4 ms·

*remotely testify. https://www.reuters.com/legal/ftxs-sam-bankman-fried-says-he-will-testify-remotely-upcoming-congressional-2022-12-12/ https://www.reuters.co

*remotely testify. https://www.reuters.com/legal/ftxs-sam-bankman-fried-says-he-will-testify-remotely-upcoming-congressional-2022-12-12/ https://www.reuters.com/legal/ftxs-sam-bankman-fried-says-he...

quesera 4y ago
As the saying goes... If you forget to hire an accountant, make sure you listen to your lawyer.
- H8crilA 4y ago
  They did not "forget to hire an accountant". They took customer funds and did whatever they wanted with it. Just look at that hilarious "balance sheet" that was leaked, it's not even on the same planet as a balance sheet of an exchange. It worked until the funds ran out. In a sense this is worse than a pyramid scheme because in a pyramid scheme at least a good portion of the "profits" is actually paid out. Here the funds went partially to fuck-knows-who, partially were lost in trading.
  - knorker 4y ago
    They remembered to hire a chief compliance officer though. One with plenty of fraud experience.
  - quesera 4y ago
    Did I really need air quotes around "forget"?
    - H8crilA 4y ago
      Yeah, the point is this was much more than some accounting problems - looks like the intent (to defraud) was there as well. On a massive scale.
      - quesera 4y ago
        Of course. But the SBF story is "man, I dunno, maybe I forgot to reconcile those ledgers? It's complicated I think.". My guess: He knew exactly what was happening but believed he could outlast the crisis and everyone would be whole on the other side. That risk would probably have paid off about 50% of the time. And I think the Binance guy called SBF's bluff and killed FTX for fun.
deleted 4y ago
[deleted]
MisterPea 4y ago
Mic in his ear that feeds him answers?
- mr90210 4y ago
  No, that’s the mic connected to the computer he is playing League of Legends from.
sroussey 4y ago
Congress should demand in-person testimony
- VLM 4y ago
  He was a political donor, not going to happen LOL
  - SV_BubbleTime 4y ago
    He made donations to Democrats and clearly favored them. It seems FTX made donations to Republicans when they thought they could buy regulatory influence. So while I'd rather see him questioned under the upcoming house, not the current one, nothing would happen either way.
    - ryanwhitney 4y ago
      SBF: “I donated to both parties. I donated about the same amount to both parties,” https://www.theguardian.com/technology/2022/nov/30/ftx-billionaire-sam-bankman-fried-dark-money-republicans https://www.theguardian.com/technology/2022/nov/30/ftx-billi...
      - STM32F030R8 4y ago
        Yea, I totally trust what he says.
    - gnud_man 4y ago
      He made dark money donations to Republicans according to him as well. We don't know the scale of those dark money donations, which is certainly convenient for those involved. Your last line betrays the issues with the post you've made.
xg15 4y ago
> He said that it was important for him to remain in the Bahamas, where FTX is headquartered, and that it is difficult for him "to move right now and travel because the paparazzi effect is quite large." Because of the paparazzi, mind you. They can be quite annoying, or so I've heard.

quesera 4y ago

As the saying goes... If you forget to hire an accountant, make sure you listen to your lawyer.

H8crilA 4y ago
They did not "forget to hire an accountant". They took customer funds and did whatever they wanted with it. Just look at that hilarious "balance sheet" that was leaked, it's not even on the same planet as a balance sheet of an exchange. It worked until the funds ran out. In a sense this is worse than a pyramid scheme because in a pyramid scheme at least a good portion of the "profits" is actually paid out. Here the funds went partially to fuck-knows-who, partially were lost in trading.
- knorker 4y ago
  They remembered to hire a chief compliance officer though. One with plenty of fraud experience.
- quesera 4y ago
  Did I really need air quotes around "forget"?
  - H8crilA 4y ago
    Yeah, the point is this was much more than some accounting problems - looks like the intent (to defraud) was there as well. On a massive scale.
    - quesera 4y ago
      Of course. But the SBF story is "man, I dunno, maybe I forgot to reconcile those ledgers? It's complicated I think.". My guess: He knew exactly what was happening but believed he could outlast the crisis and everyone would be whole on the other side. That risk would probably have paid off about 50% of the time. And I think the Binance guy called SBF's bluff and killed FTX for fun.

deleted 4y ago

[deleted]

MisterPea 4y ago

Mic in his ear that feeds him answers?

mr90210 4y ago
No, that’s the mic connected to the computer he is playing League of Legends from.

sroussey 4y ago

Congress should demand in-person testimony

VLM 4y ago
He was a political donor, not going to happen LOL
- SV_BubbleTime 4y ago
  He made donations to Democrats and clearly favored them. It seems FTX made donations to Republicans when they thought they could buy regulatory influence. So while I'd rather see him questioned under the upcoming house, not the current one, nothing would happen either way.
  - ryanwhitney 4y ago
    SBF: “I donated to both parties. I donated about the same amount to both parties,” https://www.theguardian.com/technology/2022/nov/30/ftx-billionaire-sam-bankman-fried-dark-money-republicans https://www.theguardian.com/technology/2022/nov/30/ftx-billi...
    - STM32F030R8 4y ago
      Yea, I totally trust what he says.
  - gnud_man 4y ago
    He made dark money donations to Republicans according to him as well. We don't know the scale of those dark money donations, which is certainly convenient for those involved. Your last line betrays the issues with the post you've made.

xg15 4y ago

> He said that it was important for him to remain in the Bahamas, where FTX is headquartered, and that it is difficult for him "to move right now and travel because the paparazzi effect is quite large." Because of the paparazzi, mind you. They can be quite annoying, or so I've heard.