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It's simply untrue that there is context. Let's just take one example: > Alameda had accumulated a large “margin position” on FTX, essentially meaning it had b
by jakelazaroff 4y ago
It's simply untrue that there is context. Let's just take one example:
> Alameda had accumulated a large “margin position” on FTX, essentially meaning it had borrowed funds from the exchange, Mr. Bankman-Fried said. “It was substantially larger than I had thought it was,” he said. “And in fact the downside risk was very significant.” He said the size of the position was in the billions of dollars but declined to provide further details.
We know the size of the positions! The Financial Times reported on Friday (as news) that FTX held $900M in assets against $9B in liabilities [1]. And that was before the balance sheet was released!
Why is it important to run this quote? Why allow him to spin the story like this? Why let him present it as a mistake? Why not include actual numbers? These are all choices the NYT is making that frame SBF in a positive light.
[1] https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af558 https://www.ft.com/content/f05fe9f8-ca0a-48d5-8ef2-7a4d813af...
- tootie 4y agoIt's later in the article as is a link to additional details reported by the WSJ and specific accusations on which FTX directors had personal knowledge. "the company used FTX customer funds to make the payments. Besides her and Mr. Bankman-Fried, she said, two other people knew about the arrangement: Mr. Singh and Mr. Wang. "The meeting was previously reported by The Wall Street Journal. Mr. Singh did not respond to a request for comment, and Mr. Wang could not be reached. According to a person familiar with FTX’s finances, the exchange lent as much as $10 billion to Alameda."