Topline
Among the two mystery guarantors for Sam Bankman-Fried’s $250 million bail is Larry Kramer, the former dean of Stanford Law School, according to court filings unsealed Wednesday – and Kramer told Forbes his rationale for his $500,000 commitment was to support Bankman-Fried’s parents, his longtime acquaintances and former colleagues at Stanford.
A former Stanford Law School dean helped bail out Sam Bankman-Fried.
Key Facts
Kramer, who was Stanford Law School’s dean from 2004 to 2012, told Forbes his decision to back Bankman-Fried was to support his “close friends” Joseph Bankman and Barbara Fried, the Stanford Law School professor parents of Bankman-Fried, who faces eight federal criminal charges for alleged fraud at the cryptocurrency exchange FTX he founded.
Kramer, who now serves as president of the non-profit Hewlett Foundation, cited Bankman and Fried’s support during his family’s recent battle with cancer, wrote he sought to “support them as they face their own crisis.”
Andreas Paepcke, a Stanford senior research scientist and the second co-signer of Bankman-Fried’s bail revealed Wednesday, did not immediately respond to an emailed request for comment.
Crucial Quote
“My actions are in my personal capacity, and I have no business dealings or interest in this matter other than to help our loyal and steadfast friends,” Kramer wrote in emailed comments. “Nor do I have any comment or position regarding the substance of the legal matter itself, which is what the trial will be for.”
Key Background
Bankman-Fried’s legal team previously sought to keep the identities of Kramer and Paepcke private, citing an incident in which three men tried to ram through a security barricade outside of Bankman and Fried’s California house where Bankman-Fried resides as he awaits trial. Kramer told the New York Times in December he didn’t “see how this doesn’t bankrupt them,” referring to the mounting legal fees Bankman and Fried likely face. Bankman-Fried’s trial is set to begin October 2, and he faces a maximum prison sentence of 115 years.
Further Reading
Bankman-Fried Bail Guarantors Are Stanford Faculty Members (Bloomberg)
Three Men Tried Breaking Into Home Of Sam Bankman-Fried’s Parents, Lawyers Claim (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2023/02/15/ex-stanford-dean-bailed-out-bankman-fried-to-help-steadfast-friends-he-says/