Before everything crumbled, Gabe Bankman-Fried possessed an extraordinary ability to identify the true character of Washington’s politicians. He referred to it as his X-ray vision, allowing him to see beyond their facades. In October 2022, he shared with me that despite the challenges, he believed in finding authentic individuals.
Gabe was the head of the nonprofit organization called Guarding Against Pandemics (GAP), which aimed to protect the nation from future catastrophic outbreaks. Since its establishment in 2020, GAP had gained significant attention due to the deep pockets of Gabe’s brother, Sam Bankman-Fried, who was a billionaire and the CEO of FTX cryptocurrency exchange.
According to tax filings, GAP had spent $11 million in 2021. Sam had also contributed $27 million to Protect Our Future, a super PAC with similar goals. This level of financial support made Gabe a prominent figure in Washington. While not a kingmaker, he held influence as a financial advisor to some of the most important individuals in politics.
Gabe shared with me his discomfort with witnessing influential figures debase themselves for personal gains. We sat in GAP’s newly acquired $3.3 million rowhouse, which served as their headquarters. Despite his young age, just in his late 20s, Gabe had transitioned from being a low-level congressional aide to gaining meetings with influential political figures like Senate Majority Leader Chuck Schumer.
The Bankman-Fried brothers rose to power quickly due to their substantial financial resources. However, their emergence felt like a lifesaver to Democrats who were navigating the uncertainties left behind by Donald Trump’s departure from the White House. Washington was in a state of confusion, with nobody knowing how to proceed. It seemed that merely associating oneself with or against Trump could contribute to success in this tumultuous era.
The Trump era had triggered a surge in the #Resistance movement among Democrats. Leah Hunt-Hendrix, an affluent political organizer committed to supporting progressive candidates, benefitted greatly from this dynamic. Although she lacked personal financial need due to her oil fortune, her connections and influence helped funnel funds into Democratic causes during the 2020 election cycle.
However, after Trump’s exit, the situation became more complex. President Biden attempted to bridge the deep divisions within the Democratic Party regarding candidate selection, priorities, and effective strategies to motivate voters and secure donations.
During the 2022 midterms, these divisions spilled over into outside groups. Donor adviser Dmitri Mehlhorn, associated with billionaire Democrat Reid Hoffman, criticized progressive organizations for pushing unrealistic legislation that hindered future election success. Mehlhorn’s comments resulted in an explicit conflict with organizations like Hunt-Hendrix’s. The money also became scarcer for organizations like hers. People were exhausted after four years of battling Trump, hoping for a return to normalcy. Additionally, the differing visions within the Democratic Party made it challenging to garner support.
In this vacuum, individuals like the Bankman-Frieds became vital to political Washington. Many donors preferred to remain invisible, but Sam Bankman-Fried’s influence was built on both money and charisma—a lesson learned from the Trump era. The brothers introduced effective altruism, a data-driven approach to maximize impact, which resonated with Washington’s love for Silicon Valley language. Their network disbursed over $70 million into various research projects, campaigns, biosecurity initiatives, as well as supporting media companies, think tanks, and nonprofits.
Gabe explained during our interview that the influence of money in politics was relatively small compared to its impact. He compared it to the almond industry, emphasizing their limited resources. The Bankman-Frieds aimed to bridge this gap, but there were questions about their ability to spend funds wisely. Protect Our Future, the super PAC backed by Sam’s millions, contributed more than $11 million to a single congressional race in Oregon, setting a new spending record. Despite the investment, their chosen candidate still lost.
Presently, Sam Bankman-Fried is under house arrest, awaiting trial for various charges, including fraud and campaign finance violations. Gabe has left Guarding Against Pandemics and retreated from the public eye. Politicians and organizations in Washington have returned their donations, attempting to cope with the lost funds.
Although the Bankman-Frieds may have vanished, the Flailing Era continues. The search for adequate funding to support the increasingly expensive world of politics and determining the right candidates and voter priorities has become more challenging. However, official Washington can find solace in the return of Mr. Trump, where individuals can once again define themselves based on their alignment with or against him.
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