Why Sam Bankman-Fried Sounded so Much Like a Rand Villain

Source: Foundation for Economic Education
by Jon Miltimore

“The financial collapse of the crypto exchange FTX was brutal and swift. Almost overnight, its CEO Sam Bankman-Fried saw his $16 billion fortune wiped out. SBF, as he’s popularly known, managed to fool almost the entire world — though not quite everyone. In hindsight, it’s not hard to see the red flags at FTX. There was no board of directors. Bankman-Fried couldn’t answer simple questions about his funding. The executive leadership was shady and there was the whole ‘cabal of roommates’ in the Bahamas. One thing that hasn’t gotten enough attention, however, is SBF’s philosophy of ‘effective altruism,’ a social movement that rejects self-interest and instead focuses on ‘how to benefit others as much as possible.'” (11/21/22)