The United States of America vs. Samuel Bankman-Fried Indictment [pdf]

Post by gamblor956 » Thu, Dec 15, 2022, 1:54 AM UTC

hprotagonist wrote: post #683

gamblor956 wrote: post #580

Earlier quoted context omitted.

That's mostly FUD from a criminal defense firm trying to scare people into hiring them. Cops are not as bad as people think they are. Cops behaving badly (in the U.S.) is news because it is the exception and not the norm.

~30% of wrongful convictions is just rounding error, right? https://www.law.umich.edu/special/exoneration/Pages/detailli...

Post by kyawzazaw » Thu, Dec 15, 2022, 3:48 AM UTC

massysett wrote: post #395

pseingatl wrote: post #127

Can 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…

Post by seanhunter » Thu, Dec 15, 2022, 5:05 AM UTC

Negitivefrags wrote: post #613

racingmars wrote: post #586

Earlier quoted context omitted.

Not particularly. He had gained notoriety due to other behavior (raising drug prices to fund other drug research, his attitude during his Congressional testimony and media appearances, etc.), but it sounds like his fraud [or whatever he was specifically found guilty of] was very cut-and-dry against SEC and other relevant rules.

He certainly committed fraud, but it’s certainly unusual that he was prosecuted for it when nobody lost money. In fact, investors did well. It’s hard not to feel like this is not a thing that would have been investigated had he not been a totally raging asshole.

Post by [deleted] » Thu, Dec 15, 2022, 5:25 AM UTC

HWR_14 wrote: post #732

dcow wrote: post #718

Earlier quoted context omitted.

But this is nothing like the Madoff situation. So you're saying if I withdraw my rightful funds 80 days before a company goes bankrupt, and I use those funds to pay for consumable goods, and consume those goods, that those funds can be clawed back and I am now in debt? That doesn't sound right at all. I also just looked and a preferential transfer would be when the company that goes bankrupt deliberately pays off som…

Not only can it happen like that, it can happen like that even if there is no fraud. Paying off some customers you owe money to would be giving those creditors preference, I don't see how else you could interpret it. Heck, FTX went out of its way to only allow Bahamian citizens to withdraw money at the end, imagining that would be the jury pool deciding their fate soon.

Post by legulere » Thu, Dec 15, 2022, 6:21 AM UTC

UnpossibleJim wrote: post #698

legulere wrote: post #477

Earlier quoted context omitted.

My hope is that some programmer dictator will instate a form of the discordian calender: - All 5 seasons are the same length - The days of the year always fall on the same week day, as the week is 5 days long - the year always starts with the first day of the week. - the leap day is not assigned a day Things I would change though: - start the year at winter solstice. - put the leap day at the end of the year. https:/…

Finally, we can get rid of Wednesday... Wendsday? Woesnday?.... that day in the middle of the week that no one can spell =P