"I think both Joseph Bankman and Barbara Fried spent a lot of time around people who were richer than them, who they thought they were smarter than. And had at some level a belief that this was finally their chance to be both smart and rich." Man, this explains so much.

@picahudsoniaunflocked5426

9 ай бұрын

Blew my mind with how bullseye it sounded.

@thorsrensen3162

9 ай бұрын

But in reality they were just simple thieves. Stealing small account holders savings by just taking the money right out of the accounts and wiring them to other real banks.

@josephhuman7390

9 ай бұрын

Hey Sell, in my opinion your is comment is correct, It seems to add up, their one chance or shot at life changing $$$, and especially them being the smartest people in the room.

@qinby1182

9 ай бұрын

Simple question... You work with your parents They are HIGHLY QUALIFIED, more qualified than you. You end up being "the fall guy" They got rich. Did this happen "out of sheer luck" from their side OR They really do not like you as much as they love themselves??? Considering of what I know and seen of SBF I can see that but still NORMALLY parents protect their children... Just look at senile Biden... he even put himself at risk although how these greedy narcissists think is really hard to grasp... BUT KNOWING it is hard to grasp is a good start to understand. Maybe SBF really is innocent, set up by his parents (not that it helps) BUT for a child trusting its parents is in my eyes more credible than the opposite. In the end... JUDGE BY HOW IT TURNED OUT. Rich parents child going to jail... AND THEY MUST HAVE KNOWN IT WOULD COLLAPSE Compare this with Elisabeth Holmes.... Where her parents involved??? Did she give tens of millions to her parents, did they work in her company??? and she was "as bad as it gets" So the SBF relation with his parents is not "sound"

@CallousCarter

9 ай бұрын

Also a great case study in how wealth inequality corrodes the expectations and standards of the broader society. If I spent a moderate amount of time co-mingling with VC gargoyles I'd probably end up convinced I was more deserving of their kind of money than they were too....

SBF's dad sending a passive aggressive email and ccing Sam's mom is the most ethical way I've ever heard of "earning" a million dollar salary. Great work guys, keep printing those CasCoins!

Speaking as an academic, professors are positioned as these figures who give up a lot of money and accreditation in pursuit of knowledge, but progressing within the Ivory Tower itself requires a certain amount of ego, self-inflation, and either ruthlessness or a willingness to turn a blind eye to things that seem not-so-above-board, just like in any private business. It doesn't surprise me in the least that they were highly lauded professors willing to do underhanded stuff and put their careers at risk.

@qinby1182

9 ай бұрын

Simple question... You work with your parents They are HIGHLY QUALIFIED, more qualified than you. You end up being "the fall guy" They got rich. Did this happen "out of sheer luck" from their side OR They really do not like you as much as they love themselves??? Considering of what I know and seen of SBF I can see that but still NORMALLY parents protect their children... Just look at senile Biden... he even put himself at risk although how these greedy narcissists think is really hard to grasp... BUT KNOWING it is hard to grasp is a good start to understand. Maybe SBF really is innocent, set up by his parents (not that it helps) BUT for a child trusting its parents is in my eyes more credible than the opposite. In the end... JUDGE BY HOW IT TURNED OUT. Rich parents child going to jail... AND THEY MUST HAVE KNOWN IT WOULD COLLAPSE Compare this with Elisabeth Holmes.... Where her parents involved??? Did she give tens of millions to her parents, did they work in her company??? and she was "as bad as it gets" So the SBF relation with his parents is not "sound"

@tin-n-tan

9 ай бұрын

That's a pretty broad brush.

@loislois3526

7 ай бұрын

Yup and being somewhat unremarkable can be explained by being hired in the late 80s and 90s. They probably weren’t any more money makers than other professors getting research grants but their tenure process was during a less competitive time for sure. Makes a ton of sense why they did what they did - they were wannabes. Being smart, accomplished, with high earnings is hardly anything special in the Bay Area - especially now more than ever

All four parents of Fried and Ellison are MIT and Stanford professors, and all four parents have a history of being involved in top White House and government agency research committees. On top of that, they all hold Ph.D.s in mathematics and economics. So, we're talking about incredibly intelligent and well-connected individuals here. Now, here's where things get interesting. We're supposed to believe that these parents didn't raise an eyebrow when their 20-something children suddenly found themselves at the helm of a cryptocurrency exchange startup. They were living it up in a $40 million penthouse in a resort in the Bahamas, jet-setting around the world, and throwing around tens and hundreds of millions of dollars like confetti. And all of this went on for 2-3 years, with their parents thinking these kids were just prodigies? Seriously, I can't help but shake my head in disbelief.

@loislois3526

7 ай бұрын

They all lost all credibility- I don’t think SBFs parents were so well connected that their social circles won’t shun them. This is embarrassing and their son is so odd that there really is no standing by them. They are all alone now. Other professors definitely won’t hang with them anymore that’s for sure

@loislois3526

7 ай бұрын

They were wannabes. Gifted individuals are a dime a dozen in the bay. It was a facade

I would be very surprised if SBF and his parents didn't see themselves as better people than most. Superior morals and ethics. Even after getting nearly 30 million in gifts from Sam's companies right before they crashed and burned. Even now that everyone knows these were ill gotten gains, they don't think they should have to return it.

@gertrudlehmann4869

7 ай бұрын

Spot on!

Thanks for the coverage. Turns out the sociopathic fraudster is just a chip off the old block. You guys rock! Keep up the great work.

@picahudsoniaunflocked5426

9 ай бұрын

*blocks, plural. Both parents. Yikes.

@Jordan-Ramses

9 ай бұрын

That is silicon valley ethics.

Most parents: Son, do not steal other people’s money Bankman & Fried: Son, we want in on the loot

Bankman: wants a million dollars for part- time consulting on contract law Also Bankman: Doesn't read own employment contract; surprised to be paid agreed- upon amount 😂

@antoniofernandesmarchetti1097

3 ай бұрын

And he is a LAWYER!

I love it when young people of this generation, meaning you hosts, are so articulate, clear and informed. Gives me hope for the future of our country.

I like how you dig into this case and reveals how this family operated as hard core criminals. I hope they will get punished hard.

@gordons-alive4940

9 ай бұрын

I suspect that Sam's sentences will end up running concurrently and he will end up doing about ten years while his parents won't be prosecuted. They'll tell us that there wasn't enough evidence of criminal wrongdoing to prosecute despite the e-mails and their actions and then wait for the media and everyone else to forget about it. They are a very well connected family.

03:40 Has to be an all-time greatest "I'm telling your mother" moment

@CryptoCriticPod

9 ай бұрын

A negotiating tactic they don’t teach you about in business school

@picahudsoniaunflocked5426

9 ай бұрын

The menacing tone of "let's ask your mother together..." lol.

They sound like a fun family. I think I’ve hit year 36 without a demand email from my parents for money. Oof

@picahudsoniaunflocked5426

9 ай бұрын

That was the coldest "hmm let's ask your Mom" I've ever heard.

@NickKautz

9 ай бұрын

This is not nearly as exciting as it's being portrayed. People fail to realize that SBF had legimiately earned several billion $ of his own money that he would spend using Alameda. A company can have multiple seperate money tunnels for different purposes. He was just paying his parents well , as anyone would.

@CryptoCriticPod

9 ай бұрын

@NickKautz no, he hadn’t. Alameda Research was basically never profitable, and FTX was insolvent basically from the jump

@NickKautz

9 ай бұрын

That's incompetent. It was a thriving exchange other than crypto going through a rough patch, and the company holding too much of it's own token that was only backed by confidence in itself. @@CryptoCriticPod

@tin-n-tan

9 ай бұрын

​@@NickKautzthat's not true though.

What I find most fascinating is that both Joseph Bankman and Barbara Fried are entirely unremarkable on paper. They have very little working world experience, predoniminantly academic backgrounds, and yet somehow they ended up as faculty in Stanford Law. Like, how low is the bar there? If you look at their backgrounds, they are not noteworthy people. Barbara Fried has like 4 years of actual work experience. Joseph Bankman has less than ten. Barbara's undergrad and masters are in LITERATURE. Joseph's PhD is in Clinical Psych? What? These people are WEIRD. If it wasn't for the J.D.'s they have, I'd be more qualified than they are.

@carocarochan

9 ай бұрын

They're well connected...

@loislois3526

7 ай бұрын

Just googled and have some insight. One - the bar is extremely high at Stanford. Professors don’t need to be famous but they do have to be smart and produce good research. It is far more competitive today to get hired as a prof there and across the board so based on their age I looked at his hiring date - 1989! The in at Stanford in that era was easier albeit he probably still had to be qualified in a way. Now - there’s a bunch of different ranks of professor but if he’s tenured than he can’t really lose his job easily. A lot of faculty hired before 2000s had an easier time getting in to the field and it was less competitive. And most are still in the jobs today. He has produced a lot of research and authored curriculum material based on a quick glance at his bio so that is a valid achievement in his field I agree they are both unremarkable - I think people assume they are more connected than they are because of Stanford and having money and living in the Bay Area. The Bay Area is over saturated with people just like that - they aren’t well connected and they aren’t special. But they did want to be which is why they were pushing to get into politics. I guarantee their colleagues will never speak or associate with them after all this comes out and their connections with the school via the donations are only at the higher up corners. They weren’t backed by Stanford per se but I bet Stanford didn’t mind taking their money a bit- oh and if we’re talking about $ to research universities - a lot of TT professors are valued for bringing in research money to their field. Usually it’s a grant but I bet it didn’t hurt. Hope this gives some context - I’m a prof

Shocker!!! Lawyers with NO integrity and a full tank of corruption. Lock up the whole darn family and flush the key.

@CJBroonie

8 ай бұрын

They were law professors, not practitioners. Very different. But skeezy just the same.

@progressoful

8 ай бұрын

😂😂 for real

@trevorgough2286

8 ай бұрын

They'd corrupt the prison..

Love this episode. Spare a thought for all of SBF’s (and Elizabeth Holmes’ and Adam Neumann’s) peers, whose parents were like, "Why aren’t you a high-achieving billionaire on magazine covers?" and who probably still kind of think that even after all of these scams went bust. Status-obsessed bourgeois parents like SBF’s are a curse: valuing achievement and money over worth, let alone ethics.

@JR-yx3po

8 ай бұрын

And Fried is a legal ethics professor! These are the likes of the academics in these sick institutions.

@redherronrecords

8 ай бұрын

My parents are totally like that and i'm thinking of spending christmas at home alone from now on.

@loislois3526

7 ай бұрын

And social skills lol

@loislois3526

7 ай бұрын

@@JR-yx3poyea he’s definitely toast in his academic and social circles for sure

I hope Stanford uses this an an ethics lesson for themselves and all the bright young minds they are forming.

@stevemurch3245

8 ай бұрын

Along with Theranos

@tsaotsaofamily

8 ай бұрын

Marc Teesier Lavigne as well

@tupacalypse88

8 ай бұрын

How we all F’d up 101 😁

@xyzmediaandentertainment8313

8 ай бұрын

Lol Stanford would never. It's an institute run by the elites for the elites.

@hairychris444

8 ай бұрын

Probably not. Just not get caught. Note: I am not a fan of the whole Stanford U/Silicon Valley/tech VC clusterfuckery.

WHAT?? I first checked you guys out months ago; the material is always fabulous and I thought for sure you'd have ten times the subscribers you do! This is a great episode and should be viewed by the masses! Great work guys - respect from BC, Canada.

I'd love to buy some CasCoin. Could we structure it as a donation and route it through a couple of my off shore shell companies? I'm definitely NOT planning on using this as part of a criminal conspiracy.

Love how transparent this case is. Those guys are horrible criminal's. They couldn't steal a cookie without leaving a trail of crumbs...

@r.b.8635

8 ай бұрын

😂😂😂😂

This trial has exposed SBF’s mom and dad as pious, weak, nerdy, criminals.

@loislois3526

7 ай бұрын

Exactly

Stanford people doing Stanford things....

100% agree with the points about elite universities in the US. Just become money centric entities instead of being rooted in education

Man I'm LOVING the high frequency CCC recently. But can we talk about the donations CasCoin has made to Cas's mother's PAC lately? I just wanna know that all disclosures were followed correctly etc etc.

@willow2595

9 ай бұрын

Me too

Ftx was their money box and sfb was the key to it and now they would just ditch their son on his own, taking the shot on his own. Remarkable parenting.

Mom and Dad got greedy, pure and simple. They saw all the money and instant fame whirling around their son and wanted a piece of the action.

@loislois3526

7 ай бұрын

💯

Never expect honesty, integrity, or moral courage from academia.

@winstonwolfe2537

9 ай бұрын

In defense of academia. These are people running multibillion dollar businesses pretending to be concerned about education and academia. The entire US private university system is rotten to the core. Tax sheltered endowment funds instead of decent education for everyone. Absolutely disgusting.

@vanopnt

9 ай бұрын

Nonsense. All sorts of people in academia.

@picahudsoniaunflocked5426

9 ай бұрын

@@vanopnt Point is academia doesn't make them automatically good, smart, informed, ethical people. What made you feel like you had to respond with a fatuous statement like that? They weren't maligning all academics everywhere or saying academia is illegitimate; only that the sheer act + enterprise of being an academic doesn't guarantee higher moral status or intellect. Considering several research fields have been dealing with scandals involving data manipulation + research fraud lately, & the star academics involved were found out + called out by other academics, but were protected for too long by their institutions + reputations, it's an even-handed, informed, + timely reminder.

6:16 Sure, they were asking questions. Important ones, like: "Can I get away with this?", "How can I get away with this?", & "How much of this can I get away with?".

As a financial controller/consultant something in me dies everytime i hear them talking about which companies and bank accounts to use for their transactions as if it does not matter 😅

FANTASTIC video. Extraordinary content. Thank you.

I was hoping you would cover this. Excellent as always.

Great video guys. Not super surprising though. Parents are humble professors and are somehow able to get $250 million to bail out sonny boy? Nothing suspicious about that! Cas, nice stache!

@I_am_Junebug

6 ай бұрын

Humble Stanford professors? That would be extremely unusual.

Interesting. Says a lot about the "legal ethics" philosophy of the parents and Stanford.

Haven't listened yet but SO EXCITED I'm clearing my slate this morning just to listen. I've had so many questions about how much his parents knew & what their motivations are & what they should have known considering their backgrounds. I can't comment on the actual video yet, but before we go, thank so much for addressing questions that are eating me alive!

Just finished the episode, watched all the way through, no idea what was being said, but MAN, THAT STACHE! Loved it! :D Seriously though, a great one! Please keep these coming, you guys are fantastic!

SBF knew exactly how much money his parents made. That $250,000.00 was in line with what they were already making. If Joseph was leaving Stanford, he was not interested in a lateral move in any way. He had access to ridiculous money and a tax shelter! His life's work was about to pay off!

Great reporting here. Good work

Do you think criminal charges will be filed against them eventually?

@CryptoCriticPod

9 ай бұрын

Impossible to say, white collar prosecutions are unpredictable, and they may be “distant enough” to not make it worth it. Perhaps there’s not evidence of enough explicit criminality

12:09 Cas: "Why aren't they being criminally charged?" Ad: "Money makes the world go round, and crypto pushes the future forward!" LMAO

I think they were always corrupt and not that suddenly FTX changed them.

Sam is the exact child i would think that bankman-fried would have raised .

@loislois3526

7 ай бұрын

Yeah he’s unremarkable and easily tempted by greed and fame. Parents were the same. They wished they were as connected as people assume but even SBF had the smallest circle of friends and they were all loners too

Thanks this was fantastic & I look forward to you following this part of the story as developments evolve/come out. Appreciate you both, & Bennett's armchair psych analysis at the end rings true to me. I'm poor but I can pass as middle class & my old professional role put me around a lot of academics. Academics can fixate on really petty sh*t & interpersonal politics. Sick & warped, as Cas correctly says.

They need to go to jail.

It's called a "Preferential Payment". Something that no other Corporate Officer or shareholder received, in the dying days of the business.

@alr9967

7 ай бұрын

Therefore clawback rules should apply. They need to pay it all back into the bankruptcy disbursement coffers

CasCoin holders 🤝 FTT holders : Getting rich on paper, without all the criminality, lack of corporate governance or fraud aside of the latter, of course.

@picahudsoniaunflocked5426

9 ай бұрын

& they left their Moms + PopPops out of it!

Did they do "the exact opposite of what they were teaching"? I think they were both doing what they had been doing for years: giving shady advice to businessmen to make money. They had a rep in silicon valley because they shuffled numbers and redefined ethics, not because they were wonderful, upright people.

@Carolinapetroska

8 ай бұрын

Yes of course.

@loislois3526

7 ай бұрын

Those older profs are so outdated - doesn’t surprise me one bit. I wouldn’t want to be taught by an ethics prof whose generation is less up to date with ethics in our current era. Doesn’t mean older profs by any means are incapable of doing the subject justice however institutional change is happening quicker and more easily when newer folks are coming in

Amazing episode guys! I really appreciate your content thank you both.

@CryptoCriticPod

9 ай бұрын

Glad you enjoyed it!

The moustache rocks 😉 Great video guys 👍

@CryptoCriticPod

9 ай бұрын

Glad you enjoyed it!

I'm worried Bennett is putting pressure on Cas again to promote the podcast again. Is this is at great risk to the future of CasCoin, does the newly announced CEO Burrito have and comments?

Sam’s dad was definitely in on the decision making. Sam’s mother guided Sam on donations to Democrat candidates in the 2020 elections!

The parents better get served a lawsuit!! Great coverage!!

@CryptoCriticPod

8 ай бұрын

The parents were served a lawsuit, that’s what we were discussing in this episode

SBFs mother has aged 15 years in the last year

@josephhuman7390

9 ай бұрын

Yes she has! She looks like one of those Jail mug shots, before drugs after on drugs, the worries on this have seriously aged his mother.

@nineteenfortyeight6762

9 ай бұрын

Her before picture is probably 15 years old 😂

Combine your facial hair and you get a full goatee Love the podcast

"But Mom!" 😂

Cas is that an alternative Astros hat? Pretty sweet design 💫

A really good video thanks for all the content

Great work on this!

You guys are a leading indicator for Patrick Boyles content 😉

@retrojay86

9 ай бұрын

Yup😂

Great episode.

They might have the ill gotten wealth but they will never spend it with any respect. No matter where they go they will be hated and treated like dirt.

BT, love the vibes 🥰

I think anyone that got any money from ftx should get 20 years in prison starting with every politician and every celebrity and even this guys parents

Stanford, bad at academics, sports, ethics, spinoffs and alumni

@nineteenfortyeight6762

9 ай бұрын

Presidents ...

They absolutely should be criminally charged. They knowingly manipulated and exploited their son (who, let’s face it, shouldn’t have been trusted to run anything more complex than a goat rodeo) to line their pockets. Sam argued he didn’t have intent or knowledge but got convicted anyway. It would be interesting to hear two Stanford law professors explain their lack of intent.

Amazing these 2 young guys know more about this than big lawyers for the Prosecution and within the corporate press.

100% they were in on it.

I believed these people who were not only lawyers but were law teachers were smart. Did they really put the crime in writing?

yasss listening on metra to chicago this morning 🖤🖤🖤

You guys are great just subbed

@CryptoCriticPod

9 ай бұрын

Thank you!

The complete over- emotional indulgence ( because imo they were incapable of raising a child, relentlessly in pursuit of high & higher academic careers and self validation ) of their son throughout the years has literally come full circle. They are just as guilty as their son for fraud, etc... ...and the mother teaches ethics?

All this corruption makes me think a lot of these private post-secondary institutions should be shut down and auctioned off to public colleges and universities.

😮 Both SBF's parents should be charged with RICO. They should both be disbarred. All their assets should be dissolved to fund FTX's cheated customers. The sentences for the both of them should be deportation to Russia's Black Swain prison for life.

It's not just American. Greed is very human. Greetings from Porto ❤️❤️

When I bought CasCoin I thought I was buying a podcast beer coaster, instead I haven’t even gotten a worthless JPEG!

@CryptoCriticPod

9 ай бұрын

Ooh coasters are an interesting merch idea. We’ve talked about getting actual CasCoins minted as merch before too

@picahudsoniaunflocked5426

9 ай бұрын

@@CryptoCriticPod I'd wear a CasCoin necklace! EDIT: & buy one, ofc lol

This makes me wonder how many other schemes this crime family have been involved in.

Great analysis

When he attended his last court hearing he complained of having ‘less than 100k in the bank.’ … oh diddums. My heart bleeds for you. I’ll mention it to the blokes in the YT comments and we’ll pass the hat around.

Also - I’m jazzed that SBFs parents retired and their positions can be replaced by those of a more progressive generation. Lots of changes are occurring with the outdated folks finally retiring

Cas’s mustache gives him +20 trust

@picahudsoniaunflocked5426

9 ай бұрын

Soul patches = -1000 Both Cas + B serve great hairy face. I wonder if they're ramping up for Movember, getting a growing start? Aw, if CasCoins were physical, we could make them flocked, like weird 70s animal tchotchkes that feel like freshly mown hair. Dang.

Goodness gracious! This whole family seems completely despicable.

I hate the term bankruptcy remote. I want it so that execs can have their money and assets used if the company collapses. It just stinks of the phrase "Corporation, n. an ingenious device for obtaining individual profit without individual responsibility."

Of course they were involved.... They've been neck deep in this sludge.

Cas has the best hats

@picahudsoniaunflocked5426

9 ай бұрын

Shorts idea: A Cas hat a day for December. Let's kick 2023 out of here in style.

Why are they not charged with fraud, tax evasion, etc?

Up to there necks in on the scam. Both need to go straight to prison too.

This is almost like the movie BLOW- Johhny Depp, crazy cocaine dealer - wow, we are amazed at all this money, thank you.

For those not familiar with academia - not all profs are terrible like this BUT there is a huge problem with tenured professors who do shady stuff and face no repercussions. Luckily SBFs parents retired but you can take action in challenging the tenure structure which is also the same system that takes advantage of adjunct professors by hiring half their workforce as adjuncts - which hurts the students education if their professors are over worked and underpaid. But also - fill out your student feedback forms. Religiously. And most importantly use the comment portion and write genuine comments. They are read and patterns are flagged. If a prof has the same general complaints over and over it will be addressed but you gotta fill them out and use your voice in the comment section. Plus - if someone is tenure track than they aren’t tenured yet. One thing that is scrutinized in the application process are the student course evals and the comments written. Don’t be a jerk if it’s not warranted but use your voice here as a sort of student vote

@loislois3526

7 ай бұрын

And PS - writing only on rate my professor helps students pick classes but legally they are not allowed to be looked at or considered by the institution in regard to a faculty’s employment. Only student course evals are.

So basically a family of grifters

Yes, follow the money WHEREVER it leads. Those who profited beyond salary were involved. Look at the "charities", as well.

Get his parents ! Two immoral Stanford , of course, lawyers . Experts in this sort of crime. They !! Knew it all. Then partisapated.

Stanford University is going to give back $5.5M in donations they received. Give it back to whom? Didn't Daddy Bankman give it to them in the first place? Bankman and Fried could use $5.5M to pay for the defense of their boy genius. Sam is going to the slammer and I'm not. Who's the genius now?

They were all STEALIN!! Them and all of their friends

People knew before the collapse that Sammy’s parents were in on the scam

Yes.

Their chance to be smart and rich by stupidly leaving a trail while stealing others money with there son. Yeah i think they were wrong about themselves

Ambrose Bierce "Devil's Dictionary" Lawyer (noun) - one skilled in circumvention of the law

Let’s go Topes

Cas, love the moustache

@picahudsoniaunflocked5426

9 ай бұрын

Primo "Castache".

Yes, but no one seems accountable

Yes. Yes is the answer to the question in the title. His mom funnels millions to her pac, his dad is a tax lawyer who was at FTX all the time.

SEC was in on this too