This was one of my favorite episodes ever.

Bethany McLean was the first reporter to question Enron’s earnings, and she has written some of the best finance books out there.

We discuss:

* The astounding similarities between Enron & FTX,

* How visionaries are just frauds who succeed (and which category describes Elon Musk),

* What caused 2008, and whether we are headed for a new crisis,

* Why there’s too many venture capitalists and not enough short sellers,

* And why history keeps repeating itself.

McLean is a contributing editor at Vanity Fair (see her articles here) and the author of The Smartest Guys in the Room, All the Devils Are Here, Saudi America, and Shaky Ground.

Watch on YouTube. Listen on Spotify, Apple Podcasts, or your favorite podcast platform.

Follow McLean on Twitter. Follow me on Twitter for updates on future episodes.

Timestamps

(0:04:37) - Is Fraud Over?

(0:11:22) - Shortage of Shortsellers

(0:19:03) - Elon Musk - Fraud or Visionary?

(0:23:00) - Intelligence, Fake Deals, & Culture

(0:33:40) - Rewarding Leaders for Long Term Thinking

(0:37:00) - FTX Mafia?

(0:40:17) - Is Finance Too Big?

(0:44:09) - 2008 Collapse, Fannie & Freddie

(0:49:25) - The Big Picture

(1:00:12) - Frackers Vindicated?

(1:03:40) - Rating Agencies

(1:07:05) - Lawyers Getting Rich Off Fraud

(1:15:09) - Are Some People Fundamentally Deceptive?

(1:19:25) - Advice for Big Picture Thinkers

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Bethany McLean — Enron, FTX, 2008, Musk, frauds, & visionaries

Dwarkesh Podcast