From SBF to Elizabeth Holmes – Why do frauds thrive in Silicon Valley?

Silicon Valley presents itself as a haven for tech start-ups wanting to change the world for the better. But, beneath the facade, it has a serious fraud problem. Why do tricksters thrive among the geniuses? Sam Bankman-Fried, founder of the FTX crypto exchange is the latest high-profile example – but he’s far from being the first tech start-up founder to wind up in jail. Erin Griffith is a reporter for the New York Times specialising in tech and finance – and joins Chris Jones in The Bunker to discuss this dark phenomenon. 

• “When there’s a lot of free money going around, that’s going to attract a lot of people to exploit that.” – Erin Griffith

• “The venture capital investors who are backing these companies are sophisticated… but there’s also an element of FOMO because there are only so many startups that might be the next Facebook.” – Erin Griffith

• “I’m not sure anything is changing apart from some of these charges for fraud that are now being prosecuted in criminal court.” – Erin Griffith

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Written, presented and produced by Chris Jones. Audio production: Jade Bailey. Managing Editor: Jacob Jarvis. Group Editor: Andrew Harrison. Music by Kenny Dickinson. THE BUNKER is a Podmasters Production.

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