The Bros Are Sorry, So They Say

Source: RealClearPolitics
by Froma Harrop

“Sam Bankman-Fried perfected the poses, uniform and attitude of the bro, the boy-man who gets away with it. He sucked billions into his FTX cryptocurrency platform by convincing the public that he was touched with supersized genius at making fortunes. His claim to want the money for higher things than simply amassing luxury only burnished the legend. Bankman-Fried has been likened to Bernie Madoff, who some years ago famously defrauded supposedly sophisticated investors. Both ran Ponzi schemes, whereby early investors were enriched with money collected from later suckers. Bankman-Fried appears to have also engaged in old-school embezzlement. The public couldn’t figure out how they manufactured the kind of wealth that most Wall Street professionals could only dream of. Their modest demeanor promoted the idea that they didn’t have to advertise, leaving it to a wide-eyed press to do it for them.” (01/12/23)