Michael Lewis paints an overwhelmingly positive picture of former FTX CEO Sam Bankman-Fried in his new book, 'Going Infinite: The Rise and Fall of a New Tycoon.'
Michael Lewis painted an overwhelmingly positive picture of former FTX CEO Sam Bankman-Fried in his new book, "Going Infinite: The Rise and Fall of a New Tycoon.", but I find it difficult to believe that the author expressed much sympathy for those involved in the United States housing bubble prior to the 2008 financial crisis.
When FTX was forced to declare bankruptcy in November 2022, a lot of people were hurt, financially and emotionally. Some media outlets had portrayed SBF as a rising star who might one day bridge the divide between crypto and traditional finance, and FTX held billions of dollars from many retail investors. Unless those investors were quick enough to cash out immediately once the exchange's downward spiral started, most have been cut off from their funds for months.
“When you were doing this,” said Wang, “Have you ever thought how much this event will be hurting people, and does that count as part of your ‘initial expected value’ calculation?” Subscribe to our ‘1 Minute Letter’ NOW for daily deep-dives straight to your inbox! ⚖️ Be the first to know every twist and turn in the Sam Bankman-Fried case! Subscribe now:Both before and after writing about this confrontation, however, Lewis seemed to in many ways infantilize Bankman-Fried, often framing the narrative around him as a highly skilled trader but outright incompetent at tasks most adults take for granted.
“All sorts of people who had no idea exactly what had happened inside Sam’s world now thought they knew all they needed to know. A surprising number of them thought the crime should have been obvious all along. It hadn’t been.”
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