Long before Sam Bankman-Fried there was another “ethical crusader” who learned the same hard truths about the technology of trust.
“wanting to be a part of a community” as at least a minor reason for investing. The secret ingredient that congeals any institution—but especially an informal one, like Robin Hood and his band—is solidarity within the group and faith in the morality of its mission: in these cases, correctives to the injustices of mainstream finance. SBF and Akula understood IT and business, but not the technology of trust.
In the early 2000s, Joseph Stiglitz and I detected the incipient “irrational exuberance” in the microfinance sector and predicted that the bubble was likely to burst on the basis that SKS wasthe very thing that had made microfinance tick—trust—by “mass manufacturing” it at a pace and profit margin that crowded out the moral incentives of borrowers.
SKS changed microfinance irrevocably, shattering the fragile equilibrium of goodwill that long sustained it. FTX, for better or for worse, promises to do the same for the crypto industry. In light of corporate restructuring expert and Enron veteran John Jay Ray III’sbefore the US House of Representatives on Bankman-Fried’s Bernie Madoff–style “old-fashioned embezzlement,” SBF is starting to look less like a heroic outlaw and more like a garden-variety bandit.
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