5 ms·

I take full responsibility for stealing $10 billion and am stepping down as CEO, it has been a long journey from me having nothing to this point. I am sorry to

I take full responsibility for stealing $10 billion and am stepping down as CEO, it has been a long journey from me having nothing to this point. I am sorry to those that lost some or all of your money. I will no longer take part in the company and will quietly fly away on my private jet to my $50 million home where I will contemplate my next venture.

bogomipz 4y ago
I'm not sure things will be that smooth for him. It sounds as though both DOJ and SEC are looking into this: https://ustoday.news/both-the-doj-and-sec-are-investigating-potential-criminal-activity-securities-crimes-at-ftx-a-source-says/ https://ustoday.news/both-the-doj-and-sec-are-investigating-...
- tombakt 4y ago
  Look at his connections, nothing of consequence will happen to him.
  - bogomipz 4y ago
    Do you believe that Bernie Maddoff lacked connections?
  - Kiro 4y ago
    The context here is other CEOs stepping down after a fiasco, getting a massive severance check, saying they take "full responsibility". Compared to that SBF is massively screwed.
  - wombat-man 4y ago
    he's bankrupt and deeply in debt. Why would his "connections" stick their necks out for him? I don't know if having a dad teaching at Stanford gives you a free pass everywhere.
    - bananapub 4y ago
      > he's bankrupt and deeply in debt. is he? sounds like his various corporate frauds have destroyed a lot of companies and led to corporate bankruptcies, but what information is there about how much he scooped out before?
      - qeternity 4y ago
        Well his hedge fund blew up which took down his exchange. Presumably he was broke a long time ago which is why he dipped into clients funds. He stood to make a lot more from this working out than what the current situation permits.
        bananapub 4y ago
        ? The allegation is he moved money between companies to support his terrible “hedge” fund. Where have you seen anything at all about him not having a lot of personal money?
        qeternity 4y ago
        Because most of his wealth was in that very hedge fund, and presumably he invested every last personal dollar before declaring bankruptcy. Or put another way, where have you seen anything at all about him having a lot of assets outside of the Alameda and FTX groups?
        shapefrog 4y ago
        $500mil of robinhood stock, 25%+ of Anthony Scaramucci's $10bn hedge fund, and alegedly $250 mil of real estate in the bahamas etc.
        dragonwriter 4y ago
        Bloomberg Billionaires Index estimates that SBF has lost 100% of his net worth, all of which was in one way or another tied into Alameda/FTX-related firms (there was some invested in Robinhood, but it was used as collateral for Alameda-related loans.) https://www.thestreet.com/investing/cryptocurrency/crypto-billionaire-bankman-frieds-huge-fortune-plummets-to-0 https://www.thestreet.com/investing/cryptocurrency/crypto-bi... (this covers the details, but isn’t paywalled.)

bogomipz 4y ago

I'm not sure things will be that smooth for him. It sounds as though both DOJ and SEC are looking into this: https://ustoday.news/both-the-doj-and-sec-are-investigating-potential-criminal-activity-securities-crimes-at-ftx-a-source-says/ https://ustoday.news/both-the-doj-and-sec-are-investigating-...

tombakt 4y ago
Look at his connections, nothing of consequence will happen to him.
- bogomipz 4y ago
  Do you believe that Bernie Maddoff lacked connections?
- Kiro 4y ago
  The context here is other CEOs stepping down after a fiasco, getting a massive severance check, saying they take "full responsibility". Compared to that SBF is massively screwed.
- wombat-man 4y ago
  he's bankrupt and deeply in debt. Why would his "connections" stick their necks out for him? I don't know if having a dad teaching at Stanford gives you a free pass everywhere.
  - bananapub 4y ago
    > he's bankrupt and deeply in debt. is he? sounds like his various corporate frauds have destroyed a lot of companies and led to corporate bankruptcies, but what information is there about how much he scooped out before?
    - qeternity 4y ago
      Well his hedge fund blew up which took down his exchange. Presumably he was broke a long time ago which is why he dipped into clients funds. He stood to make a lot more from this working out than what the current situation permits.
      - bananapub 4y ago
        ? The allegation is he moved money between companies to support his terrible “hedge” fund. Where have you seen anything at all about him not having a lot of personal money?
        qeternity 4y ago
        Because most of his wealth was in that very hedge fund, and presumably he invested every last personal dollar before declaring bankruptcy. Or put another way, where have you seen anything at all about him having a lot of assets outside of the Alameda and FTX groups?
        shapefrog 4y ago
        $500mil of robinhood stock, 25%+ of Anthony Scaramucci's $10bn hedge fund, and alegedly $250 mil of real estate in the bahamas etc.
        dragonwriter 4y ago
        Bloomberg Billionaires Index estimates that SBF has lost 100% of his net worth, all of which was in one way or another tied into Alameda/FTX-related firms (there was some invested in Robinhood, but it was used as collateral for Alameda-related loans.) https://www.thestreet.com/investing/cryptocurrency/crypto-billionaire-bankman-frieds-huge-fortune-plummets-to-0 https://www.thestreet.com/investing/cryptocurrency/crypto-bi... (this covers the details, but isn’t paywalled.)