Source: Bloomberg
Compiled by: LianGuaiBitpushNews Kori
“Joseph Bankman and Barbara Fried, both well-known scholars at Stanford, have opened the door of opportunity for their son Sam Bankman-Fried and provided a halo effect for his company.”
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In the Bankman and Fried household, comedian Larry David is a beloved star. So it’s understandable their excitement when they received an email from their son Sam, stating that his company FTX will air an advertisement during the 2022 Super Bowl, with David playing the lead role.
In the ad, the irritable comedian will portray a series of historical skeptics, namely the Neolithic and Elizabethan versions of the characters from the HBO TV sitcom “Curb Your Enthusiasm”. Various inventions will be showcased in succession – the wheel, the light bulb, the Walkman, and finally FTX – with Larry David continuously refuting these inventions. The ad will warn viewers that they will miss out on a historic opportunity to get rich if they don’t invest in cryptocurrency. The slogan of the ad is: “Don’t be like Larry.”
SBF’s parents really liked this ad. Barbara Fried wrote, “It doesn’t seem real.” His father Joseph Bankman expressed his excitement and pride. A few days later, Sam’s brother Gabe had some additional suggestions, asking if their father could also be involved in the ad, as he was too modest to make the request himself.
This request was somewhat strange, as Bankman did not hold a formal position at FTX at the time. Gabe also didn’t, as he was running a non-profit organization dedicated to pandemic prevention supported by FTX. However, FTX executives understood that the boundaries of company positions, especially those related to co-founders and CEOs, were often blurry.
Shortly afterwards, Bankman appeared on set and played a scene in which David strongly opposed the Declaration of Independence. When told “the people should have the right to vote,” David skeptically responded, “Even stupid people?” Bankman, wearing a white wig, shouted, “Yes!”
FTX spent about $20 million to produce and air this 60-second ad. At the same time, Bankman also joined the company as an employee.
A person familiar with the production of this ad revealed (like most of the interviewees in this article, this person requested anonymity to avoid association with bankruptcy, numerous class-action lawsuits, and several criminal cases), that in the chaotic internal decision-making of FTX, it made sense to some extent for the boss’s father to appear in the ad. To some extent, Bankman could be seen as a founder of the company.
This couple had outstanding careers before their son was charged with fraud. They met at Stanford University in the 1980s, where they taught at the law school for over thirty years, lived on campus, and raised two sons. Bankman is an expert in taxation and is known for making U.S. tax laws more friendly to low-income citizens. Fried is an authority in legal ethics and has also been highly regarded in progressive political circles.
When this advertisement aired, commentators pointed out that FTX was using extremely high-risk financial instruments that are banned in most parts of the United States to attract inexperienced investors. The funds of these investors would be unknowingly transferred to a hedge fund under the name of SBF, ultimately becoming worthless. FTX collapsed and filed for bankruptcy in November 2022.
John Ray III, who had previously handled similar cases for Enron, is overseeing the bankruptcy proceedings and believes that FTX’s case is more severe. He accuses SBF of misappropriating client funds for personal gain for themselves and other insiders, and is currently trying to recover some of the funds. What is even more concerning for the SBF family is the criminal lawsuit set to begin in New York on October 2nd. The prosecutor has not charged the parents with any crimes, but their son is facing charges of fraud, money laundering, and bribery, with his net worth estimated at $26 billion during his peak. This case could result in lifelong imprisonment for SBF. He claims innocence and attributes the losses to mismanagement rather than criminal activity.
Bankman and Fried have avoided discussing the scrutiny surrounding FTX. Part of the reason is that they have not fully disclosed their role in helping their son build a massive business and political influence. Instead, they are often portrayed as bystanders, frequently shedding tears to provide emotional support when their son appears in court. But their names are almost certain to appear in the trial. The defense team has already indicated that their defense strategy may partially rely on advice received from lawyers, including his parents.
The couple’s spokeswoman, Risa Heller, has refused to allow Bankman or Fried to be interviewed. She previously stated that, apart from being supportive parents, the two have very little involvement with FTX. According to her, Fried has never worked at FTX, and Bankman’s brief stint at FTX was mainly focused on philanthropy. Last year, SBF told The New York Times that his parents “had no involvement in any work related to the company.”
However, former employees and business partners say that the situation was different at the time, and legal documents indicate that the Bankman and Fried couple played a crucial role in their son’s transformation from an inconspicuous startup entrepreneur to a complex cryptocurrency tycoon. The couple profited greatly from FTX, receiving $26 million in cash and real estate in just 2022. They frequently appeared at the company’s office, providing encouragement to employees and being included in the company’s internal communications. Their reputation and connections were vital to FTX’s success.
As one of FTX’s largest investors, Sequoia Capital, stated in a flattering article, their children seem to be “born for the role of founders and CEOs of cryptocurrency exchanges.” Why would one of Silicon Valley’s most respected venture capital firms choose to support a young man who openly played computer games at an investor introduction meeting with $150 million? The argument is that SBF had worked on Wall Street for a short period of time and his parents are law professors at Stanford.
In Silicon Valley, no one likes to see themselves as the privileged class. Venture capitalists who read Ayn Rand’s works often resent any suggestion that their decisions are not well thought out. However, the elitism in Silicon Valley is so obvious that it is almost irrelevant to mention it. Investors overwhelmingly favor companies run by white men who often come from top elite schools, while ignoring those who do not resemble their shallow perception of successful founders in terms of appearance, speech, and behavior. Some openly discriminate against founders over 30 years old, founders who speak English with an accent, and anyone who does not behave like someone who is already wealthy. If you show up in a suit at a pitch meeting, it is almost impossible to get the attention of investment institutions.
In this extremely privileged world, Stanford University is one of the most privileged places, nurturing companies such as HP, Sun Microsystems, Cisco, Yahoo, Google, and PayPal. Fried is a product of Harvard University, Harvard Law School, the United States Court of Appeals for the Second Circuit, and the Simpson Thacher & Bartlett law firm. She came to Stanford in 1987 as a tenured professor and rented a house on campus. A year later, she met Bankman, who graduated from the University of California, Berkeley and Yale Law School, and later taught at Stanford for a year after working as a tax lawyer in Los Angeles. They were referred to as Barb and Joe on campus. After Bankman also received tenure in his second year, the two publicly acknowledged their relationship. They moved in together and bought the house where Fried had been renting in 1991 when it was put up for sale.
The house where SBF grew up and was under house arrest in the first half of 2023 is located at the end of Cooksey Lane. The property is valued at $3.6 million, but this is more a result of the real estate boom in Palo Alto over the past few decades than a measure of its luxury. The house is a fairly modest gray craftsman-style building with four bedrooms, three bathrooms, a spacious porch, and a swimming pool. It is situated on a large plot of land surrounded by tall trees. Behind the house is the Leland Stanford Mansion; this modernist-style estate was once the residence of former President Herbert Hoover and the residence of the President of Stanford University.
During SBF’s childhood, he was surrounded by a group of rotating young intellectuals – including law professors and law students, as well as sociologists, engineers, artificial intelligence researchers, classical scholars, and social scientists. On Sunday evenings, Bankman would order takeout or make simple food like spaghetti, and 15 guests would squeeze into the restaurant to chat, usually discussing philosophy and politics. Sam and Gabe, as young people, would sometimes join the conversation. Bankman and Fried are proud and mission-driven philanthropists. The couple is not married because they told their friends that it is unfair that same-sex partners cannot marry. “They believe that they shouldn’t take advantage of something that others can’t have. They are people with a deep sense of morality,” said Paul Brest, former dean of Stanford Law School and longtime friend.
Bankman at Stanford Law School in 2021. Photographer: Josh Edelson
When Bankman was young, he had a head of black curly hair, which he passed on to his son, but his likable behavior did not. The couple sent their children to Crystal Springs School, a preparatory school with an annual tuition of $60,000, which is populated by the offspring of countless Silicon Valley magnates. At that time, Bankman had already become one of the top experts in the field of U.S. tax policy. He provided advice on a pilot program for the California government that allowed the government to file taxes on behalf of residents. The plan drew fierce opposition from tax filing companies and small government advocates, and made Bankman a hero in the eyes of liberals with a reformist mindset.
For fellow scholars, Bankman is a compassionate and tolerant mentor. Jay Soled, a professor at Rutgers University, recalled a scene where Bankman comforted him after a speech mistake. “That’s Joe’s character,” he said. “There will always be a next time, and you will only get better.” In 2009, while still carrying a full teaching load, Bankman entered medical school to study to become a clinical psychologist. After completing his internship, he began working part-time as a cognitive behavioral therapist while teaching an elective course, which he co-developed with Fried, aimed at helping law students control anxiety.
Fried is academically superior to her husband. Although popular on campus, she also has a reputation for fostering student anxiety, not just helping them manage it. Her academic work focuses on a branch of ethics called consequentialism, which holds that the outcomes of our actions are more important than abstract notions of right and wrong. These ideas have become a family belief. This philosophy focuses on bringing well-being to as many people as possible, but the less noble side of it can be summed up as “the ends justify the means.”
Fried’s most famous paper focuses on the “trolley problem,” a well-known thought experiment involving a tram destined for tragedy. It is primarily used by philosophers to discuss moral choice issues: should you switch the tram to kill the person standing on the next set of tracks, or do nothing and let the group of people on the main track perish? Fried’s paper argues that this problem is absurd and obscures the moral choices that policymakers face in real life, such as how much assistance to give to the poor or how much healthcare to provide to the uninsured. “There have already been hundreds of thousands of pages written on this problem,” Brest said. “After Barbara solved the trolley problem, I don’t think there’s anything more to say.”
SBF puts his mother’s self-righteousness at the center of FTX’s marketing. While his company is officially engaged in cryptocurrency sales, it is just one way to generate income for charitable purposes. In the advertising campaigns published in major fashion magazines, SBF and Brazilian supermodel Gisele Bundchen both quote a statement from the founder of FTX: “I participate in cryptocurrency because I want to have the greatest impact for public good worldwide.” Fried’s work often appears in profiles of her son, suggesting that SBF is a billionaire who values money less.
Fried’s second most famous article is more relevant to her son’s situation. This article was published as a cover story in the prestigious journal Boston Review in 2013, advocating for a more lenient treatment of offenders. “Fried wrote: “Individual responsibility philosophy has ruined criminal justice.” The title of her article is “Beyond Responsibility.”
Bankman-Fried Photographer: Stephanie Keith/Bloomberg
Setting aside the commitment to doing good deeds, operating a cryptocurrency business has always been legally complex. SBF established a hedge fund called Alameda Research in 2017, aiming to exploit price differences between cryptocurrencies traded in Asia and those traded in the United States. Soon, the fund seemed to be moving large amounts of money in a way that looked like money laundering, as he boasted on a podcast. Alameda encountered difficulties in opening bank accounts.
SBF needed a lawyer. Fortunately, a very capable lawyer could help him. His father was not a cryptocurrency expert, but no one was an expert at the founding of Alameda. Bankman said on an FTX podcast in August 2022: “From the beginning, whenever I was useful, I would help.” He noted that the company didn’t have a lawyer at the time and added, “My role was obvious.”
Former Alameda employees have stated that Bankman assisted in drafting early legal documents. Invoices from Fenwick & West, the law firm representing Alameda, list him as a participant in meetings, indicating that he was involved not only in discussions of tax issues but also in the development of marketing materials for FTX and FTT, the fictional currency issued when FTT launched its cryptocurrency exchange, later becoming a fragile cornerstone of the air castle wealth.
FTX is headquartered in Hong Kong, but the local government began cracking down on cryptocurrency in 2021. A person familiar with FTX’s operations said that Bankman played a key role in deciding to move the company to the Bahamas, where there are almost no restrictions on digital currency. The specific arrangements were made by people recruited personally by Bankman – Daniel Friedberg, a former Fenwick & West lawyer who later became FTX’s general counsel.
For his employees, SBF gives the impression that he often consults his father. According to a former employee, when someone offers legal advice, he usually says it sounds good, but he wants to “call Joe first.” The employee added that almost all the lawyers who work for Alameda seem to have a friendly relationship with Bankman.
Other former employees said that compared to SBF – who can sometimes have difficulty making eye contact and may be blunt when dealing with employee issues – his father interacts with people in a more appropriate manner. His training as a psychotherapist makes him an excellent listener and a vibrant conversationalist. He asks employees about their personal lives, joins in playing paddle (a sport that employees really enjoy), and attends company dinners. Fried also attends FTX’s dinners, but appears in the office less frequently. Both of them act as mediators between employees and their children. If SBF says something mean or puzzling, his father tries to explain or simply says he understands that his son can be difficult to get along with. Another employee recalled that he was seen as a “lovely old man,” someone capable but not threatening, who was there to prevent his son from losing control.
But the most important role Bankman and Fried played was to make their son more credible in the eyes of people who wouldn’t normally deal with a rude startup. In 2021, when SBF approached Sequoia Capital for a large-scale investment, the company was interested in supporting global crypto trading but concerned about potential legal and regulatory risks, according to two people familiar with the deal.
FTX is based overseas and operates within legal boundaries. Many founders of competitors have ethical issues. Binance founder Zhao Changpeng is under investigation in the United States and elsewhere. He denies any wrongdoing but refuses to disclose the company’s headquarters. BitMEX co-founder and CEO Arthur Hayes was sued for failing to attempt to stop money laundering on the platform. According to a federal criminal complaint, he boasted that he registered BitMEX in the Seychelles because bribing regulators there only requires a coconut. He subsequently resigned and surrendered to authorities before pleading guilty.
Although FTX is in the same category of basic operations as Binance and BitMEX, SBF insists that his long-term goal is to obtain approval from US regulatory agencies. What sets him apart from those companies is that he has obtained recognition from a former member of the US Securities and Exchange Commission. According to individuals familiar with the transaction, after a call with the prominent former SEC official, Sequoia Capital was convinced to invest in FTX. This former official had informally provided other transaction-related advice to Sequoia and now teaches at Stanford. He supports FTX’s legal strategy of operating overseas while seeking approval from US regulatory agencies, and says that SBF happens to be the son of his friend.
This kind of endorsement is a common practice. “Both parents really opened the door for Sam,” said an individual involved in SBF’s efforts to gain support from US politicians for his company.
By then, Fried had already established a left-wing super PAC called Mind the Gap, positioning himself as the Silicon Valley version of the “Resistance Movement”. The group provided campaign donation advice to well-known tech donors, including former Google CEO Eric Schmidt and LinkedIn co-founder Reid Hoffman. This elite circle of donors welcomed a new member in 2020: Fried’s son, who donated over $5.5 million to Democrats and Democratic organizations that year, instantly becoming a political figure in Washington. In 2022, his political donations amounted to approximately $40 million.
SBF directly donates to candidates recommended by Mind the Gap. Former FTX executive Nishad Singh donated $1 million to Mind the Gap in 2021, becoming the largest donor in the political action committee’s most recent election cycle. Mind the Gap has not been accused of any wrongdoing.
Meanwhile, Bankman often accompanies his son to meet with regulatory agencies and election officials. Bankman also appears as a spokesperson for the company’s charitable activities at FTX events. He still advocates for tax reform, but now occasionally joins a new interest: cryptocurrency.
In a speech on the FTX podcast, Bankman praised a pilot program he implemented in southern Florida that provides digital currency wallets for the poor as an alternative to bank accounts. He said, “If you’re not part of the financial system, everything is harder, cashing a check is expensive, moving money is expensive, and that’s shameful at a national level.” Bankman promised that FTX would solve this problem.
In magazine profiles and television interviews, SBF claims to be thrifty and modest. He wears worn-out sneakers, lives with roommates, and drives a Toyota Corolla—all the savings go towards charitable causes, he says. In early 2022, he told Bloomberg reporters, “You’ll quickly run out of ways to spend money that actually make you happier. I don’t need a yacht.”
However, in fact, SBF and his cronies squandered money to the point where the office may feel like the Emerald City in “The Wizard of Oz.” The company bought hundreds of millions of dollars worth of luxury real estate, including a top-floor apartment in a $30 million resort in the Bahamas, where SBF and his associates live. They rented private planes not only for themselves, but also for the deliverymen who couldn’t stabilize deliveries for Amazon. As stated in the bankruptcy filing, they even purchased a 52-foot yacht. The yacht was purchased for the then Alameda co-CEO Sam Trabucco, who named it “Soak My Deck.”
It seems that SBF’s parents also shared in these spoils. They flew first class, sometimes on private planes. Upon landing in the Bahamas, they occasionally stayed in a $16 million beachfront apartment. FTX purchased the residence, as well as several dozen properties on the island, for approximately $250 million. Through their spokeswoman, Bankman and Fried stated that they considered the house to be company property, not their own.
SBF expressed a similar view in an interview with The New York Times. “I know it’s not something they own long-term,” he said. “I don’t know how it was papered at the time.”
So how was it papered? A sales list obtained through a public records request in the Bahamas shows that on April 7, 2022, Bankman and Fried signed joint ownership of the apartment, witnessed by a Bahamian notary. FTX was not mentioned in the documents, and the property was referred to as a “vacation home.” The couple’s spokeswoman stated in a statement, “The home was used as a temporary residence for Joe while working in the Bahamas.” “External lawyers confirmed with Joe and Barbara that FTX would own the property and agreed to document it in writing.”
Meanwhile, Bankman received a $10 million gift from his son. A lawsuit filed by FTX bankruptcy trustee Ray alleges that SBF obtained the funds by borrowing from an account containing customer funds. According to the lawsuit, he chose to do so after consulting his father—Bankman had become a senior advisor to SBF in personal and professional legal matters. The lawsuit claims that the loan was never formalized—there was no loan agreement, promissory note, “or any other indication that these funds were not misappropriated by SBF to enrich himself and his family from Alameda.” His father transferred nearly $7 million to a personal bank account; the rest he stored in cryptocurrency on FTX.
Given the rising prices of cryptocurrencies at the time, it seemed logical for Bankman to keep a portion of his savings on FTX, not to mention it was an opportunity to realize the values he had newly embraced. But within a few months, a market-wide sell-off resulted in him losing $1 million, ultimately jeopardizing FTX itself. As the company headed towards bankruptcy, SBF publicly claimed that everything was fine while seeking help from his father to minimize the losses. In a tweet (later deleted), he wrote, “FTX has enough funds to cover all customer assets, we do not invest customer assets.”
Behind the scenes, his father provided a completely different but more honest information: FTX is in trouble and needs cash. A source said that on November 7th, the day SBF released false information, he and his father hid with other executives, trying to deal with what they called a bank run. Bankman also conveyed the same information to investors, including the short-lived White House press secretary and financier Anthony Scaramucci, who said he first heard about FTX’s trouble on November 7th.
Scaramucci said that Bankman described a “liquidity mismatch” of about $1 billion in that morning’s phone call. But in a second call later that day, Bankman said the actual number was $4.5 billion. Finally, Scaramucci learned from another FTX employee that the actual amount was $7 billion. “I think Joe wanted to help his son, but he got caught up in what was happening,” Scaramucci said. “You want to have absolute trust in your child.”
In the following days, Bankman was included in emails sent to the Bahamian Attorney General and the country’s top securities regulator, who had received reports of potential misappropriation of funds and sent increasingly frantic messages, in short, questioning what was happening. SBF tried to buy time, copying his father on the emails. He mentioned a “liquidity gap” and promised that the company was doing its best to find investors. In a subsequent email also copied to his father, he proposed to repay Bahamian investors before others – federal prosecutors saw this proposal as an attempt to buy influence in the country.
Just before filing for bankruptcy, Bankman urged regulators and creditors not to rush to conclusions. People familiar with the discussions said that his initial position was that FTX’s management had simply made a mistake as children do. He explained that they would repay the money and everyone could continue with their lives.
However, Bankman and Fried did not attempt to return this gift. They did not explain the reason, but the lawsuit filed by the representative of FTX’s creditors reveals the reason: they needed this money to fund their son’s criminal defense.
SBF was arrested in mid-December, extradited to the United States and released on bail. The bail amount was $250 million, secured by bonds provided by two of his parents’ colleagues at Stanford and a contract for the family residence. This sudden turn of events shocked friends and faculty at Stanford, who had just gotten used to the idea of SBF couple’s son being a cryptocurrency billionaire. Now, they are trying to make sense of the prosecutor’s charges that Bankman is actually the mastermind behind one of the largest fraud cases in US history. The house has been fenced off and the road to the house has been blocked. Students and members of the media came to watch; Bankman and Fried bought a German Shepherd, telling friends it was because they were concerned for their safety.
“Tim Rosenberger, who graduated from the Law School earlier this year, said: ‘All of this is full of sick conspiracies.’ Will they hire new professors? Who will teach tax law? In a group chat composed of former FTX employees, there has been a debate about whether Bankman and Fried knew about the alleged crimes. Meanwhile, friends of the couple have been trying to understand how these two morally renowned individuals could commit such serious ethical misconduct. In August of this year, prosecutors accused Fried of leaking damaging information about a former employee in an attempt to intimidate a witness. His lawyer denied the accusation, but he was sent to the Metropolitan Detention Center in Brooklyn.”
Fried, with tears in her eyes, watched her son from the audience seat as she tried to approach him. She said: ‘That’s my son!’ An American marshal blocked her. She watched Fried follow the standard procedure of taking off his coat, removing his tie, and bending down to untie the laces of his formal shoes. Bankman embraced Fried’s shoulders while she sobbed.
Friends expressed their concerns about the couple. Since Fried’s detention, both parents have stopped attending classes. Bankman canceled his courses, while Fried resigned from her position in a political non-profit organization two months before the collapse of FTX and her retirement from school. John Donohue III, a professor at Stanford University and a longtime friend of the Fried family, said: ‘It’s really heartbreaking for something like this to happen to a family that is so wise and altruistic.’ ‘It’s hard to understand how they could not know,’ said another friend who requested anonymity. ‘The most reasonable explanation I can think of is blind faith. They don’t know the whole story.’
Of course, this is credible. Once the prosecutor’s statements are accurate, Fried is a sociopathic fraudster who not only deceived investors, but also business partners and even his own employees. It is not difficult to imagine that he may have used his parents – and their noble academic careers – to promote an exploitative enterprise. Fried has claimed to be a billionaire multiple times. So why doesn’t he buy his parents a nice house? Why can’t his father shoot the Super Bowl with Larry David?
But even if they were unaware of the alleged embezzlement, critics say the parents should bear some responsibility. Fried’s moral compass can explain why her son was able to overlook moral attributes in service of what he believed to be a greater good. According to this line of thinking, if the ultimate result is to provide billions of dollars to save world charities, then what does it matter to embezzle a little money?
Meanwhile, the legal advice provided by Bankman now appears to be at least somewhat unreasonable. He was involved in a series of decisions, including the launch of FTX, the creation of FTT, the company’s attempts to please politicians, and dealings with the Bahamian regulatory authorities, all of which have come under criticism from regulators and prosecutors, who argue that these decisions may have been illegal. Bankman was also involved in the hiring of FTX’s general counsel, Friedberg, who has been accused of facilitating fraudulent behavior and engaging in efforts to cover up the disclosure of fraud, including bribing potential whistleblowers. These allegations were made in a lawsuit filed on behalf of FTX’s creditors, which included a statement from Bankman to his son urging him to rely on Friedberg, “so we have one person handling everything.” Friedberg denies any wrongdoing and has not been charged with a crime, but critics argue that his background – including a previous position at a Canadian online poker site where he was accused of deceiving players – is enough to raise suspicions among astute observers.
Then there is Stanford University itself. Just a month before Fried’s arrest, Elizabeth Holmes was sentenced to 11 years in prison for the fraudulent activities of her medical device company, Theranos Inc. She had founded the company on campus and recruited prominent faculty and board members. The Holmes case, along with the resignation of Stanford University President Marc Tessier-Lavigne, who was accused of data manipulation in several academic papers, has raised questions among some professors and students about why the university did not discover the misconduct cases sooner.
Defense attorneys, including Donoho, argue that Stanford University is not the main culprit in Fried’s alleged crimes, at most it is just his criminal background. But background matters. Coming from a place like Stanford, with accomplished parents, changes how the world views your flaws. Behaviors that might be considered frivolous – like playing video games during meetings – become evidence of exceptional brilliance.
Over the past 10 months, Fried has been trying to shift blame onto former employees, lawyers, and company adversaries, insisting that his mistakes were due to carelessness rather than malice. In a congressional testimony he wrote before his arrest, he said, “I screwed up.” He seems to want to argue that he’s just an immature child.
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