Sam Bankman-Fried gave $40 million in illegal political donations, catching the attention of campaign finance watchdogs.
The podcast explores the controversial world of campaign finance law, including dark money and the challenges in enforcing regulations.
Deep dives
Summary of the Podcast Episode: Going Infinite - The Rise and Fall of a New Tycoon
In this podcast episode, Michael Lewis provides an overview of his upcoming book, 'Going Infinite: The Rise and Fall of a New Tycoon'. The book focuses on the story of Sam Bankman Fried, the founder of FTX, a cryptocurrency exchange. Lewis takes readers on a journey to understand who Bankman Fried is, his motivations, and the impact of his spectacular rise and fall on the broader community. The book delves into Bankman Fried's unconventional approach to business and the consequences he faced when his actions caught up with him. 'Going Infinite' is set to be published on October 3rd, 2023.
Insights into Campaign Finance Law and Dark Money
In this podcast episode, Michael Lewis discusses the world of campaign finance law and dark money. He highlights the controversial 2010 Supreme Court ruling in the Citizens United case, which allowed corporations and groups to spend unlimited money on elections. This led to the rise of super PACs and dark money entities, such as 501(c)(4) organizations, which do not disclose their donors. Lewis interviews Jordan Libowitz from the Center for Responsibility and Ethics in Washington, who explains the intricacies of campaign finance, including how individuals can donate unlimited amounts to super PACs and use dark money to influence elections. Libowitz also discusses the challenges in enforcing campaign finance regulations and the need for transparency in political spending.
Sam Bankman Fried's Controversial Political Contributions
This podcast episode delves into the controversies surrounding Sam Bankman Fried's political contributions. Bankman Fried, through his crypto exchange, FTX, made significant donations to both Democrats and Republicans. However, it is alleged that some of these donations were illegal, as they involved using other people's money to make contributions in their names. The episode explores the concept of contribution in the name of another and the legal implications. While campaign finance violations are rarely prosecuted, Bankman Fried's public admission of these actions may lead to fines and a deeper investigation of his political spending. The episode also touches upon the challenges in retrieving the contributions from the recipients, especially those made through dark money entities.
During the 2022 election cycle, crypto mogul Sam Bankman-Fried gave as much as $40 million in political donations. That whopping sum caught the attention of campaign finance watchdogs, even before Bankman-Fried was arrested and charged with various financial crimes. Michael Lewis talks to Jordan Libowitz of the Campaign for Responsibility and Ethics in Washington (CREW) to understand the complex world of campaign finance law. And we hear why SBF, in confessing his dark-money deeds, may be a game changer. (NOTE: after this episode was recorded, federal prosecutors announced they were dropping a campaign finance charge against Bankman-Fried.)
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