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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

#231

Post by edwnj »

csense wrote: post #227
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…

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

#232

Post by hollerith »

csense wrote: post #227
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…

A financial intermediary trusted by the court pledges to pay the court the 250M if SBF flees and the intermediary cannot find him and take him back into custody.

For typical bail amounts i.e., $50k, the intermediary usually demands 10% of the $50k from the defendant (and his friends) as a deposit, but maybe SBF found an intermediary willing to make the pledge to the court for a deposit significantly less than 10% of the 250M.

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

#233

Post by erulabs »

tibbydudeza wrote: post #66
moab wrote: post #40

Earlier 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

> Nothing can make nothing

Is the implication that technology (like blockchain and digital currencies) and financial operations (like brokerages and exchanges) can create no legitimate wealth? Because I might humbly suggest this forum, which is run by a venture capital firm specializing in technology, might not rush to agree with you.

Less humbly, if you're suggesting labor is what makes things valuable, that's possibly one of the worst ideas in the history of economic thought. SBF might be a fraud, but it doesn't implicate cryptocurrencies, much less capitalism.

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

#234

Post by stanleydrew »

csense wrote: post #227
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…

Yeah you have to put up cash or collateral nominally worth (presumably in the court's discretion) the amount of the bond. This report seems incorrect.

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

#235

Post by rootusrootus »

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.

> That many people think that being poor is a not something that happens by chance, but by people being lazy or dumb

There are certainly motivated, intelligent poor people. But if you don't think lazy & dumb isn't over-represented amongst poor people, then you've been leading an insular life.

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

#236

Post by jjcon »

ravi-delia wrote: post #228
itake wrote: post #223

Earlier quoted context omitted.

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.

Uhhh… what? So what level of rape/murder is appropriate/acceptable for criminals out on bail to commit, statistically speaking of course?

I’m pretty sure the rest of us think it should be 0… but maybe that is just me. 3 notable examples in the last 6 months in one area… not zero… not anywhere close.

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

#237

Post by rootusrootus »

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]

$100K along with equity in your parents' house as well as a couple other unnamed rich people. Then sure.

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

#238

Post by xeromal »

RobLach wrote: post #207
ch4s3 wrote: post #201

Earlier quoted context omitted.

Why should anyone who isn't a danger to the community be held in jail pre-trail?

In this context; someone who can't afford bail makes someone a danger to the community?

If you have nothing, then it's pretty logical to think that they have less ties to the community they're in vs someone who has a home, business, etc and uprooting is much more painful if you try to flee.

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

#239

Post by lamontcg »

happyopossum wrote: post #205
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…

> secured only on his parents’ home in Palo Alto, This part is incorrect - his parents and 2 other individuals with ‘significant assets’ signed on his bond.

That makes more sense. He probably has a billionaire friend or two.

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

#240

Post by jrockway »

googlryas wrote: post #151
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…

Should be denied access to the internet too, like most internet related criminals are on bond conditions.

That seems needlessly cruel.

I'm all for getting to the bottom of what SBF did, but he hasn't been convicted of any crime yet. It's important that we go through the process before applying punishments.

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