Hard to square with the lack of consequences (for those responsible) for the 2009 financial crisis.
Get them too
FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
31–40 of 132 posts
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#32Earlier quoted context omitted.
For a multitude of reasons, Lewis is an unreliable narrator...
Yes, leave only an accusation without supporting facts or ideas.
I lost a lot of respect for Lewis over the book. He gave a wildly charitable and apologetic take on SBF's blatant fraud and incompetence. I'd suggest reading it (or watching any related interviews with Lewis) -- but I don't think this is a particularly unpopular take.
Comes up in most (all?) reviews, like this one, where the subtitle reads:
> The Moneyball author develops a misguided soft spot for fallen crypto king Sam Bankman-Fried
It reads like, with full knowledge now of what was really happening, that Lewis ate up all the lies and baloney he was fed the whole time he was interviewing SBF.
[1] https://www.theguardian.com/books/2023/oct/25/going-infinite...
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#33Question here: What is the purpose of a sentence this long? I understand that for this type of crime the goal is deterrence rather than rehabilitation, but let's say we had a habit of locking up corrupt billionaires for 20 years instead of 50. I'd argue that the lost opportunity cost for people that wealthy (or really for anyone) that 20 years is as much a deterrent as 50 years, but at a lower cost to the tax payer.
Don’t forget his Billionaire status came from fraudulent activities (taking other people’s money).
This isn’t punishing entrepreneurs.
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#34Earlier quoted context omitted.
So if he's sentenced to 40 years in federal court ... (this is federal court, right? I forgot) Fed doesn't do parole. Best you can get typically is time for good behavior for like 15% reduction in length. But there's a good chance he doesn't get sentenced to 40 years, that's just what the prosecutor asks for. We dunno yet.
The minimum for federal sentences is that you have to serve 2/3.
It’s 85%
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#35Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#36Earlier quoted context omitted.
Can you be more specific about those responsible?
Jamie Dimon should be in prison right now, for one.
Half of the big bank CEOS, and major wall street players should be in jail... they just have more money then Sam Bankman-Fried had, because he lost it all. If he had substantial resources outside FTC, do you think he would be in jail?
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#37Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#38Question here: What is the purpose of a sentence this long? I understand that for this type of crime the goal is deterrence rather than rehabilitation, but let's say we had a habit of locking up corrupt billionaires for 20 years instead of 50. I'd argue that the lost opportunity cost for people that wealthy (or really for anyone) that 20 years is as much a deterrent as 50 years, but at a lower cost to the tax payer.
>20 years is as much a deterrent as 50 years, but at a lower cost to the tax payer.
The number of wealthy people getting those kinds of sentences is basically 0, so the cost to the taxpayer is a moot point.
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#39Not trying to defend or anything (what I read in those news on SBF doesn't cause any sympathy for him in me), just wondering - as the crimes committed here were committed in the open over some prolonged time, why those crimes weren't stopped by the law enforcement several years/billions (and decades of prison term) before that pretty late point? Kind of like with Madoff or 2008 - everybody knows that the things aren't kosher (and the professionals and the related law enforcement even know most of the details of how bad the things really are), yet let it go until it crashes - basically it looks like the main crime in such cases is the failure/crash itself not the cheating/scamming/etc. before it.
Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say
#40Question here: What is the purpose of a sentence this long? I understand that for this type of crime the goal is deterrence rather than rehabilitation, but let's say we had a habit of locking up corrupt billionaires for 20 years instead of 50. I'd argue that the lost opportunity cost for people that wealthy (or really for anyone) that 20 years is as much a deterrent as 50 years, but at a lower cost to the tax payer.
It’s a good question that seems to hit the same chord as the death penalty argument.
I don’t hold this view, but I think the answer is: the goal is punishment, not deterrence, nor rehabilitation. People want “justice” which, in their view, can only be served via harsh punishment.