Episode 109

full
Published on:

24th Jan 2023

Crypto, BNPL, AMEX Crushes it and Chris Hates Shark Tank

The SEC are suing two crypto brokerages - Genesis Global Capital and Gemini Trust Co. - for breaking securities rules. The SEC says that the firms illegally raised billions of dollars from hundreds of thousands of investors through the so-called Gemini Earn program. That product, which let customers loan out their assets in exchange for interest payments, amounted to the offering of unregistered securities. Gemini launched Earn in February of 2021, with the idea of offering users passive returns on their coins in exchange for the right to lend the tokens out. By August, the program, which offered rates that far exceeded those on traditional bank accounts, crossed $3 billion in assets.

In this episode of The Higher Standard, Chris and Saied examine this news and try to determine what it means for the embattled crypto industry as a whole.

They discuss the problem with fake followers and accounts on social media and how people can use these tactics to attack others and get social accounts blocked or even banned.


Chris and Saied look at the difficulty with artificial intelligence and why Congress may be too late to the party in trying to regulate it and anything to do with the internet.


They also offer some thoughts on a reportedly 'risky' move by American Express, in which they have reinvented the Platinum card to make it more desirable to younger urbanites, increasing the annual fee well above those of its competitors - a strategy which seems to have worked.


Join Chris and Saied for this fascinating and informative conversation.


Enjoy!


What You’ll Learn in this Show:

  • Why it's now possible to 'buy now, pay later' on things like pizza.
  • Why Chris thinks Shark Tank is just a money grab and why he dislikes Kevin O'Leary.
  • JP Morgan’s claim that it was 'duped' into acquiring fintech startup Frank, due to lies about Frank's scale and success, created by an enormous list of fake users.
  • A look at the due diligence process for a bank during the acquisition process.
  • And so much more...


Resources:

"FTX finds over $5 billion in liquid assets, judge extends ruling keeping creditor names secret" (article from Yahoo! Finance)

"Microsoft reportedly plans to invest $10 billion in creator of buzzy A.I. tool ChatGPT" (article from CNBC)

"Coinbase to lay off 20% of workers in latest sign of crypto industry pain" (article from Yahoo! Finance)

"The SEC is suing crypto brokerages Genesis and Gemini" (Bloomberg Business via Instagram)

"The ‘Buy Now, Pay Later’ Bubble Is About to Burst" (article from The Atlantic)

"AmEx Hooked Big Spenders and Regained the Throne With a Pricier Platinum Card" (article from Bloomberg)

"Inside the Secretive World of Shark Tank Deals: Who the Real Winners are" (Forbes via Instagram)

"JP Morgan says startup founder used millions of fake customers to dupe it into an acquisition" (Forbes via Instagram)

"Stan Smith Shoes" (Addidas)

https://presyon.com/collections/supplements/products/organic-greens-superfood

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About the Podcast

The Higher Standard
This isn’t a different standard, it’s the higher standard.
Welcome to the Higher Standard Podcast, where we give you ultra-premium, unfiltered truth when it comes to building your wealth and curating the lifestyle of your dreams. Your hosts; Chris Naghibi and Saied Omar here to help you distill the immense amount of information and disinformation out there on the interwebs and give you the opportunity to choose a higher standard for yourself. Sit back, relax your mind and get ready for a different kind of podcast where we elevate your baseline with crispy high-resolution audio. This isn't a different standard. It's the higher standard.

About your host

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Christopher Naghibi

Christopher M. Naghibi is the host and founder of The Higher Standard podcast — a rapidly growing media platform delivering unfiltered financial literacy, real-world entrepreneurship lessons and economic commentary for the modern era.

After nearly two decades in banking, including his most recent role as Executive Vice President and Chief Operating Officer of First Foundation Bank (NYSE: FFWM), Christopher stepped away from corporate life to build a brand rooted in truth, transparency, and modern money insights. While at First Foundation, he had executive oversight of credit, product development, depository services, retail banking, loan servicing, and commercial operations. His leadership helped scale the bank’s presence in multiple national markets from $0 to over $13 billion.

Christopher is a licensed attorney, real estate broker, and general building contractor (Class B), and he brings a rare blend of legal, operational and real estate expertise to everything he does. His early career spanned diverse lending platforms, including multifamily, commercial, private banking, and middle market lending — holding key roles at Impac Commercial Capital Corporation, U.S. Financial Services & Residential Realty, and First Fidelity Funding.

In addition to his media work, Christopher is the CEO of Black Crown Inc. and Black Crown Law APC, which oversee his private holdings and legal affairs.

He holds a Juris Doctorate from Trinity Law School, an MBA from American Heritage University, and two bachelor degrees. He is also a graduate of the Yale School of Management’s Global Executive Leadership Program.

A published author and sought-after speaker (unless it’s his son’s birthday), Christopher continues to advocate for financial empowerment. He’s worked pro bono with families in need, helped craft affordable housing programs through Habitat for Humanity, and was a founding board member of She Built This City — helping spark interest in construction and trades for women of all ages.