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FTX founder Sam Bankman-Fried to be released on $250M bail

cnbc.com

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Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#81

Post by dredmorbius »

danaos wrote: post #69

Tangenially related: There's an ongoing scandal in the EU dubbed Qatargate[1]. It appears Qatar bribed EU politicians to buy influence. Starring MEP Eva Kaili, vice-president of the EU parliament. A journalist noted her suspicious involvement in the crypto space in the past [2 (article in Greek)]. Quote: > In 2018, during a meeting at the Delphi Economic Forum, I asked the MEP how we could explain the complex blockch…

Hijacking stories for unrelated discussion is frowned on.

This would be worth a submission, however.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#82

Post by listenallyall »

tibbydudeza wrote: post #14

I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my money market accounts than this crypto forex NFT nonsense.

> I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement.

Losing your money sucks but it's preferable to losing your freedom. It is very likely the parents are guilty of abetting or enabling the fraud in some way.

SBF "agreed" to be extradited, that implies some negotiation. The only possible incentive I can think of him agreeing to what is shaping up to be a slam-dunk case of a very long prison term, is immunity for the parents.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#83

Post by listenallyall »

moab wrote: post #41
elliekelly wrote: post #32

I wish we, as a society, could decide whether M is thousand or million and then only use it to represent that one concept. From the headline I initially assumed his bail was only $250,000 and I don’t think I’m the only one in this thread to have made that mistake.

I'm pretty sure you are. I've never seen M being used for thousand.

Old-school banking, M is thousand, MM is million.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#84

Post by listenallyall »

berkle4455 wrote: post #45
elliekelly wrote: post #32

I wish we, as a society, could decide whether M is thousand or million and then only use it to represent that one concept. From the headline I initially assumed his bail was only $250,000 and I don’t think I’m the only one in this thread to have made that mistake.

If it's US-centric, especially if talking about amounts of money, it's million. Always.

This is totally wrong.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#85

Post by hanoz »

bandyaboot wrote: post #70
jamesgreenleaf wrote: post #60

> The bond was secured by equity in his family home, and by the signatures of his parents and two other individuals with “considerable” assets. Who are these unnamed individuals, and what is their interest in this?

I’m not sure why that would matter. I would think all that would matter is having people willing to be on the hook if he skips town.

It would matter if they were willing to lose the money to avoid a trial, for starters.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#86

Post by AnimalMuppet »

tibbydudeza wrote: post #14

I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my money market accounts than this crypto forex NFT nonsense.

If they can afford a $250 million bond, they can probably afford the lawyer fees.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#87

Post by bandyaboot »

pessimizer wrote: post #44
elliekelly wrote: post #24

Earlier quoted context omitted.

What do you mean no prosecution? She’s going to be a convicted felon. Just because there isn’t going to be a trial doesn’t mean she’ll have zero consequences.

It's entirely likely she'll land on her feet, write a book, get a netflix documentary, and end up on daytime talk shows talking about her new line of hemp handbags. If she can semi-credibly claim to be mostly ignorant, and cooperates energetically with prosecutors, anything can happen.

Dancing with the Stars.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#88

Post by xdavidliu »

pessimizer wrote: post #36
pearjuice wrote: post #7

His ex-girlfriend and CEO of Alameda really put the nail in the coffin. Turned on him for 250K$ bail, forfeiture of all assets and basically no prosecution (except some taxes) as long as she co-operates. Probably dropped the entire playbook of Sam and made the case irrefutable and ironclad. https://s3.documentcloud.org/documents/23495436/crypto-coope...

It's good that she did, because he played her for a sucker. He routed that entire massive fraud, which she may have barely understood (we'll see), through her as the CEO of a fake company whose only purpose was to embezzle deposits from FTX customers.

I thought Alameda came first, before FTX. Also, the fraud was on the FTX side, not Alameda, hence it doesn't make sense for him to blame her for it?

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#89

Post by bandyaboot »

hanoz wrote: post #85
bandyaboot wrote: post #70

Earlier quoted context omitted.

I’m not sure why that would matter. I would think all that would matter is having people willing to be on the hook if he skips town.

It would matter if they were willing to lose the money to avoid a trial, for starters.

Fair point. Any idea if judges typically consider such things in this kind of case?

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#90

Post by wmf »

listenallyall wrote: post #82
tibbydudeza wrote: post #14

I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. I'd rather stick to my mediocre returns of my money market accounts than this crypto forex NFT nonsense.

> I feel sorry for his parents - legal fees is going to financially wipe them out and any plans for retirement. Losing your money sucks but it's preferable to losing your freedom. It is very likely the parents are guilty of abetting or enabling the fraud in some way. SBF "agreed" to be extradited, that implies some negotiation. The only possible incentive I can think of him agreeing to what is shaping up to be a slam…

Or he just wanted out of rat-infested Bahamian prison.
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