Company Founders

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April 10, 2026

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April 10, 2026

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"I was still fairly certain that huge swaths of crypto were essentially a pyramid scheme, but the bubble hadn’t popped. The industry was doing great. It seemed quite possible that the craze could continue far beyond my deadline. Or maybe crypto would gain so many followers that it would become unstoppable. I had no idea what the ending of the book was going to be. After we’d spent a few hours together, I decided to ask Bankman-Fried for advice. This was half interview tactic, half genuine cry for help. I didn’t expect him to tell me his whole industry was really a fraud. But I wanted to see if he might be willing to point me in the right direction. So I laid out my whole narrative dilemma. I told him my theory: that the coin called Tether, the supposedly safe crypto-bank that served as the backbone for a whole lot of other cryptocurrencies, could prove to be fraudulent, and how that could bring down the whole industry. Bankman-Fried said that I was wrong. Crypto wasn’t a scam, and neither was Tether. But he wasn’t offended by my question. He said he totally understood my problem. Then he did something that didn’t strike me as strange at the time. But knowing what I know now, I can’t help but wonder if he was trying to make some kind of winking confession. Bankman-Fried cut me off, nodding, as I tried to explain more. His tone turned chipper. He said: ā€œIt’s like the narrative would be way sexier if it was like, ā€˜Holy shit, this is the world’s biggest Ponzi scheme,’ right?ā€ Right."

- Sam Bankman-Fried

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"Erik Prince can be a difficult man to wrap your mind around—an amalgam of contradictory caricatures. He has been branded a ā€œChristian supremacistā€ who sanctions the murder of Iraqi civilians, yet he has built mosques at his overseas bases and supports a Muslim orphanage in Afghanistan. He and his family have long backed conservative causes, funded right-wing political candidates, and befriended evangelicals, but he calls himself a libertarian and is a practicing Roman Catholic. Sometimes considered arrogant and reclusive—Howard Hughes without the O.C.D.—he nonetheless enters competitions that combine mountain-biking, beach running, ocean kayaking, and rappelling... The common denominator is a relentless intensity that seems to have no Off switch. Seated in the back of a Boeing 777 en route to Afghanistan, Prince leafs through Defense News while the film Taken beams from the in-flight entertainment system.... Stepping off the plane at Kabul’s international airport, Prince is treated as if he, too, were Al Jazeera–worthy. He is immediately shuffled into a waiting car and driven 50 yards to a second vehicle, a beat-up minivan that is native to the core: animal pelts on the dashboard, prayer card dangling from the rearview mirror. Blackwater’s special-projects team is responsible for Prince’s security in-country, and except for their language its men appear indistinguishable from Afghans. They have full beards, headscarves, and traditional knee-length shirts over baggy trousers. They remove Prince’s sunglasses, fit him out with body armor, and have him change into Afghan garb..."

- Erik Prince

• 0 likes• businesspeople-from-the-united-states• united-states-navy-people• company-founders•
"After Panetta briefed members of Congress on Prince’s activities, Prince’s role in the CIA program leaked to the media. Prince felt badly burned, and he took his frustrations out by telling Vanity Fair about his CIA work, which burned his bridges at the spy agency. ā€œThe last thing [the CIA] wants, Panetta tells Rolling Stone, ā€œis a yahoo who’s trying to play up what he’s doing as a lone-wolf approach to doing justice for the country.ā€... In January of 2017, Prince flew to the Seychelles... to meet with a Russian government official who was looking to make contacts with the incoming administration. The Russian official was Kirill Dmitriev, a former Goldman Sachs banker who headed Russia’s $10 billion sovereign wealth fund, which was subject to U.S. sanctions. Dmitriev reported directly to Russian President Vladimir Putin, whom he referred to as his ā€œboss.ā€ Prince told Mueller’s office that he and Dmitriev spent most of their time discussing oil prices.... Prince told Congress under oath that he and Dmitriev met once in the Seychelles. He later conceded they met twice... Prince still hasn’t gotten the military contract he had been lobbying for, but his other adventures in Trumpworld have recently come back to bite him. Prince was a member of the advisory board of a charity Bannon was promoting to raise private funds to build a wall along the U.S.-Mexico border...."

- Erik Prince

• 0 likes• businesspeople-from-the-united-states• united-states-navy-people• company-founders•
"After the invasion of Iraq, however, Blackwater grew far faster than Prince’s ability to manage it. The firm became, in Prince’s words, ā€œsomething resembling its own branch of the militaryā€... ā€œThey just ran out of people of the quality they needed,ā€ a former senior U.S. military commander in Iraq tells Rolling Stone... Prince’s rising stock in post-9/11 America was also driven by his work with the CIA. According to Prince, he became an official asset, putting himself and his company’s resources at the spy agency’s disposal. Rolling Stone obtained an unpublished chapter of Prince’s book, which the CIA has blocked from release... Prince describes how, in addition to training CIA operatives and maintaining the agency’s drone fleet, he helped set up a program to train a terrorist hit squad at the behest of the spy agency. Prince writes that... he spent a ā€œfew millionā€ recruiting and organizing a team of about a dozen foreign mercenaries... Prince says the off-the-books program had support...with then-Vice President Dick Cheney...Blackwater, but it soon fell apart — with deadly consequences. On September 16th, 2007, Blackwater personnel shot and killed 14 unarmed civilians in Nisour Square... The next day, the Iraqi government announced that it would revoke Blackwater’s license to operate and demanded to prosecute the Blackwater guards. The New York Times reported that Blackwater continued to operate in Iraq after Blackwater’s president authorized bribes of about $1 million to Iraqi officials, a charge Prince later dismissed as ā€œfalse.ā€"

- Erik Prince

• 0 likes• businesspeople-from-the-united-states• united-states-navy-people• company-founders•