When do you think we'll start seeing the politicians who received SBF's illegal campaign finance contributions insisting on returning them to FTX customers so as to be above suspicion or reproach?
[deleted]
The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
441–450 of 748 posts
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#442Earlier quoted context omitted.
> Let’s see if his ‘I’m baby’ defense works in court. It was a foolish move to open his mouth at all on the matter, let alone go on every podcast that invited him and took every interview to spout his self-incriminating non-sense and riling up the Media and the public's ire in the process. If that was his goal, he has terribly failed to establish anything that suggests it will work Worst yet... is his choice for chie…
Is that the kind of high end lawyer you get when other high end lawyers say ‘No’?
It's the kind of lawyer who will get you the best outcome when you know you'll be convicted of some very bad things.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#443Earlier quoted context omitted.
When she gets 18 months to his 20 years, I think the two of them will be used in Goofus & Gallant-style comics in law school to demonstrate the importance of shutting up and letting your lawyer do the talking.
More like why it's better to be a small fish than a big fish when the legal proceedings start.
Right. Never be the top top guy. Don't be the fastest car on the road. And shut the f up Friday [0]. I think he thought he could do a media blitz but stealing a bunch of other people's money for ones gambling addiction is generally frowned upon.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#444I'm curious what kind of plea deal Caroline Elison got.
When she gets 18 months to his 20 years, I think the two of them will be used in Goofus & Gallant-style comics in law school to demonstrate the importance of shutting up and letting your lawyer do the talking.
The charges against SBF add up to over 100 years.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#445Can we discus recovery? The Madoff trustee was able to recover something like 90% of the Madoff Ponzi. Alameda and FTX's real estate purchases have value, as do their VC investments, purchases of bank stock, etc. In other words, it's not all gone. My understanding is that even some of the political contributions can be clawed back. FTX's purchases of IOU's (i.e., crypto) that declined in value are not likely to be re…
The problem is opportunity cost. People invested in Madoff to grow their money. So if I invest $100 in Madoff and ten years later they say “we recovered $90, congrats,” yeah that’s better than nothing. But if I had put that into a legitimate investment, maybe I’d have $180. Other folks got money out of Madoff during his scam years, and the trustee says “I’m taking that money back to pay back others.” So much of crypt…
On this note I am curious if political organisations will be required to give back the donations he made. It seems the right thing if they were stolen funds. But being politicians I'm curious if it will be rules for thee and not for me.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#446Can we discus recovery? The Madoff trustee was able to recover something like 90% of the Madoff Ponzi. Alameda and FTX's real estate purchases have value, as do their VC investments, purchases of bank stock, etc. In other words, it's not all gone. My understanding is that even some of the political contributions can be clawed back. FTX's purchases of IOU's (i.e., crypto) that declined in value are not likely to be re…
I’d be absolutely shocked if more than 25% can be recovered. They spent multi-billions on venture investments that were not just high-risk due to their early stage nature but also inextricably linked to ftx by way of the cryptocurrency market as a whole and thus about as undiversified as humanly possible. There’s a few of their investments that have value and value could be recovered through sales but almost all of t…
I'd imagine there's a huge problem in that FTX did not declare bankruptcy until the vast majority of their liquid assets had been removed by the bank run. If they had declared bankruptcy before the run, most people might have gotten out with a 50% haircut.
Instead, after the run, those left over will get nothing and those who got out will got 100%.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#447Earlier quoted context omitted.
I’d be absolutely shocked if more than 25% can be recovered. They spent multi-billions on venture investments that were not just high-risk due to their early stage nature but also inextricably linked to ftx by way of the cryptocurrency market as a whole and thus about as undiversified as humanly possible. There’s a few of their investments that have value and value could be recovered through sales but almost all of t…
People have already looked into this, and the claims on FTX' debt were valued at 5c on the dollar. Alameda has burned through billions, and most of what was left were illiquid shitcoins and other worthless junk. Madoff, at least, was dealing with real assets.
> burned through billions
If Alameda lost the billions, then who won the billions? Who was on the other side of those trades?
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#448Earlier quoted context omitted.
Consistency also means that rules that state “pages” are meaningful limits, not something subject to unresitricted gaming, and that they retain that over time.
Also a method my high school English teacher used to standardise pages after one too many (i.e. one) comic sans 18pt hand ins. We could use a computer at a certain font, linespace and margin so a 10 page essay was consistent. Which was lots better than other teachers who just said ‘nope, handwritten please’.
> Also a method my high school English teacher used to standardise pages after one too many (i.e. one) comic sans 18pt hand ins.
Yeah, exactly. The courts are more worried about Helvetica Narrow 6 than Comic Sans 18; flip side of the same coin, since they tend to have upper rather than lower bounds.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#449Earlier quoted context omitted.
Well the Madoff trustee's were able to see who received payouts from Madoff due to KYC rules. This allowed the trustee to go to people, most of whom were completely innocent, to ask the to give back some of the money they redeemed from Madoff. FTX on the other hand has very few KYC docs so the trustees are left with wallet addresses. Not sure how you contact a wallet address to ask for money back.
There was also a lot of paper wealth. You can get back your FTT tokens but they’re completely worthless
This is a distraction.
Billions of dollars and euros went into a black box.
Then some magic beans invented out of thin air came out of the black box.
Now when we open the black box, the billions of dollars and euros are gone.
FTT tokens doesn't explain where the fiat went.
Re: The United States of America vs. Samuel Bankman-Fried Indictment [pdf]
#450Was listening to C-SPAN, they said his written statement for the record of the hearing was very offensive. "I would like to state, under oath," and then two words they wouldn't repeat. Doing a Google search of "SBF Fuck You" shows he's already told regulators and his lawyers to go F themselves, I'm guessing he said the same to the US Congress.
Forbes published it: https://www.forbes.com/sites/stevenehrlich/2022/12/13/exclus... He said "I fucked up" which would get C-SPAN in trouble with the FCC. It is a very defiant and entitled sounding statement though.
Forbes also published his hair on the cover [0] with glowing statements next to his own quote of saying he doesn't know anything about stuff. Along with Elizabeth Holmes. Both had VERY easily detectable scams for their bullshit.
[0] https://twitter.com/Mayhem4Markets/status/159174882554665779...