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Sam Bankman-Fried Convicted

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661–670 of 1001 posts

Re: Sam Bankman-Fried Convicted

#661

Earlier quoted context omitted.

> there really is such a thing as a person with a lot of book-learning but less common sense than a sea slug I don't even think SBF had the book-learning, just intellectual arrogance. "I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you f---ed up, and it should have been a six-paragraph blog post."

I had to search to check that the quote was real, that is some spectacular hubris!

If you like that, you should hear what he had to say about Shakespeare:

"I could go on and on about the failings of Shakespeare ... but I really shouldn't need to: the Bayesian priors are pretty damning. About half the people born since 1600 have been born in the past 100 years, but it gets much worse than that. When Shakespeare wrote almost all Europeans were busy farming, and very few attended university; few people were even literate—probably as low as ten million people. By contrast there are now upwards of a billion literate people in the Western sphere. What are the odds that the greatest writer would have been born in 1564? The Bayesian priors aren't very favorable." [Going Infinite, p29]

Now I get that Shakespeare doesn't appeal to everyone and is definitely an acquired taste, but to judge his work on probability when the work itself is right there to judge on its own merits is like the joke about an economist who sees a hundred dollar bill on the street and says, "If that were a real bill, someone would already have picked it up."

He also dismisses the "plot twist" in Much Ado About Nothing (when Beatrice asks Benedick to kill Claudio) as "illogical" and the province of characters who are "one-dimensional and unrealistic" because "I mean, come on—kill someone because ... his fiancée is cheating on him?" As if no actual human being had ever killed out of jealousy, when it's usually one of the main motives for murder. It's like he's visiting from another planet or something.

Re: Sam Bankman-Fried Convicted

#662

Earlier quoted context omitted.

> there really is such a thing as a person with a lot of book-learning but less common sense than a sea slug I don't even think SBF had the book-learning, just intellectual arrogance. "I don’t want to say no book is ever worth reading, but I actually do believe something pretty close to that. I think, if you wrote a book, you f---ed up, and it should have been a six-paragraph blog post."

The craziest thing to me is that when he was saying things like that noone in the mainstream media was questioning him. The FT had a very flattering lunch interview with him shortly before his demise. It was embarrassing how they were portraying him.

Have we talked about sequoia recently?

https://web.archive.org/web/20221027181005/https://www.sequo...

Re: Sam Bankman-Fried Convicted

#663
post #393

> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…

I typically think that what makes MIT the greatest is their marketing department. They do a lot of great things, but what they do best is telling everyone that they are the best.

They still manage to recruit some of the best students, so their graduates are smart simply by the fact that they got accepted at MIT.

Re: Sam Bankman-Fried Convicted

#664

I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…

There is an hr long interview with Michael Lewis about his time with SBF and its fascinating how his unusually high aptitude for jane street type decision making under uncertainty was able to paper over his unusually high emotional disconnectedness. Great interview (available as podcast and on YouTube) https://www.intelligencesquared.com/events/the-rise-and-fall...

I watched the 60 minutes with Lewis who used to be one of my favourite writers but I had to do a 180 after I saw him defending SBF for the whole time. It was hard to watch and made me question the accuracy of every single book of his that I had read.

Re: Sam Bankman-Fried Convicted

#665

I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…

[flagged]

> I can safely say I was the smartest person in the room

I stopped reading after that

Re: Sam Bankman-Fried Convicted

#667

Earlier quoted context omitted.

They always appeal.. "Dad, why is the American government the best government? "Because of our endless appeals system" Thank You for Smoking

Appeals are expensive and risky. He may appeal but I doubt he has the money to. Also, he probably has no grounds for appeal because he really did commit fraud, the government has a lot of evidence that he is a criminal, and the government did not violate his rights.

I suspect he'll appeal. When you're looking at life in prison, as Bankman-Fried is, there's no reason not to make the Hail Mary play.

Re: Sam Bankman-Fried Convicted

#668

I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…

> You’d think this MIT graduate would wise up, but he never did.

After interacting with professional managers with degrees from supposedly illustrious institutions for years during my career, I don't see a good basis for this expectation. What is more fascinating is how the professional management class, as incompetent as they are, have managed to gain the reputation of wisdom and competence in the collective subconscious.

Re: Sam Bankman-Fried Convicted

#669

Earlier quoted context omitted.

The opposite thing is going to happen in this case, and I'm sure you'll hear Ken on Serious Trouble saying the same thing next week (you can get Andrew McCarthy, another former AUSA, saying the same thing in the National Review today if you want that with a dash of anti-woke conservative racial politics). In basic economic crimes, sentences scale primarily with dollar losses, and FTX lost billions. He's going to do s…

Another thing that makes this case difficult is that SBF kind of breaks the sentencing guidelines. He starts at the highest possible base offense level for fraud, so he's in a position where every point haggled over is worth years of sentence time. And this also means statutory maximum sentences come into effect, and I personally don't know how that interacts when you've got multiple charges. I believe the statutory…

> And this also means statutory maximum sentences come into effect, and I personally don't know how that interacts when you've got multiple charges.

The judge can order consecutive sentences for multiple charges, making the effective statutory maximum in such cases very long indeed. Sholam Weiss [1] was an extreme example of this, racking up 845 years for a $450M fraud in the 90s.

[1]: https://en.wikipedia.org/wiki/Sholam_Weiss

Re: Sam Bankman-Fried Convicted

#670
So what’s the final outcome? A long prison sentence or a few years hanging out on appeal followed by a few years in a low security federal penitentiary and a long career doing speaking engagements and appearances?

Holmes got 9 years, but her actions had severe real world effects on people. Is that the ceiling for SBF?

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