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Sam Bankman-Fried Convicted

nytimes.com

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Re: Sam Bankman-Fried Convicted

#72

Post by underseacables »

tempsy wrote: post #43
AustinDev wrote: post #9

Well... this is justice. Sadly, we don't get to see justice very often. This is life in prison, correct? I know he hasn't been sentenced but all counts is easily several life sentences at the federal level. When do the parents go on trial? I can't see how they make it out of this without at least having all their ill-begotten assets stripped.

I think no less than 20 years but not sure about life either. SBF did not do himself any favors with his smug attitude that caused the judge himself to scold him several times during his examination. If he was a little more remorseful I could’ve seen some more leniency but the Judge did not like his attitude from what I could read following his testimony.

First time offender, I bet he gets maybe 10 years. I was optimistic that he would be found guilty, but not on the same level as Elizabeth Holmes. She could've killed people, SBF… I think he might actually only get maybe 10 years or less.

Re: Sam Bankman-Fried Convicted

#74

Post by tornato7 »

dylan604 wrote: post #40
AustinDev wrote: post #9

Well... this is justice. Sadly, we don't get to see justice very often. This is life in prison, correct? I know he hasn't been sentenced but all counts is easily several life sentences at the federal level. When do the parents go on trial? I can't see how they make it out of this without at least having all their ill-begotten assets stripped.

Have all of the people scammed been brought whole? That would be justice. Someone sitting in jail isn't justice. It is punishment for his actions. I've never understood how someone being incarcerated has become considered justice.

It seems likely that the FTX creditors will be made whole or nearly whole. This is in large part due to FTX's investment in Anthropic that did a 5X[1].

1: https://coinscreed.com/ftx-creditor-claims-break-50c-as-buye...

Re: Sam Bankman-Fried Convicted

#75

Post by matheusmoreira »

bagels wrote: post #67
matheusmoreira wrote: post #13

Remember: this is not a cryptocurrency problem, it's a banking problem. This guy created a literal bank. People deposited funds in it. Instead of simply being a custodian, he took the money and "invested" it. And lost it all. I wish this sort of thing would happen every time bankers screwed things up. Instead the government bails them out.

Banks invest the money too. Usually without the quotes.

Yes. Banks too lose everything and go bankrupt. The difference is nobody goes to jail when they screw things up. Actually the government comes and actually bails them out with taxpayer money. Bank keeps all the profits and socializes all the losses.

I love what happened to this Bankman guy. It's what I wish would happen every single time some banker screwed up with our money.

Re: Sam Bankman-Fried Convicted

#80

Post by pb7 »

pbj1968 wrote: post #44
idlewords wrote: post #28

In under five hours! The jury was home in time for dinner. One question for legal people—why is there such a long gap between conviction and sentencing? In this case, the sentence won't be set until March of next year.

Give him a chance to wrap things up. He’s not going anywhere in the interim.

Wrap up what things? He’s sitting in jail. Nothing to wrap up.
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