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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

#221

Post by crabkin »

pastor_bob wrote: post #48
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.

They're free to let him take a plea deal and go to prison

you're right. When going against the feds you are taking a huge risk trying to go to trial or otherwise fighting them. From their personal financial perspective and more likely also in their interest as SBF's parents, they'd be best served with taking the plea deal SBF is offered.

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

#222

Post by fathyb »

annexrichmond wrote: post #181
valdiorn wrote: post #100

Earlier quoted context omitted.

She's almost definitely working with the prosecution in exchange for a deal. That's been the rumour for weeks.

I imagined that the prosecutors would have enough evidence without her, so that she still would have a heavy sentence. I guess time will tell.

I'm not sure. There was almost no paper trail, no accounting. Testimonies will be used to fill in the blanks and strengthen the case. She'll get a good deal.

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

#223

Post by itake »

Mizza wrote: post #191
shafyy wrote: post #175

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.

It's wrong that poor people who aren't a threat to society are imprisoned because they can't afford bail, not that rich people aren't. Don't think that the way to get rid of the disparity of privilege is to take it away - it is to grant it to more.

I see a lot of news articles in Seattle about people that were released from jail by a judge with no bail while they wait for trail and then go on to commit even more serious crimes (arson, rape and murder) in the following days.

I think society struggles with knowing who is a threat and who isn't. The consequences of being wrong is rape, death, and arson.

> released without bail and was arrested 10 hours later for arson

https://westseattleblog.com/2022/10/crime-watch-followup-ars...

> A judge released him [..] one week before this Monday’s murder.

https://westseattleblog.com/2022/06/crime-watch-followup-arr...

> Fulk is a convicted felon and was arrested just eight days earlier in neighboring Pierce County for threatening to kill a Pierce Transit public safety officer.

https://komonews.com/news/local/witness-describes-vicious-vi...

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

#224

Post by Gasp0de »

shafyy wrote: post #175

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.

I am not from America, but iirc bail doesn't exist after you have been sentenced to jail, it's only to make sure that you will come to your trial? In Germany, you are only held in jail in the time before the trial if there is a reasonable suspicion that you might flee the country or commit other crimes.

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

#225

Post by ravi-delia »

jjtheblunt wrote: post #186
pavlov wrote: post #115

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…

His parents' home isn't worth anything like that. Does that mean only a fraction of the bond value needs to be the security? If so, is that not bullshit?

I mean, it's up to the bond company no? Besides, the ankle bracelet is doing most of the work

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

#226

Post by stu2b50 »

shafyy wrote: post #175

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.

Perhaps, but the issue is more that some people can't skip jail. No one should be in jail - they're innocent. It's a imperfect solution necessary because some people will flee, or commit further crimes (possibly retaliatory). Bail is just an easy "solution" - a financial hostage. For people with nothing to lose, it's hard to find a way to encourage good behavior before trial.

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

#227

Post by csense »

pavlov wrote: post #115

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…

> on bail for a $250 million bond — secured only on his parents’ home in Palo Alto

Wait what? How does that work? I thought if the bond was $X, that literally means you either (a) give the court $X, cash only or (b) sit in jail until trial.

How can his bond be set at $250 million, yet the court somehow isn't just making him sit in jail until and unless he either goes to trial and is found not guilty, or he coughs up $250 million?

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

#228

Post by ravi-delia »

itake wrote: post #223
Mizza wrote: post #191

Earlier quoted context omitted.

It's wrong that poor people who aren't a threat to society are imprisoned because they can't afford bail, not that rich people aren't. Don't think that the way to get rid of the disparity of privilege is to take it away - it is to grant it to more.

I see a lot of news articles in Seattle about people that were released from jail by a judge with no bail while they wait for trail and then go on to commit even more serious crimes (arson, rape and murder) in the following days. I think society struggles with knowing who is a threat and who isn't. The consequences of being wrong is rape, death, and arson. > released without bail and was arrested 10 hours later for a…

That's because it makes the headlines- working out the real statistics wouldn't even be that hard and would totally remove the need for such sensationalist nonsense, but of course that doesn't pay the bills.

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

#229

Post by [deleted] »

postalrat wrote: post #210
dragonwriter wrote: post #152

Earlier quoted context omitted.

> 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…

[flagged]

[deleted]

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

#230

Post by xeromal »

Gasp0de wrote: post #224
shafyy wrote: post #175

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.

I am not from America, but iirc bail doesn't exist after you have been sentenced to jail, it's only to make sure that you will come to your trial? In Germany, you are only held in jail in the time before the trial if there is a reasonable suspicion that you might flee the country or commit other crimes.

Yeah, bail is basically a deposit promise that you'll come to the trial when it comes up. Some trials take a few months to a year or two to come up on the docket depending on how busy they are.

Bail is usually proportional to your crime and there are businesses that will pay your bail if you give them 10%. They take the risk and will send a bounty hunter after you if you skip bail.

Some states like California are testing out non-cash bails which is probably similar to what Germany does. If you do something evil like murder, you stay in jail until your trial. If you're harmless and not looking to escape the country, they let you go.

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