The fallout from the FTX saga has been relentless, and what’s particularly exceptional is what number of completely different rabbit holes the story has opened up, because it extends in a number of instructions.
On the middle of all of it sits the disgraced former CEO, Sam Bankman-Fried. The image of him that emerges, because the plot unfolds each retrospectively and in real-time, depicts a complicated and erratic character, who, by means of his actions and public statements, is elevating the hackles of observers on each aspect.
Outraged Clients
The folks maybe most outraged with SBF (as Bankman-Fried is commonly recognized) are the common clients who utilized his change and have, seemingly irretrievably, misplaced their cash. There at the moment are indications that buyer funds have been basically shifted into what quantities to a central slush fund, from the place they might be simply misused.
And, then there may be the mortgage of $1 billion given from FTX-connected, SBF-founded Alameda Research to SBF himself. On prime of that, there was a mortgage of $2.three billion given to Paper Chicken, an organization owned by SBF.
One can’t assist however make speculative connections right here, recalling that, in line with Elon Musk himself, SBF supplied $three billion to be a part of Musk’s Twitter acquisition. The brand new Twitter proprietor intuited that one thing was not proper and declined, leaving us to marvel the way it was that SBF had these sorts of funds at hand.
Avoidance of Accountability
Getting again to these significantly disgruntled clients, an additional aggravating issue could also be SBF’s conspicuous refusal to take accountability for his actions and the resultant FTX practice wreck.
SBF has been speaking publicly by means of his Twitter account, however his messages are out-of-touch and peculiar, seeming to indicate, at occasions, that what occurred was partly simply an unlucky accident, reasonably than the consequence of his personal conduct.
Relatedly, some fascinating digging that was circulated on Twitter confirmed an essay from 9 years in the past by SBF’s mom, Barbara Fried, who’s a lawyer and a Stanford professor, arguing that free will is just not actual, and criminals shouldn’t be blamed for his or her actions.
She presents a coldly mechanical argument that runs straight counter to social norms, and it appears significantly jarring when thought of alongside SBF’s personal lack of private accountability for his actions.
Revealing the Recreation
Then, there are SBF’s feedback to a reporter at Vox, Kelsey Piper, who had been profiling SBF. In a non-public change, made public by the reporter, SBF makes it very clear that he has been merely working by means of the motions in public, saying no matter he believed would achieve him probably the most social capital.
Right here is probably the most revealing quote:
“I needed to be [good at talking about ethics], it’s what reputations are made from, to some extent. I really feel dangerous for many who get f***ed by it, by this dumb recreation we woke Westerners play the place we are saying all the proper shibboleths and so everybody likes us.”
It’s an announcement that has managed to concurrently set off a response from either side of the political/cultural aisle.
A lot of SBF’s most indignant critics from the libertarian-leaning world of crypto, particularly those that are targeted on Bitcoin, truly specific related opinions to SBF on what he frames as ‘this dumb recreation we woke Westerners play’.
It’s not unusual to come back throughout the statement that political calls for have change into overbearing and censorious, and there may be unease at what’s perceived as ideological encroachment into the enterprise sphere.
Nowhere is that this extra obvious than round Elon Musk’s takeover of Twitter, as it seems that the brand new proprietor is just not within the temper for both politics within the workplace or overzealous content material moderation.
On the identical time, those that help the sort of considering that SBF makes a mockery of (which might seemingly embody the progressive-left goal readership of Vox), could also be appalled that SBF has first manipulated them (showing to be, in a way, on their aspect), and now brazenly trivialized their beliefs.
An ESG-Stamped Shambles
Via ongoing revelations about their enterprise practices, FTX and SBF have obviously discredited ESG insurance policies, which have been already attracting some high-profile criticism.
Within the FTX bankruptcy filing, liquidator John Ray, who supervised the liquidation of Enron and has over 40 years of associated expertise, had the next to say about FTX:
“By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary info as occurred right here. From compromised programs integrity and defective regulatory oversight overseas, to the focus of management within the palms of a really small group of inexperienced, unsophisticated and doubtlessly compromised people, this case is unprecedented.”
The remainder of the doc then goes on to disclose a haphazard shambles of a corporation. And but, FTX acquired the ESG stamp of approval, together with, remarkably, for its management and governance.
How is it potential that ESG scores can have any real bearing or relevance, if no-one chargeable for assigning them may decide up that there have been vital faults at FTX and, particularly, with its administration?
Notably, Elon Musk and Shopify CEO, Tobias Lutke have each been vital of ESG, the latter remarking tactfully that, “ESG the concept is de facto good,” however that, “the present implementation is damaged, cynical, and counter productive.”
In the meantime, Musk was characteristically forthright, stating, after Tesla was faraway from the S&P ESG Index, “ESG is a rip-off. It has been weaponized by phony social justice warriors.”
For what it’s price, SBF, who benefitted from the ESG system, not less than partly agrees with Musk and Lutke. In that very same change with Piper, the Vox reporter, SBF claims, as a part of a disparaging condemnation of monetary regulators, that, “ESG has been perverted past recognition.”
Aftershocks Proceed
Selecting aside the FTX internet, one factor we may be assured of is that SBF has angered (or not less than irritated) anybody who genuinely believes in cryptocurrencies and decentralization.
It will be useful if a transparent distinction have been made between FTX, a corrupt centralized platform, and the decentralized blockchains and functions that almost all crypto customers advocate for.
Maybe that distinction will change into obvious with extra particulars about FTX turning into public, because it appears to be like, for now, just like the aftershocks are removed from over.
The fallout from the FTX saga has been relentless, and what’s particularly exceptional is what number of completely different rabbit holes the story has opened up, because it extends in a number of instructions.
On the middle of all of it sits the disgraced former CEO, Sam Bankman-Fried. The image of him that emerges, because the plot unfolds each retrospectively and in real-time, depicts a complicated and erratic character, who, by means of his actions and public statements, is elevating the hackles of observers on each aspect.
Outraged Clients
The folks maybe most outraged with SBF (as Bankman-Fried is commonly recognized) are the common clients who utilized his change and have, seemingly irretrievably, misplaced their cash. There at the moment are indications that buyer funds have been basically shifted into what quantities to a central slush fund, from the place they might be simply misused.
And, then there may be the mortgage of $1 billion given from FTX-connected, SBF-founded Alameda Research to SBF himself. On prime of that, there was a mortgage of $2.three billion given to Paper Chicken, an organization owned by SBF.
One can’t assist however make speculative connections right here, recalling that, in line with Elon Musk himself, SBF supplied $three billion to be a part of Musk’s Twitter acquisition. The brand new Twitter proprietor intuited that one thing was not proper and declined, leaving us to marvel the way it was that SBF had these sorts of funds at hand.
Avoidance of Accountability
Getting again to these significantly disgruntled clients, an additional aggravating issue could also be SBF’s conspicuous refusal to take accountability for his actions and the resultant FTX practice wreck.
SBF has been speaking publicly by means of his Twitter account, however his messages are out-of-touch and peculiar, seeming to indicate, at occasions, that what occurred was partly simply an unlucky accident, reasonably than the consequence of his personal conduct.
Relatedly, some fascinating digging that was circulated on Twitter confirmed an essay from 9 years in the past by SBF’s mom, Barbara Fried, who’s a lawyer and a Stanford professor, arguing that free will is just not actual, and criminals shouldn’t be blamed for his or her actions.
She presents a coldly mechanical argument that runs straight counter to social norms, and it appears significantly jarring when thought of alongside SBF’s personal lack of private accountability for his actions.
Revealing the Recreation
Then, there are SBF’s feedback to a reporter at Vox, Kelsey Piper, who had been profiling SBF. In a non-public change, made public by the reporter, SBF makes it very clear that he has been merely working by means of the motions in public, saying no matter he believed would achieve him probably the most social capital.
Right here is probably the most revealing quote:
“I needed to be [good at talking about ethics], it’s what reputations are made from, to some extent. I really feel dangerous for many who get f***ed by it, by this dumb recreation we woke Westerners play the place we are saying all the proper shibboleths and so everybody likes us.”
It’s an announcement that has managed to concurrently set off a response from either side of the political/cultural aisle.
A lot of SBF’s most indignant critics from the libertarian-leaning world of crypto, particularly those that are targeted on Bitcoin, truly specific related opinions to SBF on what he frames as ‘this dumb recreation we woke Westerners play’.
It’s not unusual to come back throughout the statement that political calls for have change into overbearing and censorious, and there may be unease at what’s perceived as ideological encroachment into the enterprise sphere.
Nowhere is that this extra obvious than round Elon Musk’s takeover of Twitter, as it seems that the brand new proprietor is just not within the temper for both politics within the workplace or overzealous content material moderation.
On the identical time, those that help the sort of considering that SBF makes a mockery of (which might seemingly embody the progressive-left goal readership of Vox), could also be appalled that SBF has first manipulated them (showing to be, in a way, on their aspect), and now brazenly trivialized their beliefs.
An ESG-Stamped Shambles
Via ongoing revelations about their enterprise practices, FTX and SBF have obviously discredited ESG insurance policies, which have been already attracting some high-profile criticism.
Within the FTX bankruptcy filing, liquidator John Ray, who supervised the liquidation of Enron and has over 40 years of associated expertise, had the next to say about FTX:
“By no means in my profession have I seen such an entire failure of company controls and such an entire absence of reliable monetary info as occurred right here. From compromised programs integrity and defective regulatory oversight overseas, to the focus of management within the palms of a really small group of inexperienced, unsophisticated and doubtlessly compromised people, this case is unprecedented.”
The remainder of the doc then goes on to disclose a haphazard shambles of a corporation. And but, FTX acquired the ESG stamp of approval, together with, remarkably, for its management and governance.
How is it potential that ESG scores can have any real bearing or relevance, if no-one chargeable for assigning them may decide up that there have been vital faults at FTX and, particularly, with its administration?
Notably, Elon Musk and Shopify CEO, Tobias Lutke have each been vital of ESG, the latter remarking tactfully that, “ESG the concept is de facto good,” however that, “the present implementation is damaged, cynical, and counter productive.”
In the meantime, Musk was characteristically forthright, stating, after Tesla was faraway from the S&P ESG Index, “ESG is a rip-off. It has been weaponized by phony social justice warriors.”
For what it’s price, SBF, who benefitted from the ESG system, not less than partly agrees with Musk and Lutke. In that very same change with Piper, the Vox reporter, SBF claims, as a part of a disparaging condemnation of monetary regulators, that, “ESG has been perverted past recognition.”
Aftershocks Proceed
Selecting aside the FTX internet, one factor we may be assured of is that SBF has angered (or not less than irritated) anybody who genuinely believes in cryptocurrencies and decentralization.
It will be useful if a transparent distinction have been made between FTX, a corrupt centralized platform, and the decentralized blockchains and functions that almost all crypto customers advocate for.
Maybe that distinction will change into obvious with extra particulars about FTX turning into public, because it appears to be like, for now, just like the aftershocks are removed from over.
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