Joseph Bankman

Alan Joseph Bankman[1][2] (born 1955)[3] is an American lawyer, currently working as the Ralph M. Parsons Professor of Law and Business at Stanford Law School, and a licensed psychologist.[4]

Joseph Bankman
Born
Alan Joseph Bankman

1955 (age 67–68)
SpouseBarbara Fried
Children2, including Sam Bankman-Fried
Academic background
EducationUniversity of California, Berkeley (BA)
Yale University (JD)
Palo Alto University (PhD)
Academic work
DisciplineLaw
Sub-disciplineTax law
InstitutionsUSC Gould School of Law
University of California, Santa Cruz
Stanford Law School

Education

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.[5][6][7] He later earned a doctorate in clinical psychology from Palo Alto University.[8]

Career

Bankman is considered a leading scholar in the discipline of tax law and is a compiler of two tax casebooks, including Federal Income Taxation.[9]

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.[10]

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)[11] of the University of California, Santa Cruz.[12] He worked as a counselor for first-year law students on handling the anxiety of law school.[13] Bankman also hosted a podcast called WellnessCast for Stanford Law School to discuss "wellness and mental health within the legal profession."[14]

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.[15] Bankman spent an estimated $30,000 to $35,000 of his own money on the fight against Intuit.[16]

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.[17]

In 2016, he lent his support to Senator Elizabeth Warren's Tax Filing Simplification Act along with 50 other law professors and economists.[18] A letter with Bankman as the lead signatory states, "Much of the time and expense involved in tax filing is unnecessary."[19] He was said to be involved with writing Senator Warren's bill.[20]

He serves as a co-host of the Stanford Legal podcast along with fellow professor Pamela Karlan.[21]

Personal life

Bankman is the husband of Barbara Fried[22] and the father of Sam Bankman-Fried and Gabe Bankman-Fried.[23] He is the brother-in-law of Linda P. Fried.[24]

The couple live in Stanford, California.[25] In the wake of threats to Sam's life, the couple are reportedly spending $10,000 a week for armed security around their home while their son is under house arrest.[26]

FTX
Main article: FTX (company)

Bankman's son, Sam Bankman-Fried, has been indicted on multiple felony counts—conspiracy to commit wire fraud, 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[27][28][29]—after serving as the founder and former CEO of the FTX cryptocurrency exchange, which collapsed amid allegations of fraud in November 2022.[30][31]

Bankman was a paid part-time employee of FTX prior to its bankruptcy.[32] He worked for the company for 11 months and focused much of his work on charitable operations.[33]

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.[34][35] 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.[36]

After his son's indictment, Joseph Bankman has come under scrutiny for his part in the business. 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.[37]

No evidence has emerged linking Joseph Bankman or his wife to any criminal practices. He hired a lawyer and postponed a course he was scheduled to teach in the winter of the 2022–23 academic year.[38]

Bankman and his wife were signatories to a beachfront residence in Old Fort Bay, Bahamas, that is part of the FTX bankruptcy. A spokesperson for Bankman and his wife said they were trying to return the property to FTX.[39]

References
  1. Just Call This Deal Hoosier Baroque New York Times
  2. PROP 39--Tax Treatment for Multistate Businesses. Clean Energy and Energy Efficiency Funding. Initiative Statute. Government of California
  3. Bankman, Joseph; Shaviro, Daniel N.; Stark, Kirk J.; Kleinbard, Edward D. (2018-11-06). Federal Income Taxation. Aspen Publishing. ISBN 978-1-5438-0546-8.
  4. "Joe Bankman, J.D., PSY.D." Pacific Anxiety Group, © 2015-2022. Retrieved Dec. 13, 2022.
  5. Stross, Randall (January 23, 2010). "Why Can't the I.R.S. Help Fill in the Blanks?". The New York Times. Retrieved April 14, 2022.
  6. "Joseph Bankman". stanford.edu. Retrieved May 12, 2017.
  7. "Stanford law professor Joseph Bankman". stanford.edu. 7 April 2015. Retrieved May 12, 2017.
  8. "Joe Bankman, J.D., PSY.D." Pacific Anxiety Group, © 2015-2022. Retrieved Dec. 13, 2022.
  9. "Joseph Bankman". stanford.edu. Retrieved 19 November 2022.
  10. "About the Author", Federal Income Taxation, Eighteenth Edition; Aspen Publishing.
  11. "Counseling and Psychological Services," UCSC, 2022. Retrieved Dec. 13, 2022.
  12. "Stanford Law Professor Helps Students Cope with Stress," JD Journal, April 10, 2015. Retrieved Dec. 13, 2022.
  13. Weil, Elizabeth. "Wait, But Weren't His Parents Law Professors?". New York Magazine. New York Magazine. Retrieved 22 November 2022.
  14. "WellnessCast". stanford.edu.
  15. "Stanford Professor Loses Political Battle To Simplify Tax Filing Process". npr.org. 2017-03-29. Retrieved 2017-06-03.
  16. Schleifer, Theodore. "Keeping Up with the Bankman-Frieds". Puck. Retrieved 13 December 2022.
  17. Manjoo, Farhad (2015-04-16). "Would You Let the I.R.S. Prepare Your Taxes?". New York Times. Retrieved 26 November 2022.
  18. "Senator Warren Introduces Bill to Simplify Tax Filing". senate.gov. Elizabeth Warren.
  19. "Support for the Tax Filing Simplification Act of 2016" (PDF). senate.gov. Elizabeth Warren.
  20. Catenacci, Thomas. "Sam Bankman-Fried's father drafted tax legislation for Elizabeth Warren, donated thousands to Dems". Fox News. Retrieved 26 November 2022.
  21. "Stanford Legal Podcast". stanford.edu. 27 January 2018. Retrieved November 16, 2022.
  22. Parloff, Roger (2021-08-12). "Portrait of a 29-year-old billionaire: Can Sam Bankman-Fried make his risky crypto business work?". finance.yahoo.com.
  23. Diamond, Dan. "Before FTX collapse, founder poured millions into pandemic prevention," The Washington Post, Dec. 12, 2022. Retrieved Dec. 15. 2022.
  24. Paid Notice: Deaths. Block, Adrienne Fried, The New York Times, Apr. 2, 2009. Retrieved Dec. 15, 2022.
  25. Riley, Oriana. "Sam Bankman-Fried to be under house arrest on Stanford campus". Stanford Daily. Retrieved 28 December 2022.
  26. Algar, Selim. "Sam Bankman-Fried's family pays $10K a week for armed security, sources say". New York Post. Retrieved 28 December 2022.
  27. Yaffe-Bellany, David; Goldstein, Matthew; Flitter, Emily (2022-12-13). "Prosecutors Say FTX Was Engaged in a 'Massive, Yearslong Fraud'". The New York Times. ISSN 0362-4331. Retrieved 2022-12-14.
  28. "SEC.gov | SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX". www.sec.gov. Retrieved 2022-12-14.
  29. "United States Attorney Announces Charges Against FTX Founder Samuel Bankman-Fried". www.justice.gov. 2022-12-13. Retrieved 2022-12-14.
  30. Anstey, Chris (11 November 2022). "FTX Meltdown Has 'Whiffs' of Enron-Like Scandal, Summers Says". Bloomberg. Retrieved 11 November 2022.
  31. Vainshtein, Annie (10 November 2022). "Meet SBF, the Bay Area-born crypto mogul at the center of a multi-billion-dollar crisis". San Francisco Chronicle.
  32. Justin Baer; Hardika Singh (12 December 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 2022-12-19.
  33. "The Parents in the Middle of FTX's Collapse". New York Times. Retrieved 28 December 2022.
  34. "How Sam Bankman-Fried seduced blue-chip investors". Financial Times. 2022-11-11. Retrieved 2022-11-12.
  35. "Sam Bankman-Fried's crypto empire 'was run by a gang of kids in the Bahamas'". Fortune. Retrieved 2022-11-12.
  36. Cohan, William D. "The S.B.F. Chronicles: The Bridge Loan to Nowhere". Puck. Puck. Retrieved 24 December 2022.
  37. Schliefer, Theodore. "Keeping Up with the Bankman-Frieds". Puck. Retrieved 5 January 2023.
  38. Yaffe-Bellany, David, Lora Kelley and Kenneth P. Vogel. "The Parents in the Middle of FTX’s Collapse," The New York Times, Dec. 12, 2022. Retrieved Dec. 15. 2022.
  39. "Exclusive: Bankman-Fried's FTX, parents bought Bahamas property worth $121 million". Reuters. Retrieved 2022-11-22.
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