SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]
The most interest aspect in the FTX saga, for me, is that SBF was treated <i>very gently</i> by major news outlets (and maybe by government regulators too)... <i>until</i> regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) <i>assume</i> that SBF <i>meant</i> well?<p>A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admired in elite circles. Consider:<p>* SBF attended MIT, an institution that is valued and admired in elite circles.<p>* At MIT, SBF majored in Physics and Math, two difficult subjects that require hard work, academic rigor, and high intelligence -- all qualities that are valued and admired in elite circles.<p>* Both of his parents are prominent professors at Stanford, so they are also valued and admired in elite circles. Presumably, over the years they tried to instill in SBF the values and behaviors that are most prized by other members of the elite -- including honesty.<p>* By all accounts, SBF truly <i>could understand</i> and <i>could explain</i> the distributed consensus protocols and algorithms that enable crypto-assets -- abilities that are valued and admired in elite circles.<p>* By many accounts (before FTX's implosion), it <i>seemed</i> that SBF actually believed in his own slogan, "effective altruism" -- the kind of inspiring idea that is valued in elite circles.