The S.B.F. Orphanage

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Happy Wednesday, and welcome back to Dry Powder.

It’s rare that big-name, institutional investors feel compelled to come forward and explain why their bets have failed. But in the wake of the collapse of FTX, and its fraudster founder, Sam Bankman-Fried, a handful of major firms have stepped up to the mic to explain themselves. Today, a look at what these apologies tell us about FTX, S.B.F., and the scope of this generational financial debacle.

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The S.B.F. Orphanage

A close reading of institutional investors’ remorse over the FTX implosion.

WILLIAM D. COHAN

Supposedly smart investors lose money all the time in companies that go down the tubes, with nary a word of apology or explanation—that patented billionaire shit-happens shoulder-shrug that’s intended to make L.P.s recognize that they are lucky enough to have their money put to work by the pros. But there is something different about the Sam Bankman-Fried financial disaster that has caused at least two of the sophisticated money players behind FTX, his crypto exchange company, to come forward to try to explain publicly how and why they screwed up...

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