by Mitch Kokai
Senior Political Analyst, John Locke Foundation
Jennifer Sey writes for the Spectator about an interesting revelation about those who inject “woke” ideology into business dealings.
For anyone seeking direct proof that woke capitalism is nothing but a scam, look no further than Sam Bankman-Fried, founder and former CEO of the now bankrupt crypto exchange FTX, who says as much in a direct message exchange with Vox reporter Kelsey Piper. He calls “ethics” a “dumb game we woke Westerners play” — presumably to avoid any scrutiny from journalists, employees, investors and consumers.
I’ve worked for and with these people for decades. They want to convince you and the employees in their company that they are in it out of the goodness of their philanthropic hearts. They are just trying to make the world a better place, you see.
In reality, today’s very trendy woke capitalists assume the pose of do-gooders while filling their bank accounts with outsized wealth. And the world is charmed by their charade, which not only allows them to get away with fraud and theft, but prompts cheering from those whom they are stealing from. It’s quite the trick!
The simple truth, as Caitlin Flanagan has written, “is that you cannot simultaneously dedicate yourself to making untold fortunes for a giant corporation and to championing a social good.” …
… Back to Sam Bankman-Fried. He said he practiced (and often humble-bragged about) “effective altruism.” He said he wanted to make gobs of money so he could give it all away. He gave close to $40 million to Democratic candidates in the 2021-2022 election cycle.
He also made a big show of living humbly with ten roommates — but it was in a $40 million penthouse in the Bahamas.
All of Bankman-Fried’s virtue-signaling merely obscured his obscene greed and helped him to avoid any challenge from the business press. Instead of analyzing whether or not his business was financially sound, they wrote puff pieces hailing “the conscience of a crypto billionaire” (Fortune).