Wait. Only a few days ago he declared he had less than 100k on his bank account and now he forks out 250m? It's hard to believe anything else he said.
His parents used their house as collateral.
His parents' house is worth 250 million USD? (!?!)
FTX founder Sam Bankman-Fried to be released on $250M bail
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Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#122His ex-girlfriend and CEO of Alameda really put the nail in the coffin. Turned on him for 250K$ 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.
She's not stupid, don't downplay her intelligence. She absolutely had enough knowledge, education, and know how to see what was going on, and had every opportunity to get out. She didn't because, like most of the people involved, she thought she would be free and clear because line go up
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#123Earlier quoted context omitted.
The Daily Mail has more info on this: "His parents, Stanford Law professors Barbara and Alan Bankman-Fried, have agreed to put up the equity they own in their $4million California home, where he will live during his house arrest, as part of the bail requirement. Two other people - one relative and one non-relative - will fulfil the rest of the bond. It remains unclear if he is required to pay the full $250million or…
Bail is virtually always a bond , guaranteed by a bail-bonds agency. The bailee typically puts up 10% of the value of the bail, so here, $25 million.
People with 8 and 9 figure bail don't go to the bondsman on the corner. They usually have their own armed guards from companies like Guidepost Solutions enforce their home detention and it is usually secured by bank accounts or real estate owned by their family or other rich people they know.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#124Earlier quoted context omitted.
When does M mean thousand? I've never seen that. K means thousand.
M means milli in Latin, as in thousand (kilo comes from Greek). Millennium, millipede (thousand legs), and so on. Million just means a thousand thousands. That is why in most financial institutions, M means thousand, and MM means millions, literally thousand thousands.
I’ve always found this idiotic. This isn’t Renaissance Florence, using M to mean thousand is just financier gatekeeping snobbery.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#125I wonder if this whole thing counts as “effective altruism”? Maybe he is effective at scaring other crypto “adventurers” (i.e. people who like to play with other people’s money as if they were in the wild west) and the number and size of scams diminishes in the future? That’d be a good badge to have on his boy-scout t-shirt (or whatever boy-scouts use).
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#126> 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 matters if the people putting forward that cash were compensated by the scheme; Ie, if his paying bond (and potentially skipping town) is performed in a way to reduce compensation to the fraud/bankruptcy claimants.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#127Earlier quoted context omitted.
She's almost definitely working with the prosecution in exchange for a deal. That's been the rumour for weeks.
Sure, but what does that mean in terms of protecting as yet unnamed persons connected to this saga? This promise to sing for prosecution is presumably not good news for SFB, that is understood. But SEC official names were being dragged into this when it broke via guilt by association. And that connection was via Caroline and her family. Maybe a nothing burger, but maybe there is actually some beef involved. How does…
Jeeze, it's not some crazy conspiracy that being the first to rat out your accomplices tends to leave you way better off, it's literally intentional, to encourage turncoats.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#128Earlier quoted context omitted.
How can you feel sorry for them? They're professors of LAW at Stanford. And this white-collar crime was being committed right under their noses. Pynchon would have had trouble coming up with a plot this wacky.
SBF just played along with the sheer insanity of the concept of crypto (nothing can make nothing) and all the fools who gave him money - it seems that common financial sense is not taught to people anymore or is really in short supply these days. Did people actually listen to him whenever he spoke - whenever did any of his BS make any financial sense ???. https://www.youtube.com/watch?v=C6nAxiym9oc
I mean, that's what I'm wondering about his parents. They must have known, or at least had a feeling. And not looking into that and giving your child some advice not to go down this path, or to be careful, and at the very least, not to get involved yourself, that would have been the responsible thing. Maybe it's the blindness we can all fall prey to when it comes to objectively thinking about our blood.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#129Earlier quoted context omitted.
How can you feel sorry for them? They're professors of LAW at Stanford. And this white-collar crime was being committed right under their noses. Pynchon would have had trouble coming up with a plot this wacky.
SBF just played along with the sheer insanity of the concept of crypto (nothing can make nothing) and all the fools who gave him money - it seems that common financial sense is not taught to people anymore or is really in short supply these days. Did people actually listen to him whenever he spoke - whenever did any of his BS make any financial sense ???. https://www.youtube.com/watch?v=C6nAxiym9oc
Defrauding willfully ignorant people is still fraud and still a crime. You shouldn't be excused for doing bad things by doing them to people who aren't the brightest or best.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#130What's the over under on the number of days before he's Epsteined?
I touched on this topic when this all bubbled over a week or so ago [0]. I got down-voted for somehow implying a comparison between H Epstein's pedophilia etc to SBF's financial crimes (which, looking back, was a rather hilarious and bizarre conclusion some drew).
YMMV. I wish you luck!
IMHO, I think that he doesn't have enough incriminating information about political figures to be "hit-able". He must have some information about the Democrats' shady financials, likely going way up, but let's face it, we all know that already. This contrasts H Epstein, who likely knew which political figures were pedophiles, sexual predators, and all that horrific business, which is far worse and likely led to the "anomalous events" that occurred during H Epstien's arrest.