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He was running a Ponzi scheme. Don't feel sorry for him.

Kiro 4y ago
I'm not. Just saying that he won't get away with it like other CEOs have done in the past while "taking responsibility". His punishment has already begun.
- stingraycharles 4y ago
  Which is what, exactly? Living in hiding?
  - Kiro 4y ago
    Yes, losing his money, reputation and freedom (whether that's in hiding or in jail). He's obviously royally screwed, regardless if he goes to jail or not, and yet people are saying he walks away from this unscathed.
stingraycharles 4y ago
To be fair to the guy, he wasn’t afraid to admit it in some very public interviews. But yeah, don’t feel sorry.
- skeeter2020 4y ago
  > To be fair to the guy, he wasn’t afraid to admit it in some very public interviews. I don't think brazen criminals should get a different perspective than sneaky ones; perhaps a worse characterization because they either don't recognize what they're doing is wrong, or they simply hold society in contempt.
jnwatson 4y ago
It wasn’t a Ponzi scheme, at least based on what’s publicly known. This is just investing with client funds, which the US learned the hard way must be carefully restricted. The US has the Glass-Steagall Act, and deposit insurance to try to prevent bank runs like this.
- jjulius 4y ago
  >It wasn’t a Ponzi scheme, at least based on what’s publicly known. >This is just investing with client funds... This is just plain not true.
- acdha 4y ago
  The investing with client funds part is probably the easiest charge but his self-description sounds Ponzi-like: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
  - tartoran 4y ago
    This sounds like Napoleon Dynamite type of reasoning
    - acdha 4y ago
      Me, as a kid: “the emperor’s new clothes is nonsense, nobody would go along with something that obviously wrong” Me, after watching people sell no-hope dotcoms, dubious real estate, and cryptocurrency: “… unless they thought they could cash out before the other fools wised up”
  - roywiggins 4y ago
    They were talking about stuff like Celsius. I don't think FTX was itself offering yield-farming products, just letting people trade those tokens. "Yeah, the stuff people trade on my platform are probably Ponzis" is definitely not great publicity, but it's not obviously admitting to your own crimes.

Kiro 4y ago

I'm not. Just saying that he won't get away with it like other CEOs have done in the past while "taking responsibility". His punishment has already begun.

stingraycharles 4y ago
Which is what, exactly? Living in hiding?
- Kiro 4y ago
  Yes, losing his money, reputation and freedom (whether that's in hiding or in jail). He's obviously royally screwed, regardless if he goes to jail or not, and yet people are saying he walks away from this unscathed.

stingraycharles 4y ago

To be fair to the guy, he wasn’t afraid to admit it in some very public interviews. But yeah, don’t feel sorry.

skeeter2020 4y ago
> To be fair to the guy, he wasn’t afraid to admit it in some very public interviews. I don't think brazen criminals should get a different perspective than sneaky ones; perhaps a worse characterization because they either don't recognize what they're doing is wrong, or they simply hold society in contempt.

jnwatson 4y ago

It wasn’t a Ponzi scheme, at least based on what’s publicly known. This is just investing with client funds, which the US learned the hard way must be carefully restricted. The US has the Glass-Steagall Act, and deposit insurance to try to prevent bank runs like this.

jjulius 4y ago
>It wasn’t a Ponzi scheme, at least based on what’s publicly known. >This is just investing with client funds... This is just plain not true.
acdha 4y ago
The investing with client funds part is probably the easiest charge but his self-description sounds Ponzi-like: https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned https://www.bloomberg.com/news/articles/2022-04-25/sam-bankm...
- tartoran 4y ago
  This sounds like Napoleon Dynamite type of reasoning
  - acdha 4y ago
    Me, as a kid: “the emperor’s new clothes is nonsense, nobody would go along with something that obviously wrong” Me, after watching people sell no-hope dotcoms, dubious real estate, and cryptocurrency: “… unless they thought they could cash out before the other fools wised up”
- roywiggins 4y ago
  They were talking about stuff like Celsius. I don't think FTX was itself offering yield-farming products, just letting people trade those tokens. "Yeah, the stuff people trade on my platform are probably Ponzis" is definitely not great publicity, but it's not obviously admitting to your own crimes.