Sam Bankman-Fried: It's a good question.
Stephanopoulos: Was it unethical?
SBF: Some part of it was just literal distraction. I really should have spent some time each day taking a step back and saying, "what are the most important things here?" Right? And how do I have oversight of those and make sure that I'm not losing track of those. And frankly, I did a pretty incomplete job at that. I spent a lot less time looking at assets and looking at balances and positions because that's not where revenue came from. And so I wasn't seeing as a core business driver obviously was a core risk, and that was a huge mistake of mine to not think more about that.
Stephanopoulos: And you said one of your great talents in a podcast was to manage risk!
SBF: That's right.
Stephanopoulos: That's obviously wrong.
SBF: Well, I think that there is something maybe even deeper wrong there which was I wasn't even trying. I wasn't spending any time or effort trying to manage risk on FTX.
Stephanopoulos: That's a stunning admission.
SBF: I don't know what to say. What happened, happened. If I had been spending an hour a day thinking about risk management on FTX, I don't think that would've happened. I think I stopped working as hard for a bit. Honestly, if I look back on myself, I think I got a little cocky... I mean more than a little bit. And I think part of me felt like we'd made it.
~ Sam Bankman-Fried, interview with George Stephanopoulos, Good Morning America, 8:10 mark, December 1, 2022
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