Review
Comment
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.  

Article
Books
Culture
Morality
1 min read

Never Let Me Go: 20 years on

Ishiguro’s brilliant novel is the perfect Frankenstein story for today.

Beatrice writes on literature, religion, the arts, and the family. Her published work can be found here

Four young people peer through a window.
Carey Mulligan and Keira Knightley in the 2010 film adaption.
Fox Searchlight Films.

This article contains spoilers. 

Human beings are creative. For good or for evil, making new things out of raw materials is something that we can’t help doing, whether that’s writing new books, creating new recipes, or building new houses. Why are we born this way? Christians would say it’s because of the imago Dei: because according to the book of Genesis, the first book in the Bible, we are made in the image of God. If God created the world and every one of us, and if we’re made in his image, then it follows that all of us have this creative impulse within us, too.  

But if creating is something natural to us, does it follow that it’s also core to our identity as human beings? In other words, is making something that we do, or something that we are? Are we different from all other living creatures in this world by being creators ourselves?  

Although he doesn’t call himself a Christian, these are precisely the kind of theological questions the novelist Kazuo Ishiguro asks time and time again in his books. And nowhere does he ask them more powerfully than in Never Let Me Go, which was published 20 years ago. 

Never Let Me Go starts off as the story of three children at a boarding school. Kathy, one of three friends, serves as our first-person narrator; it’s through her eyes that we slowly realise something sinister is taking place. As Kathy, Tommy, and Ruth grow into teenagers and then young adults, it’s finally revealed that they are clones, brought into being thanks to advancements in cloning technology in a dystopian post-World War II Britain. They are brought up for the sole purpose of being organ donors. Or, to put it more bluntly, they’ve been raised for slaughter.  

Kathy, Ruth, and Tommy have a happy childhood at their boarding school, Hailsham. Their future is hinted at by their teachers, but they’re largely shielded from the truth. All around the country, we later find out, clone children are being raised in horrific conditions. But Hailsham is different, because its Headteacher, Miss Emily, is part of a group that believes the clones deserve to be treated humanely – at least until someone needs a kidney transplant.  

But, though treated in a ‘humane’ way, society doesn’t see the Hailsham clones as ‘human’, and that’s precisely what Miss Emily is trying to prove: that they are not unlike real, normal people. So, she encourages the children to make art. ‘A lot of the time’, Kathy tells us, ‘how you were regarded at Hailsham, how much you were liked and respected, had to do with how good you were at “creating”’. The children don’t understand why they must always paint and draw, but they’re told that Madame Marie-Claude, a mysterious figure, will collect their best artworks for a seemingly important ‘gallery’.  

Years later, Tommy and Kathy have become a couple. Before dying – or ‘completing’, as they call it – after her second ‘donation’, Ruth tells them that she believes a deferral is possible for couples that are truly in love. Kathy and Tommy go to Miss Emily’s house, their former Headmistress, certain that, as children, they were encouraged to produce art precisely to be able to prove, one day, their true feelings.  

They are quickly disappointed. Miss Emily reveals that Hailsham has now closed down, but that while the school stood, it was meant as an experiment, aimed at convincing the public to improve living conditions for the clones: 

‘We took away your art because we thought it would reveal your souls. Or to put it more finely, we did it to prove you had souls at all…we demonstrated to the world that if students were reared in humane, cultivated environments, it was possible for them to grow to be as sensitive and intelligent as any human being.’ 

Equating creativity with human identity does make sense, to an extent at least. In The Mind of the Maker (1941), Christian novelist and critic Dorothy L. Sayers argued that the closest we can get to understanding God as our Creator is through engaging ourselves in creative acts: ‘the experience of the creative imagination in the common man or woman and in the artist is the only thing we have to go upon in entertaining and formulating the concept of creation’. In creative acts, from a Christian perspective, we partially grasp God’s creation of us.  

Ultimately, however, being creative in imitation of God, is not enough to get to the very core of what defines a human being. There are all kinds of factors, from old age to mental or physical disability, that make any form of traditionally creative act highly unlikely for some people. By that definition, someone in a coma or a newborn baby is not fully human. 

That’s exactly the definition of humanity that underpins the cruel society of Ishiguro’s Never Let Me Go. We need a better definition, and Christianity provides a unique tradition to help us on the way. A Christian concept of the human person is one that looks both at why we were made, and what we were made for. Christians believe that God made us out of love, and for the purpose of being in communion with him. He made each one of us as a special and irreplaceable individual, and for each of us our telos – the end or aim of our life – is to join him in heaven.  

If we embrace this definition of what it means to be human, then the extent to which we are able to express our intelligence or creativity while on earth doesn’t really matter anymore. If we believe that merely to exist is good – not to exist and fulfil our potential through this or that accomplishment, but just to exist – then we can’t deny that each member of the human family is, in fact, a ‘person’ in the fullest sense of the word.  

It is precisely this God-shaped hole that makes the concept of human dignity so fragile and slippery in Never Let Me Go. Ishiguro’s brilliant novel is, ultimately, the perfect Frankenstein story for the modern day. It warns us about the consequences of what might happen if we try to treat other human beings as things we have paid, but even more powerfully it shows us the danger of valuing human life for its creativity, instead of loving it as the creation of God. 

Celebrate our 2nd birthday!

Since March 2023, our readers have enjoyed over 1,000 articles. All for free. This is made possible through the generosity of our amazing community of supporters.
If you enjoy Seen & Unseen, would you consider making a gift towards our work?
Do so by joining Behind The Seen. Alongside other benefits, you’ll receive an extra fortnightly email from me sharing my reading and reflections on the ideas that are shaping our times.
Graham Tomlin
Editor-in-Chief