491–500 of 748 posts
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?
I'm waiting for Sequoia to be put in jail.
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Just seconding everything you are saying. We dabbled in political contributions at my workplace for a project and it was easy to get a meeting with just about anyone (except our Senators who we didn't need to try) as long as we were flexible with scheduling.
It’s also important to note that a part of a politicians job is to meet with constituents, so getting a meeting is not per se nefarious. The issue is about how much more access you get if you are a big donor.
Is there going to be any reckoning for the VCs who poured money into this ridiculous business? I don’t see how you respect Sequoia’s judgement after this.
I'm just enjoying their humiliation and reputation hit. Enjoying only so much as it is the correct free market result of betting big without [edited] due diligence. Some of it is result of fed priming the economy with free money. With so much money being dropped from the helicopter there's no time for due diligence. You win some you lose some so in that sense it was a rational bet I guess but not an intelligent one.
Here is SBF's full statement: https://www.forbes.com/sites/stevenehrlich/2022/12/13/exclus... Worth a read
Not really. He's a pathological liar. There's probably great incriminating evidence there (as in lies that can be exposed as lies for not a word of that person can be trusted) and it's good to see him whine that his accounts got blocked but it's not a good read. The six counts of conspiracy are a great read though. I wonder who his co-conspirators are but in case they're in the Bahamas those implicated may not be sle…
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I'm glad you have great parents, but I think you vastly underestimate how much many parents do not care about their children, and will sacrifice them for their own well being. Most caring parents would aggressively caution their children from heading down the path SBF went, especially if they're smart, educated parents. There are no "boy geniuses" out there like many lead SBF to believe he was, people from prestigiou…
His parents are Stanford law professors, so they are smart and educated. But doesn't mean that their child has to listen to them or to behave in an ethical manner.
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madoff operated from 01960 to 02008 kyc is from 02002
His Ponzi scheme started in 1991. Ponzi schemes are exponential, so more than 90% of the volume was after 2002. What's with the leading zeros?
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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.
We will see how it goes this time, but I suspect a lot of the donations will need to come back to the entity.
What are these campaign finance charges doing here? They seem to be completely unrelated to the FTX collapse, he is accused of bypassing campigan finance limits by donating under other people's names. Was he already under investigation for these, or was it something they discovered while investigating FTX?
Sending a message.
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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…
> 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.” What’s the limit on that? Dollars or time? I would be beyond furious if I was expected to help make someone else whole.
I fully empathize with the absolutely epic degree it must SUCK to get a call and be told "yeah that 10% you've been earning for the past 20 years was actually someone else's money, you need to give it back."
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Still, HE WASN'T SUPPOSED TO LOAN THE CUSTOMER MONEY!! If he didn't know that than why was it in the terms of service that his company wrote?
Because he's stupid and didn't read anything the company's lawyers wrote. That's the whole defense. Saying he loaned money to another company because he didn't know any better works better as a stupidity defense to get a more lenient sentence than what coffeebeqn wrote.