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FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

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Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#41

Post by JumpCrisscross »

dubcanada wrote: post #36
rhizome wrote: post #35

Earlier quoted context omitted.

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?

> If he had substantial resources outside FTC, do you think he would be in jail?

Yes. The brazenness of his fraud would land the most powerful Wall Street tycoon in jail.

In case the rose tint is coming on, this was his balance sheet [1][2].

[1] https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af...

[2] https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-...

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#42

Post by loeg »

infecto wrote: post #13
greedo wrote: post #11

Earlier quoted context omitted.

For a multitude of reasons, Lewis is an unreliable narrator...

Yes, leave only an accusation without supporting facts or ideas.

Just the first google result but anyone paying any attention is familiar with how stupid the Lewis story around SBF is: https://nymag.com/intelligencer/2023/10/how-michael-lewis-go...

There are myriad other extremely easy to find criticisms of this particular Lewis book (and of his other books, too).

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#43

Post by drexlspivey »

COGlory wrote: post #4

I'm curious if anyone has any idea - how much money is actually unaccounted for? Michael Lewis's book makes it seem like the money existed, but was all over the place, and that by the time all was said and done, they were basically in the black. But that was assuming investments didn't ever grow - they still had to have lost money somehow.

The hole is $8bn (that's counting real assets no shit tokens) which is probably going to be covered completely by their 8% stake in Anthropic that FTX bought for $500m. The lawyer fees for the bankruptcy are $1.5m per day.

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#44

Post by dubcanada »

JumpCrisscross wrote: post #41
dubcanada wrote: post #36

Earlier quoted context omitted.

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?

> If he had substantial resources outside FTC, do you think he would be in jail? Yes. The brazenness of his fraud would land the most powerful Wall Street tycoon in jail. In case the rose tint is coming on, this was his balance sheet [1][2]. [1] https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af... [2] https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-...

Fair! His major issue was certainly not hiding it very well, if he hid it better that would have helped.

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#45

Post by tempsy »

COGlory wrote: post #4

I'm curious if anyone has any idea - how much money is actually unaccounted for? Michael Lewis's book makes it seem like the money existed, but was all over the place, and that by the time all was said and done, they were basically in the black. But that was assuming investments didn't ever grow - they still had to have lost money somehow.

I believe customers will be made whole but in dollars at time of bankruptcy

so if you had 1 bitcoin on ftx then you’re only going to get $15k or whatever the price was then not $70k

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#47

Post by JumpCrisscross »

dubcanada wrote: post #44
JumpCrisscross wrote: post #41

Earlier quoted context omitted.

> If he had substantial resources outside FTC, do you think he would be in jail? Yes. The brazenness of his fraud would land the most powerful Wall Street tycoon in jail. In case the rose tint is coming on, this was his balance sheet [1][2]. [1] https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af... [2] https://www.bloomberg.com/opinion/articles/2022-11-14/ftx-s-...

Fair! His major issue was certainly not hiding it very well, if he hid it better that would have helped.

> major issue was certainly not hiding it very well, if he hid it better that would have helped

His major issue was stealing the money. Wall Street has no shortage of high fuckery, but frequency of outright embezzlement is fairly low. Not because the people are better. But because regulations make it hard to hide.

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#48

Post by JumpCrisscross »

trhway wrote: post #39

Not 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'…

> it looks like the main crime in such cases is the failure/crash itself not the cheating/scamming/etc. before it

The stealing caused the crash.

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#49

Post by rvz »

bparsons wrote: post #46
NegativeLatency wrote: post #28

Hard to square with the lack of consequences (for those responsible) for the 2009 financial crisis.

It speaks to how outrageous the fraud he committed was. It is a very high bar one must clear.

If anyone attempts to whistleblow on the fraud that the banks have allowed for years as shown in the FinCEN files, then you will find yourself in a prison cell for exposing it. [0]

[0] https://www.icij.org/investigations/fincen-files/fincen-file...

Re: FTX's Sam Bankman-Fried Should Serve 40 to 50 Years in Prison, Prosecutors Say

#50

Post by JumpCrisscross »

rvz wrote: post #49
bparsons wrote: post #46

Earlier quoted context omitted.

It speaks to how outrageous the fraud he committed was. It is a very high bar one must clear.

If anyone attempts to whistleblow on the fraud that the banks have allowed for years as shown in the FinCEN files, then you will find yourself in a prison cell for exposing it. [0] [0] https://www.icij.org/investigations/fincen-files/fincen-file...

She whistleblew on the regulators to the media.
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