Two trials – and Michael Lewis’s new book on Sam Bankman-Fried – cast light on the everlasting nexus of power and greed
kicked off this week. The 31-year-old former crypto billionaire faces two substantive counts of wire fraud, for acts allegedly perpetrated against the customers of FTX, the crypto-futures exchange he founded, and five related counts of conspiracy. If convicted on all charges, he faces up to 110 years in prison.As fate would have it, his case is being heard a few buildings away from where one Donald J Trump sits on trial for fraud.
He is also alleged to have “misappropriated customer money to help fund over $100m in political contributions in advance of the 2022 election”, while seeking to “conceal the source of the funds used for the contributions”. Bankman-Fried had allure. Exactly why continues to puzzle political players. His money doesn’t explain everything. But it does shed light on plenty.
Bankman-Fried also explored paying Trump $5bn not to run in 2024, Lewis writes. Nothing came of that. Bankman-Fried has not been convicted of anything. But it does seem extraordinary that he rose so high so fast, and that so many political leaders were so eager to help.
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