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Jefferies CEO Expressed Doubts About Sam Bankman-Fried in July
Rich Handler, a restructuring expert, said SBF was "over his head" in trying to rescue crypto outfits.
By Brandy Betz
Updated May 9, 2023, 4:02 a.m. Published Nov 10, 2022, 2:49 p.m.
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Even as he was being feted by some as this generation's J.P. Morgan – who essentially was a one-man central bank before the Federal Reserve ever came into being, Sam Bankman-Fried's attempts to be the lender of last resort to crumbling crypto companies raised concerns from at least one highly experienced traditional financier.
"He seems in over his head," Jefferies Financial Group (JEF) CEO Richard Handler emailed to an associate on July 7. "Our expertise in rescuing financial services companies might make it worthwhile to meet [with] him and begin a relationship. Just a thought.
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“What he is going through is not going to pass as quickly as he might wish and you can quickly become the rescuee versus the rescuer if you’re not careful,” Handler continued.
Experienced at restructuring, Handler has worked for Jefferies for 32 years and has been its CEO for the last 22 years. He has helped bail out financial-services firm Knight Capital and retail currency brokerage FXCM.
Further emails posted by Handler revealed that Bankman-Fried never responded to his repeated entreaties for a meeting.
Handler ends his Twitter thread with a numbered list of conclusions. Two notable ones: “Just like a broken clock, even a Boomer can also be right sometimes," and "Arrogance and hubris destroys everything, every time."
Read more: Why Is Crypto Tanking: The FTX-Binance Drama Explained
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The bank of the future: 77% of stablecoin users say they’d open a wallet with their bank today
YouGov survey published by Coinbase and BVNK also found that 71% of users would use a stablecoin-linked debit card as a means of spending them.
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- Some 77% of the survey's 4,658 respondents said they would open a cryptocurrency or stablecoin wallet within their banking or fintech app if one were available.
- A survey commissioned by crypto exchange Coinbase and stablecoin infrastructure provider BVNK also found that 71% of users would use a stablecoin-linked debit card to spend the fiat-linked tokens.
- Stablecoin users on average hold 35% of their annual earnings in such tokens, and 73% of freelancers and contractors reported an improvement in their ability to work with international clients thanks to stablecoins.
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