How to Lose a Lot of Money Quickly(or: The Saga of Sam Bankman-Fried)

"This is really old-fashioned embezzlement. This is just taking money from customers and using it for your own purpose. Not sophisticated at all." —  John J. Ray III, new FTX chief executive officer, in testimony before the U.S. House Financial Services Committee, December 13, 2022

"This is really old-fashioned embezzlement. This is just taking money from customers and using it for your own purpose. Not sophisticated at all." —  John J. Ray III, new FTX chief executive officer, in testimony before the U.S. House Financial Services Committee, December 13, 2022…