Bankman-Fried’s FTX Was a Wild West And a Personal Bank

Bankman-Fried's FTX Was a Wild West And a Personal Bank

It was the Wild West.

A place where everything was acceptable.

Everything was allowed and there was no control to call to order those who went too far. There was no red line.

The CEO considered the funds of one of his companies to be his personal bank. Employees dipped into company money to buy homes in the Bahamas and none of these transactions were recorded anywhere.

There may even have been fictitious employees. The board of directors, which is supposed to rein in everyone’s instincts, never met.

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