131–136 of 136 posts
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SBF is toast and everybody knows it. Sure, hopefully they'll track down any crooked campaign contributions that might have been made. Unfortunately many traditionally-crooked campaign contributions are legal now.
My point wasn't if the donations themselves were crooked or not. It's that he was giving large sums of money to the party that is supposed to be investigating him. It's a huge conflict of interest.
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> expected to be repaid In other words, they don't have the money. They just have an IOU, but that isn't money. What I deposited into the bank, that's money. And it's my money, not theirs.
If you believe that IOUs by definition aren't valuable, then stay away from treasury bonds. If you're just drawing some kind of distinction between valuable things that aren't money and valuable things that are money then ok. I don't understand the point, but ok.
IOUs are like a lottery. Treasury bonds, OOM call options, they all aren't valuable on their own, there's just a chance I might win. In the case of treasury bonds, that chance is more like 99.99%, in the case of the call options, it might be 20%, but it's a spectrum, and never 100%.
At the end of the day, my landlord isn't going to take a treasury bond for my rent payment, and neither is my supermarket. IOUs are not the same as hard cash.
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Hmm, I got a car loan from a credit union that didn't even ask for my assets, only my credit report.
Did the credit union ask any questions related to the value of the car? Because a car might be considered an asset.
It might be because I applied with a downpayment of 10K so they just shut up and gave me a super low interest rate.
I didn't actually need the loan, I just saw interest rate increases coming and figured I could save a few bucks by taking the loan and putting the balance of the value of the car in a CD or bond at higher interest a few months later, which I did.
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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.
He is just a kid, he is merely 30, and grew up in a home with business lawyers. It has been such a hard life. If it wasn't for the shady Crypto market, he could be having a good life as a Doctor like we always wanted him to be. He got mixed up with this Caroline girl (How can you blame her, he is so muscular and good looking) and gave him all these ideas of having a crypto exchange. Clearly the problem is crypto, and…
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…
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…
Tether has probably made a ton of money by lending newly minted tether at 1-6% annual interest to people pessimistic enough to short it unsuccessfully this whole time, ironically.
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If you don't use up all of your budget for the year, it gets reduced for the next one. This is a major reason the defense spending in general doesn't go down. Nobody wants to have lesser budget, it impacts their promotions and mini political empires. Same is true in many large organizations, which is why mass layoffs and other forms of 'shock therapy' happen every once in a while, because the way the system is manage…
Yea man. Half of $3,500,000,000 US un-accounted for. Because nobody wants to have smaller budgets?...