Reading up on the crypto-FTX bankruptcy and scandal. Four items of interest:
The New York Times after-the-fact: “How Sam Bankman-Fried’s Crypto Empire Collapsed.“
Before the scandal broke: “Stanford Law Profs’ Son Is A ‘Vegan Crypto Billionaire.’“
On of those Stanford law professors, Barbara Fried, wrote “Beyond Blame”, in which she argued that no one is responsible for anything: “we have gotten nothing from our 40-year blame fest except the guilty pleasure of reproaching others for acts that, but for the grace of God, or luck, or social or biological forces, we might well have committed ourselves.” So Sam is off the hook?
And a more general lesson about money fakery: Arnold Kling with an analogy on the FTX scandal. “Treasury is FTX. The Fed is Alameda Research.”