Insights from the FTX Markets in-house psychiatrist. The easiest way to earn $35,000 a month
As the days go by and the FTX Markets/Alameda Research saga unfolds in all its outrageous glory, more is known about the crimes that led to this situation and the individuals who committed them.
A video seen by over 2.5 million people (see below) made the rounds on Twitter, showing the CEO of Alameda Research Caroline Ellison discussing the inappropriateness of stop losses and the simplicity of its role. The the wall street journal says that Sam Bankman-Fried was not the laid-back guy everyone thought he was: he swore a lot and could be a curiously aggressive negotiator. Ellison was all for work long hours and having one good person doing a job instead of two less good ones. The source of the best revelations, however, should really be George Lerner, a psychiatrist who worked in-house at FTX, providing coaching services to 20-40 employees, along with private psychiatric services on the side.
Gawker unearthed a nugget from a now-deleted article on Sequoia Capital’s site in which Lerner discusses Bankman-Fried’s effective altruism and apparent inability to “enjoy earthly pleasures.” It’s not pathological, says Lerner: Effective altruists like SBF “really want to make a difference,” even if it dulls the pleasure they feel themselves.
In fact, it becomes apparent that SBF could have had more fun than everyone thought. Not only did he reportedly have a relationship with Ellison and possibly other women at FTX, but they all lived in the Bahamian penthouse below, which doesn’t look like the kind of place you would live if you were strictly in a non-Dionysian ideal.
— Autism Capital 🧩 (@AutismCapital)
November 13, 2022
Via Ellison’s now-deleted Tumblr, it also becomes apparent that she was a supporter of powerful men and not opposed to polyamory. A post about her Twitter also has a possible interest in amphetamines.
Separate posts on Twitter allege that the use of stimulants was common at FTX and that an in-house psychiatrist prescribed them. We understand, however, that stimulants were primarily prescribed for ADHD and that FTX had about 10 people in the US diagnosed with the condition and taking medication, which doesn’t really seem like a lot in proportion to its 300+ employees. …
Absolute disbelief pic.twitter.com/QjoZrWlz8v
November 11, 2022
Separately, if you worked 80 hours a week to earn $200,000 a year, you’re wrong. The the wall street journal reports that there are people who make a lot of money just by filming themselves sleeping and broadcasting it on the internet. One of them is 28 years old Jakey Boehm, who earns $35,000 a month broadcasting his sleep to over a million people.
Sam Bankman-Fried’s father, Joseph Bankman, a law and business professor at Stanford University, helped launch his son’s career by connecting him with a private equity investor Orlando Well done. (FinancialTimes)
FTX’s new CEO worked on the Enron bankruptcy. And Alameda didn’t trade much crypto – that’s meinvested $8 billion in 448 early-stage startups, most of which have 1-10 employees and no documentation. (Bitcoin.com)
Hedge fund Galois Capital had almost half of its assets on FTX. (FinancialTimes)
A spreadsheet listing the assets and liabilities of FTX international refers to $5 billion in withdrawals on Sunday, Dec. 6, and a negative $8 billion inflow described as “a hidden and mislabeled ‘[email protected]’ account in internal”. (FinancialTimes)
Elon Musk had doubts about SBF. (Twitter)
FTX’s organizational chart is pretty wild. (Twitter)
Sam Bankman-Fried, FTX co-founder Gary Wang and engineering director Nishad Singh are believed to be under surveillance in the Bahamas. Caroline Ellison would be in Hong Kong. (Coin Telegraph)
There were initial indications that $473 million in crypto-assets was stolen from FTX late Friday night. (FinancialTimes)
Journalist Michael Lewis has spent the past six months embedded at SBF and will now write a book. (Anker)
Quantitative hedge fund Quadrature Capital pays its staff on average 3.6 million pounds each. Most employees are in their late 20s or early 30s. (The temperature)
Goldman Sachs banker Roger Ng is suing his former boss Tim Leissner for allegedly defrauding him of his investments so Leissner could pay his defense costs in the $4.5 billion 1MDB embezzlement case. (Reuters)
Morgan Stanley advertises an executive assistant position that pays $75,000 to $120,000. Hedge fund Two Sigma has a similar opening offer between $100,000 and $150,000. (WSJ)
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