Somehow, Author Michael Lewis Has Fallen For SBF’s Unkempt, Well-Meaning Genius Gimmick That Beguiled Most Of DC And The Media. He’s Held On To This Idea Almost A Year Since Bankman-Fried Was Exposed.
Great post. As you correctly note, Madoff's Ponzi scheme could have kept going if ppl hadn't pulled their money when financial crisis hit and Madoff ran a legit, viable biz as a market-maker for NYSE trades. So I was surprised to read that Lewis is saying SBF is different from Madoff because, per your post "SBF’s crimes would never have been an issue were it not for a loss of consumer confidence and that SBF operated a profitable business separate from the one which he used to commit his crimes."
Lewis is too sophisticated for that. He knows far more than I do about Wall Street & financial crimes. I can only speculate why he would make those patently false arguments.
Great post. As you correctly note, Madoff's Ponzi scheme could have kept going if ppl hadn't pulled their money when financial crisis hit and Madoff ran a legit, viable biz as a market-maker for NYSE trades. So I was surprised to read that Lewis is saying SBF is different from Madoff because, per your post "SBF’s crimes would never have been an issue were it not for a loss of consumer confidence and that SBF operated a profitable business separate from the one which he used to commit his crimes."
Lewis is too sophisticated for that. He knows far more than I do about Wall Street & financial crimes. I can only speculate why he would make those patently false arguments.
Brain damage indeed.
Maybe someday someone will come up with a catchy term to describe a great career being flushed down the toilet near its conclusion.