Earlier quoted context omitted.
He's quite petrified of court for a journalist.
I am petrified of the empire as well.
Your bias is showing.
SBF Arrested by Bahamian Authorities
861–870 of 886 posts
Re: SBF Arrested by Bahamian Authorities
#862Earlier quoted context omitted.
John J. Ray III is a star. The board did right to hire him for the clean-up. I am sure he is cooperating closely with US and Bahamian authorities for criminal evidence gathering. And, he is being paid ~2.6M USD annualised (1,300 USD per hour, 2,000+ hours per year). Seems cheap to clean-up that mess. It might take 5-10 years for full clean-up and wind-down. As the mess is so extensive, I wonder if some board members…
Who is paying him that amount and where is the money coming from to do so?
It is a good question. I assume FTX global and/or US has some cash reserves. At the very minimum they have been running a business that needs to pay cash salaries, rent, utilities, etc. Your question is partly answered by the 200K USD retainer" (no details provided). I assume that was paid upfront. He may refuse to continue work if paychecks do not arrive in a timely manner. This guy is very experienced cleaning up bankrupt companies. I'm sure he will get paid, or not work.
Re: SBF Arrested by Bahamian Authorities
#863Earlier quoted context omitted.
>vs, say, Adam Neumann I can't think of a reason offhand to compare her to Neumann and not Sunny Balwani. Can you explain further?
Neumann scammed chump investors out of a bunch of money in ways that were legal, but would have been illegal at a publicly traded company. For example, selling some of his wework shares, buying office buildings, then leasing the buildings back to wework at above-market rates. Registering the 'We' trademark for himself then selling it to wework. That would be illegal due to being a conflict of interest, were the compa…
...aaaand? Were you going to compare him to the other two?
Re: SBF Arrested by Bahamian Authorities
#864Earlier quoted context omitted.
You're streching now from puff piece to "tone".
So you don't think you can present the same 2 sets of facts with different tone/connotation and achieve drastically different outcomes in public opinion?
You can.
The article discusses negative things about FTX. What do consider a puff piece?
Re: SBF Arrested by Bahamian Authorities
#865Earlier quoted context omitted.
One of the problems of these centralized exchanges is that so much stuff happens off-chain. The DEX don't have these problems (some of them have other problems)
One of the major charges though is that they misdirected funds to Alameda Research or had people deposit directly to them instead which would be happening on chain. The failed arbitrage would have also required a lot of on-chain activity.
Indeed. It's emerged that there are screenshots of a signal chat group called (in what must have seemed at the time to be an amusing joke) "Wirefraud" with SBF, the CEO of Alameda (Caroline Ellison) and two of the other top folks from FTX/Alameda.[1] So one of them (probably Ellison as everyone is speculating) almost certainly turned to provide that. That's the sort of off-chain evidence that is somewhat awkward when you're trying to defend (amoung other things) a charge of wire fraud.
[1] https://futurism.com/the-byte/sbf-caroline-ellison-allegedly... and elsewhere
Re: SBF Arrested by Bahamian Authorities
#866Earlier quoted context omitted.
What an awful take. Holmes' (male) co-founder got a longer sentence than she did, just for a start.
Quoted post unavailable.
Ok, that's quite enough. We've banned this account for repeatedly posting flamebait and ignoring our many requests to stop.
Re: SBF Arrested by Bahamian Authorities
#867Earlier quoted context omitted.
Sigh. Why is HN always like this? (don’t answer, I know) Piercing the veil broadly refers to removing limited liability protections because the individuals behaved in such a way (criminally) that they have forfeited their protections. The most common people held to limited liability protections are shareholders in limited liability corporations (LLCs) A different sort of limited liability is the idea that customers/p…
> Piercing the veil broadly refers to removing limited liability protections because the individuals behaved in such a way (criminally) that they have forfeited their protections. There is no “limited liability” for criminal sanction to which the term applies. There are criminal immunities, but finding something to be within an exception to one is not called “piercing the veil” in any context. > A different sort of l…
> There is no “limited liability” for criminal sanction to which the term applies. There are criminal immunities,
Huh? My dude, she didn’t work for FTX.
If you’re saying that she in fact did (and was therefore a co-conspirator), then we agree that FTX was a sham corporation that acted on behalf of Alameda, but then why are we here?
Oh yeah, because you wanted to sound smart without fully understanding a situation; I guess I already knew that.
Re: SBF Arrested by Bahamian Authorities
#868Re: SBF Arrested by Bahamian Authorities
#869Earlier quoted context omitted.
>responsible for the "dual accounting" issue where deposits were counted twice. You're supposed to count everything twice in corresponding accounts. That's double-entry accounting.
While it's possible someone just misunderstood colossally in the reporting (happens all the time), one of the allegations is that he had two different sets of documents to hide stuff and get things past auditors, not just double every as is standard.
I know it was just a jab because dual/double entry accounting is the standard, so in a sense he did quadruple accounting.
Re: SBF Arrested by Bahamian Authorities
#870Earlier quoted context omitted.
93% of prisoners are men[1], so it's pretty common that women do not face justice. [1] https://www.bop.gov/about/statistics/statistics_inmate_gende...
1) What's the have to do with the conversation? 2) That's not how logic works. Correlation does not equate to causation.
I agree that correlation doesn't equal causation, I pointed it out because it's the exact same argument used to decry racial disparities in the criminal justice system. Either the argument is valid, or it isn't. We can't pick and choose when it fits our beliefs.