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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

#481

Post by shafyy »

CydeWeys wrote: post #261
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 so wrong that rich folks can just skip jail. He hasn't been convicted of a crime. What's wrong is for people who haven't been convicted of a crime to spend time in jail, especially in situations like this where he isn't posing a physical danger to the community (and indeed won't even be leaving the house anyway).

I didn't make a statement whether jail is good or bad. My point is that people who can come up with money (to post bail) shouldn't be treated differently than people who don't have that money. Your financial situation should play no role here.

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

#482

Post by knorker »

listenallyall wrote: post #183
knorker wrote: post #169

Earlier quoted context omitted.

Sometimes MM is thousands monthly. It a strange world.

Example?

I've seen it in person a lot in internal corporate presentations. Maybe they've all been wrong, but that's how language works.

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

#483

Post by user_named »

whyenot wrote: post #404
jrjrmlrlrlrr wrote: post #363

Earlier quoted context omitted.

He caused $8 billion in suffering and you're concerned he can't use the internet?

That has not been proven. He hasn’t had a trial yet. Maybe you are unfamiliar with the US justice system, but at least in principle the idea is to only punish after someone has been found guilty.

No, it's proven and it's a fact. Legal liability within the US and to what extent, for what, hasn't been proven.

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

#484

Post by iavael »

throwawaylinux wrote: post #357
moralestapia wrote: post #338

Earlier quoted context omitted.

Wait, so his bail is also "funny money"? Did he just FTXed the US government? LOL! Can't wait to read Levine's take on that.

No I think a lien or similar on a reasonable asset isn't really funny money. No funnier than money itself really -- both are just bits of paper, backed by some guarantee the government will ensure their value.

Actually governments don't guarantee anything about fiat money value.

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

#485

Post by sethd »

vel0city wrote: post #402
sethd wrote: post #282

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.

There's practically no basements in residences in lots of Texas. In Houston a lot of the city is literally only 10-15ft above sea level, the water line is often close to the surface. Coupled with lots of rain and flooding, it's not a good idea. Then in North Texas, expansive soils are then a challenge. There's lots of shifts from drought to wet seasons that'll quickly start crushing those walls. It's definitely possi…

I’ve seen some in older homes and have heard “there are no basements in Texas” when I lived there. Same thing in Oklahoma, even though a house I lived in as child had one and we definitely weren’t wealthy. :)

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

#486

Post by throwawaylinux »

iavael wrote: post #484
throwawaylinux wrote: post #357

Earlier quoted context omitted.

No I think a lien or similar on a reasonable asset isn't really funny money. No funnier than money itself really -- both are just bits of paper, backed by some guarantee the government will ensure their value.

Actually governments don't guarantee anything about fiat money value.

They require it is legal tender so guarantee it has value as a medium for exchange and storage.

I didn't say the government guarantees a particular value. I said it is backed by a government guarantee, and that is what ensures it has value (i.e., it is worth what is written).

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

#487

Post by mhh__ »

user3939382 wrote: post #474

If you commit crime in the US it better be big and for a lot of money (>$100M) or you’re in trouble. Just over 10k is the highest legal risk per crime dollar. Over $100M you can game the justice system at the highest levels in most cases. Ask HSBC or Hunter Biden.

What exactly is hunter Biden supposed to have done that was illegal? Especially to the tune of $100M

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

#488

Post by trillic »

ethbr0 wrote: post #445
trillic wrote: post #413

Earlier quoted context omitted.

The simplest explanation is usually true. A billionaire enabler of Sam's was willing to put up $250M in collateral because Sam spilling on him would cost him far more that $250M. I think the claim he was acting alone solely on his own behalf is absolute garbage. He rose too high, and too rapidly to have been solely of his own creation. Someone bigger than him was absolutely involved. I think we need to look further i…

Why invoke conspiracy, when normal stupidity and corruption will suffice?

I'm not the one invoking conspiracy here.

SBF has been charged with the following crimes in a U.S. federal court.

    Conspiracy to commit wire fraud on customers
    Wire fraud on customers
    Conspiracy to commit wire fraud on lenders
    Wire fraud on lenders
    Conspiracy to commit commodities fraud
    Conspiracy to commit securities fraud
    Conspiracy to commit money laundering
    Conspiracy to defraud the United States and violate the campaign finance law.
With the limited information we currently have, to assume that he is the biggest player in this and that him, Ellison, and Wang were the only ones involved is naive at best. The discovery process for these cases will be extremely interesting.

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

#489

Post by SilasX »

trillic wrote: post #413
moralestapia wrote: post #398

Earlier quoted context omitted.

>You're claiming the court accepted the collateral [...] without doing anything to verify it? Yes, I think that's exactly what happened.

The simplest explanation is usually true. A billionaire enabler of Sam's was willing to put up $250M in collateral because Sam spilling on him would cost him far more that $250M. I think the claim he was acting alone solely on his own behalf is absolute garbage. He rose too high, and too rapidly to have been solely of his own creation. Someone bigger than him was absolutely involved. I think we need to look further i…

> The simplest explanation is usually true. A billionaire enabler of Sam's was willing to put up $250M in collateral because Sam spilling on him would cost him far more that $250M.

But whether SBF is out on bail doesn't affect what comes out at trial. If you're saying that SBF is effectively extorting those other individuals, on threat of revealing their secrets, then their pretty dumb extortion victims, since nothing stops SBF from continuing to demand massive investments of their money such as this one.

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

#490

Post by joshmn »

joshmn wrote: post #327

I feel like we're missing something. Parents are on the hook for $250M if he dips. Judge had to have looked at their financials and had some assurances that they'd be able to pay this right?

Replying to myself: An associate of mine is a federal criminal lawyer in SDNY. He said that he's sure the source of funds was cleared.

This makes me all the more curious.

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