Review
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Morality
7 min read

Sam Bankman-Fried: doing the math on morality

The calculated character and philanthropy of crypto-criminal Sam Bankman-Fried is analysed by Krish Kandiah, who finds it doesn’t to add up.

Krish is a social entrepreneur partnering across civil society, faith communities, government and philanthropy. He founded The Sanctuary Foundation.

A man with curly dark hair.
Sam Bankman-Fried at a crypto-conference, 2021.
Cointelegraph, CC BY 3.0, via Wikimedia Commons.

Going Infinite, Michael Lewis’ biography of Sam Bankman-Fried, the world’s youngest self-made billionaire is quite the compelling read.  

For a start Lewis has an incredible ability to explain complex economic and business scenarios in a way that is not only accessible, but also gripping.  It is no wonder his previous books have been turned into Hollywood blockbusters.  

Lewis also has a knack for finding the humanity in almost any given situation. Whether he is writing about the system for picking a world-beating baseball team, the global economic crisis or, in this case, the rise and fall of a cryptocurrency exchange, he delves deep into the characters at the heart of the stories, exposing their strengths and weaknesses, their struggles and values.   

The publication of Going Infinite last month also coincided with Bankman-Fried’s real time court case, ending in a guilty verdict for, in the words of US attorney Damian Williams, “one of the biggest financial frauds in American history – a multibillion-dollar scheme designed to make him the king of crypto.” 

This fraud centred on Sam Bankman-Fried’s company FTX, a cryptocurrency exchange. It   emerged as one of the largest in the world with billions in deposits. All helping Bankman-Fried, aged just 29, to become recognised by Forbes magazine as the 41st richest American.

For all Bankman-Fried’s (and his friends’) talk of altruism, they weren’t very good at being nice to each other.

My personal interest in the man behind the fraud was shaped by three things. Firstly, as an adoptive and foster parent of two children who are on the autistic spectrum, I was interested in what Lewis would say about the common speculation that Bankman-Fried is also on the autistic spectrum.   

I was also intrigued by Bankman-Fried’s philosophical approach to philanthropy and how Lewis would present the problems with the movement known as Effective Altruism.  

Finally, I was interested in just to what extent Bankman-Fried’s commitment to mathematical algorithms overshadowed his moral awareness, given that it may well ultimately result in a sentence of 100 years behind bars.  

Autism  

Lewis invites us into as much of the inner world of Bankman-Fried as he can. He writes about his loneliness in childhood and his struggles with social conventions, for example. One particularly powerful moment is when we are allowed to eavesdrop on a video call with Vogue editor Anna Wintour. Bankman-Fried cannot do the call without simultaneously playing a video game. He doesn’t want to see Ms Wintour’s face while she is speaking and only looks at her when he is speaking.  

While Lewis readily points to traits that are commonly associated with people on the autistic spectrum – Bankman-Fried’s struggle to comply with social norms and difficulties understanding facial expressions, for example – he avoids using the term “autism”.   

 It seems that Bankman-Fried himself is aware of his neurodivergent traits and is not afraid to talk about the way they impact his emotional and existential intelligence.  

At one point he writes to his girlfriend:   

“I don't feel happiness. What's the point in dating someone who you physically can't make happy?"  

He went on to say:  

“In a lot of ways I don’t really have a soul”  

I found statements like these hard to read, but insightful. As a culture we are growing in our understanding and appreciation of a range of areas of diversity, however this has yet to be robustly applied to enable both widespread social acceptance and self-acceptance. The fact that Lewis chooses not to use the term autism may be a symptom of this. 

Altruism  

Sam Bankman-Fried was a very visible member of the Effective Altruism (EA) movement. EA is a fascinating philosophical approach to philanthropy which challenges individuals to consider their lives in terms of maximising their resources for the benefit of the world. Bankman-Fried’s answer to the question “How can I do most good with my life?” was to plan to earn a very large sum of money, ideally an infinite sum of money, that could then be used to help solve huge global issues such as the threat of nuclear war or another global pandemic.  

There are many criticisms of the EA movement, and, Lewis explores several of them during the course of the book.  Perhaps most obviously, for all Bankman-Fried’s (and his friends’) talk of altruism, they weren’t very good at being nice to each other. In fact, there was a major falling out between the effective altruists at his first company Alameda Research where half of the employees left because of his leadership style. Charity, it seems, did not begin at home.  
It is also unclear how much money Bankman-Fried actually gave away to philanthropic causes. And it is alleged that just a month after FTX collapsed, the company even began trying to claw back the charitable donations it made. According to direct messages on X with journalist Kelsey Piper, Bankman-Fried agreed his ethically-driven approach was "mostly a front".  

"Some of this decade's greatest heroes will never be known," he wrote to Piper, "and some of its most beloved people are basically shams." 

The quest to do good in the world seemed to have become more like a gambling obsession with Bankman-Fried, a game in which the ends justified the means.

They say the road to hell is paved with good intentions. It is uncertain whether Bankman-Fried had good intentions at all or whether the lure of billions of dollars became so irresistible that whatever virtue once existed was sacrificed to vice.  

There was another dark side to Bankman-Fried’s EA philosophy. He seemed to be fascinated by the question of just how far he could go in his calculations of trade-offs and risks in the supposed cause of saving the future of humanity? What was the highest risk he would take? What boundaries would he cross for financial gain? What would need to be sacrificed on the way? The quest to do good in the world seemed to have become more like a gambling obsession with Bankman-Fried, a game in which the ends justified the means.  

Automatism  

Sam Bankman-Fried was not afraid to be honest about his struggles to process and express empathy in socially acceptable ways.  He once said:  

"There's a pretty decent argument that my empathy is fake, my feelings are fake, my facial reactions are fake.” 

However, what he seemed to struggle with in empathy, he apparently tried to make up for in logic. The following example is helpful.  

Lewis records that Bankman-Fried saw Donald Trump as an “existential risk” to democracy and good governance and decided the best way to remove the threat was to offer to pay him not to run for president—an idea Trump was reportedly open to. 

“His team had somehow created a back channel into the Trump operation and returned with the not terribly Earth-shattering news that Donald Trump might indeed have his price: $5bn. Or so Sam was told by his team,” Lewis writes

I have some admiration for Bankman-Fried’s out-of-the-box thinking. He was speaking Trump’s language. He was trying to save the world. He was trying to solve a problem. Logically it was sound. But his $5,000,000,000 calculation was fundamentally flawed. It took no account of democratic values, of the consequences of feeding an ‘existential threat’ billions of dollars, or the illegality of bribery and corruption on that scale.   

The same miscalculation haunts the EA movement. While earning infinite amounts of money to save the world or prevent the climate emergency sounds logical, it fails to factor in the dark side of humanity: greed, lust, pride or gluttony, or whichever vice stopped Bankman-Fried from giving away his promised sizeable sum of money and led him rather to committing one of the largest frauds in history. The tech-bro altruistic movement also doesn’t factor in the bright side of humanity: compassion, humility, generosity, sacrifice. It doesn’t account for the human things that keep us going as we pursue justice - proximity to the people we are serving, faith or beauty.  

The verdict against Bankman-Fried shows us that hard logic, like lofty ideals, is not enough to protect us from the bad we might do or propel us unswervingly towards the good we should do. The equations are flawed. We are more than machines. We are not social or biological robots. Our emotions and reactions can never be completely predictable or automatic because we are human beings, each of us with our unique strengths and weaknesses.  

Ultimately, this is what I liked about Lewis’ book – his portrayal of Sam Bankman-Fried not in terms of how much money he made, or how many years he will spend behind bars, not as Crypto-King or Lord of Frauds, but as a uniquely talented and flawed individual who wrestles with some of the biggest existential paradoxes, and who is still, by the way, only 31 years old.  

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Digital
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Masculinity
1 min read

How our social media turns us against ourselves

We treat others differently when our eyes and hearts are forced inwards.
An unhappy father sits next to a scared son in a police interview room.
Stephen Graham and Owen Cooper star in Adolescence.
Netflix.

My wife turned to me this week whilst watching the compelling Netflix drama Adolescence and asked if it was based on a true story. That proves the quality of the acting, script, and storyline. But it also demonstrates the drama’s prophetic nature. Conceived two and a half years ago by Stephen Graham and Jack Thorne, the perversion of Jamie’s underdeveloped brain and developing masculinity by social media forces has come to reflect real-life extreme violence by young men. With the sentencings of murderers Axel Radakubana and Nicholas Prosper in recent weeks, Jamie’s actions resonate deeply. Adolescence isn’t based on a specific true story, but that doesn’t prevent it from being true. 

What about the role of social media in these narratives? Radakubana and Prosper were radicalised by violent content they had accessed online. With social media, extreme content does well, particularly on sites with no filters on pornography and violence like Reddit and X. We are beginning to discover that content algorithms are not neutral, instead siloing us into echo chambers that are deliberately forming us into better consumers of content, advertising, and objects. Social media harvests our data and sells it on- meaning it cultivates us as the product. 

Yet these manipulations cover over the deepest issue. Social media depersonalises us, preventing us from making genuine human connection and perverting our view of anybody but us. The German philosopher Martin Buber differentiated between two different ways for humans to exist in the world. One was I-It; in a person treats everyone and everything they come into contact with as an ‘It’- something to be used or taken advantage of. 

The other was I-Thou, in which humans approach every other person as a unique being, with resources to offer the I which ensures that a mutual, open, present connection ensues. For Buber, the ultimate ‘Thou’ was God, with whom humans can have the deepest and most transformative connection. 

Social media ensures we see life in ‘I/It’ mode by removing genuine contact with others and providing curated, fake, existences that can never be open to genuine connection with others. Love and affection become commodified; likes, follows, reactions. Our presentation of ourselves becomes more extreme, more perfect, more beautified, to keep mining the commodities. Our eyes and our hearts are forced inwards, and we lose any sense of encountering a ‘Thou’ on the way. We just keep encountering the I: our own thoughts, needs, desires, self-radicalised by our own insular minds. 

This can be our contribution to the conversation on the culture our young people, and particularly young men, are growing up in. To live I/Thou lives.

The great St Augustine back in the fourth century developed the idea of ‘original sin.’ All humans are prone to destruction: it’s in our DNA. The evidence for such an idea is found in every human experience, as the destructor and the one destructed. Left unchecked without genuine connections with others to challenge and expand our hearts, an I/It life digs deeper and deeper into these destructive impulses until our humanity is twisted into violent obsessions. 

The I/It life focuses completely on self-glorification through any means, something amplified by social media. What if we don’t get enough likes, follows, reactions? What if we cannot achieve self-glory through the more banal mediums of attraction, attention, popularity?  

Both Radakubana and Prosper said they wanted to be notorious, attempting to find the most extreme channel for their violence as possible to ensure they are never forgotten. They will not be the last. Jamie continues to deny his crime but in episode three of Adolescence he states that he could do whatever he wanted to Katie, the young girl he murdered. The same impulses come through; others as objects to take advantage of in achieving self-satisfaction. 

The good intentions for human connection that some of those early social media sites were set up for has been largely lost. But the good intention can remain in our own resolution to live an I/Thou life. Putting down social media and picking up connections with humans in the real world by seeing the other with curiosity and openness will ensure that we are constantly turning our heart outwards, embracing genuine relationships, and finding space in our heart to think of the other before ourselves. These are the relationships that will make us more human. 

Ultimately, Buber was right that the ultimate ‘Thou’ connection we can make is with God. The Christian story is full of God’s desire to seek out relationship with humanity, to allow us to find a connection with God that surpasses our own human experience and transforms us to be people that slowly grow away from our destructive instincts.  

What might Christian faith have to contribute to the conversation on the culture young men are growing up in? To live I/Thou lives that are curious, open, and seeking truest divine and human connection. Such a life might even touch those who have been ravaged by social media and ignored by other I/It lives. It might even inspire them to compassion and curiosity that look beyond the content that turns them inwards, to turn outwards and find a healthier future. 

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