Crypto critic Bennett Tomlin tells Nightcap’s Jon Sarlin that Sam Bankman-Fried may be a bad apple, but the things he did were not unique in the crypto world. Plus, CNN’s Clare Duffy on why Twitter employees are confused and fearful. And The New York Times’ Kalley Huang explains the challenge of making ads on TikTok that aren’t cringe. To get the day’s business headlines sent directly to your inbox, sign up for the Nightcap newsletter.
00:00 – Welcome to "Nightcap"
00:30 – SBF tells Vox reporter: "F**k regulators"
05:43 – Elon's ultimatum to Twitter employees
10:11 – TikTok as an advertising powerhouse
Sam Bankman-Fried says ‘F**k Regulators’, Musk’s Twitter ultimatum and making TikToks instead of ads
He is really FRIED now
And so is the Democrat party. He was bankrolling them! He gave them $40 million for the midterms. You don’t think proclaiming bankruptcy 2 days after the midterms wasn’t a coincidence?
Man when u lose rich peoples money they get really mad
@James James Prosecutors don’t have to run for election, and if you try to give them money, they have you. Bribery is a felony.
@James James You would think so, but that’s not really how politics works. They’re going to feed him to the wolves.
IF he didn’t go belly up and scam everybody then yeah, they’d be his friends…. but he fucked up and now he’s finished.
BA-BUMP. That’s the sound of SBF going SPLAT under the bus. When they come out against him it will be against all crypto too, they’ll just use him as a figure head. They’ll make an example out of him since they failed so hard with Ripple XRP.
Who was that famous Wall Streeter that went to jail in the 2008 recession? SBF is that guy.
They always find a way to get it back – off of the backs of working people.
@James James Are you trying to convince us that you are the mature one here? Interesting attempt. Children telling adults to grow up is cute. Annoying, but cute. Gearing up for the Kiddie Table next week? 😆
The biggest democratic donor. Let’s hope people whose money he lost are ok with it. 🫣
Regulators i.e the government need to make an example of this young man. And punish his greedy behind severely.
Government punishing greed😂 Government IS greed
Going bankrupt is not a felony. You need an actual legal reason to put people in jail.
@Robin Lillian he’s being investigated the feds for siphoning off money into a company run by his girlfriend
@Robin Lillian He committed fraud buy transferring funds from one company to another to hide losses.
*He DID commit a crime*
@Robin LillianEl3ction interference, fraud, and money laundering are pretty good reasons.
Sure, F Regulators, says the guy who’s F’ked. 🙄
he will be polyamorous with his cell mate big jake
@holden Johnson OUCH! 🤣
Lol, that about sums it up
✌🏻
How do you flush 65 million down the toilet the fastest? Well, ….
We obviously need more investigations and regulation to keep these man-children from dangerous unethical implications.
CNN is actually convincing you that crypto is the problem? So Democrats send foreign aid to Ukraine to fight Russia and Zelenskyy uses the funds to invest in FTX who turns around and donates it back to the democratic party during the election being the second largest donor after George Soros and you are somehow blaming crypto in the process and Democrats getting caught red-handed are using the crisis to regulate crypto which is what they’ve always wanted to do? That’s like Democrats sending a militia group with AR15s to assassinate Donald Trump and when they get caught red-handed, they say “this is why we should ban AR15s” 🤡🤡🤡
Not as long as they fund Democrat elections.
@dan dansen 65 million? More like 32 billion!
@dan dansen You mean what the Crypto was supposedly worth? lol Things are only worth what people are willing to pay you for them.
This is all a money laundering scheme.. look at the dnc donations
Bankman Fried is an awesome name for a screwed guy in the financial sector.
Dude what the heck your right 😂
almost like this is a simulation with a few easter eggs
SAM BANK MAN 🤣 Although guy has the most punchable face, he is my hero! Fooling so many imbeciles is an art! You are investing in something imaginary?!?! oh my god, Albert Einstein wrote “two things have no end, the universe and human stupidity” 🤣
Scam Bankrun Fraud
🤣🤣🤣
The only people losing money are other folks with false wealth. What does this guy really own, nothing but what other people like him consider valuable and his billions are an illusion. Fried wanted to be a bank without regulations. Out of nowhere FTX was sponsoring everything to include F1. For me the usefulness of BTC was to keep purchases on the DL and being off shore was important to that.
Why would a rational person pay all of that money for a business and then destroy its value through reinvention.
And the Democrat party. He gave them $40 million for the midterms.
@Jo Sm Relevance?
I d k. ..destroying twitter seems like a devious plan..
Gets all of his money out of crypto before it crashes and then says that the people who lost everything don’t need regulators because they make everything worse. I don’t think you could be more tone deaf.
People really need to get out of the habit of idolizing wealthy folks. Just because you’re wealthy does not make you smart or just.
Correction, he got other people’s money out of crypto before it crashed. That’s the point. People found their accounts empty.
Just ask yourself exactly what you were buying when you bought Crypto. It was all smoke and mirrors to begin with.
@Jo Sm Not any more empty than they were before. Just frozen.
Americans better start withdrawing all the bank us dlrs from their banks the gross demos might start grabbing that next
How can you agree to “be hardcore” when “hardcore” has not been defined? Sounds like a bullshit railroading agreement to me. Take the money and run.
Sam Bakeman-fried
-Both his parents are professors at Stanford Law school
-His Aunt is the current Dean at Columbia University Mailman school of public health
-His brother is a former wall street trader and director of the non profit Guarding Against Pandemics
-He graduated from MIT
-He donated $1000 to Michael Bennett at 18
-He donated $5.2 million to two super PACS that supported the Biden campaign which made him the second largest donor to Joe Biden.
More info in his wiki if you’re interested 😉👍
@Flock 9 This is because We The People are morons who elect other morons to positions of power over us and then we make endless excuses for them when they show themselves to be obvious morons. We have no one to blame but our own damn selves.
Lofty language of the Founders doesn’t mean much in the face of the Black Mirror. They had NO IDEA what hot steaming garbage the future was going to bring. Everybody’s brainwashed these days, doesn’t matter the party. That’s why it’s always so close, because it isn’t a battle of gentle persuasion, it’s a battle of the advertisers and marketers indoctrinating the most intellectually vulnerable among us in the most gerrymandered districts. It’s location, location, location, but it’s also lack of education, lack of real world experience, and low IQ that matters in this game. This goes back to MF Plato…. And it only gets worse over time.
@Chris Albert quite? You mean quit? I’m spitting facts not my fault you don’t see it
@Richard Reese No, what you’re spitting is misinterpretation of what I said. I never made it a left/right issue.
@Chris Albert your first comment was directed at me. I’m cool with what you said😎🤘
@Richard Reese Being used as a Ponzi scheme to help that Jew in Ukraine, amirite?
0:40 Sam: “[regulators] make everything worse … they don’t protect customers at all”
Me: neither do you Sam, neither do you… lol.
All scammers and grifters love to tell us all about how all government does is steal taxes and not give anything back. Because they want that tax money for themselves. In reality yes the government really does protect consumers, to a very large degree. People literally used to die because of buying bad milk and meat. Food regulations are some of many regulations that save lives. Regulation, as long as it’s logical and practical, is a GOOD thing. The people who tell you otherwise are lying, and they KNOW they’re lying. They justify it by telling themselves that all the money is better off with them because they will put it to best use. It’s narcissism at its core.
Really makes you wonder about all those Republicans who can’t stop complaining about taxes and then give huge tax breaks to the richest people and companies as soon as they take power. Yeah, I don’t believe for a second that they have the best interests of the common man in mind. You know what you call a country with zero regulations? Anarchy.
When Mr. Elon Musk stood up to manage twitter, everything was unusual actors
He’s running it like a classroom. “Do you like me. Check yes or no”. I guess now we realize that he isn’t the genius he and we all thought he was. If there’s any lesson to learn here it’s this: being smug, rich, privileged…DOES NOT, in fact make you a smart businessman. Which means conservatives will want to elect him 🙄
Keep trying yourself that? Meanwhile, he’s running numerous successful businesses as the richest man in world.
That’s some theory you got.
@Jo Sm Not for long.
@Jo Sm he is the visionary behind the companies. Not the executive.
I’ll help the newly fired Twitter employees train for their new job. I want a #1, NO pickles, with a Coke.
As if. With all the other social media companies out there? lol
@Robin Lillian Right, Truth Social, …… uh ….. wait. What else is there??
Facebook is firing employees too BTW. Meta is bleeding cash.
OH! You mean MySpace? Are they hiring??
If you are qualified to work for Twitter, I think you’ll be alright. This was such a stupid take.
If Musk wanted to get rid of the top employees it’s perfectly orchestrated.
This is awesome news. Love everything about this. Finally the world getting better. Healthier. The diseased workforce and greedy investers will have to work for a living and learn to appreciate the good that comes from it!
Who said these people didn’t work hard?
so why are you taking your frustration out on a diseased worker; who already has to work to make a living?
@ChickenMcThiccken Its easier than realising Musk has no idea what he’s doing.
Who says they do? YOU and I see it everyday. Enjoy your life…. you earned it.
At my friend’s workplace, there’s a forklift that they all call “The Libertarian” The steering doesn’t work properly, so whenever they try to use it, it immediately makes a hard right and breaks something important. That’s Elon Musk !
Your friend’s workplace has a remarkably intellectual workforce to have come up with such a sophisticated nickname for a malfunctioning forklift. Most people I know who work with forklifts would have been already content to use terms that include fornication by an imaginary deity and a specific product of the body.
💀I’m stealing that anecdote!
Why would any employees agree to commit to something as vague as “going hardcore” ? Anyone with critical thinking would rightly ask, what exactly does that entail?
Crypto as a whole should be seen separate from all the messed up things people in power do.
More Bennett!! Anyone who wants timestamped proof of how ahead of the curve he is just needs to visit Crypto Critic’s Corner. One of the smartest guys in the game.