Review

Comment

Morality

23 November 2023

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 Kandiah

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

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

Assisted dying

Care

Comment

Politics

7 May 2025

4 min read

Assisted dying is not a medical procedure; it is a social one

Another vote, and an age-related amendment, highlight the complex community of care.

Henna Cundill

Henna is a researcher with the Centre for Autism and Theology at the University of Aberdeen.

Graffiti reads 'I miss me' with u crossed out under the 'mem'

Sidd Inban on Unsplash.

Scottish Parliament’s Assisted Dying bill will go to a stage one vote on Tuesday 13th May, with some amendments having been made in response to public and political consultation. This includes the age of eligibility, originally proposed as 16 years. In the new draft of the bill, those requesting assistance to die must be at least 18.

MSPs have been given a free vote on this bill, which means they can follow their consciences. Clearly, amongst those who support it, there is a hope that raising the age threshold will calm the troubled consciences of some who are threatening to oppose. When asked if this age amendment was a response to weakening support, The Times reports that one “seasoned parliamentarian” (unnamed) agreed, and commented:

“The age thing was always there to be traded, a tactical retreat.”

The callousness of this language chills me. Whilst it is well known that politics is more of an art than a science, there are moments when our parliamentarians literally hold matters of life and death in their hands. How can someone speak of such matters as if they are bargaining chips or military manoeuvres? But my discomfort aside, there is a certain truth in what this unnamed strategist says.

When Liam McArthur MSP was first proposed the bill, he already suggested that the age limit would be a point of debate, accepting that there were “persuasive” arguments for raising it to 18. Fortunately, McArthur’s language choices were more appropriate to the subject matter. “The rationale for opting for 16 was because of that being the age of capacity for making medical decisions,” he said, but at the same time he acknowledged that in other countries where similar assisted dying laws are already in operation, the age limit is typically 18.

McArthur correctly observes that at 16 years old young people are considered legally competent to consent to medical procedures without needing the permission of a parent or guardian. But surely there is a difference, at a fundamental level, between consenting to a medical procedure that is designed to improve or extend one’s life and consenting to a medical procedure that will end it?

Viewed philosophically, it would seem to me that Assisted Dying is actually not a medical procedure at all, but a social one. This claim is best illustrated by considering one of the key arguments given for protecting 16- and 17- year-olds from being allowed to make this decision, which is the risk of coercion. The adolescent brain is highly social; therefore, some argue, a young person might be particularly sensitive to the burden that their terminal illness is placing on loved ones. Or worse, socially motivated young people may be particularly vulnerable to pressure from exhausted care givers, applied subtly and behind closed doors.

Whilst 16- and 17- year-olds are considered to have legal capacity, guidance for medical staff already indicates that under 18s should be strongly advised to seek parent or guardian advice before consenting to any decision that would have major consequences. Nothing gets more major than consenting to die, but sadly, some observe, we cannot be sure that a parent or guardian’s advice in that moment will be always in the young person’s best interests. All of this discussion implies that we know we are not asking young people to make just a medical decision that impacts their own body, but a social one that impacts multiple people in their wider networks.

For me, this further raises the question of why 18 is even considered to be a suitable age threshold. If anything, the more ‘adult’ one gets, the more one realises one’s place in the world is part of a complex web of relationships with friends and family, in which one is not the centre. Typically, the more we grow up, the more we respect our parents, because we begin to learn that other people’s care of us has come at a cost to themselves. This is bound to affect how we feel about needing other people’s care in the case of disabling and degenerative illness. Could it even be argued that the risk of feeling socially pressured to end one’s life early actually increases with age? Indeed, there is as much concern about this bill leaving the elderly vulnerable to coercion as there is for young people, not to mention disabled adults. As MSP Pam Duncan-Glancey (a wheelchair-user) observes, “Many people with disabilities feel that they don’t get the right to live, never mind the right to die.”

There is just a fundamental flawed logic to equating Assisted Dying with a medical procedure; one is about the mode of one’s existence in this world, but the other is about the very fact of it. The more we grow, the more we learn that we exist in communities – communities in which sometimes we are the care giver and sometimes we are the cared for. The legalisation of Assisted Dying will impact our communities in ways which cannot be undone, but none of that is accounted for if Assisted Dying is construed as nothing more than a medical choice.

As our parliamentarians prepare to vote, I pray that they really will listen to their consciences. This is one of those moments when our elected leaders literally hold matters of life and death in their hands. Now is not the time for ‘tactical’ moves that might simply sweep the cared-for off of the table, like so many discarded bargaining chips. As MSPs consider making this very fundamental change to the way our communities in Scotland are constituted, they are not debating over the mode of the cared-for’s existence, they are debating their very right to it.