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Belly up said this is even worse than that. what he s seeing ftx so off the wall one more team to see how ftx stax. i just mentioned it enron early 2000s, the.com bubble burst exposing a lot of bad things underneath. one of the comparisons to enron people have made is idea of a back door, ftx funds disappeared after ftx consumer funds and made way to hedge fund by sam bank man friedman. against terms of service, by all estimation and now is much as i think $10 billion is still missing just 32 billion dollars in cap capitalization and most missing. pete: because he knew about scheme trying to get into another company make it solvent so many happening and unrepresenting when it comes to enron. one the other players with ....
News out of colorado. at least five people are dead and 18 others hurt after a gunman opened fire inside of a gay nightclub in colorado springs. we re learning that the fbi is currently on the scene. the club releasing a statement saying in part that they re, quote, devastated by this senseless attack on our community. we thank the quick reactions of heroic customers that subdued the gunman. no word on the identity of the victims. but patrons were as young as 18. the begunman is in custody and being treated at a hospital. will, pete. pete: all right thank you rachel last hour we talk about rise and fall of ftx but stories seem to come along about once every decade. the collapse is now being compared to some of those once every decade financial scandals that some of the biggest we ve had in u.s. history. in fact individual charged with overseeing enron after it went ....
Basically nothing. but brought down by the collapse of the sub prime mortgage market lehman brothers highly leveraged mean they brothered a lot of money to double down on those bets, which means you don t have the money in the first place. and then the value of the underlying asset goes away, and you really have nothing. j same thing with ftx borrowed against underlying asset ftt and minute mortgage rates or interest rates in this case go up now you can t pay back debt that you have borrowed against that fake money. correct and then effectively saying i ll go bankrupt. but in this particular case what s interest about this lehman breers very powerful wall street firm no one ever prosecuted or jailed i think it is a little bit different in that it was a very speculative bet that went wrong for a lot of people in the process. this beget final collapse this was a beginning of a larger recession that impacted many of us. many waving a ftx scandal but ....
Thanks giving to you and all of the folks there at fox. rachel: thank you so much. take care. all right up next the collapse of ftx will and pete go off the wall and with some of the biggest other financial scandals in history. what they all have in common, stay with us. personalized financial advice from ameriprise can do more than help you reach your goals. wow. we can make this work. it can help you reach them with confidence. no wonder more than 9 out of 10 of our clients are likely to recommend us. ameriprise financial. advice worth talking about. ....
Invested in to banks as we said. but instead pocketed by him and then not paid to others in the process. 150 years in prison was bernie madoff forfeit 170 billion, six up to 6 billion. 170 billion when you re talking about a ponzi scheme this thing was huge. that s why ftx has potential of crypto market completely it was such a big part of the market. on that point of what the fallout could be that brings us to this example of a famous financial crime. how about lehman brothers invested in mortgage back securities remember this from 2008, 2009, there and when same thing when the tide goes out, the famous saying is for warren buffett when tide goes out you see who is swimming naked when interest rates go high who has been speculative or criminal when the tide went out lehman brothers went out. mortgage back securities were a bundling of high risk mortgages and when housing market dropped, those were worth ....