201–210 of 500 posts
It's so wrong that rich folks can just skip jail. I'm just reading Harari's Sapiens, and one of his points is that it's crazy that today it's accepted that poorer people are discriminated against. That many people think that being poor is a not something that happens by chance, but by people being lazy or dumb.
Compared to $8 billion missing funds, the bail is a slap on the wrist. I wouldn't be surprised if he disappears.
Bail isn't a punishment but a guarantee for future appearance . (Edited for clarity.)
Just seems like there's so much bloodlust here against someone who -- under the United States Constitution -- is still presumed innocent until found to be proven guilty beyond a reasonable doubt in a court of law by a jury of his peers. Sorry.
David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…
This part is incorrect - his parents and 2 other individuals with ‘significant assets’ signed on his bond.
Earlier quoted context omitted.
I thought it was only if you skip town
Not quite. You pay a bondsman 10%. The bondsman turns around and pays the full bail amount to the court. If you show up, the bondsman gets their money back from the court but keeps your 10% as a fee. If you don't show up to court, the bondsman does not get their money back and is left holding the bag for the other 90% of the bail amount.
When push comes to shove, morals aren't easy to come by. Especially not when put up against some downtime with the family.
It's so wrong that rich folks can just skip jail. I'm just reading Harari's Sapiens, and one of his points is that it's crazy that today it's accepted that poorer people are discriminated against. That many people think that being poor is a not something that happens by chance, but by people being lazy or dumb.
Why should anyone who isn't a danger to the community be held in jail pre-trail?
Be nice if all those senators returned those political donations now
The Democrats' Senate Majority PAC is planning to return $1M contributed by SBF and $2M from Nishad Singh; the House Majority PAC got $6M from SBF and "will send funds in question wherever authorities instruct us". Source (and more details): https://www.cnbc.com/2022/12/20/ftx-democrats-senate-majorit... My understanding is that SBF also made similar contributions to Republicans and conservative PACs etc, but general…
Earlier quoted context omitted.
Bail doesn't work that way at this scale. His parents put up the deed to their house, and a couple of really rich friends showed that they have $250 million in assets and agreed to let the government seize them if SBF doesn't show up. No cash really changes hands.
This system just seems insane. Why allow people to temporarily buy their way out of jail? How is this not grossly unfair to the poor?
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.
> Only a few days ago he declared he had less than 100k on his bank account and now he forks out 250m? No, he (or one or more other people on his behalf) secured a $250m bond. Bail bonds generally cost significantly less than the amount of bail; in many states with a maximum or exact amount set by law. In New York, the maximum is 10% up to $3000, 8% for $3000-$10000, 6% for the amount over $10000. At $250M bail, the…