581–590 of 886 posts
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Justice is what happens when people are held accountable for the wrong things they've done. Nothing about justice requires that punishment be meted out in strict accordance with the demographic breakdown of a population except insofar as wrong things are done in strict accordance with the same demographic categories. Maybe you're assuming that to be the case, but I don't think you'll find any evidence to support such…
Exactly. If black people disproportionately are in prison, maybe that's just justice.
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"SBF was a major Dem donor, so no investigation" https://twitter.com/elonmusk/status/1591822387267665921
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The NYT profiling him as a well-meaning genius who was so focused on fixing climate change and education that he just overlooked a few things at his company, gosh darn it.
The NYT profiles I've seen is pretty clear that Alameda and FTX were mingling customer funds, that he refused to answer questions about the handling of funds, and that he was under investigation. > But he would offer only limited details about the central questions swirling around him: whether FTX improperly used billions of dollars of customer funds to prop up a trading firm that he also founded, Alameda Research. T…
It was substantially larger than I had thought it was -- whoopsie!
the funds that Alameda had spent were no longer easily available (and why is that, hmmm?) , so the company used FTX customer funds to make the payment -- didnt want to, just rearranging some furniture!
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I haven’t seen any evidence Alameda itself committed any crime, only that they were terrible traders and lost many billions on margin through FTX, who gave them special treatment for collateral. SBF then tried to bail them out with FTX customer funds since he owned both. I think Ellison will get off scot free since she only controlled Alameda, and not entirely. Her crimes are probably minor and worth forgiving for he…
I'd take that bet 7 days a week and twice on Sundays. No way Ellison is getting off scot free. I'd expect her to get a huge reduction in her sentence, but would still be shocked if she got no jail time. It has been reported that there was a meeting that included SBF, Ellison and the other high ups at FTX where the decision was deliberately, explicitly made that Alameda would use customer funds to prop itself up. That…
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Madoff got a long sentence, but lets not forget that 'legal experts' were predicting a pretty long sentence for Elizabeth Holmes, too, based on federal formulas. It's optimistic at this early stage to legitimately expect SBF to get life behind bars.
Holmes got 11 years in Federal prison for her first offense for financial crimes.. that is a long sentence. SBF obviously won’t get life behind bars, nor should he.
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It's clear Caroline Ellison has turned against him. Stephanie Avakian, former SEC enforcement chief, is representing her in NY. I'm guessing they wouldn't have been able to file charges this quickly without Caroline becoming a cooperating witness.
Hm... does that mean she gets away scot-free? Not sure that's fair, she seems very complicit.
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FTX is a brokerage not a bank. Furthermore, banks have strict regulations on the kinds of loans they are allowed to give. Also, bank accounts are secured by FDIC.
Also, banks have capital leverage ratios they need to abide by. FTX had no concept of leverage ratios or haircutting assets by liquidity.
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Strongly disagree. I think you can fairly say that about developing countries. I live in one now and it’s almost assumed politicians are on the take. But in the US many people are very principled. I also don’t see why complete transparency would be the goal of the justice department. Sam might think of moving to Dubai if he knows all their moves.
Lots of folks in the third world and in the US are very principled. They just aren’t holding the levers of power in government. The evidence of widespread corruption in the US government is everywhere if you open your eyes: legislators become vastly more wealthy after getting elected via insider trading, regulators invest in the very companies they oversee, prosecutors selectively prosecute crimes, sweetheart book de…
> The US is a third world country with cell phones.
This makes no sense.
Much sooner than I expected. Figured it'd be a couple of years before the AG was secure enough in their case to bring charges. This is MUCH faster than Madoff or Holmes. Then again, he's been much more out in the open about everything. He pretty much laid the prosecution's case out to the public for them.