Michael Lewis, author of 'Going Infinite: The Rise and Fall of a New Tycoon,' discusses the controversy around his book on billionaire Sam Bankman-Fried. Lewis counters critics, shares insights on turning his book into a courtroom drama. The podcast explores AI's risks, effective altruism, political spending, Bankman-Fried's political activities and pandemic prevention, childhood struggles, and the collapse and trial of Bankman-Fried. Challenging witnesses and distorted adaptations in trials are also discussed.
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Quick takeaways
Controversy surrounded Michael Lewis's book, "Going Infinite," which chronicled Bankman Freed's journey, with critics arguing that Lewis went easy on him instead of exposing his illegal activities.
Bankman Freed's attraction to the effective altruism (EA) movement, despite controversy, highlights the need for reflection and reevaluation within the EA community.
Through his interactions with Bankman Freed, Lewis discovered his unique mindset, characterized by a rejection of adulthood norms, unfiltered thinking, and a lack of empathy for others.
Deep dives
Sam Bankman Freed's Controversial Rise and Fall
Sam Bankman Freed, a former cryptocurrency billionaire, was at the center of a thrilling rise and a rapid fall. Controversy surrounded Michael Lewis's book, "Going Infinite," which chronicled Bankman Freed's journey. Critics argued that Lewis went easy on him instead of exposing his illegal activities. However, Lewis defended his approach, allowing the story to speak for itself. Bankman Freed's success was driven by his ability to trade cryptocurrencies and make clever financial decisions. But as a CEO, he proved to be unreliable and uninterested in company management. The collapse of his exchanges, Alameda Research and FTX, led to his conviction on fraud and conspiracy charges.
The Effective Altruism Movement and Bankman Freed
Bankman Freed was attracted to the effective altruism (EA) movement, which focuses on maximizing the impact of charitable efforts. He wanted to accumulate vast wealth to donate and mitigate existential risks. Lewis explores how Bankman Freed's quest for maximum earnings led to blurred ethical boundaries and questionable decision-making. The EA community embraced him but also feared his association could endanger their movement. The trial's aftermath may cause the EA movement to reevaluate its principles and strategies.
The Unconventional Mindset and Troublesome Skills of Bankman Freed
Through his interactions with Bankman Freed, Lewis discovered his unique mindset. Bankman Freed rejected the norms of adulthood and distrusted people with experience, instead opting for unfiltered thinking. He possessed an extraordinary ability to make quick judgments and act in chaotic situations, challenging traditional principles and relying on probabilities. However, this unconventional approach also made it challenging for him to understand and empathize with the emotions and perspectives of others. The trial revealed how his lack of constraint and disregard for boundaries resulted in illicit actions.
Political spending for pandemic prevention
Sam Bankman-Fried spent a significant amount of money on political campaigns, particularly focusing on pandemic prevention efforts. He donated $10 million in an Oregon Democratic primary to support a candidate who was an expert in pandemic prevention. Sam believed in building a global pathogen prediction and detection system and actively invested in it. Additionally, he poured money into anti-Trump initiatives, aiming to stop Donald Trump from being reelected due to his perceived threat to democracy.
Sam's relationship with his parents and their viewpoint
Sam Bankman-Fried had a complex relationship with his parents. From a young age, they believed he was socially maladjusted and doubted he would find his place in the world. However, they were surprised when Sam found success in high-frequency trading and later became a crypto billionaire. Despite that, Sam kept his parents at arm's length and didn't welcome their intrusion in his life. While his mother views Sam as a victim and believes he did nothing wrong, his relationship with his parents is distant and complicated.
Lewis got incredible access to Sam Bankman-Fried, the billionaire behind the spectacular FTX fraud. His book is a bestseller, but some critics say he went too easy on S.B.F. Lewis tells us why the critics are wrong — and what it’s like to watch your book get turned into a courtroom drama.