Sam Bankman-Fried Story Will be Another Hollywood Movie

The $32 billion FTX implosion is already on the Hollywood fast track. Nonfiction superstar author Michael Lewis, who is famous for writing "The Big Short" and "Moneyball," is already at work on a book about the tragedy of the bankrupt crypto exchange.

In an interview, Lewis said he was drawn to the story of FTX because it was "a perfect example of something that happens again and again in markets."

"People get involved in something new, they get overextended, they take too much risk, and then it blows up," he said.

In my adult life time as an attorney I have seen two major financial tragedies:

First, the dotcom bubble that made the stock market crashed, wiping out billions of dollars in retirement savings.

Second, the housing market bubble burst in 2008, causing millions of people to lose their homes and jobs.

In the case of the housing market, banks and investors overextended themselves by lending money to people who couldn't afford to repay it.

In the case of the stock market, traders and investors took on too much risk by investing in companies that had no real value or profits.

Now, we're seeing history repeat itself with the rise of bankrupt crypto currencies.

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