joaquinlopez5656]

The best content in KZbin can't get enough.

[@builderchad1]

What a brilliant channel. Every video is a gem. Thanks!

[@balancingact8004]

I got to say, this video is god tier entertainment/journalism

[@cruc1anberg]

You made my day. Literally. Thanks, and may the force be with you!

[@jmbrown3502]

Hi Patrick.. I’ve subscribed to your channel because I love how you mix straight dry facts with dry sardonic wit. The situations you describe are profoundly tragic, but your delivery is profoundly humorous, and I find the mixture very entertaining. Great job!

[@clarkmeyer7871]

Patrick, Absolutely love your work!Great recap of finance and particularly making the FTX debacle more understanding… Keep up the good work and humor.

[@jreverie7018]

Thanks Patrick for all you do

[@zarathustra498]

You can love or hate him but you have to acknowledge his sense of humor

[@foxxatexas]

I just discovered Patrick like 2-3 days before.... and... I need more cowbell!

[@s7ventude]

That introduction had me in tears 😭😂 In all seriousness, thank you Patrick for this video, it’s excellent research material in time for my interview next week.

[@Parietal-Polymath]

Coming on a decade of education in this space after traditional finance...YOU nailed this video. Im a subscriber.