money or borrowed against that money and, ultimately, somebody goes, you know what? mcbucks aren t worth anything, and then this whole thing palls apart. pete: yes. will: that s where we are now. how does the whole thing begin to fall apart, pete in. pete: all right. where a s the next slide? what happened was none of this was transparent until there was a leaked balance sheet out of alameda that showed that the majority of its balance was in ftx borrowings from holders who had put their money in there. so someone knew books were being cooked and leaked that balance sheet, and it started to cascade as more questions were being asked. will: remember, i said he loaded it up with debt. he borrowed against his fake money, ftt, ask that s where companies like binance who were looking to perhaps bail out ftx goes, wait a minute, this token, this ftt token, it s only worth what sam bankman fried tells us it s worth, and i don t want anything to do with this.
and, by the way, we re producing cars they can t even afford because they re $66,000. pete: what do you think the chinese officials actually say about our climate obsession behind our backsesome rau a ray they love it. pete: they have to just laugh. we re about to take taiwan, we re a ramping up our military, and the usa wants to talk to us about climate change? rachel: yeah. pete: okay. let s build more coal power plants. let s do it. i mean, hay don t care at all they don t care at all. and if our leaders go to them, no, please, a little more effort on the climate. just more on the climate. ing like the emperor has no clothes. rachel: pete, someone s making money off of this. these elites are all many on these ev vehicles, and again pete: you re right. rachel: it s the impoverishing people. pete: i make the mistake that they want to put our country paris. rachel: of course not. the elites, they are invested in this technology. people are making money, and hay don t care who the
system, another maybe 3-6 inches south of the buffalo area, and by tomorrow things clear out and complete digout begins. rachel, back to you inside. rachel: you know why i didn t happen? because i made a deal when i moved to wisconsin, i don t deal with show. [laughter] snow shoveling, never. rick: yeah, i know. [laughter] rachel: thank, rick are. will, pete? pete: rick s got a lot of fans behind him. super gel isous. [laughter] you re heard about the ftx crypto collapse, but what actually happened? and how did a multibillion dollar company lose all of its value almost overnight? will: let s go off the wall and do our best to explain a complicated story and examine where it started, starting with sam bankman-fried, the founder of ftx, importantly a hedge fund named alameda research.
republicans have said the investigation if will go, because now people are wondering if there were actually other connections as well in here. he donates to democrats, democrats back joe biden. joe biden has been voting to send funds to ukraine. things become difficult to parse, but we do know in ukraine they were receiving donations via crypto and using the term partnering with crypto, specifically ftx. pete: again, there s a lot eau we don t know, as you pointed out. this becomes a black hole for a lot of reasons are. that s why house republicans are looking to investigate precisely what that means. but no doubt he believes-a beneficial relationship. this was a beneficial relationship. he appeared in a lot of international conferences, specifically on crypto, some on health care alongside politicians. we re going to do another edition of off the wall next hour when we talk about other scammers. they often do this, it s a telltale sign, get close to politicians because they ll be
will, rachel, pete, back to you. rachel: so kaylee s mom was on cross country last night. you imagine you think about that last time that you heard your daughter s voice and, you know, mundane conversations, but they take on a new meaning when you mow wrowl never hear that voice again. and here is christy goncalves talking about that last conversation with her daughter kaylee. kaylee called me on saturday. my birthday was earlier in the week, and i didn t get anything for my birthday, boohoo, you know? it was not a big deal, but she call me on saturday and said, mom, i ll be home on tuesday, and i m going to take you out to breakfast, lunch and dinner, and it s all on me, and we ll celebrate your birthday. i said, well, i don t know if i believe that, meaning she d pay, but that sounds great, kaylee. and i ll see you op on tuesday, honey, and then she sent me a couple pictures of her and