My stumbling - SBF & Hercules at the crossroads

So the legend goes - a young man, Hercules, found himself deep in the woods. Before he became immortalized with his victorious saga of the Twelve Labors, he wandered alone in the forest. The myth continues that he came to a crossroads of his destiny. Two goddesses approached him in the woods with offers of paths to take in life:

The first goddess was dressed in a flashy dress covered in jewelry promising a life of ease. It would be a journey where every desire would be fulfilled. Never experiencing fear, pain, or unhappiness.

The second goddess was in a simple white dress promising no rewards except those that are earned. It would be a long journey of sacrifice. The journey of ups & downs would develop him to be the man he was intended to become.

This story of Hercules is a crossroads we find ourselves in constantly. Do we pick virtue or vice? Do we pick the path less travelled or the easy, fun path?

Sam Bankman-Fried (aka “SBF”) has been in the news a lot this week as the FTX disaster unfolds.  It appears SBF fell victim to the promises of the first goddess (vice).

SBF was the shining star of the crypto industry and he was considered a “genius”.  At the ripe age of 30 he was plastering FTX on arenas/NBA jerseys, signing up celebrities to endorse FTX, and pumping the democratic party with loads of money as a “philanthropist”. Then, the house of cards came falling down....

John J. Ray III, the newly appointed FTX CEO: (veteran bankruptcy pro who oversaw the liquidation of Enron):

“Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity. Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”(emphasis mine) John J. Ray III has clearly seen some sh*t in his career. Quite the statement. Quite the mess over at FTX.

SBF failed to select the road of virtue and found himself lost on the shiny road of vices.  His failings have nothing to do with his age or intellectual capacity and has everything to do with his character. The decisions made at the crossroads.

SBF is a great reminder of the crossroads we find ourselves everyday while building a great company.

Virtue is something we choose. Every day.

Character is fate. The decisions made at the crossroads produce the outcomes of our lives.

Easy choices, Hard life. Hard choices, Easy life.