If Bankman-Fried’s spiel sounded like this before the FTX debacle, I don’t understand why he was so influential. He’s obviously just spinning a line of BS. The kid keeps digging himself in deeper.
I saw a headline, “How Did We Miss the FTX Red Flags?” That’s easy to answer. They ignored the first red flag: IT’S CRYPTO!
Twenty years ago, there was concern about too many of the country’s best and brightest heading to Wall Street straight out of top schools, looking for a quick path to wealth. Get in the game, get rich, get out by thirty. In 2008 we saw how well that worked out. Bankman-Fried got in the game at Jane Street Capital, he got rich on crypto currency, and now at thirty he’s out. No one should take his word that he has only a hundred grand to his name.
The modern influence of hedge fund managers and venture capitalists has created a lot of chaos and not much stability. My Kindle e-reader has been constantly promoting Principles for Dealing with the Changing World Order: Why Nations Succeed and Fail, by Ray Dalio. Another hedge fund manager who thinks, because he’s rich, he has some secret key to the future. He’s welcome to his money but, like Bankman-Fried, I’m not buying what he’s selling.