Behind the Bastards: CZM Rewind – The Last Sam Bankman-Fried Episodes (Secretly About Michael Lewis)
Podcast: Behind the Bastards
Date: November 27, 2025
Hosts: Robert Evans, Jamie Loftus, Sophie
Theme: A scathing examination of Michael Lewis's approach to journalism, especially in his book on Sam Bankman-Fried (SBF), and the broader issues with hagiographic coverage of financial "geniuses."
Overview
This two-part special episode of Behind the Bastards revisits the Sam Bankman-Fried saga but pivots hard to focus on Michael Lewis, author of Going Infinite, who spent pivotal time profiling SBF during both his rise and infamous collapse. Robert Evans and Jamie Loftus dissect Lewis’s failings, his myth-making around financial criminals, and why his brand of “access journalism” can enable and excuse destructive figures.
The tone is irreverent and sarcastic, blending cultural jokes, millennial/Gen-Z pop references, and political asides. The episode is as much a critique of media hero worship as of crypto grifters themselves.
1. Introduction: Dark Humor, Meta-Jokes, and Setting the Stage
- [02:38] Robert Evans opens with bleak satire about global tragedy and nuclear war, setting the show’s trademark irreverence.
- [04:13] Jamie Loftus riffs off Evans’ intro with meme culture (Paul Walker/Brian Griffin), establishing fast comedic rapport.
- [05:38] Evans steers the show to the main topic: "80% of this episode is shitting on Michael Lewis, the author of The Big Short."
“So Jamie, speaking of mediocre men, have you been keeping up with the story of bastard’s pot alumni Sam Bankman-Fried?”
— Robert Evans ([05:38]) - The episode’s working title: "Sam Bankman Not Freed (because he is in jail)."
2. Who Michael Lewis Really Is
Background and Social Class:
- [09:44] Evans explains Michael Lewis is not just a famous journalist and author, but a paradigmatic “access journalist” — someone valued in finance not for exposés, but for making subjects celebrities.
- [10:56] “His stories come from his ability to get close to his subjects... An access journalist whose books turn Wall Street crooks into icons.” — Robert Evans
- [23:30] Lewis’s elite upbringing: New Orleans WASP aristocracy, literally taught to sit on a throne, the ultimate social insider.
“I was so inside, I was literally trained how to sit on a throne…” — Michael Lewis, quoted ([23:31])
- [26:24] Attended Princeton’s Ivy Club (all-male until 1991), “full cunt” according to Sophie and Jamie.
Character and Method:
- He befriends powerful subjects, writes only about those he likes, and tails them “like a fly on the wall.”
- “The obverse of Lewis’s approach: he doesn’t write about people he can’t befriend or stories that might cost him relationships.” — Evans ([40:53])
- He admits abandoning books if they’d embarrass family or cost him friends.
3. Michael Lewis’s Pattern: From Wall Street to The Blind Side
Wall Street Mythology
- [34:08] Lewis’s Liar’s Poker glamorized brash, “big swinging dick” Wall Street culture despite intending satire; like Wolf of Wall Street, the message is co-opted.
“There’s no way to write about war without making it look cool. No way to write about Wall Street without making it look sexy.” — Evans ([36:06])
- The Big Short — intended as critique, but made its (real) protagonists heroes, resulting in speaking tours and celebrity for people who profited from disaster.
- Lewis enables the myth of the “hidden genius” outsider in corrupt systems, a narrative that flatters and excuses his subjects.
The Blind Side and Its Problems
- [44:08] The Blind Side — later exposed as a suspect real-life story — is shown to be grounded in Lewis’s blind spots on race and class.
“How is it ethical to write this story when you went to school with the [white adoptive] father?” — Jamie ([51:07])
- Lewis narrates Michael Oher’s story through white saviors’ voices, calls Oher “Big Mike” (even though Oher hates the nickname), and omits Oher's voice out of supposed journalistic necessity.
- “He cannot identify or get inside Oher’s head because that is nothing like the Michael Lewis story.” — Evans ([50:01])
- When Oher sues for control over his financial story, Lewis waves away the racism/abuse as “possible CTE” (concussions) — a deeply problematic dismissal ([52:16]).
- “If anyone’s therapy logs were leaked, it would be like, oh, they had this fixation on this issue… that’s why you fucking go, dude.” — Jamie ([77:33]), on the personal toll of Lewis’s reporting.
4. Michael Lewis and SBF: Bro Culture, Biases, and Willful Gullibility
Lewis Gets “Conned”
- [12:24] SBF’s team welcomed Lewis not for critical reporting, but to be elevated as a genius by the “Big Short guy.” Being in a Lewis book was a bigger PR win than Bill Clinton or Tom Brady endorsements.
- [17:58] When SBF is charged, Lewis’s timing backfires: “The overwhelming thing you see is that Michael got kind of fucking conned.” — Evans
Michael Lewis as "Letter to the Jury"
- [21:14] Lewis calls Going Infinite “a letter to the jury,” dramatically overselling his role.
- [22:34] Despite his glowing treatment, he claims not to be a “bastard,” but his media power and gullibility directly add to harmful billionaire myth-making.
The Book’s Central Flaws
- [53:45] In 60 Minutes and other appearances, Lewis insists SBF is “so different, the world just doesn’t understand him,” directly parroting the myth SBF wants to create.
- [56:51] Lewis’s own excitement blinds him: “This kid is the richest and most interesting young person I’ve ever met.”
- [62:38] Anecdotes are structured to awe — Sam gaming during Anna Wintour’s call is cause for marvel, not criticism.
“[Lewis] marvels at this… as if it’s evidence of how unique Sam is. When in reality, he’s just a Gen Z guy playing video games during a Zoom call.” ([66:23])
- [70:25] In a live interview: Lewis giggles about SBF ignoring Anna Wintour while playing a video game, showing uncritical adoration.
- [76:15] When covering SBF’s ADHD, Lewis pathologizes it in female subjects but not SBF — another sign of gendered bias.
Myth of the Disheveled Genius
- [167:01] The “eccentric, slovenly genius” look is shown to be deliberate PR, not a sign of brilliance — Sam believed his hair got him higher bonuses, even asking architects to shape FTX HQ after his hair.
- [168:04] “He was obsessed with his hair. His only design note [for new HQ] was it should look like his hairdo.” — Evans
5. Deliberate Blindness to Fraud and Harm
Financial Incompetence as Genius
- [99:56] FTX lacked all basic controls — no CFO, no board, no risk officer. Lewis accepts SBF’s belief that only young people matter in business.
- [102:14] SBF’s self-justifications (Why do I need a CFO? “What do you think I do all day?”) are never questioned by Lewis after the collapse.
The John Ray III Problem
- [104:00] Lewis reserves real venom for John Ray III (the “boring” bankruptcy CEO brought to liquidate FTX/Enron). Lewis portrays Ray’s attempts to find missing billions as “stodgy old-man thinking,” showing utter contempt for accountability.
- [105:19] “He describes Ray as unable to appreciate the ‘genius’— like an archaeologist stumbling onto a lost civilization.”
The Massive Lie: There Was No Fraud; the Money Is Still There
- [131:34] Lewis claims the missing $9B is “nowhere, it was still there.” This is false; $1.5–2B remains unaccounted for, and most victims will get less than what they deposited (especially since crypto has surged in value since bankruptcy).
“Stealing 15 or 20% of a bunch of people’s savings is a substantial crime.” — Evans ([139:14])
- [133:49] When challenged in interviews, Lewis gets defensive or evasive on the facts of missing money.
Exposing SBF’s Fraud
- [143:10] Court record and code analysis shows SBF deliberately misled customers, funneled deposits straight to Alameda, and generated fake balance numbers (“randomly generated by computer”)—this is called out as classic, deliberate fraud.
- [149:43] SBF gives himself (via coder Gary Wang) $65 billion of credit for Alameda, far beyond any logic—interpreted as gambling addiction, not genius.
6. The Big Picture: Why Michael Lewis Keeps Failing Upwards
- [156:03] Zeke Faux’s Number Go Up offers contrast—Faux understands when he’s being lied to. Lewis fundamentally can’t (or won’t) see fraud among those he’s invested in.
- [157:14] “Late in the book, Lewis asks Bankman Fried, what would you have done if I’d asked you specifically about FTX customer funds being used by Alameda? Bankman Fried admits that he would have changed the subject or rustled up a word salad… [yet] Lewis continues to describe SBF as ‘enigmatic but essentially genuine’.”
- When the verdict comes in, Lewis “has his head down between his arms” in court ([19:30]), emotionally invested in the fraudster, not the victims.
Sharp Quote:
"Maybe it’s even better than the answer to the question. Maybe it’s what you should have asked."
— Michael Lewis on SBF’s word salads ([166:27])
7. The Cultural/Media Critique
- Myth-making and PR laundering is bad journalism. Lewis’s career pattern has been to make dodgy characters look like “misunderstood, eccentric geniuses.” His approach is inherently commercial—he can’t (and won’t) end on an unhappy note or write a story that really damns his subjects.
- Going Infinite is hagiography, not journalism; Lewis’s inability to “get the joke”—and his willingness to enable SBF’s myths—make him an unintentional but significant historical enabler (and thus, “an honorary bastard”).
8. Notable and Hilarious Moments
- Boyfriend Criterion Collection: Jamie deadpans about every guy with Moneyball and Whiplash Blu-rays ([08:43]).
- “What if your worst boyfriend couldn’t read?” — Jamie ([09:06])
- Krafty, deeply unserious asides about Frasier, Sex and the City, and magic the Gathering rules.
- [121:01] Carolyn’s tragic, embarrassing correspondence with SBF; Jamie’s empathetic take on being “charmed by the world’s worst guy.”
- Pitch for a “David Hyde Pierce as Michael Lewis” movie adaptation.
- Extended aside: “Games” as false markers of genius, and the generational gap over Magic the Gathering and Neopets.
- [150:26] “If there’s anything that got the millennial generation hooked on capitalism and random gambling, it was Neopets. Sam Bankman-Fried is the worst endgame for a Neopets user.” — Jamie
9. Conclusions & Looking Forward
- [170:33] Where does Lewis go from here? The hosts predict, only half-joking, that he’ll fall for “Sam Altman” next (OpenAI’s troubled CEO).
- [136:13] Lewis’s courtroom face likened to a Tim Robinson sketch.
- On accountability: “Maybe applying Sam’s own theory" (nothing valuable after 45) “applies to Michael Lewis now.” — Jamie ([132:04])
- SBF is “in forever jail.” Michael Lewis will likely keep writing bestsellers and making people rich and infamous.
Timestamps for Key Takeaways
- 04:13: Opening comedic riff/Setup on pop-culture and death
- 05:38–07:00: Announcement: Episode’s about shitting on Michael Lewis
- 21:14 / 22:34: Lewis calls Going Infinite “a letter to the jury” and why access journalism is a problem
- 34:08: Wall Street books inadvertently glamorize their subjects
- 44:08: The Blind Side and Lewis’s blind spots
- 53:45: Lewis fawning narrative on SBF—“the world still doesn’t know him"
- 66:23 / 70:25: Anna Wintour gaming anecdote, Lewis’s unreadiness for meme culture/Generational gap
- 100:40: FTX’s lack of CFO/executive controls—Lewis never questions
- 131:34 / 133:49: The missing money—Lewis gets evasive & angry in interviews
- 143:10 / 144:50: Code audits reveal deliberate fraud—insurance funds were lies
- 149:43 / 150:26: SBF’s gambling addiction and Neopets generational joke
- 157:14: Lewis refuses to call SBF a liar
- 166:27: “Maybe it’s even better than the answer to the question...” — Lewis’s worshipful interpretation
Memorable Quotes
- “Lewis is not a bastard, but when a smart man can’t see fraud right in front of him, and makes it sound sexy for millions, that’s how we get villains.”
- “If you think the biggest sign of ‘genius’ is that someone never puts effort into hygiene, you might just be writing PR fluff for billionaires.”
- “He’s an honorary bastard.” — Jamie, after realizing Lewis wrote The Blind Side
Final Thoughts
This episode is a meta-critique—a takedown of not just scam artists, but also the journalists, cultural myth-makers, and prestige-media figures who help them craft and launder their image. It’s hilarious, biting, and unusually self-aware, asking what stories we elevate, why, and at what cost.
Recommended Further Listening/Reading from the Episode:
- Number Go Up by Zeke Faux (real reporting on crypto’s dark side)
- Citation Needed newsletter by Molly White (for technical breakdowns of the FTX collapse)
- Anything but Going Infinite
“There’s only one kind of ethics I care about, and it’s dolla dolla bills.” — Robert Evans ([51:15])
