In the final, desperate weeks before FTX’s collapse, Bankman-Fried asked his friend Anthony Scaramucci to take him to the Middle East to hit up some of the region’s autocratic rulers fo…
in his own country and in launching Saudi Arabia’s war in Yemen that initiated a humanitarian crisis there.
They were introduced in 2021, Cohan reported. By September 2022, in a deal brokered by Bankman-Fried’s father, Joseph Bankman, Scaramucci allowed FTX to buy a 30% stake in his Skybridge Capital investment firm. Scaramucci said he decided to go into business with Bankman-Fried because he saw him as “the Mark Zuckerberg of crypto. I didn’t see him as the Bernie Madoff of crypto.”
According to Scaramucci, Bankman-Fried offered no sign that his company actually was in crisis and close to insolvency. Instead, the entrepreneur “wanted the money to continue his journey as the J.P. Morgan of the crypto industry,” Cohan reported. He wanted to provide “rescue financing” for other crypto companies that were going belly-up amid growing turmoil in the crypto universe.
As part of his mentor role, Scaramucci said he had to counsel Bankman-Friend on the proper attire for a dinner at the palace. Bankman-Fried is known as the poster boy for the schlubby, slovenly look adopted by young tech bros who believe it’s a sign of genius. “I’m still about it,” Scaramucci said, “because he’s walking around in my suit during the perp walk.”
“It was a very benign dinner,” Scaramucci told Cohan. “But in that culture, that was pretty sanctifying to the capital allocators of the kingdom that these are the people the Crown Prince likes.” Scaramucci also said he thought Bankman-Friend enjoyed the dinner and was “locked in.”
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