Podcast Episode Summary:

What It Was Like — How it Felt Running a $700 Million Bank Fraud
Host: Julian Morgans | Guest: John Rusnak | Date: August 29, 2025

Overview

In this deeply candid episode, host Julian Morgans interviews John Rusnak, the man at the center of one of the largest bank fraud cases in U.S. history. John tells the behind-the-scenes story of his time as a currency trader at Allied Irish Bank, where overconfidence, addiction, and deep-seated insecurity sent him spiraling into a $700 million loss, leading to his arrest, public disgrace, and eventual redemption. Far beyond a tale of white-collar crime, Julian frames the conversation as an exploration of loneliness, self-worth, and the dark underbelly of high-flying finance.

Key Discussion Points & Moments

1. Upbringing and Early Identity

(06:02–08:19)

• John grew up working-class in a tough Philadelphia suburb.

• Earned good grades and got a mentor who pushed him toward college.

• Felt deeply out-of-place at Bucknell University, starting a lifelong pattern of “faking it to fit in”:

  "I was way more comfortable in my Flyers hat, my jeans, and Eagles jersey." (06:45)

• Started to build self-worth through outward success, leading to Wall Street.

2. Ascendance on Wall Street & Culture

(08:31–14:26)

• John describes a “Wolf of Wall Street”-level debauchery:

  “Just ludicrous amount of drugs and women and things like that... The drugs and the alcohol and just the wasteful spending was... It's the prodigal son. It doesn't even compare.” (13:10)

• Cocaine and alcohol were integral to work and lifestyle, intensifying risk habits.

• Gravitated to the adrenaline rush of trading and risk-taking:

  "I was fearless… I was very self-confident and I’d make swift decisions and stick with them.” (17:37)

3. The Allure and Dangers of Power

(17:37–23:21)

• Describes market psychology and how confidence (even bluffing) can influence billions:

  “He had the power to influence people in a big way. When you have self-confidence and you influence people, it becomes a self-fulfilling prophecy…” (18:32)

• It's “very similar to gambling”:

  "I was never on sensory overload… I couldn't satisfy that desire for risk." (20:27)

• Downward spiral began with a trade mistake—a loss he tried to hide, leading to doubling down and deeper dishonesty.

4. Secret-Keeping, Escalation & Loneliness

(23:37–29:16)

• As losses mounted, so did John’s efforts to hide them, with drugs, sleep deprivation, and intimidation creating a toxic mix:

  “There's nothing more damaging than keeping a secret or a lie.” (28:25)

• Used threats and bravado to keep colleagues and oversight at bay, leveraging the culture of looking away for profit.

• Nicknamed “Big Splash”, John internalized the role of success as central to his identity, unable to ask for help.

5. Systemic Complicity

(29:16–36:10)

• Lax oversight and a culture that profited from risk enabled his fraud.

  “If the people that oversee you... directly profit from your trading, then there's always a reason to look away." (29:16)

• Wilful blindness extended to all levels:

  "You can't borrow $700 million a day and not have anybody know that.” (33:57)

• Culture of heavy drinking, extravagant perks, and silence.

6. Attempts at Intervention and Deepening Addiction

(36:10–39:32)

• Some coworkers tried to reach out:

  "I'm sitting at the trading desk… I've got blood all over my shirt because I'm doing so much coke… and he's like, 'Come on, man, we gotta talk… What the heck's going on?'" (36:19)

• John admits: “Anybody that actually really cared about me, I used to push away… I didn’t want their judgment.” (36:56)

7. The Crash — Emotional and Financial

(39:58–43:11)

• The breaking point at a Christmas dinner in New York, ignoring family, obsessing over massive trades while watching the losses mount ($700 million+).

• He describes the shattering dread:

  “Just think about the dumbest thing you ever did, and that becomes something that everybody knows about…” (41:03)

• The moment of confession led to relief after years of pressure:

  “Once it was done, holy cow, it was great. When I finally confessed and put it all out on the table, I felt like this weight lifted off my shoulders.” (43:07)

8. Coming Clean and Facing Consequences

(43:22–48:40)

• Admits the full scope to his wife; flees town for a few days as the FBI closes in.

• John’s wife stands by him, demanding accountability and a break from his criminal crowd.

  “As long as you’re going to take responsibility for this, I’m going to stay with you... But you gotta accept responsibility, and you gotta stop hanging out with those Italian guys.” (49:20)

• Reflections on accountability, faith, and eventual arrest.

9. Prison Life & Transformation

(53:45–57:55)

• Prison far less violent than depicted; finds support in faith and among Black Pentecostal communities.
• Sheds previous identity, loses weight, pursues faith deeply, makes new friends across divides.

  "If you're in prison and you're still arrogant, you're really not facing up to the reality… you're not owning anything." (56:36)

10. Redemption, Recovery, and New Purpose

(60:36–65:43)

• After prison, John struggled to find honest work, eventually running dry cleaners staffed by former inmates and addicts.

• Ultimately found purpose through "Uncuffed Ministries," a Christian outreach supporting incarcerated and formerly incarcerated people, focused on sustained mentorship and relationship.

  “It’s about building these enduring relationships and then telling the story as well… I really am… on a shaky bridge between two disparate populations.” (64:04)

• Ongoing vulnerability to addiction and risk, requiring faith and accountability:

  “Allergy is not your fault, but it is your job to keep the cat off your lap.” (66:55)

• Core struggle remains:

  "I just have a really deeply ingrained sense of lack of worth… people think I have everything put together, but I don't… a lot of times I feel deeply unworthy.” (67:36)

Notable Quotes by Segment

• 06:45 — “I was way more comfortable in my Flyers hat and my jeans and Eagles jersey, you know?” — John
• 13:10 — "Just ludicrous amount of drugs and women... It's the prodigal son. It doesn't even compare." — John
• 17:37 — "I was fearless... I could just make swift decisions and stick with them." — John
• 18:32 — "When you have self-confidence and you influence people, it becomes a self-fulfilling prophecy." — John
• 28:25 — “Nothing more damaging than keeping a secret or lie.” — John
• 33:57 — “You can’t borrow $700 million a day and not have anybody know that.” — John
• 36:19 — “You gotta stop this. Like, are you okay? Emotionally, mentally?” — coworker, recounted by John
• 41:03 — “Just think about the dumbest thing you ever did, and that becomes something that everybody knows about…” — John
• 49:20 — “As long as you’re going to take responsibility... I won’t leave you… But you gotta accept responsibility and stop hanging out with those Italian guys.” — John, quoting his wife
• 56:36 — “If you're in prison and you're still arrogant, you're really not facing up to the reality.” — John
• 67:36 — "I just have a really deeply ingrained sense of lack of worth… people think I have everything put together, but I don't." — John

Timestamps for Key Segments

• 06:02 — Upbringing and sense of not belonging
• 13:10 — Wall Street party culture
• 15:07 — Adrenaline and confidence in trading
• 20:27 — Addictive nature of work and risk
• 28:25 — On the destructiveness of secret-keeping
• 33:57 — Structural failures and wilful blindness
• 36:19 — Colleagues' failed interventions
• 41:03 — What it felt like to have lost $700 million
• 43:07 — Relief in confession
• 49:20 — Wife's conditional support
• 56:36 — Shedding old identity in prison
• 64:04 — Mission and goals of Uncuffed Ministries
• 66:55 — On addiction, responsibility, and vulnerability

Tone & Language

The conversation is raw, frank, and at times bracingly self-critical. John speaks openly about his egotism and failures, peppering the story with gallows humor and self-deprecation. Julian neither sensationalizes nor absolves; he pushes for emotional honesty and reflection, creating space for John’s vulnerability.

Memorable/Impactful Moments

• John’s shock at his own behavior, vividly recalling a blood-soaked shirt from cocaine use at his desk (36:19).
• The Christmas dinner scene: fixation on markets as a life imploded (39:58).
• His wife’s decision to stay, but only with "living amends" (49:20).
• The relief after confession compared to years of sleeplessness (43:07).
• Insights into the culture of silence and complicity in high finance (33:57).

Closing Reflection

John Rusnak’s story is more than a cautionary tale of financial fraud; it’s an intimate, unvarnished account of the cost of self-worth built on externals, the corrosive power of addiction, and the long, hard work of recovery and redemption. By detailing not just what he did, but honestly exploring how it felt and why it happened, the episode challenges listeners to see beyond headlines and stereotypes—revealing the tangled human realities within even the most spectacular crimes.