'While the collapse of FTX and Alameda Research is being blamed on Sam Bankman-Fried, who is certainly the core actor in the story, he did not act alone,' writes Max H. Bazerman (BazermanMax)
Bazerman is the Jesse Isidor Straus Professor of Business Administration at Harvard and is the author of founded two companies, crypto-exchange FTX and Almeda Research. The thirty-year old billionaire’s house of cards recently came tumbling down when investors and customers lost confidence in FTX, pulled out their money, forcing SBF to file for bankruptcy.
Among SBF’s key team members were the CEO of Alameda Research, Caroline Ellison , Nishad Singh , and Gary Wang . The group lived together in a penthouse in the Bahamas. It is hard to imagine that Ellison, Singh, and Wang weren’t aware of much of the activity that harmed FTX’s investors and customers.
People like to explain scandals with a single explanation, and it is typically that the core harm-doer that gets the blame—Bernie Madoff, Richard Sackler, or Elizabeth Holmes. And, they are certainly blameworthy. But, they couldn’t get away with the harm they created without a series of complicitors. Complicity comes in a variety of shapes and sizes; some complicitors intentionally benefit from wrongdoing, others enable harm-doers without realizing that they are playing a part in the wrongdoing.
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