3 ms·
None of what he says makes sense, but it's not because he's dumb. He's clearly trying to go for an ignorance and negligence defense to avoid being accountable f
by zeven7 4y ago
None of what he says makes sense, but it's not because he's dumb. He's clearly trying to go for an ignorance and negligence defense to avoid being accountable for fraud and theft. There's no way he's as dumb as he's pretending though. I don't have half the credentials he does, but it's easy for me to understand (1) how not to take client funds (2) how not to overleverage funds such that a tweet can make $8 billion disappear.
- kosievdmerwe 4y agoThere's also the fact that you don't develop a corporate hierarchy as complicated as the FTX and Alameda clusters of companies (something like 130 companies), due to ignorance and naivety.
- BLKNSLVR 4y agoIncorporating in the Bahamas is also a flag for "knows enough to be dangerous".
- elliekelly 4y agoI saw one story where Chamath Palihapitiya said his due diligence team made very simple governance recommendations like “have a board” and “formalize your related-party transactions” and the response from FTX was literally “go fuck yourself”. Given the recent reporting around just how absolutely fucked their records were I can’t help but wonder what on earth they were handing over in response to DDQs? Was it garbage and people invested anyway? Or were they just making shit up whole cloth? Social Capital must have seen something to get their spidey senses tingling about the related-party situation.