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ah ah everybody, i'm rick sanchez. you know, i've been doing news for some 30 years in 2 different languages all over the world . and obviously here in the united states and i've interviewed for us presidents mikhail gorbachev and fidel castro and started afford $1000000.00 business. so i have learned from all of those experience that if nothing else, we need to be honest, news should be honest. it should be direct, it should be impactful. this show we do it. and it's called direct impact. ah. talking about in the establishment elite, in fact, what they are talking about is the complete opposite of what they should be talking

about. yeah, i'm talking crypto because it seems a whole world continues to talk crypto. so what they say is that this fell a sam bank, men fried, is an example of something that was caused by the crypto currency revolution. right? they say the whole block chain, crypto movement now has to be changed. it has to be regulated, has to be controlled. they say crypto needs to operate more in line with how, for example, banks operate and other equity in financial institutions operate. and by the way, to all 3 of those assertions most if not many or many, if not most. busy in the non establishment community would say no, no, and held though. are they right? are they right? let's look at this. by examining sam, bank men freed himself or as his buddies in the media establishment and in politics . mostly democrats, by the way,

call him s b f. s b a for the record. i'm gonna sure went when someone has been found to us, you know, just like i would never call james or a rental james simpson. oh jay, i don't think it's a good idea to call this guy sam, bagman fried as p f seems almost unbecoming like were pals or something, right? which by the way, to a certain extent, there are some truth to that. there was a policy wells ego situation going on between s b f, the media, certain thought politicians. what, what i will call him, by the way, is someone who appears to have stolen the life savings of his depositors by investing it without their permission. right? not, not hello, you've got to tell them if you're going to do this. he didn't mean, why was he depositing it in the 1st place? asked a great question that we're going to try and figure out as we talked to people who,

who say they were actually swindled by him. by now you probably have already heard of vent been freed. but in case you don't know his story, let me just give you a little bit of a primer. ok. we'll try and now put some pictures up so you can see what we're talking about, which are in and of themselves. somewhat ot beckman fried is a 30 year old founder of f t x, as well as the crypto trading firm, alameda research that's important, f t x collapses and then it's revealed that its value was. busy but gone, and much of it had been pumped into alameda research. even though the clients who bought f t x had no idea that alameda was even in play in this case, to what they believe in f t x. well, that's interesting too. famous celebrities vouch for it. i mean, they went on television, they did television, commercial sports teams, used f t x on their stadiums. the arena's like the one that the miami heat was

playing and the company has now filed for bankruptcy, has f t x. but in the process of building the company that most call a scam bank, min fried, made 26. some argue as much as $36000000000.00 that a report seemed to indicate the bagman freed has no. busy material wealth, but before his wealth disappeared, franklin fried was a major donor to us politicians with a special emphasis by the way on president button and the democratic party for what it's worth. fact, he was the 2nd largest individual donor to president biden's campaign itself. personally donating $5200000.00 on top of the other $40000000.00 he donated to other democratic candidates during the midterms. free who is now under serious legal hot water, has been doing a series of interviews without even his attorney present. interesting it,

interestingly enough and looking much like he did in the past. what were the shult for he made off. yeah. i mean, i don't think that's who i am i at all, but i understand why they're saying that people lost money and people lost a lot of money. and i mean, at the end of the day, well, there's a question of what happened and why, and who did what on what caused the, the meltdown. and i think that is reads very differently, right? when, when you looked the classic bernie made off story, there was no real business there. the whole thing, i, as i understand it, i think was, was just 11 big ponzi scheme rate. s. yes. that was a real business. joining us now to talk about this is our president and co founder of approaching capital. aah! david. tell. thanks david, for, for joining us. man,

there's so much to talk about. first of all what, what, what do you make of the sky? ah, sam beckman for you to read his buddies in the media column s b us ah, it's, there was a hearing i'll start with this. there was a hearing the other day in front of the house financial services committee by the chief restructuring officer for f t. x. was the witness at that hearing. and he just said it was plain old embezzlement. good old fashion, embezzlement. and that's really what it was. you know, the structure is i think not so important. what is important is the fact that the entity within which depositors customers investors were putting their money was entirely opaque. there was no production of documentation. there was no updated financial statement sent out, there was no audit. and so therefore,

there was nothing that the customers or the investors or the depositors could go on except for the word of san banks and free. and so, you know, like a snowball. there were a lot of prominent folks and institutions back this. and so therefore on the basis of the prominence of those and steven institutions, lots of other folks followed in. i hear what you're saying. here's, here's what i think happens in cases like this with, with, with bank been freed, it seems to me and i added most of the people who are much more into crypto than i will tell me. what fascinates them about crypto the the reason for being and crypto is because both from lending institutions, banking institutions, health, you know, they, they'd like to pay fewer taxes and that's a part of the game as well. so essentially what bank my friend

was doing was the opposite of that. i mean he had an exchange, right? an exchange that in essence was acting like a bank. and he took people's money deposits and then spent it without them knowing that he was doing so. in fact, what he did was worse than what a bank does. ok, so let's, let's back up a little bit and unpack it a little bit further. ok, so the exchange was actually a place where investors could go ahead and invest in futures contracts ok on the basis of crypto currencies. so f d x was for facilitating investments on both sides of futures, values encrypted currency, very script the currency for bitcoin. all the way to the more you know, all a dodgy ones and don't quite ok and say that s p x was not just a custodian. you're quick though,

although you did that. but the primary reason you would go ahead and be involved with f t x is because you want to give you access to the f t x platform. and so therefore, the more fcc corn you own, the cheaper the services that you're going to pay for, or i'm sorry, the cheaper price you're going to pay for the services on the f b x platform in order to go ahead and trade. now here's where it gets back. what happened was alameda, which is also owned by sam bank and fried which is a hedge fund or an investor on the s t x platform. had no constraints around what collateral role or posting requirements it had with respect to which investment. so if you are, i were trading on f t x and we added a trade that was particularly bad. the exchange would immediately liquidate

whatever it. ready is that we had on the exchange in order to satisfy the call on the value that we had loss. ok, so would have put f t x in jeopardy. however, alameda, which was the largest counter party to f t x had no such constraints. alameda put on a lot of bad trades, lost a lot of money, and in turn caused f p x to lose a lot of money, and that's where everything broke down. now also you had mentioned this, but let me highlight it. alameda to alameda actually took money out of or value directly out of f t x and put it into its own fund. right? that's straight upset, right? you put it here. you put my bank, i'll take it home and you know, buy buy a car with it. that you can to do, here's the thing that concerns me and i don't know how you feel about this, but it would seem to me that what he has done is almost

opened a path for all those people who've been and de crypto ante block chain forever. to now come in and say, how see, because of what that guy did. now we're going to go in and we're going to control these things and we're going to overregulated, etc. is that a concern? do you have that concern? oh, sure. i mean, a blow up like this goes ahead and emboldened the naysayers. you know, that were hanging around and, you know, when the coin was at 60000, you didn't hear those voices so loudly. but now, you know, after all this and bitcoin is now 16000, you know, certainly that chorus, you know, is quite loud. but you know, there is a much more, you know, philosophical and existential conversation to have year. which is crypto currency is really supposed to be a decentralizing function. it's supposed to take things out of the hands of humans

and put it into the hands of immutable ledgers that have total transparency, you know, and every, nobody can go ahead and crack. and by the way, no codes and no block change have been cracked through all this. this is all been, you know, the undoing of the unit. thanks so much david. stay right there though, because i want to come back to you. i want to continue this conversation by the way, i have a podcast to share with you where i as a journalist, as a latino and as a co founder of this company that i've told you about share a lot of the things that i've learned mostly from all my screw ups and some of my successes that's about growth. it's called the rick sanchez podcast. i invite you to check it out and i'll see you there, but when we come back, let's stay with free. let's talk about sam bagman freed. the best thing is he, the best thing that's ever happened to the enemies of crypto currency, and is it possible that they're going to end up with the outcome? they always want to say that

the the the at the end of the 18th century britain began the illegal opium frayed in china. this hard drug causing addiction and literally destroying the human body became a gold mine for business men from the foggy albion. however, the ruling chinese jing dynasty tried to resist and to stop the illegal trade, which provoked the wrath of the london business community. in 1840 without

a declaration of war, the english fleet began to seize and plunder chinese coastal boards. the barley, armed and morally drained chinese army, was unable to provide adequate resistance. the ging am on over to england and open its sports for trading the lethal goods. in 1856, france and the united states joined in the robbery of china. the anglo french troops defeated the chinese occupied beijing and committed an unprecedented robbery . destroyed and blundered. the wars led to the transformation of the celestial empire into a semi colony of europe, law. so proportions and millions of ordinary chinese. ah, march, the 112011, the largest earthquake ever recorded in japan is registered. a 14 meter tsunami devastates the fukushima, the ichi nuclear power plant,

with the nuclear reactors of flooded sparking and horrific disaster. with vic, he'll get in the middle, honey. i own sort of a funny, if actually the of an italian journalist living in japan decided to go to the area of the nuclear meltdown and fukushima immediately a corpus. i'd love to talk to somebody about the development with a 4 year investigation starts to watch on r t i

just a little door. yep. look at, i mean, i think mike, if i should but so i should. why did it faddie faddie? yeah, yeah. i don't know a week or more i'm giving it away. yeah. for sure. i do the work and nice for yeah, it was a shed so you know, we continuously certainly coaching. yep. and to put on the woodson chin, i pulled up, put your to the woods. let me actually just look, i don't look at the invoice. so i spoke with a 0 to 40 some number on your smith. are you on the

when come up to show that it wasn't, it was what was the, what was it. so please let me up with a question. was just fish review and each of them rich a lot, but i should not approach that. he has all the way for you to see me finish up with any of course, but you know, who do this is a wow, i pay water back. i'm rick sanchez. so here's the thing about this whole ugly as a legitimate crypto establishments to pay. essence of crypto is to create

a system where people can move trade and even use their currency without the government being able to keep tabs on taxing it unnecessarily or telling you what you can do or what you can't do with your own assets. but if you take even a casual look at what sam bagman freed was doing, you'll see that it was not in line with any of that. in fact, he was in fact, acting as, as a bank right there except is, was worse because he was in essence exploiting the deposits of his clients. it now seems plain. there's something else about crypto currency in it's raw form that we all need to recognise, especially as americans, it is probably not good for the us dollar. our banks and our governments want nothing more than for all countries in financial institutions. wouldn't you write to use the dollar exclusively as they so long that the hardware community is now

going to come, which are going to allow you to be ways where whether it be retina scans or thumbprints, or i don't know what that are going to go ahead and make sure it go to yourself without any connections with lot of big financial institutions given that he was associated with a lot of politicians, in this case, the democratic party. do you think it's beyond the realm of possibilities that somehow there was some kind of collusion here that may be someone's somewhere thought of this plan? i know we'll get this guy to go in there and screw with a lot of people's funds and assets and out crypto exchange. in that way, forever more people will be afraid of crypto exchanges and therefore out with the crypto exchange back to the dollar. what do you think? when someone's giving you money,

you don't usually ask too many questions. but the other thing is, you know, as with all schemes like this, you know, as the money is coming in, you can easily go ahead and sleep a lot of things on the road. right? you can kind of, you know, kind of plaster over a bunch of holes that exist in the system and, and let me make a very important point, which is there is clearly a failure here in terms of the gallery and regulation. ok. i don't care who individually gets pointed a finger at but collectively our lawmakers and congress, our regulators throughout the various regulatory agencies such as the fcc, the c f, you see the department of treasury and so forth. those folks collectively need to go ahead and take responsibility for some of this because 1st of all, we know,

by the way, i mean, it's been reported that the bank for was a big donator to a lot of politicians. right. who were helping him and his crusade to go ahead and enshrine f t x as the greatest or the most important and largest exchange and you know, blessed by the us government. and so a, they took money from in but be they did nothing, nothing, not the law makers, not the regulators to make sure that there needed to be transparency and needed to be proper notice and updating to investors to deposit or to customers. and unfortunately, this would have been undone a lot earlier on in the process if they had to do those things and they did it. that's great stuff, david, thank you so much job. president, a co founder of a pro jane capital david towel. thanks so much for being with scott, with blue needs to come to russian,

see unfortunately, no santini, devastation. amanda king also sent them at for a group in assisted babel disabilities home, and he's gonna be the one else going on food. now, given our video agency, which is a military operations to disarm iraq, to free its people, and to defend the world from great danger. with food and medicines, and supplies, and freedom with

ah, 3 with water is thrown in the world. but when the snow falls about scheduling, this comes out the last dance it i feel as we've brung from dijani's from them to do it in bt. do training a good gift away in the pals teacher skills other than the ownership or was to let them know diagnosed in a little bulk them in the crucial chest middle school was leading us wookey bone is not as good p t d still know what you need to do with what they need to work with us, but no gross issue. he missed his piece, they need to the middle, set them off and you can give us the opportunity is

a better sort of miss dempsy this material. but let's talk about, even though so great, you need to locate those my job just to locate it doesn't help at all with me. she go, she returns with dr. young this maritza to handle most of his emotional, specially to with lisa. there's other things you need to call you with a, with our top headlines right now, one of the international with the emerging multi polar world brings long time regional rivals, iran and saudi arabia. together. they agree to resume diplomatic ties and reopen their embassies. this is a move with enormous geopolitical implications. a run on the bank in the

united states leave scores of companies and in visual holding the back is the country's largest lender to collapse in 2008. it shuts down by federal, regulate and south africa deals with rolling blackouts. it's now faced with a shortage of water. reservoir levels continue to decline just adding to the list of.