Billionaire investor David Rubenstein on FTX and venture capital: 'Every investor makes mistakes'
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- Опубликовано: 20 июн 2024
- Billionaire investor and philanthropist David Rubenstein, Carlyle Group’s co-founder and co-chairman, joins CNBC's 'Squawk Box' to weigh in on the collapse of crypto exchange FTX and what it means for private equity. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGeIvi
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David was in on it too... To him, Sam was like a son he never had!
Ye do well.🤣
There are mistakes and there is negligence. The negligent will always plead that they simply made a "mistake". How convenient, especially with other people's money.
No they're saying the investors made a mistake. Sam bankman fried didn't make a mistake he committed fraud nobody is arguing that
Right. This was negligence and even reckless.
Venture capital is always risky. Secure investments don't return enough for many people. If you want 1 or 2% over 5 years, am positive he could get you that. Everybody wants more, but without the risk.
@@seanpierre1338 you can't trust someone whose due diligence fails to identify a company without a board of directors or proper structure with your millions or billions. That would qualify you as a fool as well. The investors who gave FTX people's money have to pay it now from their own account one way or another.
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Rubenstein was gushing over SBF while interviewing him on his Bloomberg show just a couple of months ago. What a joke.
Jews help each other.
Everyone makes mistakes. Our mistake was sending millions to a crypto bro in the Bahamas who walked around in a tshirt and shorts and played video games while accepting funds from anyone who wanted to throw money at him.
He obviously was texting Elizabeth Holmes on how its done. Gotta hand it to both of them, taking the rich crowd for a few of their Millions.
Lost respect for this man, this is no mistake. Lack of research, this should be alarming to venture capital firms.
VC and Hedge funds hire hundreds or even thousands of people to do what? It's definitely group think here.
I agree!
Venture capital is a ponzi scheme in itself. Crypto and venture capital are the perfect storm.
I'm sure every single person who ever got caught being a scam would just absolutely love it if they could get out with the "Mistakes" card. Imagine that.
The amount of grifting I've seen is ridiculous. What kind of mistake will allow you pour billions of dollars to a company and not get a board position or perform due diligence if it's not herd mentality.
"You've made mistakes, Warren Buffett has made mistakes". What the hell does that even mean? 🤣🤣🤣🤣🤣
What about the mistakes by the media? CNBC loved SBF! Jim Cramer even called him the JP Morgan of crypto!
I find it baffling that "expert" investors and wealth managers like this guy can be labeled as "smart money." Any moderately experienced investor conducting basic analysis with a reasonable approach would have figured this one out from the get go! Minimal diligence on SBF and its company/ies (and, in general, most of the crypto world) would have indicated a high level of risk and uncertainty. I find it insulting that these folks, D Rubinstein included, claim now that their lack of basic diligence and simple analysis of FTX and SBF was a "simple" mistake. These folks are gambling with other people's money to whom they owe a fiduciary duty, as such, they should be held accountable and should be called on their breach of fiduciary duty!
Ontario Teachers Pension Fund, wtf? Who thought it was a good idea to invest teachers money in this crazy asset class.
Makes total sense...... crazy teachers investing in crazy asset class.
He's very gracious not knocking the firms that got burned.
It isn't from the goodness of his heart. These are his friends firms, people he interviews and has deep ties with. He isn't wrong that sometimes things so south but clearly there wasn't due diligence done; it was just group think and chasing.
We are currently in the jaws of the worst bear markets I have seen, the average crypto has been cut half and the only way to make money this year has been to either hold or to trade long in very short time frames. I’m still at a crossroad deciding if to liquidate my dipping $120k crypto portfolio, what’s the best way to take advantage of this bear market?
I truly require a hero, I’ve been taking a gander at specialists a ton of late, the news I’ve seen available hasn’t been that reassuring and I could truly utilize an aide, how can someone know a professional trader that’s trustworthy when legit one’s are hard to find these days.
@michealsalinas8676 No, asking please. how do I get through him?
I think he took the Charlie Rose spot for the rich and powerful. He would never criticise any of his peer group. It is his business model to be buddy buddy with everyone and provide a platform for them with softball questions. His swan song will stand in the way of any truth or reality. Kind of sad to be a bootlicker to the end.
Exactly
He's rich for a reason but you'd be hard pressed to find that reason from this interview.
Inherited or by robber barronisms...
He seems like a complete idiot
..............yeh and he doesn't hold any crypto, wise man indeed!
Oh, now we need regulations...they didn't ask for regulations when they were thinking they were making so much money from it. Now when they lose money, it's time for "regulations" because someone beat them at their own game.
i like the questions in this interview
I always thought very highly of this man. After this interview and his repeated talking about this massive fraud with such responses that was more about “mistakes” being made. Engaging in fraud is not a mistake.
My impression was how is this guy a billionaire? Maybe, they're not always the geniuses we make them out to be.
@@supermutant It's tactical. If he condemns the "venerated" VC firms for their lack of DD in this case, that would inevitably imply/necessitate a higher standard of DD required for every deal in his own firm (and PE industry in general). Better off for him to come out and say "everyone makes mistakes, even if that mistake is literally doing zero due diligence" so his statements do not impute some heightened sense of responsibility for him as an investor in a similar space.
@@supermutant because he got there by other means, being a genius/smart is definitely not one of them else there would be a lot of billionaires with first class honours from ivy leagues colleges
yes, but he can never admit that on international media even if he knows it's true
@@JackKim-pr5ry No, I don't think so. It's already implied when you invest with them, that they are doing their DD. No one asks for 'more DD'. It's the impression they don't even do the bare minimum and they actually invest in a manner not consistent with how they want to appear, that they hire the smartest people, they're great at DD, they have a lot of contacts, et al.
Sequoia and others no doubt didn’t do DD when they first invested but as FTX grew and they obviously had a seat at the table with the size of their holdings. But what no one admits is that blowing the whistle would guarantee their investment goes to zero whereas staying quiet allows them to hopefully flip it to someone else via an IPO etc
"Mistakes" eh? That covers everything from absolute criminality to stupid.
David may not be investing on Crypto but David probably is invested in Sequia Capital and other VCs. Hence his defensive posture on VCs.
They obviously didn’t do due diligence. He doesn’t want to get his buddies in trouble
sure any investor or investment firm can make a mistake, but in order to be justifiable it needs to be based on a sound process... Where was the process? you cant simply say it was a mistake when you have no process to point to that led to the decision... that is not good enough... warren buffett has made mistakes ok, but he would never make this mistake.. because there is a rigid process... what people want to know is what was the process that led to this mistake, and no one can explain it because there is no justifiable process behind it
If Sequoia would have just spoken to a few employees that quit Alameda Research a few years ago, they never would have invested with SBF.
Some companies gradually fail over time, but never going to a zero valuation over the course of a weekend until FTX came along.
Kevin "mr. wonderful" O'Leary did the due diligence. He knows Sam's mother and father.
hey what about getting gary wang as well
This interview is like watching jello flung at a wall, hoping it will stick.
Rubenstein should know that these are journalists and entertainers from CNBC. They are not investors. I bet they dont invest a penny yet talk all days about money and investments in from of the cameras!
Does Sequoia even release it's track record? Average VC firm sucks. This guy David R was pumping up Sam a month ago and again now he is pumping up sequoia.
SBF replied saying : I….hum… am… like… don’t know exactly….but… hum… maybe…yeah 😂😂😂😂
This guy interviewed Fried a few months before the scandal broke & was comfortable & never critically questioned anything about CTX or Fried himself. He appears to be short tempered with Joe Kernan during this interview. Kernan must have struck a nerve. Rubenstein is probably too busy thinking about the next holiday he will be hosting Joe Biden.
David Rubenstein is a standout individual and investor, I can always appreciate his insights and perspective...
Rubenstein no please, just blows my mind.
The good news, all those Wall Street guys who got their companies into FTX using their expertise and superior intellect, made huge sums of money. Only their customers were losers...so the system still works as designed.
Joe asks the tough questions. Unfortunately, Rubenstein is opaque in answering. Is it a mistake in due diligence not to take note that there was no CFO at FTX, there was no examination of assets and liabilities? Thats not a mistake, that's incompetence at Sequoia. I bet Mr. Rubenstein has a relationship with Sequoia and hence loathe to criticize.
I wish Joe let’s his guest speak and not talk over them. It makes watching Squawk Box so difficult. Please let your guest(David in this case) talk.
how tf did investors make a mistake not predicting a person would be a fraud?
Dave Chapelle would call it a coincidence.
Well it looks like FTX was providing false statements and accounting so yea. Unless the Due diligence was standing over their shoulder while they logged into their bank accounts I’m not sure what else you were supposed to do if they’re lying and defrauding.
Amazing how CNBC let’s people come on their shows and just say absolute nonsense without push back
Nope, global users are not comfortable with US regulated exchange. Only DeFi!
Ontario Teachers Pension Fund just followed the others in order to avoid FOMO as the young people say. FOMO is fear of missing out! The CIO of Teachers should be fired asap!
Call it the way it is, GREED! They wanted to be first more than right thats why their due diligence sucked, if any.
Master equivocator.
what a shock - softbank invested
Why does that guy have three computers out? theyre not even powered on
That’s pretty funny they didn’t have compliance, deleted records and were doing drugs. There was 0 due diligence
Is it true Tom Brady lost $370 million?
These interviewers need to stop interrupting their guests. David wasn’t able to finish one sentence without one of them jumping in. Very annoying.
The most probable thing is that this has been done on purpose....
He didn't say anything
No bail for Sam....
People's savings mistakes.
You know how it is, when gambling, you win some and lose some
Probably one of the worst interview I have seen from D. rubenstein. He lost his investor mojo
We get it..people make mistakes
listen to this guy - crazy he is defending incompetence
...ON THE OTHER HAND...LOL
One can read about The World's Billionaires in Forbes. Culturally speaking, Japanese people share in one ... The Persian Gulf borders Iran and Saudi Arabia
What is the point of having David on the show if you’re simply going to interrupt him at every opportunity? Pathetic
Lol these people asking for regulation just for them to be able to have more information and avoid this cases in the future. I call that laziness and greed.
All these old people that can’t admit they got scammed.
I think GM also got hooked by Travis Milton's trap :), founder of the electric automaker Nikola.
Elizabeth Holmes was able to con Education Secretary Betsy DeVos, Rupert Murdoch and the Walton family.
I think only the analysts at those short-selling funds would do the homework to sniff out the smell of cow dung in these types of companies. My grandpa wouldn't trust someone who looks like Bankman-Fried to handle his money. the guy seemed to have problem whether should he take shower this week or wait for next week. it's little things but it's translated and franchised into personal discipline and integrity. Then crypto crap added on top of it. Then forget about it.
Sec doesnt follow rules to regulate stock market so wont regulate cryto
Why would you even need crypto…you cant buy food with it but the cash I have works fine.
Hopefully justice is served, but this is a good start.
Crypto "industry" just think about it. Industry produced stuff, crypto produces nothing.
Venture is a joke, sorry. They’ve benefitted from quantitative easing. Almost every VC funds investments are down, including Sequoia
Kevin O Leary is definitely sus here. It looks like he didnt lose any money he actually gained a few million off this. He didnt look into the company? He's a famous investor who looks into companies. If he was so sure of this company why didnt he invest his own money?
"people made mistakes" - you don't say?
love joe right on we are not allowed to invest..
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Why is he defending mistakes?
This could be bad KARMA. People should invest their money in PRODUCTIVE endeavours (especially towards food production) rather than invest in this speculative TOKENS that not worth anything and could not be EATEN.
BINGO charlie. CRYPTO is one big FRAUD PONZI SCHEME.
I'll stick to owning dividend paying stocks of companies that make things or loan money, so people can make things...including food.
No Fed interest rates change this year US government be closed this week no fiscal budget 2023
I just realized andrew has different colored eyes...
You just noticed? It’s kind of glaringly obvious.
They want to play it like this is so complex but it's just not like that. It's simple. After all the frauds we've seen in the last 7 years, due diligence should be VC firms' priority.
Investing and counting on inevitable regulation too come was a foolish idea.
Everyone is acting like it's strategy but these investments have devolved into pure gambling. Everyone involved looks stupid.
If you want to find the criminals and figure it out, it is like any other investigation. Follow the money.
I heard it's a great investment
If it comes out that investors that invested millions were given false numbers then yes he should serve 10 20 years in prison. If he didn’t give them false numbers and he mismanaged the funds then the kid needs a break. This will be the conclusion of his case
a nice orange jump suit in jail conclusion. Bubba is waiting for Sam in the pen! LOL
This dude's eyes... Like David Bowie 😊 one blue one brow... So amazing 😍
The real question is was rubenstein lucky
Investor class are scum. They take money and make insider deals that retail doesn’t have access to. Then they blame the regulators. 😂
The real question is, who made the most profit in this FTX scam? Someone is the winner here… it’s not like everyone lost money, there’s always a winner in a scam, so who is that winner? SBF lost all his wealth, so it’s obviously not him.
They got greedy & got burned.
The only good thing coming out of these is it may help to reduce inflation. All the sudden, you have billions evaporated from earth. Some people will spend less money now.
Cmon David everybody even the CNBC circus clowns can see right through you. Say it how it is!
I want to get art
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Wouldn't be surprised to see all time high in the middle of recession next yr! That how they manipulate. Bad economy see market up. Good one market down. Pay attn!
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These interviewers always have really bad attitudes. The woman isn't so bad. There's a technique to doing a great interview and getting information you want without acting like the big 'I am' and that you're still in highschool.
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They let that white guy do whatever with company
full of it
So dogged to sticking to his talking point...mistakes were made
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there was was never investing ,this is gambling! coin are not companys there are no earnings , you need a new buyer that pay more ,nothing to do with invest
Does #DemocRATS Billionaire investor David Rubenstein(D) mean Every Investor takes clients money and donates it to #DemocRATs ?
Baaaaah
don the CON takes his cults money, no doubt yours too dane, and the cult only gets to watch him cry more for them.
Booohoooo....