- Sam Bankman-Fried’s Parents Stop Teaching Law at Stanford.
- SBF declined requests for comments on the issue.
- FTX plummeted as a result of a lack of liquidity and improper money management.
FTX founder Sam Bankman-Fried`s father, Stanford Law professor Joseph Bankman, has canceled the one class he was scheduled to teach this winter. As a result, neither of the FTX founder’s professor parents will be teaching at Stanford Law the following quarter.
The news is being criticized for the family’s owning of $121M worth of properties in the Bahamas from FTX just before the company’s demise.
In her course catalog for the next academic year, Barbara Fried is not listed as the instructor for any of the courses. In a statement to The Daily, she claimed that this was the result of a “long-planned” decision. This was to retire and further had “nothing to do with anything else going on.”
Fried is a professor who has retired from teaching but is still permitted to do so in the future. Although she wasn’t slated to teach this academic year, she indicated that she “hopes to” return to the classroom.
In response to the request for comment about his departure from teaching, Bankman remained silent.
After his bitcoin exchange FTX went down in November, Bankman-Fried may be charged with significant crimes. Bankman-Fried headed FTX as CEO up until the business filed for bankruptcy on November 11.
Nerdwallet claims that FTX, which had a value of $32 billion a few weeks ago, plummeted as a result of a lack of liquidity and improper money management. This was followed by a significant amount of withdrawals from alarmed investors.
Equally important, Reuters revealed that the professors had been labeled owners of a $16.4 million vacation house. All this was bought by FTX, hence Bankman-Fried’s parents got embroiled in the affair. According to Reuters, his parents want to give the deed back to FTX.
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