• Privacy Policy
  • About Us
  • Contact Us
Climate Change Dispatch
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us
No Result
View All Result
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us
No Result
View All Result
Climate Change Dispatch
No Result
View All Result

Shellenberger: Crypto-Fraud Exposes Woke ESG Capitalism As A Scam

by Michael Shellenberger
November 17, 2022, 10:04 AM
in News and Opinion
Reading Time: 6 mins read
A A
1

SBF clintonSam Bankman-Fried, the founder of FTX, which was, until last week, the world’s second-largest cryptocurrency exchange, is today facing prison time for allegedly defrauding his customers of billions of dollars.

Bankman-Fried, 30, donated to many progressive causes allied with the “effective altruism movement,” including pandemic prevention and response. [emphasis, links added]

He spoke at and presumably donated to, the World Economic Forum’s Davos conference last May and the Clinton Foundation’s Clinton Global Initiative in September.

Bankman-Fried is similar to Bernie Madoff in that both men used philanthropic giving, and the veneer of humility, to create a positive reputation while running pyramid schemes that should have set off red flags among investors, regulators, and journalists.

In truth, the Bankman-Fried scandal shows that all do-gooder capitalism should set off red flags.

Bankman-Fried claimed he was only trying to get rich in order to raise money for charity, and investors and journalists overwhelmingly took him at his word, even while visiting him at his $40 million home in the Bahamas.

“You were really good at talking about ethics for someone who kind of saw it all as a game with winners and losers,” a Vox reporter said to Bankman-Fried last night, to which he responded, “ya, hehe… I feel bad for those who get fucked by it. By this dumb game we woke westerners play where we say all the right shiboleths [sic] so everyone likes us.”

Defenders of do-gooder capitalism say that socially-responsible investing—which was rebranded as ESG to refer to investing that takes environmental, social, and governance issues into account—has done a lot of good.

They point to ESG investments in things like renewable energy, electric vehicles, and carbon offsets as proof that capitalism and philanthropy can co-exist.

But ESG has been rocked by scandal after scandal for greenwashing things that are bad for the environment, people, and democracy. Few carbon offsets actually reduce carbon emissions. Many are scams.

Some pay landowners to not cut down trees they were never going to log. Others pay renewable energy developers who were already going to build wind and solar projects.

Most solar panels and electric car batteries are made in Xinjiang, China, by incarcerated Uyghur Muslims. Solar projects require 300-600 times more land than nuclear or natural gas plants and are devastating fragile desert environments.

And there is no waste disposal solution for used solar panels, a hazardous waste, which means they will be sent to landfills or dumped in poor nations.

Even Bankman-Fried acknowledges that “ESG has been perverted beyond recognition.”

sbf tweet 2

“Fraud” may seem like a harsh word for describing ESG, but Black’s Law defines fraud as an activity that relies on deception in order to achieve a gain and ESG certifiers, and sellers of solar panels and solar projects, know perfectly well that their projects violate the letter and spirit of ESG.

Representatives of the renewable energy industry for years claimed their products were cheaper than other energy sources even as they were lobbying Congress for $369 billion in subsidies.

And many ESG funds exclude nuclear energy even though nuclear has the smallest environmental footprint of any energy source, pays higher wages than solar, and enjoys the strictest regulatory governance of any energy source.

In truth, societies are much more vulnerable to ESG, renewable energy, and offset frauds than to con artists like Madoff and Bankman-Fried.

The latter are caught as soon as the stock market crashes and their pyramid scheme collapses. ESG, renewables, and offsets, by contrast, continue to find customers despite scandal after scandal — as do the Clinton Foundation and World Economic Forum.

The Clinton Foundation is still holding pay-to-play conferences despite having been caught accepting $10 to $25 million from Saudi Arabia and $1 million from Qatar before and while, respectively, Hillary Clinton became Secretary of State.

And the World Economic Forum’s founder, Klaus Schwab, was at the G-20 meeting this week despite revelations that WEF promoted FTX.

As such, the question is not why Woke frauds like Bankman-Fried do what they do, nor why they get caught, but rather why people fall for it. Why do such transparent efforts to buy public sympathy through greenwashing and woke-washing continue to work?

Wokeism Is The New “Greed Is Good”

Over the spring and summer, as investors pulled their money out of cryptocurrencies, Bankman-Fried started bailing out cryptocurrency firms.

He characterized his actions as altruistic. Many reporters uncritically accepted this interpretation. CNBC’s Jim Cramer called Bankman-Fried the “J.P. Morgan of this generation,” in reference to banker John Pierpont Morgan’s famous 1907 bail-out of failing banks.

“They call him the J.P. Morgan of crypto,” said CNBC’s Andrew Ross Sorkin of the influential show Squawk Box, while introducing a September 16, 2022 profile of Bankman-Fried.

“Yeah, the Michael Jordan of crypto!” responded financial reporter Kate Rooney.

She went on. “He spent hundreds of millions of dollars to bail out struggling companies facing bankruptcy, liquidity issues — you name it. The CEO, though, lives a relatively understated life for a billionaire. He drives a Toyota Corolla to FTX’s offices in The Bahamas. He lives with 10 roommates. And a golden doodle named Gopher sometimes sleeps under his desk on a beanbag chair.”

Rooney didn’t mention that Bankman-Fried’s home is valued at $40 million, even though she interviewed him about it. In fact, Bankman-Fried’s FTX allegedly spent $74 million on real estate in the Bahamas.

“You said FTX has a responsibility to seriously consider stepping into the time to save companies,” swooned Rooney. “Why did you have that sense of responsibility?”

In retrospect, there were red flags everywhere. In several interviews, this fall, Bankman-Fried’s leg is shaking nervously. In 2020, Bankman-Fried admitted to using stimulants.

“In general, probably half of all people or more should be taking meds of some kind, because they just make your life a lot better,” he told a podcaster.

And in April, Bankman-Fried appeared to admit that his company was a Ponzi (pyramid) scheme a Bloomberg reporter named Matt Levine.


Michael Shellenberger is the best-selling author of “Apocalypse Never” and “San Fransicko“, Time Magazine’s “Hero of Environment”, Green Book Award Winner, and Founder of Environmental Progress.

h/t Rúnar O.

Read rest at SubStack

  • Truth
  • Twitter
  • Facebook
  • LinkedIn
  • Gettr
  • Threads
  • gab-logo Gab
  • Mastodon
  • Buffer
  • Telegram
  • Email
  • Copy Link
  • Share Using More Networks…

Popular Posts

Electric Vehicles (EVs)

The ‘Green’ Scam Of The Century: How ‘Renewables’ Increase Fossil Fuel Demands

Oct 23, 2024
News and Opinion

Antarctica Is Colder, Icier Today Than At Any Time In 5,000 Years

Apr 15, 2024
Energy

30-Plus Signs That The Climate Scam Is Collapsing

Apr 09, 2025

Comments 1

  1. Pig ZIZ Pigs says:
    3 years ago

    HOW ASTOUDING

    BANKMAN-FRIED and his
    TTX and ESG have been exposed as criminal compatriots

    Will they ever be prosecuted

    Not if the smellocratic party has its way

    No t if the smrlllocrtic

    Reply

Comments are welcome! Those that add no discussion value may be removed.Cancel reply

Stay Connected On Social Media

gab-logo

Donate Today

Beating back the alarmist narrative takes time and money. Please donate today to help!

Recent Posts

  • 1930S Dust BowlBloomberg’s Climate Alarm Misfires: U.S. Heat Records Show 1930s Still Hottest
    Oct 10, 2025
    New data challenges Bloomberg’s heat claims, showing U.S. temp records peaked in the 1930s, not the modern era, despite climate alarmist narratives. […]
  • Rinderknecht facebook postSuspected Pacific Palisades Firebug Ranted Online About Trump, Climate Change
    Oct 10, 2025
    The alleged firebug behind the Pacific Palisades fire ranted online about climate change, Trump, Antarctic ice, and plant-based diets. […]
  • Solar panel farmBLM Cancels Mammoth Nevada Solar Project Under Trump’s Energy Agenda
    Oct 10, 2025
    BLM pulled the plug on a massive Nevada solar power project amid the Trump administration’s crackdown on renewable energy projects. […]
  • North Sea Wind FarmScientists Warn EU’s Net Zero Push Fueling Green Colonialism In Poor Countries
    Oct 10, 2025
    Scientists warn the green energy push risks exploiting developing nations, draining resources, and worsening global inequality under climate action. […]
  • Leonardo DiCaprio and his megayacht‘Green Antoinettes’ Preach Sacrifice While Jetting Off In Luxury
    Oct 10, 2025
    From Leo DiCaprio to AOC, celebs and politicians moralize about climate austerity while jetting off in luxury, fueling public backlash. […]
  • city underwaterYahoo News Pushes False Claim Cape Coral Will Vanish Under Rising Seas
    Oct 9, 2025
    Yahoo News amplified a false claim that Cape Coral will vanish under rising seas, ignoring NOAA tide data showing only a modest, steady sea level trend. […]
  • Santa Ynez Reservoir and hydrantLAFD After-Action Report Omits Empty Reservoir’s Role In Palisades Fire
    Oct 9, 2025
    LAFD’s Palisades Fire report cites firefighting issues but leaves out how the empty Santa Ynez Reservoir worsened the disaster. […]
  • Palisades FireDemocrats, Media Falsely Blamed Deadly California Fire On Climate Change—It Was Arson
    Oct 9, 2025
    The Feds say a man intentionally set the Palisades Fire, undermining claims from Democrats and media that climate change and oil companies were to blame. […]
  • Pope ice blessingPope Leo’s Arctic Ice Blessing Eroding Church’s Spiritual Mandate
    Oct 8, 2025
    Pope Leo’s Arctic ice blessing exposed how diving into climate politics erodes the Church’s spiritual authority and aligns it with radical agendas. […]
  • Offshore oil rigFederal Judge Rules Biden’s Massive Offshore Oil And Gas Ban Was Illegal
    Oct 8, 2025
    A federal judge ruled Biden overstepped his authority when he blocked offshore oil and gas drilling across 625 million acres, overturning his permanent ban. […]

Get Instant Email Notifications

Subscribe to receive a digest of daily stories, or get emailed once they're published. Check your Junk/Spam folder for a verification email.

Submit a tip

Please enter your email, so we know you're human.

Books You May Like

exposing great lie

Have a suggestion? Let us know! We swap out books based on your input. We participate in the Amazon Services LLC Associates Program. See here.

  • About
  • Privacy Policy
  • Contact Us

© Portions copyright Climate Change Dispatch

No Result
View All Result
  • Home
  • Videos
  • Who We Are
  • Facts Vs. Fearmongering
    • Real science vs Junk Science
      • 1100-plus Peer-Reviewed Studies
      • 97% – Myth of the Climate Change Consensus
      • Michael Crichton: Aliens Cause Global Warming
      • Climate change and its causes
      • Climate Science Primer
      • CO2 is not pollution
      • Deceptive Surface Temperature Records
      • Editorial: Great Global Warming Hoax
      • Rules for Climate Radicals: Part 1
      • Rules for Climate Radicals: Part 2
      • Rules for Climate Radicals: Part 3
      • Why CO2 Is A Minor Player In Global Climate
      • Why Politicized Science Is So Dangerous
    • Facts Not Fear
      • A Simple Question For Climate Alarmists
      • Climate Change – The Facts
      • Climate Change Fears Are Empirically Baseless
      • Global Warming 101
      • Global Warming Q&A
      • Understanding The Medieval Warm Period
      • Ocean Cycles and Climate
      • Overview of Plate Climatology Theory
      • Precautionary Principle
      • Should We Celebrate Carbon Dioxide?
      • The Skeptics Handbook
      • Weather Versus Climate
      • Why I’m a GW skeptic
      • Winning the climate debate with facts
      • Why Aliens Cause Global Warming
    • Greenhouse FAQs
      • CO2, Plants, & Industry
      • How much have temps changed?
      • How much have temps changed?
      • How much have temps changed?
      • Is global warming real?
      • Measuring temperature
      • Swimming in CO2?
      • Scientists urge caution?
      • Today’s warming trend
      • Variations in temperature
    • Gore’s Greatest Goofs
      • Deconstructing the Truth
      • Fact-Checking Al Gore’s Latest Predictions
      • How Gore Created The Global Warming Hoax
    • Inside Real Climate
      • Closer look at the 97% Consensus
      • GW’s Amazing Story
      • IPCC gets failing grade
      • Real Climate Exposed!
      • Truth about Real Climate
      • We’ve Been Conned
      • What is there a 97% consensus about?
    • Behind the IPCC
      • 1,000 Scientists Dissent
      • Climategate: Caught Green-Handed!
      • Climategate Inquiries
      • Climategate Inquiries 2
      • NIPCC Report Now Available
      • Understanding the Climategate Inquiries
  • Submissions
  • Contact Us

© 2025 Climate Change Dispatch

Share via
  • Facebook
  • Like
  • Twitter
  • Pinterest
  • LinkedIn
  • Digg
  • Tumblr
  • VKontakte
  • Print
  • Email
  • Reddit
  • Buffer
  • Love This
  • Weibo
  • Pocket
  • Xing
  • Odnoklassniki
  • WhatsApp
  • Meneame
  • Blogger
  • Amazon
  • Yahoo Mail
  • Gmail
  • AOL
  • Newsvine
  • HackerNews
  • Evernote
  • MySpace
  • Mail.ru
  • Viadeo
  • Line
  • Flipboard
  • Comments
  • SMS
  • Viber
  • Telegram
  • Subscribe
  • Facebook Messenger
  • Kakao
  • LiveJournal
  • Yammer
  • Edgar
  • Fintel
  • Mix
  • Instapaper
  • Copy Link
  • Truth
  • gab-logo Gab
  • Gettr
  • Baidu
  • Mastodon
  • Threads
  • Bluesky
Share via
  • Digg
  • Tumblr
  • VKontakte
  • Print
  • Email
  • Reddit
  • Buffer
  • Love This
  • Weibo
  • Pocket
  • Xing
  • Odnoklassniki
  • WhatsApp
  • Meneame
  • Blogger
  • Amazon
  • Yahoo Mail
  • Gmail
  • AOL
  • Newsvine
  • HackerNews
  • Evernote
  • MySpace
  • Mail.ru
  • Viadeo
  • Line
  • Flipboard
  • Comments
  • SMS
  • Viber
  • Telegram
  • Subscribe
  • Facebook Messenger
  • Kakao
  • LiveJournal
  • Yammer
  • Edgar
  • Fintel
  • Mix
  • Instapaper
  • Copy Link
  • Truth
  • gab-logo Gab
  • Gettr
  • Baidu
  • Mastodon
  • Threads
  • Bluesky