On the importance of oversight, financial controls, and risk management in the real world – the case of FTX and Sam Bankman-Fried

I highly recommend that everyone tune in to Season 3, episodes 8 through 14 of the Michael Lewis podcast, “Against the Rules.” These seven episodes, each averaging around 35 minutes, delve into the extensive research conducted by Lewis for his upcoming book on the fascinating story of Sam Bankman-Fried, a 31-year-old entrepreneur who served as the founder and CEO of the cryptocurrency exchange FTX and its associated trading firm, Alameda Research. Both entities made headlines due to their dramatic collapse, culminating in Chapter 11 bankruptcy filings in late 2022. To access the podcast, you can visit Michael Lewis’s podcast homepage at https://omny.fm/shows/against-the-rules-with-michael-lewis/.

This podcast illustrates how a lack of oversight, financial controls, and risk management gave rise to spectacular business failures. The podcast host, Michael Lewis, is a well-known and highly regarded author whose books often become major motion picture productions; e.g., The Blind Side (2009), Moneyball (2011), and The Big Short (2015).

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