Venture capitalist Kevin O'Leary on FTX investment: I did not do enough due diligence
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- Опубликовано: 7 дек 2022
- Venture capitalist Kevin O'Leary joins CNBC's 'Squawk Box' to discuss why he took an equity stake and became a spokesperson for the now-bankrupt crypto exchange FTX. O'Leary tells CNBC he plans to testify at an upcoming Senate crypto hearing. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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Make no mistake, people like Kevin were promoting FTX and if it turns out there was fraud (very likely) they have liability so it's in their best interest to push the narrative it wasn't fraud and was just an honest mistake.
Nail on the head. I hope they don’t let him in on that credit company so he doesn’t sabotage the case somehow.
Incompetence and stupidity is no cover for liability
YUP!
Kevin isn’t going to get done for fraud, unless you can find direct evidence implicating him. But there is good reason as to why he and others are defending SBF.
If you or I were to purchase say a Rolex from an unauthorised dealer and that watch turned out to be reported stolen. We would need to return the watch at a personal loss.
Similarly in US law if someone is paid using fraudulently obtained funds, the receiver will need to return funds.
This is why Kevin O’Leary, news outlets and politicians are defending SBF.
The greed and corruption with these people is simply unbelievable. The only thing these people are loyal to is the dollar.
Wrong, he does not need to be directly implicated in the fraud to face massive fines. Did you not see the RUclipsr that was recently fined $50+ million and didn't even directly commit fraud but simply sold a product based on misleading claims.
HE WAS PAID $15 MILLION TO LIE. That's his due diligence
And he's still protecting the guy WOW
He was paid 15 million, that’s they ONLY due diligence he did.
O'Leary was given 15 million to sell this crap like a used car salesman.
SO O'Leary got 15 M and invested and lost 9.7 M???
I wish I were that stupid!!!
and he invested $9 million of it, and if the difference was in FTT tokens, he just wasted his time and nothing else...
A used car salesman who has no idea it's been flooded and doesn't care because he got the paycheck.
Yeah, if my math was correct, he got $15M and spent $10M so he's up 5. And without even knowing anything about the company he pumps it to investors. " Oh, I only lost my own money, didn't take any client money ", says the spokesman for FTX.
Sam can 'flip the switch'? Careful he doesn't scrub the data.
He did his due diligence. He looked and saw $15 mill and that was his due diligence
this is the same guy who sells a mutual fund for .50% fee of dividend stocks. I been knew he was a hustler.
Yeah I respect the hustle but I wish these people would stop hustling for regulation and just pivot to something else. They are hoping regulation will bring a resurgence in demand/price. No matter the cost. Selfish.
Exactly .....15 million in his pocket is all the diligence he needed. The biggest issue is the 15 million he was paid and we only learned this now
He said originally that crypto was useless, which it is, and then all of a sudden he's into crypto. 15 Million in his pocket, he scammed his followers
@@acegolfman3203 😂 Changed his mind on crypto over night. His reputation is stained over this.
Damn, that was fun watching Kevin the snake squirm and dodge while he works on getting himself on the coverup committee.
Fun fact about Kevin-- he killed 2 people while drunk on a boat and made his wife take the fall
First time ive ever witness someone defend a person that stole his money
Got to give it to Kevin though he keeps a cool, logical head.
He learned it from me. Just ask my wife’s boyfriend. He’s an awesome guy
He stole back some of the money that he gave him.
@@user-fh4tu2mo3x he's probably going to have to give back the $15 million that he got plus he said he lost around $9 million.
It's nice to see Kevin struggle
probably the most humble Ive seen him in awhile.
Nice.. im salivating he had no answer ton what she pointed out. Screw forensics a blind man can know he was a fraud on purpose
@@Diploramat Definitely.
Damn dude. What does that say about yourself?
Uche it says that, like a lot of us, he enjoys seeing Kevin struggle. His "rigorous due diligence" lol!
Andrew is asking Kevin harder hitting questions than he asked SBF. Come on Andrew, do better.
They both deserve even harder questions
Respect to these interviewers for calling out BS. Great questioning and interview there. Cheers!
Becky good job for pointing out the obvious
She trashed O'Leary 👍👍
becky wrecked him 😆
Yeah Becky smashed him and he still lying on tv.
No kidding! The guys are embarrassed. Trying to cover their tracks. Lol
Kevin compliance was a huge check with lots of Zero's for FTX. Taylor Swift turned down $100M
15 million for being a spokesperson for the company and for that reason I'm in
Is this a good time to buy stocks/crypto in the Europe? I know everyone is saying stocks are at a discount and all, but just how long will It take for us to recover, obviously there are strategies to manoeuver in this present market but these strategies doesn't come common to the average folk, or am I better off putting my money elsewhere.
I'll suggest you find an investment coach or someone with market experience before the 08' crash to guide you amidst this inflation.
@@DailamiPuang I agree, that's the more reason I prefer my day to day investment decisions being guided by an inv-coach, seeing that their entire skillset is built around short & long term holdings for profit realisation, coupled with the exclusive analysis they possess, it's near impossible to not out-perform. I've been investing with a coach literally for 4years, and have accrued approx. $1.4m in net-profits thus far.
@@daviemanuel688 congrats. this is huge! mind sharing info on the coach that assists you? cos i’ve got a bunch of stocks that keeps tanking and don't know if its best to just dump amidst ongoing inflation.
@@DailamiPuang I am guided by LAURA MARIE KEILMAN I found her on a CNBC interview where she was featured and reached out to her. She has since provided entry and exit points on the securities I focus on. You can look her up online if you care supervision.
@@daviemanuel688 just copied and pasted Laura Marie Keilman and came across her appealing page, thanks for saving me hours of researching. I'm from hit-crisis Sri Lanka.
It's almost like SBF and his family have some serious dirt on O'Leary
Nah, he's just greedy. He wants to be on the credit committee or whatever so that he gets his money back first and screw over depositors. I'd say he's a fox in fox's clothing but I'm afraid I'd offend foxes by comparing them to this absolute p.o.s
Kevin aged 10 years during this interview.
he is definitely earning his paycheck.
@@Kaodusanya Kevin gambled his earnings and lost- where ftx get $15 Mill to give him? MoneyLaunderingsDNC
Respect to kevin went from not that much to negative
He said good thngs about ftx before because he got paid
He said good thngs about it now to not get sued for promoting fraud
Kevin youre dead to us
Kevin's price for lying is 15 million
I feel for him. It’s a story of one con conning another. How can a con say I was conned? He can’t. Instead he says he’s joining a committee to find the truth.
amen
The tough choice of admitting to be a crock or an idiot
I used to audit and if I company did not have any records, I would turn around and tell my bosses that there is no way this company is receiving our money.
O'Leary is basically a very intelligent entertainer who got on Canada's Dragon Den, subsequently got Shark Tank from ABC and has capitalized on that fame as an 'expert'. He started his own funds, charging a huge MER. He said originally that crypto was useless, which it is, and then all of a sudden he's into crypto. These Financial Entertainment channels should get some morals and punt these opportunists off.
Well people are interested in what he has to say as he has built a celebrity image for himself, even if what he is punting is rubbish. It’s clear he is acting out of self interest to punt crypto, no matter how it eventually turns out for people who cannot afford to lose what they put in. Lost my respect for him, although I liked him on Shark Tank. Integrity is a good thing to hold on to.
Yes. And remember the “celebrity” “expertise” of Suze Orman?
@@readynowforever3676 what happened to Suze? I will check, but I haven't heard or seen her in a long time.
Wasn't this guy the financial genius candidate who was going to save the Canadian economy?
he’s a con, nothing else
He also never paid the Conservative party the money he owes.
Canada has comfy prisons.
You mean SCAM from people to fill his ACCOUNT and throw millions to TRUDEAU? YES!
Fun fact about Kevin-- he killed 2 people while drunk on a boat and made his wife take the fall
Kevin did as much due diligence here as they do on Shark Tank before they make offers
CNBC removes Joe's criticism at the end because CNBC has financial interest in Kevin O'Leary (who's a major contributor).
What did he say?
Joe´s comment regarding "groupthink" is found in an accompanying CNBC piece on this interview. ruclips.net/video/pIXq1pfvG0g/видео.html
@@primaryrage Joe made a profound observation regarding "groupthink" (the dangers of following the crowd). This comment can be found in an accompanying CNBC piece on this interview. ruclips.net/video/pIXq1pfvG0g/видео.html
'This city deserves a better class of criminals' - Joker
think the panel did well here = asked some tough questions. compelling watch!
not really, sounds like it but nothing tough
Why would he be doing Due Diligence for SBF handing him 15 million?
He was investing other people's money, so you do due diligence Incase it's a scam and you lose everything.
Kevin O'Leary: "It's all about the money!" Yes, Kev, it **IS** all about the money. Real money, not fake
GREED. That's all this was for guys like Kevin. An easy $15M++ for him. Here's some quick easy cash and just pump this to your people. Sad world we live in. I like that he was getting called out here a bit. It's time to hold these guys accountable.
chapeaux bas to the lady who is sitting across Kevin, she nailed it!!!!
He was in on this
💯
He got 15M for promoting FTX, he's the part of the problem.
Why would CNBC continue to give O’Leary a platform? He directly admitted he did absolutely no due diligence. You’re giving a world class grifter a platform. Shame on you CNBC. Roubini is right
I still don't understand why no VC did one iota of due diligence. What could possibly be an explanation that makes any sense whatsoever? SMH
Money. If the mere mention you were part of the crypto surge last year went around you were instantly a millionaire or better.
@@id10t98 I invested in crypto last year, but I didn't lose millions of dollars. That's not a good reason to forego due diligence.
FTX bought everyone off with endorsement money and campaign contributions. In some ways, SBF outplayed the players on Wall Street at their own game. Only the small investors ever really lose.
A rumor about SBF trying to get Taylor Swift on board for $100M to do sponsorships.
FTX and crypto isnt on Wall Street. It's in the Cayman islands. That should be your first hint it was a scam
@@jordanslingluff287 Wall Street is just las Vegas gambling for rich folks - I made money on Bitcoin it’s the govt not able to control it is who destroyed it
@@abbyynorman2874 And again. Wall Street is heavily regulated and in the US. Crypto is a scam, unregulated and almost all of it is in the Cayman island.
I hate to break it to rich people don't get rich off of trades. They get rich off of dividends. 75% of the money made on Wall Street is dividends. What you speak of is movie fantasies.
What Kevin has said is he doesn't know how to evaluate financials or even require them. Why should anyone, ever, trust his viewpoint of an investment.
The question is how much was he paid and how was he paid? No one asked that question. If he says he lost a bunch of tokens were those given to him or did he buy them?
He was paid &15M…and I bet it was in USD.
It’s funny and sad how O’Leary and even the CNBC panel won’t even acknowledge the Tether/FTX issue with
Would’ve been nice if Andrew were this aggressive with SBF.
This is a major black eye for Mr Wonderful and he's making it worse covering for SBF and not admitting he was wrong
As good as it was that Kevin got questioned, they surely script this beforehand as he knows he needs to 'get this over with'.
FTX paid Kevin O'Leary $15 million to be a brand ambassador.
Paid with customers money?
Pushing questions to the long grass- “we need to find the answers/ data, etc” rather than answering how he didn’t realise the likely fraud. Classic shunting the question.
Don’t have Kevin O’ Leary on CNBC every day. He’s a perpetual bagholder of tech & crypto stocks.
Same with the Meta lady, Stephanie Link. She pushes that POS name every breath she takes.
This reminds me of the line in The Big Short dinner: "Short everything this guy touches" - lol
Wall Street has two motivators - fear and greed. O'Leary was operating with the latter.
Where’s this full interview
This is going to hurt Mr Wonderful’s likability. 😂😂😂
A guy using his image to promote a platform without doing his due diligence? Is there anything else he promotes he hasn't done homework on, how do you trust him or anyone for that matter? How can you do your due diligence with no data?
Oh, come on. This happens all the time. Do you think every celebrity that pushes a product uses it? Or even knows if it's a good product? Do you think Arnold Schwartzeneggar plays World Of Tanks?
@@knowsomething9384 the question is do you think the average person does?
@@KP-us1ld Nah, the average person knows celebrities are getting paid to talk. However, the situation with Kevin is different, I admit. His business acumen would be reason enough for even intelligent people to assume that FTX is legit.
This interview is awesome.
On so many levels
*Becky Quick asking all the right questions! Respect!*
“I OWN 32 of them” …but I don’t know where the keys are. 😂
32 Magic Beans!
If you look to O'Leary for more than mild info, you deserve to lose your money. Be warned.
I am not sure if Mr. O'Leary really believes that crypto is at the same level of energy. I realize that he is on a hot seat now. But having bad explanations for a bad mistake looks more like that he is still going through the stages of grief (although I can see in the comments below that most feel like he is trying to disown his decision).
And Kevin is the one giving financial advice....
He also taught his wife how captain a boat.
I wouldn’t be one bit surprised if he knew more than what he’s letting on. Especially the way he is covering for sbf now.
Haha Becky good cop/bad copped him. I love it.
Why does the music from The Sting keep bubbling up in my ears?
So he really didn't lose any money. He was Given 15 million to be involved and he used that fee to buy FTT tokens and invest in other crypto. Its not much of a loss when you consider the time and effort to Gain a 15 million dollar payday, which was paid mostly in crypto fraud coins to begin with
You know he's SBF is lying when an MIT physics grad can't see an $8 billion hole.
lol
What kind of compliance? I signed the 15 million dollar check. “ I would invest with Sam again”. I do not trust O’Leary.
Stupid question. These questions should ask to Sam. How come an investor know how FTX was internally operated?
What about the FTX-AMC tokenized stocks?
Hussein
Bro, i bought ATUSD2 in September after your video. i'm up 79%.
Kevin Oleary should go to jail for getting paid $15 million and continuing being the mouth piece for the FTX scam🤦🏻♂
When you've built a 'financial guru' reputation telling mom's with a lemonade stand "you're dead to me" it usually ends up like this.
Good luck with a 'forensic' audit.Audits are like rating agencies,they tell you what you want to hear and see as an investor imho
Mr Fraud, he got paid millions to promote FTX. He used his celebrity, took the money and didn’t care if it was legit. He has lost all credibility.
Indict O'Leary NOW!!!!
Becky Quick is the woman! Love her!
Anyone who follows the advice of that "personality" is heading for losses. 'It's only when the tide goes out that we find out who was swimming naked.'
He sounds like somebody on Monday morning, dec 8, saying we don't have enough evidence, all the facts aren't in, we need to wait til we have all the info.
Kevin o leary was paid 15 million to represent FTX
Actually, they were very nice with him and they did not want to tell him frankly that Sam gave him 15 M as investment just to mislead public.
“Mr. Nice guy” is defensive and this shows how power, greed, etc. can make anyone of us do or say anything
It’s “mr. wonderful”
They didn't even see the financials. MeetKevin himself straight up said he never saw the financials. Now Kevin is saying... We haven't seen the data. You didn't even do basic DD.
What data does he need to see. Customer deposits are gone. No way the money is missing if FTX held it 1:1 like they were suppose to.
When will they get Jim Cramer on and interview him. He was as jacked as Kevin
Kevin O'Leary got paid well over $100 million dollars in sponsorship
Did Becky ever claim SBF was a crook BEFORE all this happened? So easy to make judgement after the fact. And that's why she is where she is ... NOT managing anyone's money.
Kevin messed up so hard ... all those years penalising start ups on Shark Tank and building a great reputation this wrong move has possibly screwed his credibility big time. The more he plea's it just looks desperate.
"I don't know where it is but I own it." 😶😶😂😂😂💀
Why is ATUSD2 doing so well? That is concerning to me.
why do we even need data? SBF the CEO of FTX can't even tell where the 8B hole is created? WTF!
feel sorry for Kevin loss
He did $15M of “compliance “…
The true light shows Kevin Oleary is crying like baby that he lost his compensation for being spokesman for FTX...
While everyone thought, that he lost his own money.
What a Crook !!!!
Kevin always looked suspicious and dishonest to me.
Now I have proof for my instincts !!!
Now everyone see it coming how amazing of CNBC lolz
this guy is ridiculous, they should interview Coffeezilla to get to the bottom of this scam
The thing that should strike fear into everyone is O’Leary’s response when read carefully , he is non feeling about other people’s money , a quoted phrase he uses often on Shark Tank , he puts out this condition of care in this interview , don’t believe this on several levels . The Enron name drop , if he spent enough time studying his own business and the history of large played investment scams , crypto being largely played , he would become as smart as he says he is , at this point he is trying to save his own money .
Kevin what do you say when they tell you FTX used Quick Books for accounting?
1:24 "according to Sam" Kevin did not learn anything from this mess at all if he's still trusting the word of SBF
He is trying to weasel his way onto the credit committee to get his assets back first. He's a greedy s.o.b that'll do anything for money.
Becky Quick is sharp as a tack. Years of interviewing Buffett and Munger have rubbed off on her huge. They are ingrained in her head for all of us to benefit.
$15 Million apparently buys a lot of excuse making on the part of Kevin O'Leary.
Where'd the cash go? My guess is at a few different off-shore accounts.
O’Leary, you remember what Buffett said about reputation?
Hey Kev. Stop saying there is no data. SBF has given multiple interviews. Everything he says is data. What do you think based on what he has said in those interviews? His answers, or non-answers, are quite telling. I would expect a seasoned investor to have a pretty good BS meter.
Kevin was s spokesperson for FTX, sounds like SBF has something on Kevin.... otherwise Kevin would verbally destroy SBF/FTX...IDK🤷♂️
This is the type of man that would take the folded money out of a blind man's cup
On Shark tank, Kevin has said, " if it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck " and then he gives this kid a break. gtfo.
You see guys b/c when a company is set up in the Bahamas it can tell you everything you want to hear, make all kinds of promises and assurances...And Take Your Money. Newsflash. There are no rules.
I’m buying ATUSD2 on sale, waiting for BTC to maybe drop again before I add more. Hope to take some Eth profits by Sept proof of stake