Beware the Do-Gooders

Gone are the days when villains dressed the part and Wall Street vampires suited up like Gordon Gekko. These days, an American who wants to avoid being swindled needs to watch out for the T-shirt-clad do-gooders spouting the proper politics and pieties while claiming that they only want to save the world. The recent collapse of Sam Bankman-Fried’s cryptocurrency empire, FTX, fit the larger pattern: it was a massive financial scam marketed as a moral cause that got away with it by flattering the high priests of the press and offering elected officials promises of gifts and donations. Before FTX, it worked wonders for Theranos, WeWork, and the Black Lives Matter Global Network. Millions and then billions of dollars were poured into corporate vessels promising change, their founders cozy with a media that long ago abandoned its role as a check on the nakedly self-promotional claims of the rich and powerful.-- More...