The reigning financial writer's latest book, “Going Infinite,” is an eyewitness account of the fall of FTX’s founder, who Lewis said is “misunderstood.”
You might be surprised to hear just how many people in crypto cite Michael Lewis, the former Wall St. bond slinger turned biggest living finance writer, as their favorite author. Many in the industry still wholeheartedly believe that crypto is something of a reformation event for the church of capital, a way to clear away decades of bureaucracy, become more personally involved in personal finances and align the world with the professed ideals of redistribution, inclusion and equality.
We should caveat this with a few hugely important details: almost no one outside of publisher Norton or Lewis’ circle has read the book, which publishes tomorrow, coinciding with the start of Sam Bankman-Fried’s trial, where the disgraced founder is set to plead not guilty to multiple counts of fraud. It’s also forgivable that Lewis, like most reporters with direct access to SBF, missed the red flags at FTX.
In the interview, Lewis claims “if there hadn't been a run on customer deposits [at FTX], they'd still be sitting there making tons of money,” a statement that completely misses the fact that crypto exchanges are not banks, are not supposed to lend or use customer deposits and are not “fractional reserve” institutions.
Regulatory and financial oddities aside, it’s clear that Lewis was always destined to write something that’d spin FTX in the best possible light. Bloomberg investigative journalist Zeke Faux notes in his recent book “Number Go Up” how jarring it was to see his literary hero on stage atin the Bahamas more or less proclaiming Bankman-Fried as the second coming of capitalism’s savior. In a sense, this is the most forgivable of Lewis’ perceived crimes against journalism.
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