March 2010 April 2010 May 2010 June 2010 July 2010
August 2010
September 2010 October 2010
November 2010
December 2010
January 2011
February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011 September 2011 October 2011 November 2011 December 2011 January 2012 February 2012 March 2012 April 2012 May 2012 June 2012 July 2012 August 2012 September 2012 October 2012 November 2012 December 2012 January 2013 February 2013 March 2013 April 2013 May 2013 June 2013 July 2013 August 2013 September 2013 October 2013 November 2013 December 2013 January 2014 February 2014 March 2014 April 2014 May 2014 June 2014 July 2014 August 2014 September 2014 October 2014 November 2014 December 2014 January 2015 February 2015 March 2015 April 2015 May 2015 June 2015 July 2015 August 2015 September 2015 October 2015 November 2015 December 2015 January 2016 February 2016 March 2016 April 2016 May 2016 June 2016 July 2016 August 2016 September 2016 October 2016 November 2016 December 2016 January 2017 February 2017 March 2017 April 2017 May 2017 June 2017 July 2017 August 2017 September 2017 October 2017 November 2017 December 2017 January 2018 February 2018 March 2018 April 2018 May 2018 June 2018 July 2018 August 2018 September 2018 October 2018 November 2018 December 2018 January 2019 February 2019 March 2019 April 2019 May 2019 June 2019 July 2019 August 2019 September 2019 October 2019 November 2019 December 2019 January 2020 February 2020 March 2020 April 2020 May 2020 June 2020 July 2020 August 2020 September 2020 October 2020 November 2020 December 2020 January 2021 February 2021 March 2021 April 2021 May 2021 June 2021 July 2021 August 2021 September 2021 October 2021 November 2021 December 2021 January 2022 February 2022 March 2022 April 2022 May 2022 June 2022 July 2022 August 2022 September 2022 October 2022 November 2022 December 2022 January 2023 February 2023 March 2023 April 2023 May 2023 June 2023 July 2023 August 2023 September 2023 October 2023 November 2023 December 2023 January 2024 February 2024 March 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29
30
31
News Every Day |

Somehow, Sam Bankman-Fried gets his rehabilitation media tour

Somehow, Sam Bankman-Fried gets his rehabilitation media tour

He's just 30 years old. His voice sounds like that of your average sophomore. His hair is disheveled. He often dresses like a guy who works as a beach badge checker at the Jersey Shore. 

This is Sam Bankman-Fried (commonly known as SBF), the now-former CEO of cryptocurrency exchange FTX. You've likely heard his story by now: The one-time wunderkind, who some have called "the next Warren Buffet," saw his crypto company, FTX, soar to the point that his own net worth was north of $25 billion earlier this year. But then reports emerged of potentially dubious accounting and the alleged mishandling of customer funds to the tune of an $8 billion hole in FTX's balance sheet.  

In October, SBF's worth reportedly dropped to $10.5 billion. On Nov. 8 alone, he reportedly lost more than 90 percent of said worth and dropped below the $1 billion mark. 

And, as you read this, you have more wealth than SBF does if the dollar amount in your bank account is above zero. 

The reports of SBF's spending sound like something out of a James Bond bad-guy character: In the Bahamas alone, he and top management are said to have spent $300 million on property on the resort island. You read that correctly: $300 million, including $40 million by SBF himself for a penthouse on the beach

Bankman-Fried now seems like the crypto version of disgraced Bernie Madoff, who led the largest Ponzi scheme in history over the course of two decades until his arrest in 2008. But the comparison to Madoff is almost unfair to Madoff, if that's possible. Because at least with Bernie, one could understand why people invested heavily, even their life savings in many cases: Madoff had been both chairman of the Nasdaq and chairman of the board of the National Association of Securities Dealers (NASD). He was obviously highly respected on Wall Street.

Then you look at and listen to Sam Bankman-Fried, who didn't even have a driver's license when Madoff was arrested, and wonder, "How did anyone give this kid even one dime to invest with?" 

But somehow it happened.

Regardless of FTX's collapse and SBF's role as its CEO, the interview requests continue to come in from outlets like the New York Times. And let's just say the headlines have been gentle:

"Sam Bankman-Fried Blames ‘Huge Management Failures’ for FTX Collapse; Mr. Bankman-Fried spoke at The New York Times’s DealBook conference, in his first public appearance since his crypto exchange imploded."

Wait: Bankman-Fried was still given a huge public forum by the paper of record? Why didn't the publication cancel, given the serious accusations against him?  

During the forum, per the Times story, SBF dismissed the losses during his conversation with moderator Andrew Ross Sorkin: "In addressing the impact of the company’s collapse on his own future, he was understated. 'I’ve had a bad month,' he said at one point, to laughter from the audience."

Imagine that: One of the largest financial collapses in history just occurred, and the audience finds it hilarious

On ABC News, SBF also appeared on camera from the Bahamas. The promo was positively soft, given the circumstances: 

"TOMORROW: Collapse of a crypto empire -- @GStephanopoulos sits down with former FTX CEO Sam Bankman-Fried to talk about what went wrong at the company in a one-on-one interview on @GMA."

Does anyone think Madoff would have been given the same courtesy with this kind of framing around "what went wrong"? This kind of wording only gives the impression of victimhood. 

Gizmodo's review of the ABC interview captured it perfectly:  

"[SBF] spent the interview repeatedly adopting the posture and cadence of a 15-year-old kid caught with a baggie of weed in his sock drawer. But SBF wasn’t caught smoking weed by his parents and he’s not a teenager. The 30-year-old graduate of MIT lost billions of dollars in user deposits—the life savings of regular people."

So, is there a political aspect in play here? There always is. 

Turns out SBF was one of the largest donors to Joe Biden's 2020 presidential campaign to the tune of $5 million, according to the Wall Street Journal. He also reportedly donated heavily to Democrats ahead of the 2022 midterms. 

"Some Democrats see Bankman-Fried’s investments and engagement as the thing that could help them hold back a red midterm wave," Politico observed in August. 

For her part, Rep. Maxine Waters (D-Calif.) appears to be approaching SBF with kid gloves regarding oversight. "We appreciate that you've been candid in your discussions about what happened at #FTX," Waters, who chairs the House Financial Services Committee, tweeted. "Your willingness to talk to the public will help the company's customers, investors, and others. To that end, we would welcome your participation in our hearing on the 13th."

So polite. 

In a recent interview, SBF claimed for the first time publicly that he also donated millions to the Republican Party. But unlike the Biden and midterm donations to Democrats, there don’t seem to be any receipts around that, only SBF's word (whatever that's worth) that he funneled the donations into dark-money operations. 

“All my Republican donations were dark,” he told crypto commentator Tiffany Fong last week. “The reason was not for regulatory reasons, it’s because reporters freak the f*** out if you donate to Republicans. They’re all super liberal, and I didn’t want to have that fight.”

This makes no sense. If the goal of a donation is to gain influence, why keep those donations secret and under the radar? And if SBF donated to Republicans, why didn't he also donate to Donald Trump in 2020, in the same manner as he did to Biden? Because he was afraid reporters would freak out? C'mon, man, as Biden might say. 

SBF's investments extended to media companies and startups as well, reportedly including The Intercept, Vox, ProPublica and startup Semafor. Some questions arise: 

Should those publications give the money back, considering where it came from? Are they obligated to? Should the amount of the investments be disclosed in an effort to be fully transparent? 

There are more questions than answers at this point. Yet it seems that Sam Bankman-Fried shouldn't be taking those questions from Andrew Ross Sorkin at a New York Times book forum or from ABC's George Stephanopoulos, but instead from the FBI and the Securities and Exchange Commission back here in the United States. 

A massive financial collapse just occurred. But one might never know it from watching these interviews, which seem to portray SBF as a casualty instead of potentially the cause. 

Joe Concha is a media and politics columnist.

Москва

Федерация бокса России на ВДНХ

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Top 10 Love Affair Movies of the 2000s and 2010s

Top 5 Websites to Watch FREE Movies - TV Shows (No Sign up!)

Top 10 Emmanuelle Seigner Movies

Ria.city






Read also

Sean 'Diddy' Combs' federal raids on homes, sexual misconduct lawsuits: what to know

Justin Steele Exits Opening Day Start with Injury

Wisconsin Law Fuels Ongoing Earned Wage Access Debate 

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye

Today24.pro — latest news 24/7. You can add your news instantly now — here


News Every Day

The 10 Intense New Action Movies on Netflix That Left Me on the Edge of My Seat!



Sports today


Новости тенниса
WTA

Чесноков оценил шансы Александровой в борьбе за выход в финал турнира WTA в Майами



Спорт в России и мире
Москва

Блиц-матч по шахматам между двумя командами провели в павильоне «Спорт для каждого»



All sports news today





Sports in Russia today

Москва

Sitronics Group рассказала о достижениях компании в области корпоративного спорта


Новости России

Game News

Пробный запуск вампирского градостроя Vampire Legacy: City Builder


Russian.city


Москва

Раньше срока. Собянин: новая развязка улучшит движение для 600 тыс. человек


Губернаторы России
Актриса

Актриса Яна Поплавская станет одним из почетных гостей Национальной премии «СВОИМ» в Нижнем Новгороде


Благовещение – 2024: дата, история и традиции светлого праздника

Новак сообщил о запуске первой очереди «Арктик СПГ – 2»

Шапки женские вязаные на Wildberries, 2024 — новый цвет от 392 руб. (модель 466)

Metaratings: "Спартак" может уволить Абаскаля по ходу сезона, клуб ищет тренера


Музыкант Устьянцев: Сергей Шнуров — профессионал, а Жуков — «балалаечка»

Джиган раскрыл свой вес и описал причину похудения словами «надоело быть жирным»

Муж Нетребко Эйвазов перенес концерт на 40 дней из-за теракта в Crocus City Hall

Джиган откровенно рассказал, почему начал худеть, и раскрыл свой максимальный вес


Янник Синнер поделился впечатлениями от общения с игроками сборной Италии по футболу

Александрова обыграла первую ракетку мира на турнире WTA

«Бомж» Дарья передает всем привет»: Касаткина ответила на слова Винер

Битые корты: Медведев и Александрова вышли в четвертьфинал Miami Open



Архитектурные доминанты округов Москвы

Перенос дат II этапа культурного проекта «Классика: история и современность» в Дмитрове

Пассажир рейса Москва — Пермь попал в реанимацию

«Радио Зенит» – информационный партнер форума «Мы вместе. Спорт»


Сергей Собянин: Новый путепровод улучшит пропускную способность других трасс

Умер пермский художник, нарисовавший президента Путина с мячом

Эксперты КА «Главный Советник» приняли участие в форуме «Тренды и антитренды корпоративного видео сегодня»

Выпуск ЦФА на платформе «Атомайз» поможет снизить нагрузку на экологию


«Домклик»: Средний размер первоначального взноса по ипотеке на Ставрополье — 37,2%

В Оренбурге из-за непогоды задерживаются вылет и прилет четырех рейсов

Поезд сбил 15-летнюю девочку на Белорусском направлении МЖД

Москвичам пообещали самое теплое за 73 года начало апреля



Путин в России и мире






Персональные новости Russian.city
Алла Пугачёва

«Отрешенность от РФ»: адвокат объяснил молчание Пугачевой о теракте в «Крокусе»



News Every Day

I was diagnosed with cancer aged 39… you are never too rich, too famous or too young, says Dr Philippa Kaye




Friends of Today24

Музыкальные новости

Персональные новости