'He just wanted to build this flywheel of domination': how crypto billionaire Sam Bankman-Fried conquered Washington
An icon in the shape of a person's head and shoulders. It often indicates a user profile.Early last month, Washington was abuzz with rumors about Sam Bankman-Fried's coming Christmas party.
The all-out holiday bash was designed to serve as the triumphant capstone of two years of lobbying and networking by Bankman-Fried. Even by the ethically challenged standards of Washington, the 30-year-old billionaire had devoted an unprecedented level of time and money to influencing the regulators and lawmakers responsible for overseeing his business. He established himself as one of the Democratic Party's most generous donors, second only to George Soros.
Now, in the weeks since FTX was forced to declare bankruptcy, there has been much hand-wringing about the financial house of cards that Bankman-Fried built.
"He understood that Washington, in particular, can be wooed through aggressive fundraising and political giving," says Eric Soufer, a partner who leads the crypto and fintech practices for the strategic communications consultant Tusk Strategies."And that opens a ton of doors." When it came to Washington, he already had family connections to draw on. In 2018 his mother, the Stanford law professor Barbara Fried, had founded a political action committee called Mind the Gap, which advises Democratic donors on which candidates and causes to support. To guide its recommendations, the PAC employs what it calls"rigorous research" and"quantifiable metrics" — a mindset that echoes Bankman-Fried's philosophy of effective altruism.
After spending more than $10 million to help elect Joe Biden, SBF became the second-largest donor to Democrats — and landed a meeting in the White House.To hear Bankman-Fried tell it, helping to put Biden in the White House convinced him that politics was a worthwhile investment."My goal," he told Recode not long after Biden took office,"is just to find out how I can do the most good. And I had a long list of things to look at, at least briefly.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Why the World Fell for Sam Bankman-FriedDespite ample reasons to be skeptical of cryptocurrency schemes, the notion of the eccentric genius accomplishing extraordinary things was irresistible.
Weiterlesen »
An Interviewer Asked Sam Bankman-Fried If He'd Been Honest and His Answer Was BizarreFormer FTX CEO Sam Bankman-Fried is speaking out, and he's sort of, kind of, taking responsibility — but also not really?
Weiterlesen »
Semafor Puts Its Sam Bankman-Fried Investment in the Gov’s HandsThe decision came after the FTX founder’s investment in the fledgling outlet came under heavy scrutiny.
Weiterlesen »
Sam Bankman-Fried claims he ‘misaccounted’ $8 billion in FTX fundsSBF said he was “real lazy about this mental math” while running FTX into bankruptcy.
Weiterlesen »
Sam Bankman-Fried May Regret Throwing Caroline Ellison Under the BusSam Bankman-Fried cracked on his apology tour and may have handed prosecutors a gift. KevinTDugan writes
Weiterlesen »