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FTX to file for U.S. bankruptcy, CEO resigns

reuters.com

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Re: FTX to file for U.S. bankruptcy, CEO resigns

#161

Post by vnchr »

gjsman-1000 wrote: post #107
orangepurple wrote: post #49

Is this the same FTX US that is the #3 donor to political parties? 2/3 (D) 1/3 (R) https://www.opensecrets.org/elections-overview/top-organizat...

Yes. There are whole articles online (by both sides) about how he became a critical Democratic party supporter almost overnight. According to MarketWatch, he was the second largest donor to the Democrat Party. Good for him I guess that Dems did well in the election. Though, I would love an independent probe to ensure there's no quid pro quo.

Your hypothesis is the second largest donor to the Democrat Party gave without expectation of quid pro quo?

Re: FTX to file for U.S. bankruptcy, CEO resigns

#162

Post by MangoCoffee »

gjsman-1000 wrote: post #90
yourMaster_666 wrote: post #66

you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_... gold

It's funny. Banks are widely perceived as corrupt; and lo and behold, the alternative systems to replace banking have been dragged by their heels through Banking 101. Edit: Also funny, was the unrelated Matt Damon TV ads about how "Fortune Favors the Brave." Obviously it comes from Caesar, but it was also used in Charles Dickens's Little Dorrit by a character encouraging what later turned out a Ponzi scheme...

bank have FDIC to back their customers money and strict regulations.

i still can't get over the fact that FTX CEO is taking his customers money to fund his gambling firm.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#164

Post by jfk13 »

Saig6 wrote: post #9
sillysaurusx wrote: post #3

Does this bankruptcy include FTX US? A bunch of people in yesterday’s thread were saying that FTX US is safe, which seemed strange.

All of FTX Group, including FTX US and 130 additonal companies are covered by the statement. https://ftx.us/ doesn't mention anything though.

https://ftx.us/home currently shows a message:

> Announcement 2022-11-10: trading may be halted on FTX US in a few days. Please close down any positions you want to close down. Withdrawals are and will remain open. We will give updates as we have them.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#166

Post by tptacek »

Imnimo wrote: post #158
tptacek wrote: post #146

Earlier quoted context omitted.

What about this story seems cinematic to you? This is a Ponzi scheme participant who didn't even deny being a Ponzi scheme participant in interviews.

It's like that scene in The Big Short: "I don't get it, why are they confessing?" "They're not confessing - they're bragging".

Right. But (1) The Big Short was not a very good movie, and (2) it was about the collapse of the entire housing market. This is about the collapse of an abstract metaPonzi scheme.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#167

Post by awinder »

asdajksah2123 wrote: post #99
no_butterscotch wrote: post #93

Earlier quoted context omitted.

$70,099,115 70 million in one year. Yikes. Seems like the company was full of bad decisions.

Less bad decisions and more making sure they had political cover for their Ponzi and no one investigated them too hard.

These donations were pretty clearly part of a forward-play on having a prominent seat at the table for writing regulations, it’s not really a secret that they were planning to try to starve out Binance through crypto regulation.

Also while it’s kind of a thing to buy influence to the legislative process, buying your way out of justice isn’t really. There’s way too much apparatus outside of electoral politics. FTX wasn’t investigated because what were they going to be investigated for, it’s an unregulated offshore financial outfit with no signs of distress until it went boom, like most “Ponzi schemes”.

Re: FTX to file for U.S. bankruptcy, CEO resigns

#169

Post by adamsmith143 »

yourMaster_666 wrote: post #66

you cannot make up this shit https://www.reddit.com/r/wallstreetbets/comments/ys4lmo/she_... gold

"We don't really use math"

Guess their entire trading strategy was hurr durr the coins go up. Completely unsurprising they lost their asses when gasp the coins stopped going up.

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