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FTX founder Sam Bankman-Fried to be released on $250M bail

cnbc.com

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Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#181

Post by annexrichmond »

valdiorn wrote: post #100
eternalban wrote: post #93

Caroline Ellison appears to be flying under the radar here. Granted she kept her mouth shut but what's keeping others uninterested here? Also any informed opinion regarding her plea deal: Generous, not-generous, unusual, routine? ianal but 110 years to 0 years seems pretty sweet. Also didn't note any agreement to forever stay away from other people's money (since she agreed that she "is in fact guilty" [of conspiracy…

She's almost definitely working with the prosecution in exchange for a deal. That's been the rumour for weeks.

I imagined that the prosecutors would have enough evidence without her, so that she still would have a heavy sentence. I guess time will tell.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#182

Post by bena »

jacquesm wrote: post #137
randyrand wrote: post #133

Earlier quoted context omitted.

emphasis collateral. A loan was taken out for 250M with 4M collateral.

I'm surprised anybody would be willing to risk $246 M for a known fraudster. And I highly doubt their home will still be their home when this is all over.

His parents now have a very good incentive to make sure he makes it to court.

Once he makes it to court, that $250 million is paid back. The only thing the parents lose would be the interest payments on the loan from now until the court date.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#184

Post by [deleted] »

moab wrote: post #41
elliekelly wrote: post #32

I wish we, as a society, could decide whether M is thousand or million and then only use it to represent that one concept. From the headline I initially assumed his bail was only $250,000 and I don’t think I’m the only one in this thread to have made that mistake.

I'm pretty sure you are. I've never seen M being used for thousand.

[deleted]

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#185

Post by twelve40 »

Hamuko wrote: post #146
kyleblarson wrote: post #110

What's the over under on the number of days before he's Epsteined?

I don't understand why people find it so unbelievable that some people would choose to end their lives than face the reality of spending the rest of their life in an American prison.

just a random thought, I was watching narcos and they took away escobars belt in a poor shithole of a Nicaraguan prison decades ago so he had to hold up his pants with tied plastic bags.

the fact that the richest country on earth cannot prevent the suicide of one of the highest-profile criminals (and a high profile witness to lots of things) in a completely isolated controlled environment seems extremely bizarre to me. Like, when I've read that people are overdosing in solitary on San Quentin death row bizzare.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#186

Post by jjtheblunt »

pavlov wrote: post #115

David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…

His parents' home isn't worth anything like that. Does that mean only a fraction of the bond value needs to be the security? If so, is that not bullshit?

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#187

Post by jacquesm »

bena wrote: post #182
jacquesm wrote: post #137

Earlier quoted context omitted.

I'm surprised anybody would be willing to risk $246 M for a known fraudster. And I highly doubt their home will still be their home when this is all over.

His parents now have a very good incentive to make sure he makes it to court. Once he makes it to court, that $250 million is paid back. The only thing the parents lose would be the interest payments on the loan from now until the court date.

I don't see them having that kind of money. They've been on the receiving end of the loot, it's essentially being allowed to leverage stolen money in order to finance the bail.

Probably a judge doesn't care where it comes from and the bail bond people see the risk the way you do but it is a bit weird how a person suspected of crime at this level is allowed to await their day in court in freedom while others are immediately jailed because they didn't steal enough...

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#188

Post by SilasX »

edf13 wrote: post #178
pavlov wrote: post #115

David Gerard has the best summary: ‘He was released on bail for a $250 million bond — “the largest ever pretrial bond,” apparently — secured only on his parents’ home in Palo Alto, where he will be living. ’SBF will surrender his passport and remain in home confinement with electronic monitoring — he’ll wear a bracelet. He will also be required to undergo regular mental health evaluation and treatment. No financial t…

$250m secures on their home?? How much is that valued at?

Well, SBF is the master at getting collateral overvalued…

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#189

Post by gdavisson »

exabrial wrote: post #111

Be nice if all those senators returned those political donations now

The Democrats' Senate Majority PAC is planning to return $1M contributed by SBF and $2M from Nishad Singh; the House Majority PAC got $6M from SBF and "will send funds in question wherever authorities instruct us". Source (and more details): https://www.cnbc.com/2022/12/20/ftx-democrats-senate-majorit...

My understanding is that SBF also made similar contributions to Republicans and conservative PACs etc, but generally hid them (e.g. by giving in other people's names), so those may be harder to track down & return.

Re: FTX founder Sam Bankman-Fried to be released on $250M bail

#190

Post by jjcon »

shafyy wrote: post #175

It's so wrong that rich folks can just skip jail. I'm just reading Harari's Sapiens, and one of his points is that it's crazy that today it's accepted that poorer people are discriminated against. That many people think that being poor is a not something that happens by chance, but by people being lazy or dumb.

I don’t know any poor folks that have had a $250 million dollar bail. Bail for first time offenders ranges from $500-$2500. It is just collateral, you don’t actually pay it if that wasn’t clear. If you can’t temporarily post bond there are 100s of companies out there that will post for you for a small fee (fractions of your actual bond). Is it perfectly fair? No, but I don’t think it is a terrible system either.

Generally for first time offenders that are not a threat to society and unlikely to skip court, bail is waived altogether.

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