{{Use mdy dates|date=November 2023}} {{Short description|American lawyer and professor (born 1955)}} {{Use American English|date=May 2026}} {{Infobox academic | name = Joseph Bankman | caption = Photo of Allan Joseph Bankman, father of Sam Bankman-Fried | children = Sam and Gabe Bankman-Fried | discipline = Law | workplaces = USC Gould School of Law<br>University of California, Santa Cruz<br>Stanford Law School | footnotes = <ref>{{Cite news |last=Goldstein |first=Matthew |last2=Yaffe-Bellany |first2=David |last3=Kelley |first3=Lora |date=March 24, 2023 |title=The Younger Brother Caught in the Middle of the FTX Investigation |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/03/24/business/ftx-gabe-bankman-fried.html |access-date=September 19, 2023 |issn=0362-4331 |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919114909/https://www.nytimes.com/2023/03/24/business/ftx-gabe-bankman-fried.html |url-status=live }}</ref> | education = University of California, Berkeley (BA)<br>Yale University (JD)<br>Palo Alto University (PsyD) | partner = Barbara Fried | birth_name = Allan Joseph Bankman | birth_date = {{birth year and age|1955}} | sub_discipline = Tax law }} '''Allan Joseph Bankman'''<ref>[https://www.nytimes.com/2008/12/21/business/21gret.html Just Call This Deal Hoosier Baroque] {{Webarchive|url=https://web.archive.org/web/20221213015946/https://www.nytimes.com/2008/12/21/business/21gret.html |date=December 13, 2022 }} New York Times</ref><ref>[https://vigarchive.sos.ca.gov/2012/general/propositions/39/arguments-rebuttals.htm PROP 39--Tax Treatment for Multistate Businesses. Clean Energy and Energy Efficiency Funding. Initiative Statute.] {{Webarchive|url=https://web.archive.org/web/20221213015947/https://vigarchive.sos.ca.gov/2012/general/propositions/39/arguments-rebuttals.htm |date=December 13, 2022 }} Government of California</ref> (born 1955)<ref>{{Cite book |last1=Bankman |first1=Joseph |url=https://books.google.com/books?id=Bsp7DwAAQBAJ&dq=Joseph+Bankman+1955&pg=PT5 |title=Federal Income Taxation |last2=Shaviro |first2=Daniel N. |last3=Stark |first3=Kirk J. |last4=Kleinbard |first4=Edward D. |date=November 6, 2018 |publisher=Aspen Publishing |isbn=978-1-5438-0546-8 |language=en |access-date=January 29, 2023 |archive-date=September 27, 2023 |archive-url=https://web.archive.org/web/20230927030432/https://books.google.com/books?id=Bsp7DwAAQBAJ&dq=Joseph+Bankman+1955&pg=PT5#v=onepage&q=Joseph%20Bankman%201955&f=false |url-status=live }}</ref> is an American legal scholar and psychologist. He is the Ralph M. Parsons Professor of Law and Business at Stanford Law School.<ref name=":0">"[https://www.pacificanxietygroup.com/joe-bankman Joe Bankman, J.D., PSY.D.] {{Webarchive|url=https://web.archive.org/web/20221213024718/https://www.pacificanxietygroup.com/joe-bankman |date=2022-12-13 }}" ''Pacific Anxiety Group,'' © 2015-2022. Retrieved December 13, 2022.</ref> He was also employed at FTX, the cryptocurrency company founded by his son, Sam Bankman-Fried, who is an entrepreneur and convicted felon. His tenure at FTX lasted until the company's bankruptcy and subsequent collapse in 2022. == Education == Bankman earned a Bachelor of Arts degree from the University of California, Berkeley in 1977 and a Juris Doctor degree from Yale Law School in 1980.<ref>{{cite news |last1=Stross |first1=Randall |title=Why Can't the I.R.S. Help Fill in the Blanks? |url=https://www.nytimes.com/2010/01/24/business/24digi.html |access-date=April 14, 2022 |work=The New York Times |date=January 23, 2010 |archive-date=August 23, 2022 |archive-url=https://web.archive.org/web/20220823202619/https://www.nytimes.com/2010/01/24/business/24digi.html |url-status=live }}</ref><ref>{{Cite web |url=https://law.stanford.edu/directory/joseph-bankman/ |title=Joseph Bankman |publisher=stanford.edu |accessdate=May 12, 2017 |archive-date=April 14, 2017 |archive-url=https://web.archive.org/web/20170414112154/https://law.stanford.edu/directory/joseph-bankman/ |url-status=live }}</ref><ref>{{Cite web |url=http://news.stanford.edu/2015/04/07/bankman-law-anxiety-040715/ |title=Stanford law professor Joseph Bankman |date=April 7, 2015 |publisher=stanford.edu |accessdate=May 12, 2017 |archive-date=May 11, 2017 |archive-url=https://web.archive.org/web/20170511210350/http://news.stanford.edu/2015/04/07/bankman-law-anxiety-040715/ |url-status=live }}</ref> He later earned a doctorate in clinical psychology from Palo Alto University.<ref name=":0" />
==Career==
Bankman is a scholar in the discipline of tax law and is a compiler of two tax casebooks, including ''Federal Income Taxation''.<ref>{{cite web |title=Joseph Bankman |url=https://conferences.law.stanford.edu/alumni-weekend-2018/speakers/joseph-bankman/ |website=stanford.edu |access-date=November 19, 2022 |archive-date=November 19, 2022 |archive-url=https://web.archive.org/web/20221119004622/https://conferences.law.stanford.edu/alumni-weekend-2018/speakers/joseph-bankman/ |url-status=live }}</ref>
Early in his career, he taught at the USC Gould School of Law and practiced with the Los Angeles firm of Tuttle & Taylor. In 1989, he joined the faculty at Stanford Law School.<ref>"[https://www.aspenpublishing.com/Bankman-FedIncTax18 About the Author] {{Webarchive|url=https://web.archive.org/web/20230217155032/https://www.aspenpublishing.com/Bankman-FedIncTax18 |date=2023-02-17 }}", ''Federal Income Taxation'', Eighteenth Edition; Aspen Publishing.</ref>
Later in his career, he returned to being a student and earned an additional degree in clinical psychology from Palo Alto University, interning with the Counseling and Psychological Services (CAPS)<ref>"[https://caps.ucsc.edu/about/index.html Counseling and Psychological Services] {{Webarchive|url=https://web.archive.org/web/20221214041540/https://caps.ucsc.edu/about/index.html |date=2022-12-14 }}," ''UCSC,'' 2022. Retrieved December 13, 2022.</ref> of the University of California, Santa Cruz.<ref>"Stanford Law Professor Helps Students Cope with Stress," ''JD Journal,'' April 10, 2015. Retrieved December 13, 2022.</ref> He worked as a counselor for first-year law students on handling the anxiety of law school.<ref>{{cite web |last1=Weil |first1=Elizabeth |title=Wait, But Weren't His Parents Law Professors? |url=https://nymag.com/intelligencer/2022/11/sbf-parents-stanford-genius-bubble.html |website=New York Magazine |access-date=November 22, 2022 |archive-date=November 21, 2022 |archive-url=https://web.archive.org/web/20221121214944/https://nymag.com/intelligencer/2022/11/sbf-parents-stanford-genius-bubble.html |url-status=live }}</ref> Bankman also hosted a podcast called WellnessCast for Stanford Law School to discuss "wellness and mental health within the legal profession."<ref>{{cite web |title=WellnessCast |url=https://law.stanford.edu/media/wellnesscast/ |website=stanford.edu |access-date=November 26, 2022 |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126215608/https://law.stanford.edu/media/wellnesscast/ |url-status=live }}</ref>
In 2004, he and his colleagues developed a proposal for a California program called ReadyReturn, whereby citizens' income tax returns were filled out in advance, requiring only that the users make corrections. The program failed to pass the California legislature by one vote, reportedly after lobbying efforts from tax software preparation company Intuit.<ref>{{cite web |url=https://www.npr.org/2017/03/29/521954033/stanford-professor-loses-political-battle-to-simplify-tax-filing-process |title=Stanford Professor Loses Political Battle To Simplify Tax Filing Process |website=npr.org |date=March 29, 2017 |accessdate=June 3, 2017 |archive-date=June 1, 2017 |archive-url=https://web.archive.org/web/20170601171444/http://www.npr.org/2017/03/29/521954033/stanford-professor-loses-political-battle-to-simplify-tax-filing-process |url-status=live }}</ref> Bankman spent an estimated $30,000 to $35,000 of his own money on the fight against Intuit.<ref name=":1">{{cite web |last1=Schleifer |first1=Theodore |title=Keeping Up with the Bankman-Frieds |url=https://puck.news/keeping-up-with-the-bankman-frieds/ |website=Puck |access-date=December 13, 2022 |archive-date=December 13, 2022 |archive-url=https://web.archive.org/web/20221213154246/https://puck.news/keeping-up-with-the-bankman-frieds/ |url-status=live }}</ref>
Following the defeat in California, he continued to advocate for simplification of the U.S. tax filing system and the adoption of return-free filing.<ref>{{cite web |last1=Manjoo |first1=Farhad |title=Would You Let the I.R.S. Prepare Your Taxes? |url=https://www.nytimes.com/2015/04/16/technology/personaltech/turbotax-or-irs-as-tax-preparer-intuit-has-a-favorite.html |website=New York Times |date=April 16, 2015 |access-date=November 26, 2022 |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126215011/https://www.nytimes.com/2015/04/16/technology/personaltech/turbotax-or-irs-as-tax-preparer-intuit-has-a-favorite.html |url-status=live }}</ref>
In 2016, he lent his support to Senator Elizabeth Warren's Tax Filing Simplification Act along with 50 other law professors and economists.<ref>{{cite web |title=Senator Warren Introduces Bill to Simplify Tax Filing |url=https://www.warren.senate.gov/oversight/reports/senator-warren-introduces-bill-to-simplify-tax-filing |website=senate.gov |publisher=Elizabeth Warren |access-date=November 26, 2022 |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126214350/https://www.warren.senate.gov/oversight/reports/senator-warren-introduces-bill-to-simplify-tax-filing |url-status=live }}</ref> A letter with Bankman as the lead signatory states, "Much of the time and expense involved in tax filing is unnecessary."<ref>{{cite web |title=Support for the Tax Filing Simplification Act of 2016 |url=https://www.warren.senate.gov/files/documents/Tax_Filing%20Expert_Letter_4-18-16.pdf |website=senate.gov |publisher=Elizabeth Warren |access-date=November 26, 2022 |archive-date=December 2, 2022 |archive-url=https://web.archive.org/web/20221202070453/https://www.warren.senate.gov/files/documents/Tax_Filing%20Expert_Letter_4-18-16.pdf |url-status=live }}</ref> He was said to be involved with writing Senator Warren's bill.<ref>{{cite web |last1=Catenacci |first1=Thomas |title=Sam Bankman-Fried's father drafted tax legislation for Elizabeth Warren, donated thousands to Dems |url=https://www.foxnews.com/politics/sam-bankman-frieds-father-drafted-tax-legislation-elizabeth-warren-donated-thousands-dems |website=Fox News |access-date=November 26, 2022 |archive-date=November 26, 2022 |archive-url=https://web.archive.org/web/20221126214348/https://www.foxnews.com/politics/sam-bankman-frieds-father-drafted-tax-legislation-elizabeth-warren-donated-thousands-dems |url-status=live }}</ref>
He served as a co-host of the ''Stanford Legal'' podcast along with fellow professor Pamela Karlan.<ref>{{cite web |title=Stanford Legal Podcast |date=January 27, 2018 |url=https://stanfordvideo.stanford.edu/stanford-legal-podcast/ |publisher=stanford.edu |accessdate=November 16, 2022 |archive-date=November 17, 2022 |archive-url=https://web.archive.org/web/20221117015239/https://stanfordvideo.stanford.edu/stanford-legal-podcast/ |url-status=live }}</ref>
==Personal life==
Bankman's partner is Stanford Law School professor emeritus Barbara Fried (sister of Linda P. Fried<ref>Paid Notice: Deaths. [https://query.nytimes.com/gst/fullpage.html?res=9905E5DC103AF934A35757C0A96F9C8B63 Block, Adrienne Fried] {{Webarchive|url=https://web.archive.org/web/20180127134406/http://query.nytimes.com/gst/fullpage.html?res=9905E5DC103AF934A35757C0A96F9C8B63 |date=January 27, 2018 }}, ''The New York Times,'' April 2, 2009. Retrieved December 15, 2022.</ref>), whom he met in 1988 while teaching at Stanford. The couple did not marry because they felt it was unfair to gay couples who could not legally marry.<ref name=":12">{{Cite news |last1=Chafkin |first1=Max |last2=Miller |first2=Hannah |date=September 14, 2023 |title=How Sam Bankman-Fried's Elite Parents Enabled His Crypto Empire |language=en |work=Bloomberg |url=https://www.bloomberg.com/news/features/2023-09-14/sam-bankman-fried-s-parents-did-they-enable-ftx-s-rise |access-date=September 19, 2023 |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919154756/https://www.bloomberg.com/news/features/2023-09-14/sam-bankman-fried-s-parents-did-they-enable-ftx-s-rise |url-status=live }}</ref> They have two sons, Sam Bankman-Fried and Gabe Bankman-Fried.<ref>Diamond, Dan. "[https://www.washingtonpost.com/health/2022/11/16/sam-bankman-fried-ftx-pandemic-prevention/ Before FTX collapse, founder poured millions into pandemic prevention] {{Webarchive|url=https://web.archive.org/web/20221127200920/https://www.washingtonpost.com/health/2022/11/16/sam-bankman-fried-ftx-pandemic-prevention/ |date=2022-11-27 }}," ''The Washington Post,'' December 12, 2022. Retrieved Dec. 15. 2022.</ref> Bankman and his partner live in Stanford, California.<ref>{{cite web |last1=Riley |first1=Oriana |title=Sam Bankman-Fried to be under house arrest on Stanford campus |url=https://stanforddaily.com/2022/12/23/sam-bankman-fried-to-be-under-house-arrest-on-stanford-campus/ |website=Stanford Daily |access-date=December 28, 2022 |archive-date=December 28, 2022 |archive-url=https://web.archive.org/web/20221228015102/https://stanforddaily.com/2022/12/23/sam-bankman-fried-to-be-under-house-arrest-on-stanford-campus/ |url-status=live }}</ref>
=== FTX === {{Main articles|FTX}} In 2021, Bankman took a leave of absence from Stanford Law to work full time at FTX.<ref>{{cite magazine|url=https://www.newyorker.com/magazine/2023/10/02/inside-sam-bankman-frieds-family-bubble|title=The Parent Trap|magazine=The New Yorker}}</ref><ref>{{cite web|url=https://www.wsj.com/finance/currencies/sam-bankman-fried-parents-ardent-supporters-d5b2624e|title=Bankman-Fried's Parents Stand by Their Sam—and Face Their Own Legal Perils|work=The Wall Street Journal|date=2023-11-12}}</ref>
Bankman's son, Sam Bankman-Fried, was convicted of seven felony counts—conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, and conspiracy to defraud the Federal Election Commission and commit campaign finance violations<ref>{{Cite news |last1=Yaffe-Bellany |first1=David |last2=Goldstein |first2=Matthew |last3=Flitter |first3=Emily |date=December 13, 2022 |title=Prosecutors Say FTX Was Engaged in a 'Massive, Yearslong Fraud' |language=en-US |work=The New York Times |url=https://www.nytimes.com/2022/12/13/business/ftx-sam-bankman-fried-fraud-charges.html |access-date=December 14, 2022 |issn=0362-4331 |archive-date=December 13, 2022 |archive-url=https://web.archive.org/web/20221213233902/https://www.nytimes.com/2022/12/13/business/ftx-sam-bankman-fried-fraud-charges.html |url-status=live }}</ref><ref>{{Cite web |title=SEC.gov {{!}} SEC Charges Samuel Bankman-Fried with Defrauding Investors in Crypto Asset Trading Platform FTX |url=https://www.sec.gov/news/press-release/2022-219 |access-date=December 14, 2022 |website=www.sec.gov |archive-date=December 14, 2022 |archive-url=https://web.archive.org/web/20221214000826/https://www.sec.gov/news/press-release/2022-219 |url-status=live }}</ref><ref>{{Cite web |date=December 13, 2022 |title=United States Attorney Announces Charges Against FTX Founder Samuel Bankman-Fried |url=https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried |access-date=December 14, 2022 |website=www.justice.gov |language=en |archive-date=December 14, 2022 |archive-url=https://web.archive.org/web/20221214021137/https://www.justice.gov/usao-sdny/pr/united-states-attorney-announces-charges-against-ftx-founder-samuel-bankman-fried |url-status=live }}</ref>—after serving as the founder and former CEO of the FTX cryptocurrency exchange, which collapsed amid allegations of fraud in November 2022.<ref>{{cite news |last1=Anstey |first1=Chris |date=November 11, 2022 |title=FTX Meltdown Has 'Whiffs' of Enron-Like Scandal, Summers Says |work=Bloomberg |url=https://www.bloomberg.com/news/articles/2022-11-11/summers-says-ftx-meltdown-has-whiffs-of-enron-like-scandal |access-date=November 11, 2022 |archive-date=November 17, 2022 |archive-url=https://web.archive.org/web/20221117164406/https://www.bloomberg.com/news/articles/2022-11-11/summers-says-ftx-meltdown-has-whiffs-of-enron-like-scandal |url-status=live }}</ref><ref>{{Cite news |last1=Vainshtein |first1=Annie |title=Meet SBF, the Bay Area-born crypto mogul at the center of a multi-billion-dollar crisis |url=https://www.sfchronicle.com/bayarea/article/Meet-SBF-the-Bay-Area-born-crypto-mogul-at-the-17575495.php |work=San Francisco Chronicle |date=November 10, 2022 |access-date=November 13, 2022 |archive-date=November 13, 2022 |archive-url=https://web.archive.org/web/20221113065920/https://www.sfchronicle.com/bayarea/article/Meet-SBF-the-Bay-Area-born-crypto-mogul-at-the-17575495.php |url-status=live }}</ref> Joseph Bankman was a paid part-time employee of FTX prior to its bankruptcy.<ref name="wsj_Q115770052">{{Cite Q|Q115770052|access-date=December 19, 2022}}</ref> He worked for the company for 11 months and focused much of his work on charitable operations.<ref name=":2" /> In 2017, he interviewed and hired the first lawyers employed by Alameda Research, his son's cryptocurrency trading firm. He reportedly also served as the first attorney for FTX when the exchange was in its nascent stages.<ref name=":1" /><ref name=":2">Yaffe-Bellany, David, Lora Kelley and Kenneth P. Vogel. "[https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html The Parents in the Middle of FTX’s Collapse] {{Webarchive|url=https://web.archive.org/web/20230921023531/https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html |date=2023-09-21 }}," ''The New York Times,'' December 12, 2022. Retrieved Dec. 15. 2022.</ref> He also raised funds for the firm before its bankruptcy; via a connection to his former Stanford Law School student Orlando Bravo, Bankman made an introduction which led to a $125 million investment in FTX from private equity firm Thoma Bravo in June 2021.<ref>{{Cite news |date=November 11, 2022 |title=How Sam Bankman-Fried seduced blue-chip investors |work=Financial Times |url=https://www.ft.com/content/67b1899f-4b1f-4676-b264-0d19e205d64e |access-date=November 12, 2022 |archive-date=November 11, 2022 |archive-url=https://web.archive.org/web/20221111222804/https://www.ft.com/content/67b1899f-4b1f-4676-b264-0d19e205d64e |url-status=live }}</ref><ref>{{Cite web |title=Sam Bankman-Fried's crypto empire 'was run by a gang of kids in the Bahamas' |url=https://fortune.com/2022/11/11/sam-bankman-fried-crypto-empire-ftx-alameda-run-gang-kids-bahamas-who-all-dated-each-other/ |access-date=November 12, 2022 |website=Fortune |language=en |archive-date=November 12, 2022 |archive-url=https://web.archive.org/web/20221112020853/https://fortune.com/2022/11/11/sam-bankman-fried-crypto-empire-ftx-alameda-run-gang-kids-bahamas-who-all-dated-each-other/ |url-status=live }}</ref>
Bankman arrived in the Bahamas as FTX entered bankruptcy. In early November, he called Anthony Scaramucci on behalf of FTX to ask if Scaramucci and SkyBridge Capital could help the company raise billions of dollars to meet customer redemptions.<ref>{{cite web |last1=Cohan |first1=William D. |title=The S.B.F. Chronicles: The Bridge Loan to Nowhere |url=https://puck.news/the-bridge-loan-to-nowhere/ |website=Puck |access-date=December 24, 2022 |archive-date=December 24, 2022 |archive-url=https://web.archive.org/web/20221224172146/https://puck.news/the-bridge-loan-to-nowhere/ |url-status=live }}</ref> After his son's indictment, Joseph Bankman came under scrutiny for his part in the business. Bankman and Fried were sued by the team overseeing the FTX bankruptcy in September 2023. The lawsuit alleged they unjustly enriched themselves, receiving a $10{{Nbsp}}million cash gift and a $16.4{{Nbsp}}million beachfront property in The Bahamas.<ref>{{Cite news |last=Yaffe-Bellany |first=David |date=September 19, 2023 |title=Sam Bankman-Fried's Parents Sued by FTX |language=en-US |work=The New York Times |url=https://www.nytimes.com/2023/09/19/business/ftx-sam-bankman-fried-parents-sued.html |access-date=September 19, 2023 |issn=0362-4331 |archive-date=September 19, 2023 |archive-url=https://web.archive.org/web/20230919084632/https://www.nytimes.com/2023/09/19/business/ftx-sam-bankman-fried-parents-sued.html |url-status=live }}</ref>
==References== {{Reflist}}
==External links== *{{C-SPAN|1030870}}
{{Authority control}}
{{DEFAULTSORT:Bankman, Joseph}} Category:1955 births Category:20th-century American legal scholars Category:20th-century American lawyers Category:21st-century American legal scholars Category:21st-century American lawyers Category:American clinical psychologists Category:21st-century American Jews Category:Living people Category:Palo Alto University alumni Category:People from Stanford, California Category:Place of birth missing (living people) Category:Scholars of tax law Category:Stanford Law School faculty Category:University of California, Berkeley alumni Category:Yale Law School alumni Category:21st-century American psychologists