131–140 of 746 posts
Earlier quoted context omitted.
It feels like a very Adam Neumann move.
Sequoia did a nauseating, hilarious puff piece on him a couple months ago and this guy sounds like Adam Neumann’s second coming. https://www.sequoiacap.com/article/sam-bankman-fried-spotlig...
Remarkable that a venture-backed company can loan $10B to the founder's hedge fund without running into some sort of board/corporate sign-off that's required to literally execute the agreement/fund transfer.
> Alameda’s CEO is Caroline Ellison, a Stanford University graduate who like Mr. Bankman-Fried previously worked for quantitative trading firm Jane Street Capital. Alameda is based in Hong Kong, where FTX was headquartered before relocating to the Bahamas last year. Are the folks at Jane Street making money because they are smart, or because they use that perception to perpetuate some scam? I interact with a lot of H…
This is a very well articulated comment. Thank you for laying this out so clearly. I don't know any hedge fund types so it is helpful to hear from somebody who does.
Based on a claim by one anonymous source, that SBF told them that. Might be true, but papers (especially ones like the WSJ) should not publish such pap.
Earlier quoted context omitted.
> So did Bernie. No, he just straight up didn't invest peoples money, he paid out "gains" just from other deposits. That's why it was a Ponzi scheme - that's what they are.
Initially, he did invest their money, he just didn't get the (I believe it was) +/- 10% that he promised investors (and was getting like clockwork) before the 08 crash. Once he started not being able to make those returns did thing start to unravel. His own kids were in denial right up until the end - almost nobody, even inside Bernie's firm, knew it was fraudulent.
Earlier quoted context omitted.
Arrested by UN? Genuinely curious
SEC often asserts jurisdiction over anything where American domiciled investors have suffered a large loss. That bar will definitely be met here.
> This was about FTX International. FTX US, the US based exchange that accepts Americans, was not financially impacted by this shitshow.
> It's 100% liquid. Every user could fully withdraw (modulo gas fees etc).
Earlier quoted context omitted.
Well, his ultimate hedge is that both his parents are Stanford law professors. Slam dunk unlikely.
He was also the 6th largest political donor for the 2022 election cycle.
Earlier quoted context omitted.
Sorry, no. If I can’t protest here, where can I protest? Is this supposed to be a safe space for billionaires? It’s my community, too. Don’t censor me in the name of curiosities. This isn’t Iran.
This is one of those times when it's helpful to know what you're optimizing for. On HN we have the luxury of a single principle that we're optimizing for: intellectual curiosity. (See https://news.ycombinator.com/newsguidelines.html plus lots of past explanations: https://hn.algolia.com/?dateRange=all&page=0&prefix=true&sor... ) This makes it easier to answer questions that would otherwise feel like hard tradeoffs. I…
Just like programming languages - HN is neither the only forum in existence, nor does it need to serve the needs of every human in existence.
I highly recommend reading this article, from 50 days ago . So many humorous quotes to be had in that article. https://www.sequoiacap.com/article/sam-bankman-fried-spotlig... edit: archive https://archive.ph/GQkCp