I caught the tail end of some BBC news thing about FTX. I thought about Sam Bankman-Fried's parents, probably perfectly nice people shamed by their horrible son whose treachery made a mockery of every one of their deeply held ideals. An article in a San Francisco paper discussed their son's privileged upbringing. He attended a private school that now charges over $56,000 a year tuition.
Now it turns out their jackass son bought them a $16 million vacation home in the Bahamas, part of the $300 million worth of homes and vacation properties the company bought for "senior staff".
According to Reuters:
The documents for another home with beach access in Old Fort Bay - a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates - show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a "vacation home."
When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for - whether in cash, with a mortgage or by a third party such as FTX - a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.
"Since before the bankruptcy proceedings, Bankman and Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.
When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for - whether in cash, with a mortgage or by a third party such as FTX - a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.
"Since before the bankruptcy proceedings, Bankman and Fried have been seeking to return the deed to the company and are awaiting further instructions," the spokesperson said, declining to elaborate.
When
asked by Reuters why the couple decided to buy a vacation home in the
Bahamas and how it was paid for - whether in cash, with a mortgage or by
a third party such as FTX - a spokesman for the professors said only
that Bankman and Fried had been trying to return the property to FTX.
They paid $56,000 a year tuition. They must have felt entitled to something in return. Their son wanted to give them a big giant present. They had to accept it. How were they supposed to know?
Poor devils. Now saddled with millions of dollars in real estate they never asked for.
Good luck to them.
When
asked by Reuters why the couple decided to buy a vacation home in the
Bahamas and how it was paid for - whether in cash, with a mortgage or by
a third party such as FTX - a spokesman for the professors said only
that Bankman and Fried had been trying to return the property to FTX.
When
asked by Reuters why the couple decided to buy a vacation home in the
Bahamas and how it was paid for - whether in cash, with a mortgage or by
a third party such as FTX - a spokesman for the professors said only
that Bankman and Fried had been trying to return the property to FTX.
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