SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf] • Hacker News Board

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#161

Post by jwmoz » Tue, Dec 13, 2022, 5:05 PM UTC

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

From what I can see money, wealth and power are valued in elite circles, not sure about what else.

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#162

Post by jwmoz » Tue, Dec 13, 2022, 5:06 PM UTC

rax0m wrote: post #113

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

Arthur Hayes has written extensively [0] on these points. [0]: https://blog.bitmex.com/white-boy/

I hate the title. What if this was the other way round?

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#163

Post by [deleted] » Tue, Dec 13, 2022, 5:06 PM UTC

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

[deleted]

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#164

Post by [deleted] » Tue, Dec 13, 2022, 5:07 PM UTC

valleyjo wrote: post #154

Finbarr wrote: post #136

Earlier quoted context omitted.

Imagine reading a document like this with "United States of America v Your Name" at the top. It would be terrifying. These charges are serious and SBF is going to go down for a long time if convicted. There's also a forfeiture section in the federal indictment that demands forfeiture of all any and all property that is traceable to the commission of the offences.

Will his political donors have to give back the donations?

[deleted]

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#165

Post by ollien » Tue, Dec 13, 2022, 5:07 PM UTC

SilverBirch wrote: post #65

thepasswordis wrote: post #57

Earlier quoted context omitted.

>like Musk and SBF I‘m sorry, but what ? Just to give some perspective that I don’t think HN really gets: most of my friends have increased their twitter usage. If you aren’t aware, whatever the team did there a few days ago really has appeared to cut bots down to almost 0. SBF is an [alleged] criminal who has [allegedly] defrauded people of billions of dollars, and will likely be spending a substantial amount of tim…

Just for reference what Musk did is just blocked half the mobile carriers in emerging markets, kneecapping their ability to grow Twitter in those countries whilst only temporarily tamping down on bots. The bots will be back, the users won't.

Do you have a source on this?

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#166

Post by dragonwriter » Tue, Dec 13, 2022, 5:10 PM UTC

lesuorac wrote: post #159

dragonwriter wrote: post #155

Earlier quoted context omitted.

He is the donor. And, no, recipients of legal donations don’t have to give them back because they came from a bad person. (The illegal donations he seems to have admitted to might have to be given up, but that’s a separate legal issue.)

Not a lawyer but it does sound like any of the donations could be considered "not legal" would be "clawbacked". https://www.google.com/search?q=sbf+political+donations+claw...

Well, yes, bankruptcy clawbacks are another issue on top of both the criminal forfeiture discussed upthread and the campaign finance issue I raised in response.

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#167

Post by onos » Tue, Dec 13, 2022, 5:12 PM UTC

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

Impressed no discussion here of his large donations to the Democratic Party. That’s the main talking point in conservative circles, whether accurate or not.

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#168

Post by hammock » Tue, Dec 13, 2022, 5:14 PM UTC

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

>The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well?

More interesting to me is that the DoJ moved to arrest SBF the night before he was set to testify in Congress. When else have prosecutors moved so aggressively to stop a defendant from making self-incriminating statements? His testimony would be admissible and likely devastating at trial

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#169

Post by hammock » Tue, Dec 13, 2022, 5:17 PM UTC

rhaway84773 wrote: post #84

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

SBF didn’t believe in his effective altruism slogan. He basically admitted in the texts to the reporter he thought would be private that the EA stuff was BS. Also, I’m not sure what you mean by “treated kindly”. If you’re talking about why he wasn’t arrested yet, it’s obvious because the SEC was building its case, and more so because he was voluntarily going on public forums and publicly admitting increasing levels o…

>He basically admitted in the texts to the reporter he thought would be private that the EA stuff was BS.

interested, source?

Re: SEC Charges Samuel Bankman-Fried with Defrauding Investors in FTX [pdf]

#170

Post by zeven7 » Tue, Dec 13, 2022, 5:19 PM UTC

yonaguska wrote: post #134

cs702 wrote: post #82

The most interest aspect in the FTX saga, for me, is that SBF was treated very gently by major news outlets (and maybe by government regulators too)... until regular individuals in social media started asking: Why is SBF being treated so kindly? Why would journalists (and regulators) assume that SBF meant well? A possible answer that no one ever mentions is that SBF possesses many qualities that are valued and admire…

You keep using the phrase "valued in elite circles". I honestly don't think many of these traits are actually valued in elite circles. The perception of these traits is valuable. The values...I'm not so sure. Quite a bit of energy in elite circles is spent on curating an image, rather than actually being decent. You have a whole set of social rules that you follow to distinguish you from the lesser people, and it's a…

I'll guess the word "elite" here is not really the best term to convey what parent meant. The phrase "valued in elite circles" at first made me think of George Soros types, in which case the values don't fit. But I think parent meant more of the avocado toast NPR/NYT column writer types when he said "elites", in which case the values described make more sense.

I'll disagree on the point about ability to explain crypto protocols/algorithms. You're either in tech and have a body of knowledge that preps you to understand the details and then you might care about it, or you don't really care about how it works. I don't think there's a group of "elites" of any kind that care too much about you explaining how crypto works.