Another billion dollar scandal, perpetrated by a slob.

Con artists used to have more class.

A reader sent Bickerstaff a fine and mercifully short piece on the recent collapse of the late cryptocurrency firm FTX and the fellow who ran it (into the ground), Sam Bankman-Fried. It all seemed so familiar; an entrepreneurial “genius” who’s found a gimmick that will enable those who don’t want to work for it make buckets of bucks. Though these schemes come in different shapes, forms and colors, they are essentially alike and have been with us since the dawn of civilization.

Reading the article linked above brought back memories to your Tatler of his long dead father. He was a securities analyst for many years at an old respected Wall Street firm that was eventually gobbled up by one that was not. He then retired.

Bickerstaff’s father had an uncanny ability to quickly pore through stacks of dense prospectus, deciphering them and reporting in plain English what they were about. No doubt an alarm would have sounded early in his head had he read an FTX prospectus (if any), quarterly and annual reports etc.

Fortunately for Sam Bankman-Fried, the people to whom he was pitching his scheme likely had no interest in prospectus and the like, not even having someone else examine them and report. A greedy sucker, for that is what most suckers are, has little desire to see his balloon burst and a good swindler will keep it afloat until the air runs out.

One thing that struck Bickerstaff about this scandal was the appearance of its perpetrator, Bankman-Fried. Two or three generations ago a swindler-to-be, in order to have doors opened for him, would be clean shaven and clad in suits by Brooks Brothers,  F. R. Tripler (Bickerstaff’s father’s clothier; Brooks was too flashy), J. Press or others of that genre, so to effect a WASPy guise that would command respect.

Now, scam artists must present themselves differently, as the preferred look of today’s well-off entrepreneur is that of a college sophomore majoring in gender and climate studies. There is no doubt Bankman-Fried perfected this look.

Thanks to GWR.