Fall guy took the hit.
That had always been plan B.
Sam Bankman-Fried Convicted
641–650 of 1001 posts
Re: Sam Bankman-Fried Convicted
#642Fall guy took the hit. That had always been plan B.
His conviction is 200% deserved.
Certainly there were other people involved, and hopefully they will receive their due as well, but to say he's just a "fall guy" is not at all accurate.
Re: Sam Bankman-Fried Convicted
#643> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…
I typically think that what makes MIT the greatest is their marketing department. They do a lot of great things, but what they do best is telling everyone that they are the best.
Re: Sam Bankman-Fried Convicted
#644> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…
That's been my impression of SBF since FTX collapsed. Quite book smart, but zero experience in building a major service that custodies billions in other peoples' money. Raw intelligence is not enough in that context. Ideally you want to have apprenticed for at least a few years at a real exchange or custodial service. Somewhere you learn all the engineering details about how to architect it with proper financial cont…
You don’t need a few years’ apprenticeship at a real exchange or custodial service to know that exchanges are not permitted to gamble with customer money, to spend it on private planes or arena naming rights, or to allow your other company to go into millions of debt.
Re: Sam Bankman-Fried Convicted
#645I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…
I believe a very basic rule-of-thumb for lawyers in court is to don't ask witnesses questions you don't already know the answer to.
Edit: I remember my wife telling me this during her time as an Advocate's Devil.
Re: Sam Bankman-Fried Convicted
#646Earlier quoted context omitted.
Worked in crypto and I got that vibe so left. Regret it. For every SBF there are hundreds who get away with it. Tons of talentless crypto millionaires still roaming free. Look at the Axie Infinite guys plundering a whole country. Token could collapse, but there’ll be no justice and they’re sitting on at least 8 figures individually
Wait. Do you regret leaving? Because the fraud works out for some?
i think meant "i regret working there"
Re: Sam Bankman-Fried Convicted
#647I liked the article detailing how poorly he did on the stand: https://www.thefp.com/p/humiliating-cross-examination-sam-ba... “Did you say in private, ‘Fuck regulators?’ ” “Did you call some customers ‘dumb motherfuckers?’ ” “Did you fly to the Super Bowl in a private plane?” “Most FTX customers did not have a line of credit, correct?” “Do you deny that Alameda had a $65 billion line of credit?” And on, and on, and o…
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These controllers, are they in the room with us now?
>What 28 year old is quite so perfect at political "donations" aka bribes?
One, he wasn't "perfect" or even close to it - he mostly gave to crypto positive politicians of both parties, and two, his lawyer mother and his lawyer father helped him
Re: Sam Bankman-Fried Convicted
#648Interestingly, FTX made a $500 million USD investment in Anthropic; supposedly, this was made while Anthropic was valued at $4.6 billion (unconfirmed). Now, Anthropic is nearing $30 billion. Anyone know the latest on this? Is FTX going to sell that stake off to pay back the debts? [1] https://www.businessinsider.com/sam-bankman-frieds-anthropic...
So, if you count this, and if you count all the money that has been recovered, he didn't actually steal anything...
I mean that, all considered, there is more money now than when he started the company.
Re: Sam Bankman-Fried Convicted
#649> You’d think this MIT graduate would wise up, but he never did. The MIT campus has a major public road running through the middle of it, one of the busiest surface streets in the area. You don't have to stand there very long to see a crowd of students almost get hit by a car because they didn't look before they crossed the street. Point is, the old cliche is true, there really is such a thing as a person with a lot…
It's quite insane that your society puts the onus on the pedestrians not to get hit, and even makes it illegal to cross the road. It should be the licensed drivers' responsibility to not hit someone. And in the middle of a campus cars should of course yield to pedestrians. Such a car-centric world.
In the same vein, you could find through experimentation that the speed at which you can finally get hit by a car without someone claiming it's your fault for being too quick on your bicycle is to be approximately stationary
But not so stationary, because then you were not visible enough
Re: Sam Bankman-Fried Convicted
#650For anyone curious, Ken White has a good and entertaining article breaking down maximum sentences in print (here, 110 years) and what people actually serve. It's worth a read: https://www.popehat.com/2013/02/05/crime-whale-sushi-sentenc... A takeaway: "1. Maximum sentences have very little relation to actual sentences in federal law. When the government quotes the maximum sentence, they are trying to scare you. When…
so how much will he get?