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The way they're wording it makes it seem like FTX committed a procedural error. And there's no way to word their actions without making it seem dodgy, because i
by bena 4y ago
The way they're wording it makes it seem like FTX committed a procedural error. And there's no way to word their actions without making it seem dodgy, because it is.
The Justice Department and SEC are investigating FTX and Alameda Research for committing fraud. That's entirely true. You can say that. Deliberately not saying some variation of that is shady in and of itself.
- germinalphrase 4y agoHave the Justice Department and SEC publicly named that they are “investigating FTX and Alameda Research for committing fraud”?
- bena 4y agoThey don't publicly comment on on-going investigations. But places like the WSJ isn't afraid to link the word fraud to the investigation. Because, that's what the Justice Department does, investigate crimes. https://archive.ph/MZfR1 https://archive.ph/MZfR1
- germinalphrase 4y agoRight. Naming fraud is a speculation, but I don’t disagree that an editorial decision has been made here (and questioning why is appropriate).
- deleted 4y ago[deleted]
- pdabbadabba 4y agoI don't understand the magic of using the word "fraud." Personally, I find this description of the actual alleged offense much more enlightening and equally damning: "FTX improperly used billions of dollars of customer funds to prop up a trading firm that he also founded." In any case, I'm not really here to argue about whether The NY Times used exactly the right language in describing the situation. I'm reacting more to the claim that The NY Times is somehow covering for SBF here ("daddy and mommy's friends are hard at work") which strikes me as baseless.
- jmull 4y agoFrom the article: "His management of FTX is now the subject of an inquiry by federal prosecutors in New York, who have begun contacting possible witnesses, according to a person familiar with the matter. Others associated with FTX have started reaching out to lawyers for potential representation, said several people briefed on the matter. FTX is being represented in the investigations and the bankruptcy by the law firm Sullivan & Cromwell, while lawyers from Paul Weiss are representing Mr. Bankman-Fried. In the interview, Mr. Bankman-Fried declined to discuss the prospect of prison time." I realize it's counter to your narrative so you won't be able to accept it, but there it is.