20. Why Are People So Mad at Michael Lewis?

Key takeaways

Michael Lewis’s book 'Going Infinite' provides an in-depth analysis of Sam Bankman-Fried, surrounding his rise and fall but faced criticism for its empathetic portrayal.
The effective altruism philosophy, while noble, can lead to moral dilemmas, justifying unethical behavior when individuals believe their intentions are for a greater good.
Bankman-Fried's social disconnect and inability to empathize with those harmed reveal a fragmented personality shaped by a unique upbringing and mental framework.
The courtroom trial of Sam Bankman-Fried highlighted the flaws of the justice system, particularly the reliance on plea deals that manipulate witness testimonies.
The dynamics within Bankman-Fried's family and the role of his upbringing played a crucial role in his social interactions and subsequent decisions in the high-stakes financial world.

Summary

The Controversial Reception of 'Going Infinite'

Michael Lewis discusses his experiences writing the book 'Going Infinite' about Sam Bankman-Fried. Despite his success and accolades in his career, Lewis faced backlash for being perceived as sympathetic to Bankman-Fried, with critics arguing he went 'too easy' on the convicted fraudster. Reviews from major publications reflect this divide, with some praising his insights while others highlight a failure to critically address Bankman-Fried's actions.

The Nature of Sam Bankman-Fried

Lewis explores his characterization of Sam Bankman-Fried as a complex figure who exhibited both brilliance and profound social disconnect. He recounts the early days of their encounters, revealing how Bankman-Fried's unique approach to life and business attracted attention and funding, while also leading to a catastrophic failure. Lewis elaborates on Bankman-Fried's background, his motivations driven by effective altruism, and his inability to empathize with those affected by his decisions.

The Role of Effective Altruism

The podcast delves into the effective altruism movement, which Bankman-Fried was deeply involved in. Lewis discusses the movement's philosophy of maximizing philanthropic impact through calculated giving, which influenced Bankman-Fried's approach. However, this methodology raises questions about morality and the potential for moral licensing, leading individuals to justify unethical behavior.

Courtroom Drama and Personal Insight

The conversation shifts to the courtroom trial of Bankman-Fried, where Lewis reflects on attending the proceedings. He describes the disillusionment of the trial's progression compared to the thrill of writing the book. Lewis comments on the influence of plea deals in the judicial system and the testimonies of Bankman-Fried’s former colleagues, suggesting that many were testifying not out of factual experiences but as manipulated witnesses motivated by self-preservation.

Understanding the Psychology of Bankman-Fried

Lewis shares insights into Bankman-Fried's psyche, particularly his unusual upbringing and interpersonal dynamics. He discusses how Bankman-Fried's parents, who are both academics, struggled to connect with him emotionally, leading to his later social challenges. The podcast raises questions about how these familial relationships influenced his decision-making processes in the crypto space.

Show notes

Lewis got incredible access to Sam Bankman-Fried, the billionaire behind the spectacular FTX fraud. His book is a bestseller, but some critics say he went too easy on S.B.F. Lewis tells us why the critics are wrong — and what it’s like to watch your book get turned into a courtroom drama.

SOURCES:
- Michael Lewis, author.

RESOURCES:
- Going Infinite: The Rise and Fall of a New Tycoon, by Michael Lewis (2023).
- "Column: In Michael Lewis, Sam Bankman-Fried Found His Last and Most Willing Victim," by Michael Hiltzik (Los Angeles Times, 2023).
- "Even Michael Lewis Can’t Make a Hero Out of Sam Bankman-Fried," by Jennifer Szalai (The New York Times, 2023).
- "Michael Lewis Goes Close on Sam Bankman-Fried — Maybe Too Close," by James Ledbetter (The Washington Post, 2023).
- "What You Won’t Learn From Michael Lewis’ Book on FTX Could Fill Another Book," by Julia M. Klein (Los Angeles Times, 2023).
- "Michael Lewis’s Big Contrarian Bet," by Gideon Lewis-Kraus (The New Yorker, 2023).
- "He-Said, They-Said," by John Lanchester (London Review of Books, 2023).
- "Downfall of the Crypto King," by Jesse Armstrong (The Times Literary Supplement, 2023).
- "FTX Debtors vs. Joseph Bankman and Barbara Fried," in the United States Bankruptcy Court for the District of Delaware (2023).
- Federal Prosecution of Election Offenses: Eighth Edition, by Richard C. Pilger (2017).
- "Pay Candidates to Drop Out? That Should Be Legal," by Stephen L. Carter (Bloomberg, 2016).
- "The History of the Term 'Effective Altruism,'" by William MacAskill (Effective Altruism Forum, 2014).

EXTRAS:
- "Is This 'The Worst Job in Corporate America' — or Maybe the Best?" by Freakonomics Radio (2023).
- "A Million-Year View on Morality," by People I (Mostly) Admire (2022).
- “Did Michael Lewis Just Get Lucky with 'Moneyball'?” by Freakonomics Radio (2022).

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.