Sam Bankman-Fried spent millions building a political operation in Washington before his crypto empire collapsed.
In just two years since Bankman-Fried's first political donation, his money hired dozens of top-flight lobbyists and political operatives, made major investments in newsrooms like ProPublica and Semafor, and made him the second-biggest Democratic donor of the 2022 midterms, behind only the 92-year-old financier George Soros. He saidThen, all of a sudden — on Election Day, ironically — the gravy train crashed.
The high-priced consultants and lobbyists the Bankman-Frieds employed will be fine, said the source. “The person who got most f----- from all this is probably his brother,” the source continued, “Somebody who probably had no idea what was going on on the business side, who unfortunately shares the same hyphenated name, who has worked in politics and is now probably not going to be able to.
Sam Bankman-Fried’s mentor and the spiritual leader of Effective Altruism has disowned him. “I had put my trust in Sam, and if he lied and misused customer funds he betrayed me, just as he betrayed his customers, his employees, his investors, & the communities he was a part of,”But critics say Sam Bankman-Fried’s collapse shows that the movement was always morally compromised — “
Many doubted the sincerity of Sam Bankman-Fried’s philanthropic efforts, however, since he was simultaneously bankrolling a massive Washington operation to shape federal regulation of the crypto industry. But he is hardly the first wealthy donor, and certainly won't be the last, whose ideological agenda is difficult to disengage from business motives.
At just 27 and still living with roommates in a rented Northwest Washington home, he quickly had become a darling of young progressive circles in Washington, where he could be spotted holding court with political aspirants interested in his largesse. “I spend a lot of my day talking to candidates for office,” he told NBC News in May.
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