It only took a jury four hours to decide that former FTX CEO Sam Bankman-Fried had committed large-scale fraud—and that included their dinner break. Leading politicians, investors, and observers, not to mention a number of high-profile journalists, in contrast, managed to stay oblivious to it for years. Two recent books illustrate how and why he got away with it, at least for a while.
The first one, Going Infinite: The Rise and Fall of a New Tycoon by Michael Lewis, illustrates it by example. Early reviews alerted me that the book took a charitable view of SBF and his enterprise, and yet I still struggled to believe what I was reading as I started making my way through it. The preface is a flashback to 2021. Interesting, I thought—Lewis is taking us back to the day when he fell for SBF’s narrative of crypto-fueled do-goodery. That assessment was overly optimistic.
