He's a lesser evil. The only reasons why he went down were: 1. because he's not a greater evil, he didn't get dirt on people who can bring you down is a great way to never be brought down (Epstein is an anomaly); and 2. he did it publicly, there are about 2500 known billionaires in the world and estimated another 1000 that have assets that cannot be accounted for determine net worth accurately; he should worked on getting into that latter crowd of "shadow billionaries".
Sam Bankman-Fried Convicted
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Re: Sam Bankman-Fried Convicted
#82Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.
He didn't lose it all. His early investor position in one of the big AI companies alone is worth a lot.
Not condoning SBF's misconduct, just correcting a mis-statement of fact.
Re: Sam Bankman-Fried Convicted
#83absolutely shocked! his iron clad defense on the stand was infallible!11
joking aside, glad this joker is going to rot in a federal prison. Even if it's "club fed"
Re: Sam Bankman-Fried Convicted
#84Does anyone know whether he will be re-bailed to his palatial parents' home in Palo Alto now that witness tampering is off the table?
Re: Sam Bankman-Fried Convicted
#85Well... this is justice. Sadly, we don't get to see justice very often. This is life in prison, correct? I know he hasn't been sentenced but all counts is easily several life sentences at the federal level. When do the parents go on trial? I can't see how they make it out of this without at least having all their ill-begotten assets stripped.
Have all of the people scammed been brought whole? That would be justice. Someone sitting in jail isn't justice. It is punishment for his actions. I've never understood how someone being incarcerated has become considered justice.
While I agree with your skepticism about imprisonment equaling justice, one element to consider is whether a victim of a crime can ever be "made whole." Even if a victim was to receive 100% material reimbursement, the act of being victimized can cause changes in life that look a lot like opportunity costs. It doesn't surprise me then that we as a capitalist society look to imprisonment (the ultimate infliction of opportunity cost) as a sort of ethereal or "karmic" reimbursement (even if I don't agree).
Re: Sam Bankman-Fried Convicted
#86I'm not too familiar with the American system, could someone please explain how after the verdict does the sentencing work? The judge is the one who will now decide the sentence? And how long does that decision take, so when will we know what the consequences of the guilty verdict actually are? (For example, how many years in prison, or not).
As others said, the judge will decide. One of the reasons for the delay is the preparation of the Pre-Sentence Report (PSR) that a parole officer will prepare. There's also time to argue about mitigating and exacerbating factors by the lawyers on both sides.
Thank you! And will SBF remain in jail while awaiting the sentencing?
Re: Sam Bankman-Fried Convicted
#87Re: Sam Bankman-Fried Convicted
#88Re: Sam Bankman-Fried Convicted
#89Like many of his strategies at FTX, his high risk approach to this trial for a high value payout (taking no plea deal and getting out with no charges) hasn’t worked out. I wonder if he himself is accepting of the outcome and isn’t already scheming or relying on another all-in gamble.
I don’t think he was ever offered a plea deal
Re: Sam Bankman-Fried Convicted
#90His parents must be so proud
They helped him!