Bankman-Fried considered paying Trump to stay out of presidential race
Michael Lewis's upcoming book, "Going Infinite: The Rise and Fall of a New Tycoon," has made a startling revelation. It has come to light that Sam Bankman-Fried was looking into the legality of paying former US President Donald Trump not to run for re-election in 2020, with a proposed sum of $5 billion. Moreover, Bankman-Fried planned to donate between $15 million and $30 million to Republican Senator Mitch McConnell to help defeat "Trumpier" candidates in Senate races.
Potential legal concerns and communication with Trump's team
The book excerpt doesn't explain why Bankman-Fried, the founder of the now-defunct cryptocurrency exchange FTX, didn't go through with his plans. However, it does mention that his team had established a back channel into Trump's operation and discovered that Trump might be willing to accept $5 billion. The legality of such a payment was also a concern for Bankman-Fried, as he wondered if it would be legal to pay Trump not to run for office.
Bankman-Fried's fraud charges and upcoming trial
Bankman-Fried has pleaded not guilty to seven charges of fraud and conspiracy connected to the collapse of FTX in November 2022. If convicted, he could face up to 110 years in prison, although the actual sentence would be determined by the judge based on various factors, and it's likely he would serve far less time. His fraud trial is set to start this week, coinciding with the release of Lewis' book.
Reactions and comments from involved parties
When Reuters asked about the book excerpt, Mark Botnick, a spokesperson for Bankman-Fried, declined to comment. Representatives for Trump have not yet responded to requests for comment. Before FTX's collapse, Bankman-Fried was an active political donor, and federal prosecutors have reportedly investigated his donations to both Democrat and Republican lawmakers.
