311–320 of 451 posts
Earlier quoted context omitted.
The guy who says regulations are dumb has no idea what he spent his money on or even how many employees he has. This guy is almost worse than Elizabeth Holmes.
He was saying the opposite, one of the biggest supporters of regulation in the space, and reportedly had several one on one conversations with Gary Gensler of the SEC and was the second largest donor to Joe Biden
In a separate article Ray also said: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” And this is the same man who oversaw the liquidation of Enron. "Ray said he had found at FTX international, FTX US and Bankman-Fried’s Alameda Research trading company “compromised systems integrity”, “faulty regulatory o…
The filing is amazing: https://pacer-documents.s3.amazonaws.com/33/188450/042020648... Don't forget to read this with the "diplomatic/legal/lawyer" mindset. These are not internet comments, these are legal filings. Sentences like "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems inte…
-'The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the “first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.”'
-'The Debtors did not have the type of disbursement controls that I believe are appropriate for a business enterprise. For example, employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis. '
This whole mess makes me wonder, what if they did everything right, with proper accounting and compliance practices etc.? Would we have ended up with a successful crypto business that would advance the whole field forward? Perhaps Coinbase is an example of that, though maybe not as well known due to less drama?
Just pointing out that what they were saying about FTX, before, that is now proven correct, is also being said about Coinbase and has been for some time.
Had to have been one of the top donors.
Earlier quoted context omitted.
The filing is amazing: https://pacer-documents.s3.amazonaws.com/33/188450/042020648... Don't forget to read this with the "diplomatic/legal/lawyer" mindset. These are not internet comments, these are legal filings. Sentences like "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems inte…
I mean, my experience reading legal filings is that lawyers love to throw in these "zingers", in no small part because it is their job to present the most brutal version of the argument on their side. One of my favorite legal filings ever was "Six Ways Buzzfeed Has Misled the Court (Number Two Will Amaze You) … and a Picture of a Kitten".
https://wapo.st/3GmTZJH (no paywall)
The article links to a PDF of the court filing, including this One Weird Trick:
> In a somewhat remarkable Motion to Dismiss, Plaintiffs Buzzfeed, Inc. (“Buzzfeed”) and Ben Smith (“Mr. Smith”) intimate that their ties to Florida are so sparse that, collectively, they can barely find Florida on a map and that, as a result, the present case should be dismissed for lack of jurisdiction or transferred to the Southern District of New York.
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> how did ftx successfully raise so much vc money recently? Maybe they got to join the FTX polycule if they invested enough. Who wouldn't want to get in on that.
Everyone can, vicariously, when the leaked SBF-CE tape drops tomorrow. Personally, I plan on staying off the internet all day so I don't accidentally see it.
There’s got to be a No-nut November joke in there.
Earlier quoted context omitted.
That's one theory. Of course, given the depth of financial depravity on display here and the incredible thinness of the financial defense, one must also entertain the theory that they did do the due diligence, they were aware of how dangerous this was, and they invested anyhow for other reasons. And that those reasons are probably not good. There have been many cases where companies go to great lengths to do accounti…
I wonder if those other reasons simply were the guy's background and pedigree. Silicon Valley is no different than Wall Street in its obsession with having the "right" educational background, having the "right" parents, having the "right" connections and so on. So many doors in corporate hiring can be bypassed with "Went to MIT" and "Stanford parents" and I wonder if they can also be bypassed by founders looking for…
The new CEO of FTX states that FTX had no accounting department. lol. > “The Debtors do not have an accounting department,” Ray wrote, stating he expected it would be “some time” before reliable financial statements could be prepared.
In a separate article Ray also said: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,” And this is the same man who oversaw the liquidation of Enron. "Ray said he had found at FTX international, FTX US and Bankman-Fried’s Alameda Research trading company “compromised systems integrity”, “faulty regulatory o…
How does he get compensated? I’m assuming it’s not simply a goodwill/hobby thing
Earlier quoted context omitted.
That's one theory. Of course, given the depth of financial depravity on display here and the incredible thinness of the financial defense, one must also entertain the theory that they did do the due diligence, they were aware of how dangerous this was, and they invested anyhow for other reasons. And that those reasons are probably not good. There have been many cases where companies go to great lengths to do accounti…
>And that those reasons are probably not good. what would those be?