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Seriously? "Asked whether he was overly dependent on that small group, Mr. Bankman-Fried said his circle of close colleagues numbered about 15." What a softba

by bhk 4y ago

Seriously? "Asked whether he was overly dependent on that small group, Mr. Bankman-Fried said his circle of close colleagues numbered about 15." What a softball! Perfectly calibrated to his mistakes-not-fraud PR push. In contrast, this Coindesk article is exactly the kind of in-depth, no-nonsense article focused on the relevant facts that people used to expect from the NY Times

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res0nat0r 4y ago
Pretty wild that the reporting from CoinDesk that led to the downfall of FTX, is causing such an entire market implosion that it may be putting CoinDesk itself out of business. https://www.cnn.com/2022/11/24/media/coindesk-scoop-ftx-reliable-sources/index.html https://www.cnn.com/2022/11/24/media/coindesk-scoop-ftx-reli... https://crypto.news/potential-buyers-circle-around-digital-currency-group-coindesk/ https://crypto.news/potential-buyers-circle-around-digital-c...
Animats 4y ago
Look at the dates of the articles. And look at what Coindesk published on Nov. 12, a day before the NYT interview.[1] Zero indication of fraud in that article. By Nov. 21, Coindesk is reporting that FTX is being looted, and possibly by an insider. But not that Bankman-Fried is responsible.[2] Then, on Nov. 22, there's the first bankruptcy hearing. With, finally, disclosures in court of what's been going on.[3] At this point, it finally becomes clear that Bankman-Fried has been been using all those FTX companies as his personal piggy bank. Hindsight is 20-20. [1] https://www.coindesk.com/markets/2022/11/12/the-epic-collapse-of-sam-bankman-frieds-ftx-exchange-a-crypto-markets-timeline/ https://www.coindesk.com/markets/2022/11/12/the-epic-collaps... [2] https://www.coindesk.com/markets/2022/11/21/ftx-exploiter-transfers-200m-in-ether-to-various-crypto-wallets/ https://www.coindesk.com/markets/2022/11/21/ftx-exploiter-tr... [3] https://www.coindesk.com/policy/2022/11/22/lawyers-detail-the-abrupt-and-difficult-collapse-of-ftx-in-first-bankruptcy-hearing/ https://www.coindesk.com/policy/2022/11/22/lawyers-detail-th...
- bhk 4y ago
  You have given no explanation for the preposterous line of questioning I pointed out. Now it's Nov. 30. Has NYT published anything nearly as comprehensive as this article? They have significant resources at their disposal
- somenameforme 4y ago
  And today is December 1st and the NYTimes continue to run deflection come puff pieces [1] on SBF. And that is after inviting him as a speaker at their DealBook conference, no less. They continue to unquestioningly repeat his ever-shifting dart throws to try to influence public opinion. [1] - https://www.nytimes.com/2022/11/30/business/sam-bankman-fried-ftx-collapse.html https://www.nytimes.com/2022/11/30/business/sam-bankman-frie...
  - meetingthrower 4y ago
    From the "puff" TFA: "Mr. Bankman-Fried, who became a billionaire as FTX soared and was viewed as a wunderkind, faces significant legal trouble. The Justice Department and the Securities and Exchange Commission are investigating FTX’s transfer of funds to Alameda. The chief executive of Alameda, Caroline Ellison, told staff this month that the trading firm had dipped into FTX customer funds to finance its own trading activity, The Times and others have reported. Mr. Bankman-Fried has since come under heavy criticism. In court filings, FTX’s new chief executive, who is managing the company’s bankruptcy, said he had never seen “such a complete failure of corporate control” and listed a series of “unacceptable management practices.” On Wednesday, Treasury Secretary Janet L. Yellen called FTX’s collapse a “Lehman moment” for the cryptocurrency industry, referring to the bankruptcy of the Wall Street bank Lehman Brothers at the start of the 2008 financial crisis. She indicated that she viewed cryptocurrencies with skepticism..." The narrative you have does not equate with what is actually in the articles.
    - somenameforme 4y ago
      What you just quoted is a textbook (if not extreme) example of deflection in its overtness. - The problem isn't SBF - it's his girlfriend. Sorry, "Caroline Ellison." The article omits their relationship. - The problem isn't SBF - it was some poor management practices. - The problem isn't SBF - this is "just" a 'Lehman moment' - legal and authentic, if unethical, actions gone bad.

by bhk 4y ago

deleted 4y ago

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res0nat0r 4y ago

Pretty wild that the reporting from CoinDesk that led to the downfall of FTX, is causing such an entire market implosion that it may be putting CoinDesk itself out of business. https://www.cnn.com/2022/11/24/media/coindesk-scoop-ftx-reliable-sources/index.html https://www.cnn.com/2022/11/24/media/coindesk-scoop-ftx-reli... https://crypto.news/potential-buyers-circle-around-digital-currency-group-coindesk/ https://crypto.news/potential-buyers-circle-around-digital-c...

Animats 4y ago

Look at the dates of the articles. And look at what Coindesk published on Nov. 12, a day before the NYT interview.[1] Zero indication of fraud in that article. By Nov. 21, Coindesk is reporting that FTX is being looted, and possibly by an insider. But not that Bankman-Fried is responsible.[2] Then, on Nov. 22, there's the first bankruptcy hearing. With, finally, disclosures in court of what's been going on.[3] At this point, it finally becomes clear that Bankman-Fried has been been using all those FTX companies as his personal piggy bank. Hindsight is 20-20. [1] https://www.coindesk.com/markets/2022/11/12/the-epic-collapse-of-sam-bankman-frieds-ftx-exchange-a-crypto-markets-timeline/ https://www.coindesk.com/markets/2022/11/12/the-epic-collaps... [2] https://www.coindesk.com/markets/2022/11/21/ftx-exploiter-transfers-200m-in-ether-to-various-crypto-wallets/ https://www.coindesk.com/markets/2022/11/21/ftx-exploiter-tr... [3] https://www.coindesk.com/policy/2022/11/22/lawyers-detail-the-abrupt-and-difficult-collapse-of-ftx-in-first-bankruptcy-hearing/ https://www.coindesk.com/policy/2022/11/22/lawyers-detail-th...

bhk 4y ago
You have given no explanation for the preposterous line of questioning I pointed out. Now it's Nov. 30. Has NYT published anything nearly as comprehensive as this article? They have significant resources at their disposal
somenameforme 4y ago
And today is December 1st and the NYTimes continue to run deflection come puff pieces [1] on SBF. And that is after inviting him as a speaker at their DealBook conference, no less. They continue to unquestioningly repeat his ever-shifting dart throws to try to influence public opinion. [1] - https://www.nytimes.com/2022/11/30/business/sam-bankman-fried-ftx-collapse.html https://www.nytimes.com/2022/11/30/business/sam-bankman-frie...
- meetingthrower 4y ago
  From the "puff" TFA: "Mr. Bankman-Fried, who became a billionaire as FTX soared and was viewed as a wunderkind, faces significant legal trouble. The Justice Department and the Securities and Exchange Commission are investigating FTX’s transfer of funds to Alameda. The chief executive of Alameda, Caroline Ellison, told staff this month that the trading firm had dipped into FTX customer funds to finance its own trading activity, The Times and others have reported. Mr. Bankman-Fried has since come under heavy criticism. In court filings, FTX’s new chief executive, who is managing the company’s bankruptcy, said he had never seen “such a complete failure of corporate control” and listed a series of “unacceptable management practices.” On Wednesday, Treasury Secretary Janet L. Yellen called FTX’s collapse a “Lehman moment” for the cryptocurrency industry, referring to the bankruptcy of the Wall Street bank Lehman Brothers at the start of the 2008 financial crisis. She indicated that she viewed cryptocurrencies with skepticism..." The narrative you have does not equate with what is actually in the articles.
  - somenameforme 4y ago
    What you just quoted is a textbook (if not extreme) example of deflection in its overtness. - The problem isn't SBF - it's his girlfriend. Sorry, "Caroline Ellison." The article omits their relationship. - The problem isn't SBF - it was some poor management practices. - The problem isn't SBF - this is "just" a 'Lehman moment' - legal and authentic, if unethical, actions gone bad.