By Ricardo Lezama It’s possible that the stereotype of the young, brilliant tech genius may have contributed to a lack of scrutiny in the industry. However, it’s important to remember that competence and ability should be the main criteria for evaluating the work of individuals or companies, regardless of their age or background. It’s also important for there to be proper oversight and accountability in any industry to ensure that standards of quality and integrity are maintained.
According to Bloomberg, former wunderkid, Sam Bankman-Fried, 30, “is charged with orchestrating a years-long fraud in which he used billions of dollars of FTX customer funds for personal expenses and high-risk bets through Alameda. In interviews following FTX’s bankruptcy, Bankman-Fried repeatedly said he was unaware of what went on at Alameda, a defense undermined by the statements from Wang and Ellison.”
Sam Bankman-Fried was long marketed as a youthful genius despite the lack of reverence for basic market principles in many interviews in which his firm appeared to focus solely on distressed assets possibly as a way to cover up the constant need for credit lines. Interestingly, none of this was apparent to Wall Street financiers like #skybridgecapital, which is owned and managed by former presidential spokesperson #anthonyscaramucci among other reputable Wall Street firms.