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Sam Bankman-Fried Convicted

nytimes.com

201–210 of 1001 posts

Re: Sam Bankman-Fried Convicted

#201

Impressively fast response. Would Travis Kalanick be found guilty for Greyballing and more had Uber had a "run on the bank"? Would Adam Neumann be found guilty for fraud if WeWork's current Chapter 11 was more than just a real estate lease re-negotiation? If the FTX recovery rate gets up to 80-90%, SBF's net fraud might be reduced in scale. In which case, why aren't others like TK going to jail?

Neither Uber nor Wework were financial institutions with consumer deposits they were funneling away to a slush fund.

Re: Sam Bankman-Fried Convicted

#202

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

Federal sentencing guidelines are a complex formula that require visiting at least one oracle atop a mountain.

Why can't the eagles just fly them there though?

Re: Sam Bankman-Fried Convicted

#203
post #56

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

There’s a second trial around the same time for all the illegal political donations he made.

[flagged]

Re: Sam Bankman-Fried Convicted

#204
post #188

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

I was on a jury recently. Deliberations began after closing statements Friday morning. First thing we all agreed we would not be coming back on Monday…

As long as it was clear a decision could be made in time, fine.

But, frankly, if I were on trial by a jury of my peers, I’d appreciate it if people took their time.

Re: Sam Bankman-Fried Convicted

#205
post #166
post #44

Earlier quoted context omitted.

Give him a chance to wrap things up. He’s not going anywhere in the interim.

Why is this guy even in the country? He could have chartered a boat to Venezuela and taken a few hundred million with him. Of course, all the people he defrauded might follow him.

He ran out of cash?

Re: Sam Bankman-Fried Convicted

#206
post #120

Interestingly, FTX made a $500 million USD investment in Anthropic; supposedly, this was made while Anthropic was valued at $4.6 billion (unconfirmed). Now, Anthropic is nearing $30 billion. Anyone know the latest on this? Is FTX going to sell that stake off to pay back the debts? [1] https://www.businessinsider.com/sam-bankman-frieds-anthropic...

Looking online I see reports that FTX owes its creditors $3B. If Anthropic has 6.5x then the initial $500 million is now worth $3.25B. Is it actually possible that all creditors will get their money back? Pretty crazy if so.

Much like the infamous FTT token, just because it’s worth that much on paper doesn’t mean that is what you could sell it for today. I say this as a person with chunks of stock in a few private companies.

And obviously for the people impacted, it’s quite a loss to get all your money over a year after you tried to withdraw it, even if you do get it all.

Re: Sam Bankman-Fried Convicted

#207

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 ge…

Also he was stupid, any other billionaire would have relocated to a country that does not have extradition treaty with the US.

Re: Sam Bankman-Fried Convicted

#208

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

Because there's essentially a whole second sentencing trial. After the verdict, the Parole Office prepares a Presentence Report (I'm not sure if these are public? I'm always looking for them and never finding them on PACER†), the "PSR", which is like the opening bid for the recommended offense levels and grouping. The prosecution and defense then respond to the PSR with exculpatory, mitigating, or aggravating claims, victim impact testimony, your scout leader when you made Eagle Scout, all that stuff. Only then does the judge work out what the actual sentence is.

The guidelines calculations, contrary to public belief, are pretty easy! You will have a pretty good success rate just carefully reading the charged statutes in the indictment and then following the instructions in the guidelines. But the PSR, prosecution, and defense filings all take a bunch of time, and involve "reporting" or "research" or whatever you'd want to call it.

That process ostensibly can't even start until everyone knows what the precise convictions were.

For what it's worth, I think there's a very good chance he just gets the statutory maximum penalties here, because the dollar loss and victim count numbers max out the 2B1.1 guidelines (which, for instance, cap out at $10MM in dollar losses). Attributing specific dollar losses and victim counts is ostensibly one of the things that makes sentencing take so long, but as long as it takes I think the outcome is a foregone conclusion.

Later: they're definitely not public; there's a whole victims rights thing about getting victims partial access to PSRs so they can be heard in the sentencing process. I guess I can stop looking for them.

Re: Sam Bankman-Fried Convicted

#209
post #120

Interestingly, FTX made a $500 million USD investment in Anthropic; supposedly, this was made while Anthropic was valued at $4.6 billion (unconfirmed). Now, Anthropic is nearing $30 billion. Anyone know the latest on this? Is FTX going to sell that stake off to pay back the debts? [1] https://www.businessinsider.com/sam-bankman-frieds-anthropic...

Looking online I see reports that FTX owes its creditors $3B. If Anthropic has 6.5x then the initial $500 million is now worth $3.25B. Is it actually possible that all creditors will get their money back? Pretty crazy if so.

Can a $3B nominal stake in Anthropic actually be liquidated for $3B?
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