https://bit.ly/3F868QZ
“It’s hard to wrap one’s head around ‘how could they not know?‘ Was it blind faith?They didn’t have the full picture?”
Bloomberg asks how much SBF’s parents enabled his scam.
That’s certainly plausible. If the narrative laid out by prosecutors is accurate, Bankman-Fried was sociopathic in his deception—conning not just investors but also business partners and even his own employees. It’s not a stretch to think he might have used his own parents—along with their towering academic careers—to pump an exploitative enterprise. Bankman-Fried claimed to be a billionaire many times over. Why shouldn’t he buy his mom and dad a nice home? And why shouldn’t his dad get to hang out with Larry David on a Super Bowl shoot?
Even if they didn’t know about the alleged misappropriation of funds, critics say, the parents deserve part of the blame. Fried’s ethical compass could explain how her son might have been able to overlook obvious moral failings in service of what he perceived as the greater good. To follow this train of thinking: What’s a little misappropriation of funds if the end result is billions of dollars for world-saving charities?
Meanwhile, Bankman was involved in providing legal advice that now looks, at the very least, less than sound. He participated in a number of decisions—including the launch of FTX, the creation of FTT, the company’s courtship of politicians and the dealings with regulators in the Bahamas—that have been criticized by regulators and prosecutors as potentially illegal. Bankman also was involved in the hiring of Friedberg, FTX’s general counsel, who’s been accused of enabling the fraud and working to cover up efforts to expose it, including by paying off potential whistleblowers…
Read the full article on Bloomberg BW here:
https://bit.ly/44WRHcM September 22, 2023 at 01:19PM
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