Sam Bankman-Fried’s Bond Guarantors Reveal The Surprisingly Lucrative World Of Legal Academia

Sam Bankman-Fried (Photo by Matias J. Ocner/Miami Herald/Tribune News Service via Getty Images)

The case of Sam Bankman-Fried has been a fascinating one for the legal industry. Sure, the collapse of FTX is a potential harbinger of doom for the crypto market (and a potential boon for the Biglaw litigators that count crypto clients in their book of business). But the way SBF has continually spoken to the media — despite the advice of counsel — has been riveting.

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Add in that SBF is the child of two legal academics — Barbara Fried and Joseph Bankman, both of Stanford Law School — and you can see there’s plenty to hold the industry’s attention. Now that Southern District of New York judge Lewis Kaplan has unsealed the names of the two anonymous sureties who supplemented the $250 million personal recognizance bond (co-signed by SBF’s parents), it’s even more intriguing.

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Former Stanford Law dean Larry Kramer signed a $500,000 unsecured bond (another for $200,000 was signed by Stanford University research scientist Andreas Paepcke) guaranteeing SBF’s return to court.

As reported by Law360, Kramer shared that his personal relationship with SBF’s parents motivated the move:

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“During the past two years, while my family faced a harrowing battle with cancer, they have been the truest of friends — bringing food, providing moral support and frequently stepping in at a moment’s notice to help,” Kramer said. “In turn, we have sought to support them as they face their own crisis. 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. Nor do I have any comment or position regarding the substance of the legal matter itself, which is what the trial will be for.”

Kramer is currently president of the William and Flora Hewlett Foundation.

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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter @Kathryn1 or Mastodon @[email protected].

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Larry Kramer, Law Schools, Sam Bankman-Fried, Stanford Law School