Why the media fell for Bankman-Fried

Sam Bankman-Fried, founder and chief govt officer of FTX Cryptocurrency Derivatives Trade, speaks throughout an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022. Photographer: Jeenah Moon/Bloomberg through Getty Photographs

Reed Albergotti of Semafor writes about FTX co-founder Sam Bankman-Fried and why he obtained constructive information protection in comparison with rival Coinbase CEO Brian Armstrong.

Albergotti writes, “However reporters seemed to be enamored with Bankman-Fried.

“He was a public relations pure. He picked up the telephone when reporters known as. He leaked tales. He continuously talked about his plan to provide away virtually all his cash and gave hundreds of thousands to Democrats. He was vegan. He drove a Toyota Corolla. He trash-talked crypto. He later admitted hiding his political donations to Republicans as a result of he knew they wouldn’t go over nicely with reporters. (Are we this straightforward to determine?)

“Bankman-Fried’s well-cultivated persona added sheen to his enterprise. The Wall Avenue Journal compared Bankman-Fried to Warren Buffett. The Monetary Occasions telegraphed his plans to at some point acquire Goldman Sachs.

“The protection of the 2 CEOs is known as a microcosm of tech protection at its worst: Reporters at warfare with or enamored by the folks they cowl, and readers paying the value within the type of two-dimensional protection. And what they missed was a distinction between two corporations that couldn’t be clearer looking back.”

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