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In this short clip, Patrick Bet-David, Tom Ellsworth, Adam Sosnick and Vincent Oshana talk about Kevin O’Leary explaining the downfall of FTX.
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Have you been watching the hearings by The way I've been here watching what Kevin O'Leary said that's exactly when You played the clip play the clip and Played it from the beginning he calls Out binance play open it up press pause It starts from the beginning yeah just I'm curious enough what your take is on This time and everybody else that's Watching this I saw this yesterday this Is good oh God why do you believe FDX Failed I have an opinion I don't have the Records here it is These two behemoths that own the Unregulated market together and grow These incredible businesses in terms of Growth We're at war with each other's breathing Card and one puts the other out of Business intentionally now maybe there's Nothing wrong with that maybe there's Nothing wrong with Love and War But Finance is a massive unregulated Global Monopoly now They put FTX out of business What are your thoughts on that I want to Hear your thoughts go ahead Tom Um first of all Okay let's say binance did that Set it aside we just heard testimony From the acting CEO who's who's working Trying to work through this on behalf of The U.S magistrate in the bankruptcy
That these guys were moving Customer assets from FTX to Alameda we Have the transaction numbers we've seen The stuff moving this wasn't stuff that Was moving in crypto wallets and on the Blockchain that can't be tracked it was Moving so I'd like to know what part of Binance was putting them out of business That led to committing fraud where you Take like money that belonged to a lot Of very wealthy people and it was going From pocket a to pocket B to cover Losses number one and number two I would Like to know what Mr Leary's interest is In in putting a dent in binance what is That all about well first of all do you Know how much you got paid by FTX do you Know what the amount is no I don't 15 Million that was just like uh oh uh like An influencer fee 15 million dollars Okay so okay so right there right there FTA spokesman Kevin O'Leary says he lost 50 million dollars payday from crypto Firm as he had Equity okay so in other Words he wasn't in front of Congress as A impartial Financial expert let's read The article he was a lobbyist yeah so Investor Shark Tank judge and CMC Contributed to Kevin O'Leary said Thursday he's lost 50 million dollars FTX paid him to act as a spokesperson uh For the now collapse crypto exchange That somehow called fraudulent O'Leary And other celebrities such as Tom Brady
Larry David were sued by iFix investors Who said The Exchange Ambassador should Have done more due diligence and Exercise a great level of care before Promoting the crypto Empire so 50 Million bucks total deal was just under 15 million dollars I put about 9.7 Million into crypto I think that's what I lost I don't know it's all at zero so What are your thoughts Adam Look I this is all a cleansing okay my My question is I think you just went to Ayahuasca like what You're so I dealt with this in my Industry in the Life Insurance life Settlement industry in 2008 everyone was Getting into my industry in 2005 2006 2007 people were making so much money Okay I got into the industry I never Made any money in my life all of a Sudden I made 100 Grand is amazing Collapse what had happened at that point Was all the fraudulent Bad actors got Exposed Elliot Spitzer who's the Attorney General of the New York uh he Was calling out people there were Lawsuits people that were doing Fraudulent things you said you went to a Meeting in Waco Texas one time group Called life partners that were doing Illegal Shades it was publicly traded They were publicly traded to all these Two Mammoth and elephants in his Headquarters yes I mean it's it's like
Equivalent of like ridiculous property But just You know so these Bad actors are going To get exposed kind of what I'm just Talking about it might take two years it Might take five years it might take 10 Years if you're doing the wrong way And you're doing illegal but I'm asking About Kevin O'Leary what are your Thoughts but that's my point is that Ultimately When you're talking Two things can be true at once FTX can Be doing fraudulent ridiculous illegal Stuff and at the same time binance can Be doing things to put people out of Business you talk about how like you Trust your competitors because you know They wake up every single day and their Intention is to steal your market share And put you out of business we Understand that so I think at the end of The day here the big question is where Does the industry go from here and where Does regulation happen from here so to Draw my analogy is the best thing that Happened for my industry our industry is That it became regulated it went from The wild west to a regulated industry And now you've take my firm for an Example we're at the top of the food Chain in our industry because we played By the rules we never were in the Headlines it's been regulated and
Everything's done the right way let's Look that that's what I think needs to Happen to crypto some regulation I I so Is this a good look or a bad look for Kevin the position he's taken I mean I Think he's protecting himself I think he Looks like a lobbyist okay so okay I I Don't think that's a good look I I don't Think that's a good look for Kevin Kevin Has had a uh his brand what he's done You know where he's been you know tied To however many years on uh with sure Shark Tank and by the I think he carries The weight on that show and I think Everybody was you know you're not a guy On shirt but you know how they say TNT NBL and TNT who's the main guy that Really changed that Charles Barkley Right I think for that he's the Charles Barkley of Shark Tank okay vice versa Yeah huh Berkeley's on this list really Okay cool we're gonna go through that Here in a minute but I think that was a Bad luck but let's set that aside okay Um how much money is what how much money Would you say would it take for you to Say yes to a product you have zero Belief in like what at what point do we Say no to a sponsorship so for example Let's just say hypothetically okay and Our sponsor guy's sitting right here so Let's just say how many times have I Said no to you and you've told me about Pat they're willing to spend xyzing
Money how many times And by the way as a person who makes Money on the sponsor side do you like That that probably upsets you because You just got a big commission check if I Say yes to it right so it doesn't help Our sponsor side so these guys this this Company that runs this keto company Right one of the biggest keto company in America if not the biggest and they send A bunch of stuff and they are they They're DieHard fans of uh the podcast And I love that I got a lot of respect I Appreciate the support and Here's how much money they're going to Give you okay you want me to get and Talk about keto I'm lying you know what I'm saying I would be lying if I said Keto diet changed my life I would be Lying if I did that so there is a very Interesting uh position like you know How some of the people are like well you Know this is how much money would take Out how much money would it take for you To say yes to product you have zero Belief in to promote constantly how much Money like let's say a pride can be Bought is that what you're asking yes I love keto the keto King how much did He pay me all I do is By the way I'm actually asking a very Real question so tell me everyone's got A price no I don't say I don't agree With that I don't agree what what what
Would you what would you what is a Product you'll never use A car Okay but what's a product you would Never use give me a product you would Never ever ever use never use For example gambling companies you know How much money gambling websites have Given us if I told you the number you Wouldn't believe it it's the kind of a Number that's a life-changing for 99.9 Percent of people ask me how many I've Said yes to no you said it just doesn't Make any sense for me to say yes to Gambling company it's completely off of My brand to say yes go to this gambling Website now by the way bar stool does Gambling of course they should say yes That's the brand what do you mean you Shouldn't say yes to that right so I Think I think this is very tricky like You know when we did gold call I read The thing with goldco right okay I'm Like dude there's a risk any sponsor you Take there's a risk you don't know What's going to happen with the founder You don't know what's going to happen With you know a story comes out with you Like for example like five years before What happened with the guy from Subway What's the guy's name five years prior To that hey this podcast sponsored by You're like okay cool you know I like Their sandwich yeah but then that comes
Out now your link to that so there is a Risk in sponsorships that's taking place A part of like A part of a good sponsor's job is to Present the opportunity of the money Being made as well as here's the dirt I Found on them online these are the Lawsuits this is the negative review Here here's what I noticed here it's Very risky because you're sitting at Tom Brady Sitting with his teams and guys How come we didn't know something like This because they're one of the Commissions they're giving us this much Money they're giving us this they're Giving us so this this makes talent and Influencers be more protective of what They say yes to no matter what the price Tag is because here's the thing you know I said there's uh dollar amount for Everybody I think there's a dollar Amount for and you fully believe that That there's a dollar I think for the Majority of people they can be bought Whatever the number is whatever is the Number there is a number yeah for Everybody and I will tell you this if That's the mindset you will have a very Very low Q score and very very low Loyalty from customers that will cup Keep coming back to see what you endorse And promote you will lose credibility Because if you become the the the the that's going around you know
Sponsor what do you call it the uh uh Take Village of money from everybody Then what you're saying is your audience Is sitting there saying dude that's like The 99th one you just sponsored do you Really use that do you really do that Why are you saying that there's a lit so It's a tough relationship and by the way I'm not blaming the influencer you know I can only imagine what it's like to say Hey here's 15 million bucks here's five Million bucks that's got to be tempting For a person to say yes and especially Tempting for smaller you know uh uh it Goes both ways too because Kevin's not Small Kevin's got money well here's my Point we have the luxury that this right Here valuetainment PPD podcast Everything is not our main source of Income right correct right yes so you Have PHP not even not even close not Even close so like we do this because we Love it we enjoy it we appreciate the Audience we're building something but This is not our main source of Revenue So we have the luxury to say ah it's not Worth it because we are very suspected I Know I'm being very like everyone has a Price but we do have these discussions Like nah this isn't a fit for us and You're very selective with that no doubt But let's say this is your only thing And it's your only job and you're Running a podcast and you're making no
Money but you're whatever the career is Whatever it is you're doing a show a Podcast you're a tick talker and this is Your only source of Revenue it is very Hard to be like this guy wants to pay me A hundred grand to promote a keto thing Dude I haven't made 100 Grand in my life Sign me up for keto Adam you're right That's the problem that people are going To run into sorry to cut you off there You're right but that's why so few People have the high Q scores so few and It goes the other way too do you Remember when Fiat hired JLo for their Little tiny car I think it's the 500 or The 5000 it's a small car very small car And she's driving around just driving Around Brooklyn like where I grew up Remember when I was a small girl that Was all that was false people jumped on That and said wait a minute she didn't Grow up there she didn't grow up there And she's also made comments about Little small cars and so there's a Mismatch there so she took the money she Was the wrong spokesperson and it hurt Fiat the other way they pulled the Campaign out and they dropped it all off And then you go the other side who's got The high Q score if you go back the last 15 years one of the highest Q stores was Peyton Manning and he was with Nationwide Insurance he picked his spots He had a lot of them out there but he
Picked the spots and he used the product And he was straight with it and he made Money Integrity doesn't know also in the Food chain Integrity doesn't care Whether you are poor or Rich if you are At a small podcast and you took the Money for some you know rank product Then you're putting your integrity off To the side and you're not going to have It I gotta tell you what you want so With all the craziness taking place I Believe future looks right if you Believe future looks bright get your Latest Future looks bright hat of Valuetainment it says future looks Bright here future looks bright here we Got them in white we got them in Black We got them in red are black on black Sold out these are about to sell out if You haven't ordered one yet we had a Person in Michigan bought one then he Bought three then when those three People wore it in the office they had to Order 58 of them because people wanted The future looks bright hat especially During times like this because ain't Nobody's saying future look spread Toward your future looks bright hat Click over here and to watch the entire Podcast click here take care everybody Thank you [Music]