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Elizabeth Holmes, Jordan Belfort, Adam Neumann and most recently Sam Bankman-Fried. Perhaps he knows at least one of these names. If so, chances are you also know the name of their company. From Holmes’ huge claims for his company Theranos to Neumann’s shady insider trading for his WeWork, these scam companies all had one thing in common with him. Even if it involves using the interests of customers or employees as collateral.
In fact, as reckless seers, these figures all possess an unparalleled ability to charm, manipulate, and persuade people. Built on a fragile web of lies, their business empires often continue to amass wealth in the billions of dollars before finally collapsing.
The latest of these scandals involving a cryptocurrency exchange known as FTX was pioneered by young entrepreneur Bankman-Fried in 2018. The exchange recently saw FTX using billions of dollars worth of client assets, and in November, sister company Alameda Research’s high-risk trading effort took place. The company has soared from a top valuation of $32 billion to the brink of bankruptcy in just a few weeks. Following the highly publicized downfall, FTX is now facing multiple fraud allegations dubbed “the fastest major corporate bankruptcy in American history.”
Despite all this confusion, Bankman-Fried can’t seem to keep quiet. Not only was he invited as a keynote speaker at his Times’ DealBook Summit in New York last November, but plans for a book and documentary about the CEO have already been announced. Taking to his Twitter to announce these events, many users were baffled by the increased public access to his platform and public exposure despite Bankman-Fried’s despicable behavior. bottom.
It is no coincidence that Bankman-Fried’s deplorable behavior has resulted in notoriety and fame. Like his CEO mentioned earlier, these individuals have one more thing in common. That’s what each of them have made their mark on in the hands of the media.
After her multi-million dollar company Theranos was exposed as a fraud, Holmes has been the subject of multiple podcasts, documentaries, books and even a recent Hulu series starring Amanda Sayfriend. . Merchandise such as mugs, T his shirts, and lab coats litter the internet, despite Holmes’ responsibility to endanger the health of millions. In another example, despite swindling about $200 million from small business owners and ordinary people, Belfort played an impulsive business tycoon in the blockbuster movie The Wolf of Wall Street. , was hailed as an unapologetic playboy. Belfort has gone on to write his two best-selling memoirs and is now a successful motivational speaker.
The ethical implications of these situations are terrifying. These individuals are constantly immortalized by society rather than banished from it. This reality helps us to constantly undermine and ignore the true victims in these situations.In an article published by The Atlantic in 2013, multiple individuals who were personally victimized by Belfort described: I was asked about my opinion on the release of “The Wolf of Wall Street”. In the article, small business owners and individuals such as Steve Orton and Ken Miner described the film’s release as disgusting and lamented the toll Belfort had taken from his financial situation, stating that they were still I am having a hard time recovering.
In a separate article published as an open letter to LA Weekly, the daughter of one of Belfort’s co-conspirators, Christina McDowell, said she was ashamed that the film industry repeatedly praised figures like Belfort. increase. Of the victims, McDowell writes: Screenplay by Terry Winters.
In an interview with The Hollywood Reporter, Belfort himself said of this discrepancy between the film’s portrayal of his life and his inner struggles: I’m not trying to minimize. What I did was terrible. However, it was under the influence of a large amount of drugs. And indeed, these figures have always been so central to the public eye that they are often carelessly enshrined and celebrated in distorted praise by the media. It’s time for the Hollywood machine that continues to be held accountable.As plans to publish books and documentaries about the FTX scandal continue to unfold, it’s imperative to consider the victim’s situation. The FTX catastrophe left an estimated $8 billion and counting unpaid debts to nearly a million creditors. It’s time to treat like
Tate Moyer is an opinion columnist and can be reached at moyert@umich.edu.
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