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https://www.justice.gov/usao-sdny/pr/statement-us-attorney-d... "This case is also a warning to every fraudster who thinks they're untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught."
For anyone curious, Ken White has a good and entertaining article breaking down maximum sentences in print (here, 110 years) and what people actually serve. It's worth a read: https://www.popehat.com/2013/02/05/crime-whale-sushi-sentenc... A takeaway: "1. Maximum sentences have very little relation to actual sentences in federal law. When the government quotes the maximum sentence, they are trying to scare you. When…
Yeah, I’ve heard that a bunch - about the press being uninformed or lazy. I’d offer that they are neither, but if they are restricting themselves to reporting facts and not prognostications and opinions, the statutory maximum is a reasonable thing to report.
This isn't the place to be sticking up for journalism. They really are both uninformed and lazy.
I really don’t think they should have let the rest of the executive team walk, especially Ellison. They knew what they were doing too, and I’m sure they could have built a strong enough case to convince SBF and the others through plea deals and such
Earlier quoted context omitted.
It's being debated in the bankruptcy court. Some creditors want to sell it off and others want to let it ride. Because this is crypto, some people want to issue a crypto token that represents claims on the estate.
>some people want to issue a crypto token that represents claims on the estate What could possibly go wrong? :D
https://www.justice.gov/usao-sdny/pr/statement-us-attorney-d... "This case is also a warning to every fraudster who thinks they're untouchable, that their crimes are too complex for us to catch, that they are too powerful to prosecute, or that they are clever enough to talk their way out of it if caught."
"Oh no," a person just like SBF is surely thinking in response to this verdict, "I'd better straighten up and stop thinking that I am clever enough to talk my way out of situations if caught."
So what's his term in jail?
I'm curious how the sentencing goes, not only for SBF but those around him that took deals. In my limited view of US cases, it often seems prosecutors let off lightly anyone that will testify in return for their whale. Sometimes feels it's more symbolic justice that way than real.
What prosecutors can do is recommend a sentence and let the judge know that a criminal cooperated. Cooperating typically reduces a criminal's sentance. Ultimately, Federal sentences are decided by three things:
A) The laws of the United States. These can be changed by the United States Congress.
B) The sentencing guidelines (https://www.ussc.gov/guidelines)
C) Prison Capacity (At some point, you cannot send anyone else to jail because the prisons are full)
For anyone curious, Ken White has a good and entertaining article breaking down maximum sentences in print (here, 110 years) and what people actually serve. It's worth a read: https://www.popehat.com/2013/02/05/crime-whale-sushi-sentenc... A takeaway: "1. Maximum sentences have very little relation to actual sentences in federal law. When the government quotes the maximum sentence, they are trying to scare you. When…
In some ways I can understand white collar criminals being "more evil" than murderers. As I understand it, murderers are often acting out of desperation, poverty, etc. On the other hand, it seems like a lot of white collar criminals who have everything but feel entitled to take from people who already have less than them. Although clearly the murderers did the more heinous crime. Not trying to say that this is someth…
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...
It's being debated in the bankruptcy court. Some creditors want to sell it off and others want to let it ride. Because this is crypto, some people want to issue a crypto token that represents claims on the estate.
Earlier quoted context omitted.
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?
On the other hand, the current investors probably won’t want to make an exception for FTX if they know it’s going to cause them to write down their stakes.