4 ms·

I'll be incredibly surprised if all this admission-of-guilt-galore doesn't get him in _real_ trouble, even if he manages to get only a slap on the wrist. To by

by Rzor 4y ago

I'll be incredibly surprised if all this admission-of-guilt-galore doesn't get him in _real_ trouble, even if he manages to get only a slap on the wrist. To bypass the Paywall: https://12ft.io/https://www.ft.com/content/a1df1d73-9932-4d1b-b63a-c0c82241a236 https://12ft.io/https://www.ft.com/content/a1df1d73-9932-4d1...

bhk 4y ago
He's in trouble whether he talks or not. I think he's betting on a pardon, and the PR campaign is intended to make that more politically viable.
- WXLCKNO 4y ago
  You're talking about a pardon from Biden? In this universe?
  - hattmall 4y ago
    I mean you do realize he put $69 million into the midterms for Democrats right? Pardons have been had for far less from much more notorious people.
    - emilsedgh 4y ago
      Pardoning him would be very costly. I cannot imagine Biden doing it.
      - hattmall 4y ago
        It's not even necessary steay unless there is a prosecution.
  - bhk 4y ago
    If it's years before a conviction [1], who knows who will be president. But all presidents have given controversial pardons... some with a very strong quid-pro-quo smell (Clinton and Mark Rich). [1] https://nymag.com/intelligencer/2022/12/why-hasnt-sam-bankman-fried-been-arrested-yet.html https://nymag.com/intelligencer/2022/12/why-hasnt-sam-bankma...
nickthegreek 4y ago
I feel like he is 100% in real trouble. But it’s mostly been admission of being dumb and not of guilt. The full on admission of guilt is why they could easily pick up madoff. They just got to connect the dots before they can tighten the rope.
- jrochkind1 4y ago
  That this guy is still talking about this stuff in public when any lawyer he has is surely telling him not to... he must think he's invincible? Or he really doens't realize he's done anything wrong? I could believe the second one, because I think it's probably true that this is how everyone does business, and most people get away with it?
  - deleted 4y ago
    [deleted]
  - ghaff 4y ago
    I expect this is a very expensively choreographed combination of PR and legal advice.
    - smaudet 4y ago
      I'm not defending him, but I'd reserve judgment until after I see the analysis of what exactly happened. 7 bill sent to Binance and random VC is plausible at least, but it sounds like the money vanished (it doesn't vanish, someone somewhere took out large sums of money). 7 bill sent to crypto is hard to believe, and sounds more like laundering, but the cash reserves should nonetheless have a paper trail. 4 bill will not vanish, or it may have never existed, or he's lying and it was moved to a Cayman acct(s) somewhere. If it never existed, then FTX was operating more like a bank - dollars only work because they have a paper trail and we can keep printing new ones. Try cashing out your savings, you might be able to. Now try everyone cashing out - there is no money for it. With a real bank OFC there is a lot of scrutiny and supposedly you have to keep track of assets and liabilities but there is a large degree of fudging it, plus they can always get loans from the unlimited central supply if they have an immediate shortfall... Which might be what he's looking for i.e. a bailout via printed money, which would allow investors to withdraw funds and OFC send inflation sky high...
chaostheory 4y ago
He’s likely already minimized the penalties to the cost of doing business with all the political donations he’s made.
- zopa 4y ago
  What earthly reason would anyone have to stay bought where SBF is concerned? He’s not going to donate again and he’s so radioactive you wouldn’t take the money if he somehow did.
  - chaostheory 4y ago
    Because there’s still a lot of money that’s unaccounted for, and you can argue that his parents and brother are influential people
  - hattmall 4y ago
    How do you figure, he has has stolen as much as $9 billion there's plenty more to go around. His official on the books donations in just 2022 were $69 million. There's still a path to give money to Ukraine and funnel it back to the US, the missing crypto can be an asset with regard to that.

by Rzor 4y ago

bhk 4y ago

He's in trouble whether he talks or not. I think he's betting on a pardon, and the PR campaign is intended to make that more politically viable.

WXLCKNO 4y ago
You're talking about a pardon from Biden? In this universe?
- hattmall 4y ago
  I mean you do realize he put $69 million into the midterms for Democrats right? Pardons have been had for far less from much more notorious people.
  - emilsedgh 4y ago
    Pardoning him would be very costly. I cannot imagine Biden doing it.
    - hattmall 4y ago
      It's not even necessary steay unless there is a prosecution.
- bhk 4y ago
  If it's years before a conviction [1], who knows who will be president. But all presidents have given controversial pardons... some with a very strong quid-pro-quo smell (Clinton and Mark Rich). [1] https://nymag.com/intelligencer/2022/12/why-hasnt-sam-bankman-fried-been-arrested-yet.html https://nymag.com/intelligencer/2022/12/why-hasnt-sam-bankma...

nickthegreek 4y ago

I feel like he is 100% in real trouble. But it’s mostly been admission of being dumb and not of guilt. The full on admission of guilt is why they could easily pick up madoff. They just got to connect the dots before they can tighten the rope.

jrochkind1 4y ago
That this guy is still talking about this stuff in public when any lawyer he has is surely telling him not to... he must think he's invincible? Or he really doens't realize he's done anything wrong? I could believe the second one, because I think it's probably true that this is how everyone does business, and most people get away with it?
- deleted 4y ago
  [deleted]
- ghaff 4y ago
  I expect this is a very expensively choreographed combination of PR and legal advice.
  - smaudet 4y ago
    I'm not defending him, but I'd reserve judgment until after I see the analysis of what exactly happened. 7 bill sent to Binance and random VC is plausible at least, but it sounds like the money vanished (it doesn't vanish, someone somewhere took out large sums of money). 7 bill sent to crypto is hard to believe, and sounds more like laundering, but the cash reserves should nonetheless have a paper trail. 4 bill will not vanish, or it may have never existed, or he's lying and it was moved to a Cayman acct(s) somewhere. If it never existed, then FTX was operating more like a bank - dollars only work because they have a paper trail and we can keep printing new ones. Try cashing out your savings, you might be able to. Now try everyone cashing out - there is no money for it. With a real bank OFC there is a lot of scrutiny and supposedly you have to keep track of assets and liabilities but there is a large degree of fudging it, plus they can always get loans from the unlimited central supply if they have an immediate shortfall... Which might be what he's looking for i.e. a bailout via printed money, which would allow investors to withdraw funds and OFC send inflation sky high...

chaostheory 4y ago

He’s likely already minimized the penalties to the cost of doing business with all the political donations he’s made.

zopa 4y ago
What earthly reason would anyone have to stay bought where SBF is concerned? He’s not going to donate again and he’s so radioactive you wouldn’t take the money if he somehow did.
- chaostheory 4y ago
  Because there’s still a lot of money that’s unaccounted for, and you can argue that his parents and brother are influential people
- hattmall 4y ago
  How do you figure, he has has stolen as much as $9 billion there's plenty more to go around. His official on the books donations in just 2022 were $69 million. There's still a path to give money to Ukraine and funnel it back to the US, the missing crypto can be an asset with regard to that.