Earlier quoted context omitted.
It'd be nice to know who and how they got their billions.
Are there any billionaires of whom it is not known how they got their billions?
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FTX founder Sam Bankman-Fried to be released on $250M bail
311–320 of 500 posts
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#312Earlier quoted context omitted.
It's not easy to work out the statistics because the vast majority of crimes go unsolved. The sensational headlines are the ones where criminals managed to get caught. The ones who were out on bail (or released on their own recognizance) but didn't get caught won't show up in the stats.
A cursory google suggests that 50% of murders go unsolved. Obviously people out on bail are far more likely to be investigated than those who aren't (especially considering that the intersection of "criminals who haven't gotten caught" and "people out on bail" is empty, so we're looking at the finer category of people who have been caught once ), but lets pretend that the opposite is true, and that every single unsol…
There are many more crimes than murders, and the chances of getting caught are much lower. For example: in San Francisco, the clearance rate for reported larcenies is 2.9%.[1] So a thief can expect to steal another 23 times before having a 50% chance of being caught. SF's 6.4% clearance rate for vehicle theft means that a car thief can expect to steal another 10 cars before getting caught.
1. https://www.sanfranciscopolice.org/stay-safe/crime-data/clea...
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#313Earlier quoted context omitted.
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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Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#314Earlier quoted context omitted.
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.
Is it more snobbish than using "k" to mean thousand?
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#315Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#316Earlier quoted context omitted.
I think bail norms probably vary by jurisdiction, etc., and your assumptions are not correct. My guess is he was not required to post full collateral, i.e. the only collateral here is the home, and then Sam, his parents, and two others posted essentially an unsecured guarantee for the full $250M, such that the government could recover up that amount from any assets held by any of those parties. While unsecured, note…
Cash bail means the accused pays the full bail amount and then gets it refunded after trial. A surety bond is basically a loan, through a bail bondsman. The bail bondsman has insurance in case you don't show up. A property bond is where the court gets a lien on your property. It sounds like this is what happened. https://money.howstuffworks.com/bail.htm
This is a mix of property (the parents home) and sureties (both parents for the full amount, and two other people for a lesser amount).
Sureties don't have to be bail agents / bondsmen.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#317Earlier quoted context omitted.
Normally when you post bail you have 2 options: 1. Pledge the full amount of the bail yourself. You get this back if the accused shows up in court, you lose it of they flee. 2. Pay some percentage (usually X%) to a bail bondsman. You never get that money back, and if the accused flees, the bail bondsman will try to get the money from whomever signed the bond (as the bail bondsman is on the hook). The bail bondsman ma…
I think bail norms probably vary by jurisdiction, etc., and your assumptions are not correct. My guess is he was not required to post full collateral, i.e. the only collateral here is the home, and then Sam, his parents, and two others posted essentially an unsecured guarantee for the full $250M, such that the government could recover up that amount from any assets held by any of those parties. While unsecured, note…
> My guess is he was not required to post full collateral, i.e. the only collateral here is the home, and then Sam, his parents, and two others posted essentially an unsecured guarantee for the full $250M, such that the government could recover up that amount from any assets held by any of those parties
Approximately this, though only SBF and his parents are on the hook for the full amount, the other two for a lesser amount (TBD in the main bail doc.)
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#318David 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?
Normally, the accused pays a bail bondsman ~10% of the bail amount and bondsman puts up the full amount at the courthouse. The 10% is a fee to the bondsman, the accused doesn’t get it back. The bondsman gets back their full amount back when the accused shows up for trial. If the accused flees, the bondsman sends bounty hunters and/or calls in their insurance policy.
Not sure how it works for amounts this large, but the above applies to your everyday DUI/assault/etc (at least here in VA). And even if the house was worth $25 million, they would essentially be giving it to the bondsman, which I doubt it what happened.
The rich truly do play by different rules, even when they’re charged with crimes.
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#319It's important when possible to hold conspiracy theorists accountable for being wrong. So I wanted to draw attention to this popular HN story from a week again:
Why hasn’t Sam Bankman-Fried been arrested yet? https://news.ycombinator.com/item?id=33835212
Re: FTX founder Sam Bankman-Fried to be released on $250M bail
#320Earlier quoted context omitted.
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
Martha Stewart taught us how easy those are to take off!