SBF Arrested by Bahamian Authorities

Post by LoveMortuus » Tue, Dec 13, 2022, 7:05 AM UTC

iancmceachern wrote: post #715

It's not even as if he was good at it, the scamming. It's like a three stooges, slapstick approach to financial fraud. He went to MIT for God's sake, he could have done something positive and meaningful with his life but instead chose this. So much opportunity cost lost here, we could have built a few bridges and rail lines, done real work with the money he burned.

Post by iancmceachern » Tue, Dec 13, 2022, 7:07 AM UTC

LoveMortuus wrote: post #722

iancmceachern wrote: post #715

It's not even as if he was good at it, the scamming. It's like a three stooges, slapstick approach to financial fraud. He went to MIT for God's sake, he could have done something positive and meaningful with his life but instead chose this. So much opportunity cost lost here, we could have built a few bridges and rail lines, done real work with the money he burned.

I'm not for the US. Does being from MIT actually mean anything? In my country we don't really have a university that people would great about or that would how any special status, at least not that I would know of.

Post by iancmceachern » Tue, Dec 13, 2022, 7:10 AM UTC

HPMOR wrote: post #720

iancmceachern wrote: post #715

It's not even as if he was good at it, the scamming. It's like a three stooges, slapstick approach to financial fraud. He went to MIT for God's sake, he could have done something positive and meaningful with his life but instead chose this. So much opportunity cost lost here, we could have built a few bridges and rail lines, done real work with the money he burned.

Money is literally just a number, a fiction. What we must mourn is the expenditure of time of brilliant engineers and people, that wasted their productive years on this foray. However, humans waste tons of time... even the most intelligent among us. I would not say this is a tragedy of great sorts, and for a guy who was working at Jane Street, I don't think SBF would see this as an opportunity cost... it's more like…

Post by helsinkiandrew » Tue, Dec 13, 2022, 7:16 AM UTC

dereg wrote: post #104

rjbwork wrote: post #4

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.

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.

Post by ohgodplsno » Tue, Dec 13, 2022, 7:24 AM UTC

crystaln wrote: post #570

Galanwe wrote: post #536

Earlier quoted context omitted.

I think you grossly underestimate the amount of regulation Caroline is subject to. At the very least she will be deemed unfit or proper, which means she will be barred from any financial activity for the years to come. On top of that, as a MOO & RO she will be professionally and personally liable to millions in fines, and most likely jail time. Negligence _is_ a crime, a lack of means _is_ a crime, a lack of knowledg…

She was in charge a hedge fund. Hedge funds are allowed to trade badly and lose money. It happens all the time. There is a VERY high bar for negligence. Alameda Research was also located in the Bahamas. Did Alameda even have outside investors? It was basically SBF's family office. Caroline isn't likely to be liable for much unless she knowingly conspired to commit crimes.