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Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

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Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#61

Post by tom-thistime »

lkrubner wrote: post #58
ethanbond wrote: post #37

Earlier quoted context omitted.

Seems to me people have completely unrealistic expectations of how financial crimes play out. This will take years to unwind. Pretty obvious the "why isn't he in jail yet" screaming is coming from the same place as "why aren't I rich yet," on which this entire empire was built. This stuff takes time. He's very obviously going to prison. For context: Enron, whose operations and collapse caused way more negative impact…

Exactly. Another example is Martha Stewart, who engaged in insider trading in 2001 but who didn't go to prison till 2004.

Sorry to be a noodge, but the insider trading charges didn't stick. Stewart got in trouble for obstructing an investigation. https://harbert.auburn.edu/binaries/documents/center-for-eth...

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#63

Post by tyingq »

lilsoso wrote: post #15
throwaway1777 wrote: post #2

It’s SBF not SFB. That’s embarrassing.

I'm not sure why you're being downvoted. The error discredits the voice of the article.

It does seem correct in the body of the article, it's just the headline.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#64

Post by tom-thistime »

jrmg wrote: post #54
tom-thistime wrote: post #12

This may be a "culture gap" (or language gap) between crypto and traditional finance. The FT text directly addresses the question that we're told "No one [is] asking." They asked where's the money, and they're exposing the fact that no coherent response has been forthcoming. That's reporting. The likely interpretation of that piece of reporting is crystal clear to the intended readership. (I.e., the money is probably…

Your interpretation here is very kind. I really don’t understand how anyone can read this and think it somehow indicates we’re “supposed to believe SBF’s claims”. Bankman-Fried deflected the FT’s questions about the excessive borrowing and soured investments that ultimately sank Alameda, blowing a hole in FTX’s finances, and would not be drawn on the legal consequences he may face. He said he deliberately avoided get…

Thanks. I spent a lot of time making the language in my comment as neutral as I could.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#65

Post by xwdv »

hungryforcodes wrote: post #52
onlyrealcuzzo wrote: post #21

Earlier quoted context omitted.

The main thing people claim Tether does is: 1. pretend to have customers 2. pretend those customers have deposits 3. issue Tether to front those deposits 4. pump up their favorite coins with their newly minted Tethers My first suspicion would be that FTX was more fraudulent to its investors than people claim. It pretended to have a lot more customers & deposits than it actually did to pump up FTT, to get real money f…

What? How does Tether come into this? How is it related to FTX?

Tether is related to FTX in the sense it is also a fraud and will eventually collapse.

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#66

Post by SilasX »

ethanbond wrote: post #37
mikejulietbravo wrote: post #20

Earlier quoted context omitted.

Correct - the "everyone" is mainly NYT and some politicians. There are some questions there as it's a bit sketchy why they're treating him with such kid gloves.

Seems to me people have completely unrealistic expectations of how financial crimes play out. This will take years to unwind. Pretty obvious the "why isn't he in jail yet" screaming is coming from the same place as "why aren't I rich yet," on which this entire empire was built. This stuff takes time. He's very obviously going to prison. For context: Enron, whose operations and collapse caused way more negative impact…

To which I have to keep linking this comment[1] which explains why Enron would reasonably take longer than FTX. If you don't want to read it, it's:

A) Massive corporate hierarchy in which to untangle responsibility vs SBF and a few others,

B) Complex accounting subtleties vs "lol we gambled customer deposits", and

C) Lawyering up and denying everything vs blabbing to every journalist he can[2]

In practice, the reason he hasn't been arrested is because of jurisdiction and the delays extraditing him, not because it's just so hard to make a case.

[1] https://news.ycombinator.com/item?id=33724683

[2] For which I would recommend this explanation why the interviews help to build a case: https://news.ycombinator.com/item?id=33873628

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#67

Post by Aaronstotle »

miguelazo wrote: post #46

It's not at all surprising that the corporate media has failed on this aspect of the story, they're the ones who hyped this guy to the moon, after all. Most of the so-called journalists are just stenographers for the rich and powerful-- just look at their abysmal reporting on Ukraine.

I'm curious on why you think reporting has been abysmal in Ukraine?

Re: Why Is No One Asking SFB What Happened to the $3.3B He Borrowed?

#70

Post by mikejulietbravo »

ethanbond wrote: post #37
mikejulietbravo wrote: post #20

Earlier quoted context omitted.

Correct - the "everyone" is mainly NYT and some politicians. There are some questions there as it's a bit sketchy why they're treating him with such kid gloves.

Seems to me people have completely unrealistic expectations of how financial crimes play out. This will take years to unwind. Pretty obvious the "why isn't he in jail yet" screaming is coming from the same place as "why aren't I rich yet," on which this entire empire was built. This stuff takes time. He's very obviously going to prison. For context: Enron, whose operations and collapse caused way more negative impact…

I don't know what this has to do with my comment. I only said that the media and select politicians have been very soft in their questions and engagement with him. They have been considerably harsher with others in the tech and financial sphere who have done less.
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