181–190 of 196 posts
He will get away clean.
"Theranos founder Elizabeth Holmes should spend 15 years in prison and pay $800 million in restitution to investors defrauded in the blood testing start-up, U.S. prosecutors recommended late on Friday. "The Department of Justice recommendation, made in a court filing, came as Holmes prepares to be sentenced next week." https://www.reuters.com/world/us/us-seeks-15-years-elizabeth...
Earlier quoted context omitted.
IANAL. What's his defense?
I worked for an investment company that lost a lot of money once. The first thing we did was go visit the lawyer, who provided great relief for my boss. Basically as long as you haven't broken the law or the contracts, you're ok. It's no different from "I bought some stuff that lost money". That's the defense. I don't know anything about that rather large caveat in this case, but for that old boss it was clear since…
Losing money is not SBF’s problem.
Stealing customer assets to cover for it, and then losing those, too, is.
And tweeting through it, providing confessions to that that will greatly complicate any defense.
Earlier quoted context omitted.
They were all inexperienced is maybe the most plausible explanation. There was reported to be no board of directors and the CEO of the related proprietary trading firm Alameda was only a couple years out of school with one prior year of work experience as an entry level employee at Jane Street.
This is Alameda's CEO. https://youtu.be/aW6SqLXw944 Un fucking believable.
What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…
Earlier quoted context omitted.
It's a remarkable veneer. The nepotism and elite corruption is bold faced. SBF's parents are Stanford lawyers who specialize in compliance and ethics. Alameda CEO's dad runs the economics department at MIT, where the current head of the SEC was a professor. "I'm a big advocate for Sam because he has two parents that are compliance lawyers. If there's ever a place I can be where I'm not going to get in trouble, it's g…
> I'm a big advocate for Sam because he has two parents that are compliance lawyers When authority bias hits too hard.
What is striking about the Sam Bankman-Fried case is that for a long time he was considered to be one of the few who really knew what he was doing and also an advocate for more regulation. It appears to have been a smoke screen, given the financial fragility of his multiple companies, he could not have been looking for more scrutiny and regulation, he was playing Poker with politicians and his competitors. Same with…
Unfortunately I think the biggest red flag is one that doesn't become widely publicized, and I don't know if it happened in this case: a well-respected senior hire comes into the firm and leaves quickly, after discovering the mess. Excuses are made if it does become public, but most people brush it off as not clicking with the culture. Someone I know joined a rather large investment firm and this happened. I only kne…
Earlier quoted context omitted.
This is Alameda's CEO. https://youtu.be/aW6SqLXw944 Un fucking believable.
She's not any younger or more awkward than Vitalik Buterin and many people consider that guy to be some sort of boy-genius.
Earlier quoted context omitted.
I think all archive links are auto-flagged, I guess as spam prevention.
> I think all archive links are auto-flagged https://news.ycombinator.com/from?site=archive.org Plenty archive links not flagged. I think the hypothesis that archive links are auto-flagged is likely incorrect
Earlier quoted context omitted.
Unfortunately I think the biggest red flag is one that doesn't become widely publicized, and I don't know if it happened in this case: a well-respected senior hire comes into the firm and leaves quickly, after discovering the mess. Excuses are made if it does become public, but most people brush it off as not clicking with the culture. Someone I know joined a rather large investment firm and this happened. I only kne…
Possibly. https://cryptoslate.com/alameda-research-co-ceo-quits-crypto...
Earlier quoted context omitted.
Seems to have worked for him so far. Will be interesting to find out what his personal assets are and how much he gets to keep. If he was smart, he bought everyone in his family a nice house at least a year ago.
> If he was smart, he bought everyone in his family a nice house at least a year ago. Then not smart enough to realize all that can be clawed back.
Lawyers will do very well for a while, I'm sure of that.