Joseph Bankman Net Worth

Joseph Bankman is an American lawyer who currently works as a professor of Law and Business at Stanford Law School.
Joseph Bankman is an American lawyer who currently works as a professor of Law and Business at Stanford Law School.( Source : priceonomics )


Joseph Bankman is an American lawyer who has a net worth of $5 million dollars. Joseph Bankman currently works as a professor of Law and Business at Stanford Law School.

Joseph is a Ralph M. Parsons Professor of Law and Business at Stanford. However, he is currently famous for being the father of FTX Founder Sam Bankman-Fried, who had an estimated net worth of $10.5 billion.

Due to the FTX solvency crisis, as of November 8, 2022, Bankman-Fried wealth had dropped 94% in a day to $991.5 million as per the Bloomberg Billionaires Index. This drop in wealth is the largest one-day drop in the history of the Index, and by November 11, 2022, the index stated that Bankman-Fried has no material wealth. 

Joseph Bankman Is The Father Of FTX Founder Sam Bankman Fried

FTX founder Sam Bankman-Fried father Joseph Bankman and his wife Barbara Fried have profited from their son's activities.

Like her husband, Barbara Fried is an American lawyer and works at Stanford Law School. 

Sam was born on March 6, 1992. They also have another son called Gabriel Bankman-Fried, a former Wall Street Trader and the director of Guarding Against Pandemics, a non-profit organization.

Since both Bankman and his wife are academics and come from a long line of smart and accomplished people, they drove both their sons to be the same. Bankman-Fried went to a summer program for the mathematically talented called the Canada/USA Mathcamp for high school students.

He went there representing his high school, Crystal Springs Uplands High School, which is located in Hillsborough, California.

Joseph Bankman is the father of FTX founder Sam Bankman-Fried
Joseph Bankman is the father of FTX founder Sam Bankman-Fried ( Source : sfchronicle )

He went to study at the Massachusetts Institute of Technology from 2010 to 2014 and was a member of the coeducational group house, Epsilon Theta. He graduated with a bachelor's degree in physics and a minor in mathematics. 

What set Bankman-Fried onto the path he walks now was a summer internship at Jane Street Capital in the summer of 2013. In this job, he traded international ETFs, a type of investment fund, and he returned a year later, soon after graduating, to work full-time.


Joseph Bankman Career Earnings And Fortune

Joseph Bankman net worth came from his successful academic career. He is best known for being a leading scholar in tax law.

Joseph has authored two tax casebooks, one of which is the Federal Income Taxation. He originally pursued a Bachelor of Arts from the University of California in Berkeley in 1977 and then received a Juris Doctorate from Yale Law School in 1980.

He is famous for going back to college and earning a second degree in clinical psychology in the middle of his career. He has since used that degree to help counsel first-year law students handle the anxiety of law school.

He is perhaps most remembered for developing a proposal called ReadyReturn in 2004 for the California program. This program would make it, so citizens' tax returns were filled out in advance and only need them to make corrections now and again.

Joseph Bankman at Stanford School of Law
Joseph Bankman at Stanford School of Law ( Source : latimes )

The program failed to be passed in the California legislature, and that too by one vote. The main reason why it failed was due to lobbying efforts from Intuit, a tax software company, which would become defunct if Bankman's policies were made to pass.

Still undeterred, Bankman keeps working towards making tax reforms for the country. He is a co-host alongside fellow professor Pamela Karlan for the Stanford Legal Podcast.


Joseph Bankman And The FTX Controversy

Joesph Bankman and his net worth have come under scrutiny due to his relationship with the FTX controversy. Joseph Bankman's controversy does not simply end with him being the father of Sam Bankman-Fried.

He was involved with FTX from the start, including raising funds for the firm before it declared bankruptcy. Bankman helped raise $125 million for the company through his connection to a former student from Stanford Law School called Orlando Bravo.

This connection led to the $125 million investment from Thoma Bravo, a private equity firm, in June 2021.

Joseph Bankman on The FTX Podcast which is his son's company's podcast
Joseph Bankman on The FTX Podcast which is his son's company's podcast ( Source : youtube )

Now that the chips have fallen, and his son might go to jail, Bankman is trying his hardest to make things right. 

He and his wife have a luxury Bahamas residence in Old Fort Bay, part of the FTX Bankruptcy, that they are trying to return to the FTX. Though what funds were used to purchase this home is unknown, they must've been shady.

In a nutshell, Bankman and his whole family are under media scrutiny for the mistakes made by his son.



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