Michael Lewis’s best-selling book The Big Short is now 15 years old. The Oscar-winning movie based on it came out a decade ago. To mark the occasion, Lewis has narrated a new audiobook of The Big Short. Here on his podcast, he and co-host Lidia Jean Kott are thinking about the legacy of the book, the movie, and the financial crisis of 2008. Michael catches up with the director of the movie, Adam McKay, as well as some of the real-life characters depicted by the likes of Ryan Gosling, Steve C ...
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Andrew Ross Sorkin writes the business and policy newsletter DealBook for the New York Times and is co-anchor of Squawk Box on CNBC. He also has a historical bent, and has a new book out about the causes and consequences of the Great Depression in the 1930s. Sorkin speaks with Michael Lewis about how that crisis differed from the financial crash of…
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When Michael Lewis wrote The Big Short, there was an extra character in the story: The Federal Reserve System, the central bank of the US, which bought up bad debt on the balance sheets of big Wall Street banks and trading firms. To better understand the Fed’s role in the financial crisis of 2008, Michael turns to UC Berkeley economics professor Em…
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The Big Short is centered around the story of investment advisors who noticed something was seriously wrong with the subprime housing market starting in the early 2000s. Why did the traders at FrontPoint Partners and others bet against the herd, at great risk to their reputations and their own careers? And what happened after those bets paid off — …
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Michael Lewis speaks with Greg Lippmann, formerly a bond trader at Deutsche Bank, made famous when he was portrayed by Ryan Gosling in the movie version of The Big Short. And Lewis catches up with Steve Eisman, the Wall Street investor who was played by actor Steve Carell. When did they each start to suspect the subprime mortgage market was rotten,…
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Against the Rules producer Lidia Jean Kott is the host of a new podcast series called The Chinatown Sting. It’s about a group of unlikely suspects at the center of a massive drug bust that took place in 1980s New York. Recently Michael spoke with LJ about her series at a coffee shop in Brooklyn called Land to Sea. You can listen to all six episodes…
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When Adam McKay decided to make a movie based on The Big Short, he was mainly known for his comedies. But he managed to get a bevy of star actors — among them Ryan Gosling, Brad Pitt, Steve Carell and Margot Robbie — to sign on and bring the intensity and arcane financial jargon of Wall Street to life. Michael Lewis sits down with McKay a decade af…
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Back in 2008, Michael Lewis started paying attention to Wall Street again, as banks and investment funds started to announce massive losses. Fifteen years ago, he published The Big Short, about a group of traders and investors who bet against a market that refused to see what was coming. Now it’s time to revisit both the book and the Oscar-winning …
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Sen. Richard Blumenthal on the SAFE Bet Act
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29:58Is anyone trying to regulate sports gambling on the federal level in the US? In the fall of 2024, Connecticut Democratic Senator Richard Blumenthal introduced a bill with New York Congressman Paul Tonko. The SAFE Bet would restrict sports gambling ads and would help fund more gambling addiction treatment, among other things. Blumenthal speaks with …
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Dr. Laurie Santos on Group Psychology, the Teen Brain, and Happiness
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29:54Michael Lewis invites over Yale psychology professor Dr. Laurie Santos, host of The Happiness Lab at Pushkin, for a chat about what scientific research has to tell us about sports fandom, teenagers, and gambling. You can sign up for The Happiness Lab newsletter here. See omnystudio.com/listener for privacy information.…
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Natasha Schüll on the Antisocial Lure of Gambling
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30:40As an anthropologist, Natasha Schüll spent more than a decade doing field work in Vegas casinos, especially among the slot machine addicts. She tells Michael Lewis why many of those who play slots actually hate to win. And she talks about how the digital overhaul of Vegas has made all forms of gambling, including sports gambling, more like slots. F…
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Episode 10: “Anybody Can Win, but Everybody’s Gonna Lose”
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46:26Perhaps you have someone in your life who’s prone to sports gambling. Michael Lewis has someone. So he comes up with a scheme to “inoculate” his 17-year-old son against the lure of placing bets online. All the while, Lewis tries to craft the perfect “master class” for would-be gamblers to understand the dangers of what they might be getting themsel…
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Michael Lewis gets a glimpse of sports gambling's future by talking with writers in Great Britain and Australia, where the industry is even more entrenched. But the US has its own peculiar history of failing to regulate dangerously addictive new products, and blaming the users instead. Especially when powerful industry advocates are able to pay sci…
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Has betting based on inside intel on games gone down since sports gambling was legalized in the US? Not really, as Michael Lewis finds out. But what's gone up is misery for athletes. We hear from Atlanta Hawks forward Larry Nance, Jr. about the rage, threats and wheedling that pro athletes now endure. The NCAA, former Massachusetts governor Charlie…
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Just recently, Michael Lewis was a guest on the "Prof G" podcast with Scott Galloway. He talks about the rise of sports betting and why the consequences might be a "disaster" for US society. And the two discuss the subject of Lewis's latest book, "Going Infinite." See omnystudio.com/listener for privacy information.…
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Vegas Sports Bookies on Old-School Betting
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30:12On a visit to Las Vegas, Michael Lewis meets three old-school sports bookies. Chris Andrews, Jimmy Vaccaro, and Vinny Magliulo book bets and set odds at the South Point Hotel Casino. They talk about how they got started in Vegas, the origins of the prop bet, and why it's bad for business to limit smart bets. See omnystudio.com/listener for privacy …
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Gambler Billy Walters on the Sharp's Life
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37:10Michael Lewis sits down with Billy Walters, one of the most famous sports bettors of all time. They talk about Walters' impoverished childhood in Kentucky, and his transformation from an auto dealer to a professional poker player in Las Vegas to a sobered-up millionaire who's been indicted five times. For further reading: Gambler: Secrets from a Li…
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As a resident of California, Michael Lewis cannot place bets on any of the online sports books at the center of this season. They’re not allowed to operate in the state. But why? We hear from pastors, Native Americans and short-sellers about why a handful of states are still holding out, and why those efforts are most likely doomed. For further rea…
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What does it mean to be a “very important person” in the world of online sports betting? Not necessarily what you think. We hear from recovering gambling addicts and state regulators frustrated with some of the perverse incentives to keep people on a losing streak. Meanwhile, our show’s own producers hope for a VIP night at the concert of the year.…
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The role has many names: “Runner,” “mover,” “betting partner,” and “mule.” As skilled sports gamblers find themselves limited on apps, they turn to these affiliates to place their bets in return for a piece of the proceeds. Against the Rules decides to explore this murky world by signing up for mule-dom with one of the world’s most skilled sports b…
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Constitutional lawyer and former US Solicitor Ted Olson recently died at the age of 84. Olson represented the state of New Jersey in its efforts to overturn a federal ban on sports gambling. Those efforts succeeded, as we hear in our episode "Welcome to the Garden State." But Olson and Michael Lewis talked about many other aspects of his vivid lega…
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Episode 4: A Hard Way to Make an Easy Living
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37:05Michael Lewis heads to Las Vegas to explore the way sports betting used to work, up until the day it was rapidly legalized by states around the country. We meet the betting sharps who figured out what others couldn’t and set the odds for other bookies. That is, up until everyone seemed to have a casino on their smartphone. But the new online casino…
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Nate Silver on the Risky Business of Sports Betting
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37:40As the US election nears, Michael Lewis sits down with Nate Silver, co-host of the Pushkin podcast Risky Business (along with the writer, psychologist and professional poker player Maria Konnikova). They talk about why people bet on elections, the problem with sports gamblers in the United States, and Silver’s new book, On the Edge: The Art of Risk…
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Marci Cottingham on the Religious Passion of Steeler Nation
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23:55Is there a difference between fandom and religion? In Pittsburgh, it can be hard to tell. Fans of the city’s football team, the Pittsburgh Steelers, seem to have a cradle-to-grave devotion, complete with a golden relic, the “terrible towel.” Michael Lewis talks with sociologist Marci Cottingham, a native of Steeler Nation, about her work studying t…
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Alison LaCroix on How History Rhymes at the Supreme Court
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34:13It may seem like sports gambling got legalized overnight in the US. But it was in fact a winding road to get there. Michael Lewis speaks with legal historian and University of Chicago professor Alison L. LaCroix about all the factors that led to the Supreme Court overturning, in 2018, a federal law called the Professional and Amateur Sports Protect…
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How did we get from fantasy sports to legalized sports betting? The path is convoluted, but most of it winds through New Jersey. Michael Lewis speaks with former governor Chris Christie, among other Jersey politicians, as well as lobbyists for the gaming industry. Plus we hear from Ted Olson, the lawyer who kept bringing the Garden State’s constitu…
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Bill Bradley was already famous in college as the epitome of certain American virtues: integrity, honesty, and athleticism. As an NBA star, he took those virtues to the big leagues. As a US Senator, he had a chance to codify some of them into law and prevent the rise of sports betting. But at the same time, others in Bradley's state were making hug…
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Sports fans experience incredible highs and lows, and spend loads of money on a product over which they have no control. But for a long time, no one bothered to study the minds or impulses of fans. Michael Lewis finds out how that's changing as writers and academics learn more about the powerful psychology of fandom. Just in time for technology to …
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Against the Rules is going to Vegas (by way of New Jersey!). Host Michael Lewis bets high and low to find out how Americans, and their state governments, got addicted to a new form of legalized gambling. This season, we’ll meet bookies, lobbyists, lawyers and professional sharps. All in their own ways trying to figure out why fans might hitch their…
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Sam Bankman-Fried was sentenced to 25 years in prison after being convicted of fraud and conspiracy. Michael Lewis and Lidia Jean Kott were there in court. They talk about what happened with Judging Sam’s legal expert, Rebecca Mermelstein, a former federal prosecutor and partner at O'Melveny and Myers. See omnystudio.com/listener for privacy inform…
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While Sam Bankman-Fried has been on trial, the cryptocurrency exchange he founded, FTX, has been going through bankruptcy proceedings. Jonathan Lipson, a professor at Temple Law School, tells Michael Lewis that he believes the proceedings have highlighted problems with the US bankruptcy system. Jonathan Lipson’s research paper “FTX’d: Conflicting P…
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This fall we covered the trial of Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX. He was found guilty of fraud and conspiracy and could face decades in prison. Now, we are covering his sentencing. Check here for those episodes starting the week of March 25th. See omnystudio.com/listener for privacy information.…
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Michael Lewis on Freakonomics Radio
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1:00:59Enjoy this episode of Freakonomics Radio, where Michael Lewis sat down with Stephen Dubner to discuss his book “Going Infinite: The Rise and Fall of a New Tycoon.” Description from the original episode: Lewis got incredible access to Sam Bankman-Fried, the billionaire behind the spectacular FTX fraud. His book is a bestseller, but some critics say …
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The Rise and Fall of Crypto Billionaire Sam Bankman-Fried from Talk Easy
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1:04:48Enjoy this episode from another Pushkin Industries podcast, Talk Easy with Sam Fragoso. Upon taking a walk with crypto billionaire Sam Bankman-Fried, writer Michael Lewis had a sense that there might be a story here. In the intervening two years, that story has taken a series of twists and turns, resulting in Lewis’ new book Going Infinite: The Ris…
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Lidia Jean Kott talks to journalist Elizabeth Lopatto about what it was like to cover the trial, the similarities it shared with Elizabeth Holmes’ trial, and what this all says about millennials, fraud, and the future of the tech industry. This conversation was recorded on November 13. Questions for Michael? Submit them by clicking the link in our …
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It's all over. Sam Bankman-Fried was found guilty on all seven counts. But what now? Michael Lewis, Lidia Jean Kott, and Judging Sam’s legal expert, O’Melveny defense attorney Rebecca Mermelstein, reflect on the outcome and look ahead to sentencing, SBF's other legal troubles, and the fate of the cooperating witnesses. This conversation was recorde…
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The jury, after about 4 and a half hours of deliberation, has delivered its verdict – guilty on all seven counts. Lidia Jean Kott was in the courtroom when it happened. Her conversation with financial reporter Jacob Goldstein was recorded on November 2. Questions for Michael? Submit them by clicking the link in our show notes or visiting atrpodcast…
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CORRECTION: In an earlier version of this episode, our guest incorrectly stated that in the case of a hung jury, a defendant cannot be retried without risking double jeopardy. This is incorrect. If the jury hangs, then the defendant can be retried. We have edited the episode to remove this and apologize for the error. It’s nearly time for the jury …
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We're finally in the home stretch. Today the prosecution finished their cross examination of Sam Bankman-Fried, the defense followed up with a redirect, and then both sides rested. It’s Michael’s last day at court, but Lidia Jean will attend until the bitter end. They sit down to talk through the trial day’s events. This conversation was recorded o…
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Judging Sam: Sam Bankman-Fried Faces Cross-Examination
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13:44Sam Bankman-Fried finishes direct and faces withering cross-examination by the government’s chief prosecutor, Danielle Sassoon. Michael Lewis and Lidia Jean Kott share notes during lunch, then Lidia Jean sits down with Pushkin financial reporter and host Jacob Goldstein to talk through the day’s events. This conversation was recorded on October 30.…
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Judging Sam: Sam Bankman-Fried Takes The Stand
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21:09The day is finally upon us: Sam Bankman-Fried takes the stand. Michael Lewis and Lidia Jean meet up after a long day in court and discuss everything that went down. This conversation was recorded on October 27. Questions for Michael? Submit them by clicking the link in our show notes or visiting atrpodcast.com To access bonus episodes, and to liste…
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Judging Sam: Michael Lewis comes to court
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17:54Michael Lewis finishes his book tour and joins Lidia Jean Kott in court. His timing, as usual, is impeccable. The government rests its case. And then, everyone thinks Sam Bankman-Fried will take the stand. Instead, in a surprise twist, Judge Kaplan sends the jury home. LJ and Michael meet up on the courthouse steps to talk through the day’s events.…
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After a few days off, the trial resumes tomorrow, October 26. The prosecution has said they will likely be ready to rest their case by midday. Michael Lewis, Lidia Jean Kott and Rebecca Mermelstein, a partner at the law firm O’Melveny & Myers, sit down to analyze the prosecution’s case and talk about what might happen next, including the possibilit…
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Voices of the victims of Sam Bankman-Fried’s alleged crimes have been few and far between during the prosecution’s presentation of its case. On today’s show, Lidia Jean Kott sits down with Jake Thacker, a tech worker from Portland, Oregon who borrowed money to bet big on FTX, only to be left holding the bag. He says he’s now bankrupt and unsure whe…
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Another week come and gone, and like everything SBF, it wasn’t without a healthy dose of drama. Lidia Jean Kott catches Michael Lewis and Jacob Goldstein up on all that has gone down. This conversation was recorded on the evening of October 19. Questions for Michael? Submit them by clicking the link in our show notes or visiting atrpodcast.com To a…
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Listen Now: Spellcaster - The Fall of Sam Bankman-Fried
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8:31When nerdy gamer Sam Bankman-Fried rocketed to fame as the world’s richest 29-year-old, he pledged to donate his billions to good causes. But when Sam's crypto exchange FTX collapsed, billions of dollars went missing, and Sam was in handcuffs, those who knew him were left wondering — who was Sam really? A well-meaning billionaire who made a mistake…
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Judging Sam: Michael Lewis Talks Money with Matt Levine
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27:04Today on the show, Michael talks with Matt Levine, business columnist at Bloomberg News and author of the newsletter “Money Stuff.” Matt knows more about how crypto markets work than just about anyone else. And also about how they don’t work. Like when there’s a more than eight billion dollar hole nobody seems to have been able to fill. Matt and Mi…
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It was supposed to be a quiet Monday in court, but it turned out to be everything but. Nishad Singh, a former top executive at FTX, and a close personal friend of the Bankman-Fried family took the stand. Lidia Jean calls Michael Lewis from court during her lunch break to get his take on Singh, and updates us with the latest as the SBF trial enters …
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Judging Sam: Week 2 Catch-up with Michael Lewis
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25:36Week 2 of Sam Bankman-Fried’s trial is in the books. The prosecution has called witnesses, including star witness Caroline Ellison, and the defense has cross-examined. There have been dramatic, emotional moments, a secret recording and laughter in the overflow rooms. Lidia Jean has been in court, and Michael has been on book tour. In this episode t…
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Caroline Ellison, former co-CEO of Alameda Research and Sam Bankman-Fried’s ex-girlfriend, spent 3 days on the stand this week. Ellison recently pled guilty to financial fraud, and is cooperating with the prosecution. In this episode Lidia Jean Kott discusses Caroline’s testimony with Jacob Goldstein, financial reporter and author of the book Money…
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Judging Sam: Caroline Ellison Takes The Stand
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16:46Caroline Ellison, former co-CEO of Alameda Research and Sam Bankman-Fried’s ex-girlfriend, takes the stand and has a lot to say. Ellison recently pled guilty to financial fraud, and is cooperating with the prosecution. In this episode Lidia Jean Kott discusses what came up on Day 1 of Caroline’s testimony with Jacob Goldstein, financial reporter an…
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