Former FTX CEO Sam Bankman-Fried was a 'horrible' manager, book claims

55
1
Former FTX CEO Sam Bankman-Fried was a 'horrible' manager, book claims

According to the author Michael Lewis, Sam Bankman-Fried was a 'horrible' manager, who wrote a new book about the cofounder of failed crypto exchange FTX.

Even Bankman-Fried's closest friends in the company thought the former FTX CEO was 'not built to manage people,' he said in an interview aired on Sunday.

The book is set for release Tuesday, the same day Bankman-Fried's trial on federal fraud charges is scheduled to begin.

The author further told CBS that Bankman-Fried believed people shouldn't need to be managed. In the fall of 2021, Lewis met the former crypto mogul, who first met the former mogul in the fall of 2021.

The pair met for more than 100 times in the following two years. Bankman-Fried's parents were also interviewed while reporting for his new book.

Bankman-Fried also appeared to know little about FTX's corporate management. Lewis told FTX FTX didn't really have a board.

I do not even know their names. And their job is just to DocuSign whatever, Bankman-Fried said, per Lewis' account.

And there was nobody there to say, like, t, don't do that, he said.

Bankman-Fried, 31, is in jail. He faces charges of conspiracy and fraud relating to the exchange's collapse. FTX, which was worth $32 billion in early 2022, filed for Chapter 11 bankruptcy in November 11 of the same year after a week-long liquidity crisis.

Bankman-Fried told ABC News' George Stephanopoulos that the exchange might have been able to avoid collapse if he had spent an hour a day thinking about risk management.

Bankman-Fried's representative declined to comment.