Monday, 25 Aug 2025

Trump, Bankman-Fried and Musk are the monsters of American capitalism | Robert Reich

Trump, Bankman-Fried and Musk are the monsters of American capitalism | Robert Reich


Trump, Bankman-Fried and Musk are the monsters of American capitalism | Robert Reich

Meanwhile, this past week the SEC accused Sam Bankman-Fried of illicitly using customer money from FTX from the beginning to fund his crypto empire.

If the charge sticks, it represents one of the largest frauds in American history. Until recently, Bankman-Fried was considered a capitalist hero whose philanthropy was a model for aspiring billionaires (he and his business partner also donated generously to politicians).

But absent any moral code, greed is a public danger. Its poison cannot be contained by laws or accepted norms. Everyone is forced to guard against the next con (or else pull an even bigger con). Laws are broken whenever the gains from breaking them exceed the penalties (multiplied by the odds of getting caught). Social trust erodes.

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Archaeologists uncover ancient baptistery in France tied to early Christian rituals

Archaeologists recently uncovered a 1,500-year-old baptistery in Vence, France, revealing insights into early Christian rituals and religious practices from the fifth century.

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