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Joseph Bankman

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Joseph Bankman
Born
Allan Joseph Bankman

1955 (age 68–69)
PartnerBarbara Fried
Children
Academic background
EducationUniversity of California, Berkeley (BA)
Yale University (JD)
Palo Alto University (PsyD)
Academic work
DisciplineLaw
Sub-disciplineTax law
InstitutionsUSC Gould School of Law
University of California, Santa Cruz
Stanford Law School

Allan Joseph Bankman[2][3] (born 1955)[4] is an American legal scholar and psychologist. He is the Ralph M. Parsons Professor of Law and Business at Stanford Law School.[5] He was also employed at FTX, the cryptocurrency company founded by his son, Sam Bankman-Fried, who is an entrepreneur and convicted felon. His tenure at FTX lasted until the company's bankruptcy and subsequent collapse in 2022.

Education

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Bankman earned a Bachelor of Arts degree from the University of California, Berkeley in 1977 and a Juris Doctor degree from Yale Law School in 1980.[6][7][8] He later earned a doctorate in clinical psychology from Palo Alto University.[9]

Career

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Bankman is a scholar in the discipline of tax law and is a compiler of two tax casebooks, including Federal Income Taxation.[10]

Early in his career, he taught at the USC Gould School of Law and practiced with the Los Angeles firm of Tuttle & Taylor. In 1989, he joined the faculty at Stanford Law School.[11]

Later in his career, he returned to being a student and earned an additional degree in clinical psychology from Palo Alto University, interning with the Counseling and Psychological Services (CAPS)[12] of the University of California, Santa Cruz.[13] He worked as a counselor for first-year law students on handling the anxiety of law school.[14] Bankman also hosted a podcast called WellnessCast for Stanford Law School to discuss "wellness and mental health within the legal profession."[15]

In 2004, he and his colleagues developed a proposal for a California program called ReadyReturn, whereby citizens' income tax returns were filled out in advance, requiring only that the users make corrections. The program failed to pass the California legislature by one vote, reportedly after lobbying efforts from tax software preparation company Intuit.[16] Bankman spent an estimated $30,000 to $35,000 of his own money on the fight against Intuit.[17]

Following the defeat in California, he continued to advocate for simplification of the U.S. tax filing system and the adoption of return-free filing.[18]

In 2016, he lent his support to Senator Elizabeth Warren's Tax Filing Simplification Act along with 50 other law professors and economists.[19] A letter with Bankman as the lead signatory states, "Much of the time and expense involved in tax filing is unnecessary."[20] He was said to be involved with writing Senator Warren's bill.[21]

He served as a co-host of the Stanford Legal podcast along with fellow professor Pamela Karlan.[22]

Personal life

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Bankman's partner is Stanford Law School professor emeritus Barbara Fried (sister of Linda P. Fried[23]), whom he met in 1988 while teaching at Stanford. The couple did not marry because they felt it was unfair to gay couples who could not legally marry.[24] They have two sons, Sam Bankman-Fried and Gabe Bankman-Fried.[25] Bankman and his partner live in Stanford, California.[26]

FTX

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Main article: FTX

In 2021, Bankman took a leave of absence from Stanford Law to work full time at FTX.[27][28]

Bankman's son, Sam Bankman-Fried, was convicted of seven felony counts—conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations[29][30][31]—after serving as the founder and former CEO of the FTX cryptocurrency exchange, which collapsed amid allegations of fraud in November 2022.[32][33] Joseph Bankman was a paid part-time employee of FTX prior to its bankruptcy.[34] He worked for the company for 11 months and focused much of his work on charitable operations.[35] In 2017, he interviewed and hired the first lawyers employed by Alameda Research, his son's cryptocurrency trading firm. He reportedly also served as the first attorney for FTX when the exchange was in its nascent stages.[36][37] He also raised funds for the firm before its bankruptcy; via a connection to his former Stanford Law School student Orlando Bravo, Bankman made an introduction which led to a $125 million investment in FTX from private equity firm Thoma Bravo in June 2021.[38][39]

Bankman arrived in the Bahamas as FTX entered bankruptcy. In early November, he called Anthony Scaramucci on behalf of FTX to ask if Scaramucci and SkyBridge Capital could help the company raise billions of dollars to meet customer redemptions.[40] After his son's indictment, Joseph Bankman came under scrutiny for his part in the business. Bankman and Fried were sued by the team overseeing the FTX bankruptcy in September 2023. The lawsuit alleges they unjustly enriched themselves, receiving a $10 million cash gift and a $16.4 million beachfront property in The Bahamas.[41]

References

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  1. ^ Goldstein, Matthew; Yaffe-Bellany, David; Kelley, Lora (March 24, 2023). "The Younger Brother Caught in the Middle of the FTX Investigation". The New York Times. ISSN 0362-4331. Archived from the original on September 19, 2023. Retrieved September 19, 2023.
  2. ^ Just Call This Deal Hoosier Baroque Archived December 13, 2022, at the Wayback Machine New York Times
  3. ^ PROP 39--Tax Treatment for Multistate Businesses. Clean Energy and Energy Efficiency Funding. Initiative Statute. Archived December 13, 2022, at the Wayback Machine Government of California
  4. ^ Bankman, Joseph; Shaviro, Daniel N.; Stark, Kirk J.; Kleinbard, Edward D. (November 6, 2018). Federal Income Taxation. Aspen Publishing. ISBN 978-1-5438-0546-8. Archived from the original on September 27, 2023. Retrieved January 29, 2023.
  5. ^ "Joe Bankman, J.D., PSY.D. Archived 2022-12-13 at the Wayback Machine" Pacific Anxiety Group, © 2015-2022. Retrieved December 13, 2022.
  6. ^ Stross, Randall (January 23, 2010). "Why Can't the I.R.S. Help Fill in the Blanks?". The New York Times. Archived from the original on August 23, 2022. Retrieved April 14, 2022.
  7. ^ "Joseph Bankman". stanford.edu. Archived from the original on April 14, 2017. Retrieved May 12, 2017.
  8. ^ "Stanford law professor Joseph Bankman". stanford.edu. April 7, 2015. Archived from the original on May 11, 2017. Retrieved May 12, 2017.
  9. ^ "Joe Bankman, J.D., PSY.D. Archived 2022-12-13 at the Wayback Machine" Pacific Anxiety Group, © 2015-2022. Retrieved December 13, 2022.
  10. ^ "Joseph Bankman". stanford.edu. Archived from the original on November 19, 2022. Retrieved November 19, 2022.
  11. ^ "About the Author Archived 2023-02-17 at the Wayback Machine", Federal Income Taxation, Eighteenth Edition; Aspen Publishing.
  12. ^ "Counseling and Psychological Services Archived 2022-12-14 at the Wayback Machine," UCSC, 2022. Retrieved December 13, 2022.
  13. ^ "Stanford Law Professor Helps Students Cope with Stress," JD Journal, April 10, 2015. Retrieved December 13, 2022.
  14. ^ Weil, Elizabeth. "Wait, But Weren't His Parents Law Professors?". New York Magazine. Archived from the original on November 21, 2022. Retrieved November 22, 2022.
  15. ^ "WellnessCast". stanford.edu. Archived from the original on November 26, 2022. Retrieved November 26, 2022.
  16. ^ "Stanford Professor Loses Political Battle To Simplify Tax Filing Process". npr.org. March 29, 2017. Archived from the original on June 1, 2017. Retrieved June 3, 2017.
  17. ^ Schleifer, Theodore. "Keeping Up with the Bankman-Frieds". Puck. Archived from the original on December 13, 2022. Retrieved December 13, 2022.
  18. ^ Manjoo, Farhad (April 16, 2015). "Would You Let the I.R.S. Prepare Your Taxes?". New York Times. Archived from the original on November 26, 2022. Retrieved November 26, 2022.
  19. ^ "Senator Warren Introduces Bill to Simplify Tax Filing". senate.gov. Elizabeth Warren. Archived from the original on November 26, 2022. Retrieved November 26, 2022.
  20. ^ "Support for the Tax Filing Simplification Act of 2016" (PDF). senate.gov. Elizabeth Warren. Archived (PDF) from the original on December 2, 2022. Retrieved November 26, 2022.
  21. ^ Catenacci, Thomas. "Sam Bankman-Fried's father drafted tax legislation for Elizabeth Warren, donated thousands to Dems". Fox News. Archived from the original on November 26, 2022. Retrieved November 26, 2022.
  22. ^ "Stanford Legal Podcast". stanford.edu. January 27, 2018. Archived from the original on November 17, 2022. Retrieved November 16, 2022.
  23. ^ Paid Notice: Deaths. Block, Adrienne Fried Archived January 27, 2018, at the Wayback Machine, The New York Times, April 2, 2009. Retrieved December 15, 2022.
  24. ^ Chafkin, Max; Miller, Hannah (September 14, 2023). "How Sam Bankman-Fried's Elite Parents Enabled His Crypto Empire". Bloomberg. Archived from the original on September 19, 2023. Retrieved September 19, 2023.
  25. ^ Diamond, Dan. "Before FTX collapse, founder poured millions into pandemic prevention Archived 2022-11-27 at the Wayback Machine," The Washington Post, December 12, 2022. Retrieved Dec. 15. 2022.
  26. ^ Riley, Oriana. "Sam Bankman-Fried to be under house arrest on Stanford campus". Stanford Daily. Archived from the original on December 28, 2022. Retrieved December 28, 2022.
  27. ^ "The Parent Trap". The New Yorker.
  28. ^ "Bankman-Fried's Parents Stand by Their Sam—and Face Their Own Legal Perils". The Wall Street Journal. November 12, 2023.
  29. ^ Yaffe-Bellany, David; Goldstein, Matthew; Flitter, Emily (December 13, 2022). "Prosecutors Say FTX Was Engaged in a 'Massive, Yearslong Fraud'". The New York Times. ISSN 0362-4331. Archived from the original on December 13, 2022. Retrieved December 14, 2022.
  30. ^ "SEC.gov | SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX". www.sec.gov. Archived from the original on December 14, 2022. Retrieved December 14, 2022.
  31. ^ "United States Attorney Announces Charges Against FTX Founder Samuel Bankman-Fried". www.justice.gov. December 13, 2022. Archived from the original on December 14, 2022. Retrieved December 14, 2022.
  32. ^ Anstey, Chris (November 11, 2022). "FTX Meltdown Has 'Whiffs' of Enron-Like Scandal, Summers Says". Bloomberg. Archived from the original on November 17, 2022. Retrieved November 11, 2022.
  33. ^ Vainshtein, Annie (November 10, 2022). "Meet SBF, the Bay Area-born crypto mogul at the center of a multi-billion-dollar crisis". San Francisco Chronicle. Archived from the original on November 13, 2022. Retrieved November 13, 2022.
  34. ^ Justin Baer; Hardika Singh (December 12, 2022). "Sam Bankman-Fried's Parents Were There for FTX's Rise, and Now Its Fall". The Wall Street Journal. ISSN 0099-9660. Wikidata Q115770052. Retrieved December 19, 2022.
  35. ^ "The Parents in the Middle of FTX's Collapse". New York Times. Archived from the original on September 21, 2023. Retrieved December 28, 2022.
  36. ^ Schliefer, Theodore. "Keeping Up with the Bankman-Frieds". Puck. Archived from the original on January 5, 2023. Retrieved January 5, 2023.
  37. ^ Yaffe-Bellany, David, Lora Kelley and Kenneth P. Vogel. "The Parents in the Middle of FTX’s Collapse Archived 2023-09-21 at the Wayback Machine," The New York Times, December 12, 2022. Retrieved Dec. 15. 2022.
  38. ^ "How Sam Bankman-Fried seduced blue-chip investors". Financial Times. November 11, 2022. Archived from the original on November 11, 2022. Retrieved November 12, 2022.
  39. ^ "Sam Bankman-Fried's crypto empire 'was run by a gang of kids in the Bahamas'". Fortune. Archived from the original on November 12, 2022. Retrieved November 12, 2022.
  40. ^ Cohan, William D. "The S.B.F. Chronicles: The Bridge Loan to Nowhere". Puck. Archived from the original on December 24, 2022. Retrieved December 24, 2022.
  41. ^ Yaffe-Bellany, David (September 19, 2023). "Sam Bankman-Fried's Parents Sued by FTX". The New York Times. ISSN 0362-4331. Archived from the original on September 19, 2023. Retrieved September 19, 2023.
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