281–290 of 500 posts
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But that 10% is a non-recoverable fee, right? It seems insane they would have agreed to pay a third party $25M as a non-recoverable fee.
I thought it was only if you skip town
If you use a bondsman, you lose the 10% no matter what. If you use a bondsman and skip town, you're out 10%, and they're out the other 90%. Hence why bondsmen employ bounty hunters.
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…
More like he moved into his parents’ attic? They don’t have basements in California :P
Perhaps such a state does exist? Sibling comment seems to indicate California might not be one of them.
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How about: "No use of any software or device that includes any cryptographic algorithms." :-P Back to the stone age it is!
He could still mine crypto with a pen and paper!
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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 tes…
I think it is supposed to be tied to how likely you might be to flee. So a rich person accused of a crime that could lead to the death penalty would have huge bail. (Or likely not be given bail at all.). A poor person accused of a minor crime would likely have a very low bail.
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In this context; someone who can't afford bail makes someone a danger to the community?
It’s usually more about flight risk. “Have nothing to lose” is the phrase that’d be associated with people who can’t afford bail. It’s a tough situation because optimally no one who’s not a flight risk or dangerous should be in jail. They’re all innocent, after all, until they have trial. A financial hostage is just the easiest to implement.
Whether or not someone is held in jail before trial is determined by whether there is a risk that they might flee, destroy evidence or influence witnesses and that judgement has to be taken in a proportional manner (so e.g. if jailing someone before trial would likely put them in jail longer than their potential punishment then you can’t do it).
It actually doesn’t happen that often.
As is often the case with criminal justice one of the biggest issues is actually that it just takes too long until there is a trial and this often also leads to problems with the duration someone sits in jail before trial. Six months are supposed to be the usual upper limit, in practice, however, that line is frequently crossed. So the thing I would want to improve in Germany is time until trial. (And: this is also not to say that this system is perfect. For example, people without a home are empirically much more likely to be jailed, even though the Constitutional Court determined that just the mere fact that someone doesn’t have a home isn’t a valid reason to consider someone a flight risk. Every individual case is supposed to be considered on its own terms. In practice that obviously doesn’t work perfectly.)
As for the US, you need judges to decide whether and how to set bail anyway, just get them to decide on flight risk and risk of tampering with evidence or witnesses instead.
Currently there are around 12,000 people in jail awaiting trial in Germany. In the US there are around half a million people in jail awaiting trial. Normalizing for population that’s around 150 per million in Germany and 1,500 per million in the US. There also seems to be about a five time difference in the crime rate (if we are focussing on violent crime) with, for example, five times more murders per capita in the US. So, even taking that difference into account the US still seems to be jailing about double the people Germany does pre-trial. Doesn’t seem like a great system …
(Obviously all back of the napkin calculations. Please check my numbers if you think there’s anything wrong with those.)
I 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).
I think he already said on Twitter that stuff was just a set of woke shibboleths.
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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.
Seeing as I'm all but entirely ignorant on the nature of large-figure, high-profile bond guarantees, do you (or anyone else) have references for what arrangements are typical?
https://storage.courtlistener.com/recap/gov.uscourts.nysd.44... (granted)
https://storage.courtlistener.com/recap/gov.uscourts.nysd.45... (denied)
https://www.theguardian.com/world/2011/may/19/dominique-stra... (granted)
https://storage.courtlistener.com/recap/gov.uscourts.cacd.72... (denied)
https://www.nydailynews.com/new-york/nyc-crime/ny-colombo-mo... (granted)
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.
Maybe Harari doesn’t realize that the true arbiters of right and wrong—no matter what people might think—are people with power. And often is people who are rich, although they might have no formal power.
In that light it is not strange.
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…
Wouldn't it be interesting if the people who secured the other part of his bail bond are all rich individuals holding all of their net worth in crypto?