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Sam Bankman-Fried sentenced to 25 years in prison

cnn.com

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Re: Sam Bankman-Fried sentenced to 25 years in prison

#791

Post by ekms »

ekms wrote: post #666
publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

Did you get paid back yet? From what I read the ftx estate claimed to be able to make all claimants whole

Hm, not sure why people are downvoting this ^ Here's a source: https://www.wired.com/story/ftx-bankruptcy-bitcoin-value/

Re: Sam Bankman-Fried sentenced to 25 years in prison

#793

Post by BeFlatXIII »

harambae wrote: post #709
goalonetwo wrote: post #690

Earlier quoted context omitted.

As someone who lost a little bit through this whole debacle I think it is because we willingly gave our money to FTX. We wanted to believe in this story that was too good to be true. We got fooled and we are slightly ashamed. When you get mugged you have no choice on what is happening. The actions are being forced physically on you. With FTX We chose to go that way so it somehow feels like we are as much to blame as…

“You can’t cheat an honest man” as the expression goes. Not literally true - completely innocent people do get victimized - but there’s certainly a reason for the expression.

"Can't con an honest John" for the rhyming edition.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#796

Post by phone8675309 »

micromacrofoot wrote: post #497
publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

Mugging is much more violent and personal. SBF didn't see you and think "that's the person I'm going to get" he essentially created a fraud machine that you and hundreds of others got caught up in. Very impersonal.

But no less financially destructive

Re: Sam Bankman-Fried sentenced to 25 years in prison

#797

Post by amanj41 »

rgbrenner wrote: post #338
A_D_E_P_T wrote: post #159

To put this into its proper perspective, see table 7 here: https://www.ussc.gov/sites/default/files/pdf/research-and-pu... In 2022, the average murderer in the Federal Southern District of New York (N = 58) was sentenced to a median of 231 months, which comes out to 19 years and change. No crime of any type had an mean or median sentence higher than 25 years; most were far less than half. So it should be really hard…

FTX was one of the biggest frauds in history.. and you're showing us averages. Madoff received a 150 year sentence, and that was with leniency for pleading guilty.

Wasn't Madoff's plan the whole time to pocket investor money for himself, whereas Sam's was to arrogantly (and illegally) gamble it with the thought being he could return the principal from Alameda back to FTX in future? Genuine question, I'm not super informed on these.

Re: Sam Bankman-Fried sentenced to 25 years in prison

#798

Post by m463 »

publius_0xf3 wrote: post #449

It's funny. I lost tens of thousands of dollars thanks to this individual, yet his sentence brings me no joy or arouses any emotion at all. I'm utterly indifferent to his fate for some reason and I don't know why. Yet if he had been a mugger who stole a much smaller amount of money from me on the street, I think I would've been far more vengeful. Should I feel vindictive? Or is it healthy to forget about it and move…

I believe the justice system correlates with your feelings.

wrt outcome, it seems physical crimes are almost inconsequential in monetary damage compared to "white collar" crimes

I can't help but think of that clint eastwood line:

"It's a hell of a thing, killin' a man. Take away all he's got, and all he's ever gonna have."

I think physical damage, and also the psychological damage of violence has a permanence compared to money and property "damage"...

Not to make light of anything, but you can always get more stuff. (and over my lifetime I've noticed stuff has been easier to get)

Re: Sam Bankman-Fried sentenced to 25 years in prison

#799

Post by [deleted] »

ghnws wrote: post #297
marcinzm wrote: post #177

Earlier quoted context omitted.

> If anything, it's excessive if you consider the nature of the crime relative to the nature of murder or kidnapping. I suspect the resulting number of shortened lives amongst all the people who lost $8 billion worth of their money due to the fraud is more than the number caused by a single murder.

Hopefully no-one bet their life on unregulated extremely risky investments.

[deleted]

Re: Sam Bankman-Fried sentenced to 25 years in prison

#800

Post by bunabhucan »

FabHK wrote: post #276
setgree wrote: post #176

An uncle once commented about a cousin of ours that he demonstrated how it's possible to screw things up so badly that you can't possibly recover. I think that's true for Sam. I hope it's not true for the people in his orbit; I hope they can get out from under this and try to find meaning, ideally from repairing the harm they've done. As Rick Heicklen writes, "We are not ever going to be Sam. But we could be Caroline…

FWIW, I didn't find Lewis's book as bad (or amoral) as it's often made out to be. Yes, he didn't put his judgement in every paragraph, but his description of SBF was: a) absolutely damning! SBF's lack of empathy, his notion that (given that everyone else is stupid) he knew best and should basically ignore the advice of everyone else (particularly his elders), his naive utilitarianism without any deontological/virtue…

Since the type of financial situation and financier Lewis writes about typically is amoral but also is sure that they are correct and proper, Lewis' continued access to future SBFs requires that he offload judgement to the reader.

It's almost like a realtime version of "Manias, Panics and Crashes: A History of Financial Crises" or "This Time Is Different: Eight Centuries of Financial Folly".

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