The FTX Scam: "Effective Altruism" In Action - Morals & Markets Podcast

"FTX, an exchange for cryptocurrencies, was fraudulent almost from its start in 2019. Its recent bankruptcy reveals that it robbed millions of people and billions of dollars, then spent most of it on Democrats. FTX founder Sam Bankman-Fried (SBF) veiled his fraud with 'effective altruism,' a pseudo-ethical scheme from academic philosophy, the opposite of egoistic profit-maximization. Altruism is beloved, wrongly, as an ethic of goodwill to others. SBF knew he was perpetuating a fraud - first ethical, then financial: EA, he said, is 'this dumb game we woke Westerners play where we say all the right shibboleths, so everyone likes us.'"

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