Sublime

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So we talked to some underwriters—we were big enough that we were actually able to get meetings. They were very candid with us and said, "Look, we're not going to take you public." We said, "Why? We've got more revenue than any company you've taken public in the last 6 months." They said, "We get paid a percentage of the de

Back in the 1970s, the Bahamas had been slow to create regulations for the insurance industry, and had lost out on a massive potential economic opportunity when a booming reinsurance industry set itself up in Bermuda, whose regulators had moved more quickly. By remaining entirely dependent on cruise ship tourism, the Bahamas had paid a price and ru

Alameda couldn’t take on much more leverage, she’d reported back. If there was another drawdown, and lenders recalled their loans, it couldn’t pay them back. They could be ruined. SBF didn’t care. There was too much EV at stake.

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Subsequent bets in oil and energy were disasters, resulting in billions in writeoffs. GE stock fell from $40 in 2007 to $7 by 2018. Blame placed on CEO Jeff Immelt—who ran the company since 2001—was immediate and harsh.