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Monday, November 28, 2022

"Effective Altruism" update: Sam Bankman-Fried's family affair.

Younger brother Gabe's $3.3 million DC "charity" digs.
Gabe Bankman-Fried—younger brother of the disgraced FTX founder, Sam Bankman-Fried—purchased a $3.289 million Capitol Hill townhouse in April. The deal was made through Gabe's nonprofit, Guarding Against Pandemics. The organization, aimed at preventing another pandemic, was partly funded by SBF. The move to the US capital was meant to send the message that the FTX founder "and his network were in DC to stay," according to a report from Puck.

Just one week before FTX's collapse, Guarding Against Pandemics hosted back-to-back cocktail parties for high-ranking Democrats and Republicans, the New York Post reported.

The four-story townhouse comes with four bedrooms, four-and-a-half bathrooms, two private terraces, and an elevator, according to a listing for the property from real estate company Bright MLS…
Yeah. Of course.
OK, nothing on their website regarding Board of Directors or staff. A search turns up nothing at all (you look there for things such as the annual IRS Form 990 non-profit information returns that set forth revenue, expenses, salaries of Principals, compensation of outside entities, etc). I rather doubt we'll readily find any legit incorporating documentation here. Across my life, I've founded and administered three for-profit corporations (two Sub-S and a C-Corp), as well as a 501(c)(3) non-profit charity, and 501(c)(6) "professional organization" non-profit (all on my own without lawyers). I know what to look for and where it should be found.

This is a "PAC" (Political Action Committee), not a 501(c)(3) public service "charity." Imagine our surprise.

Yep. A bit of additional skulking turns up this:

"Housed" in a "WeWork"-ish "virtual office."

See their "Federal Champions" page.
It'd be nice if actual professional investigative reporters (and regulatory authorities) would peek into this. Ya think?
UPDATE: Search of the Arizona Secretary of State's business & charities database comes up empty. Unsurprisingly. Be interesting to know the jurisdiction of registration.

No corporate SoS listing in California either. A search of the IRS site fails to find their 501(c)(4) EIN and related information.

So, Gabe's PAC got a $12,157,585 "donation" from his brother's "Alameda Research." Nothing fishy there...
Sent an email. Quixotic, yeah, I know.


Crypto Lender BlockFi Files for Bankruptcy as FTX Fallout Spreads
BlockFi was entangled with FTX, and its stability was thrust into uncertainty after FTX collapsed.
Heads be rollin'...

  • There are reportedly 180 "fiat" currencies around this world (~1 per nation).
  • As of a couple of weeks ago, there were 22,000 cryptocurrencies.
Draw your own conclusions.


Everyone's now running for cover.



__________ #cryptNOcurrency

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