331–340 of 500 posts
Earlier quoted context omitted.
The running theory is his parents were the puppet masters and he is the fall guy.
You think two law professors were running the show? Have you ever met a law professor? It’s not a question of corruptability, it’s a question of competence
Earlier quoted context omitted.
When does M mean thousand? I've never seen that. K means thousand.
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.
This is not the case in the United States.
Earlier quoted context omitted.
Okay so it's basically a bail bond, sign over the $2M house to get the bondsman to post $250M bond. What bondsman has $250M? Even if they did, why would they ever agree to this? Isn't getting $2M from a defendant on a bail bond less than even the interest you could probably get by just putting your $250M in, say, a Treasury bond over the same timeframe? For that matter, who's willing to bet $250M at 99-to-1 payout od…
You also need to factor in the cost of plastic surgery and a new identity because I guarantee that if he 'just' skips to Dubai he won't be safe.
Earlier quoted context omitted.
> His parents' home isn't worth anything like that. Correct. > Does that mean only a fraction of the bond value needs to be the security? Correct. > If so, is that not bullshit? It seems to mean “lots of people’s mental model of what ‘$X bail’ means is wrong.” But that ignorance doesn’t make the actual system bullshit.
thanks. who pays if he and the parents skip the US to somewhere from which they're not retrievable, and their house sells for a very presumptive 4 million?
I guess we pay, somehow.
Earlier quoted context omitted.
Weird. I’ve heard this same phrase about every state I’ve lived in (always from a native) and it’s always turned out to be false. Perhaps such a state does exist? Sibling comment seems to indicate California might not be one of them.
Not sure about the rest of the state but definitely no basements here in South Florida. I haven’t even seen any houses w a crawl space when I was moving here. Pretty much just concrete block construction on slab. Can’t really dig far on a swamp…
As for crawl spaces, they’re really common on older homes up here (central FL); I have one.
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.
Earlier 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 $250M, such that the government could recover up that amount from any assets held by any of those parties. While unsecured, note…
Can't wait to read Levine's take on that.
Earlier quoted context omitted.
> His parents' home isn't worth anything like that. Correct. > Does that mean only a fraction of the bond value needs to be the security? Correct. > If so, is that not bullshit? It seems to mean “lots of people’s mental model of what ‘$X bail’ means is wrong.” But that ignorance doesn’t make the actual system bullshit.
thanks. who pays if he and the parents skip the US to somewhere from which they're not retrievable, and their house sells for a very presumptive 4 million?
Personally fleeing doesn't really matter, because signing as a bail surety makes the court itself your agent for service of process, and default judgement is automatically available. (They do have to provide a copy of notices at the sureties last known address, but they don't have to actually serve notice on them.)
Now, if all the assets of SBF and his sureties are out of reach of the US government, that would be a problem.
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).