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They watched their own flesh and blood son transition with breakneck speed from a high rolling billionaire who hobnobbed with society's elites to facing spendin

They watched their own flesh and blood son transition with breakneck speed from a high rolling billionaire who hobnobbed with society's elites to facing spending the best years of his life in prison, a disgrace to his family and their legacy. How do you think you'd cope with that psychological ordeal?

indigodaddy 4y ago
Sure as hell wouldn’t laugh and put my fingers in my ears during a hearing. They are professional lawyers. Time to man up and not put your son at even more risk. Who knows how involved they’ve been in his shenanigans up til now, but it’s time to stop the madness..
- mattnewton 4y ago
  This reads like a stress response to me. I don’t think realizing your child is probably going to live behind bars for the rest of your life and your family will never recover is something you “man up” through.
  - chip-8 4y ago
    I agree. People act weird under extreme stress. Once when I arrived at work my boss was grinning. I asked him what was going on and he told me my co-worker tried to kill my supervisor. I laughed. Other co-workers were laughing and grinning too.
    - cutemonster 4y ago
      What happened with the co-worker? (Prison?)
- 0xB31B1B 4y ago
  Academic lawyers (his parents) are nothing like trial lawyers. Don’t expect them to have a good poker face.
H8crilA 4y ago
The act never ends. Surely, in a decade or two or three, SBF will be looking all innocent from behind bars and still unable to open his mouth without incriminating himself. I wonder how many others will be charged. This will be more difficult than walking all over this guy, and I seriously doubt he is alone in all of this.
trident5000 4y ago
Best years? More like all the years.
- HPMOR 4y ago
  He should not go to prison for life. Nobody should ever go to prison for life, for wasting money. Money is literally made up. Sure, opportunity cost is real, but seriously nobody should ever lose their life for money.
  - richardwhiuk 4y ago
    What happens if they money was someone else's means to pay for their health care? Money is made up - that doesn't mean it doesn't have consequences.
    - HPMOR 4y ago
      I am of the mindset that non-violent offenders, should not suffer a life penalty regardless of their alleged crime. They played a game and lost, they should not lose their head as well.
      - heartbeats 4y ago
        A game with whose stakes?
    - mcv 4y ago
      As warning, not as victim blaming, I'd like to point out that you should never ever risk money that you can't afford to lose on high-risk investments. Especially not extremely high risk stuff like cryptocurrencies, NFTs and similar scams.
    - wikfwikf 4y ago
      Hear me out, what if we allowed people to access health care regardless of who has how much money?
jacquesm 4y ago
And quite probably are near the top of the clawback list if it turns out that any of the funds ended up with them. They have very good reasons to be distressed, their sons future behind bars is only one of the things they need to be worried about. Their whole world is crashing down around them, besides of course becoming persona non-grata to pretty much all of their friends and quite possibly family in case others got sucked in as well. I don't envy them.
- Animats 4y ago
  Oh, it's worse than that. There will at least be civil suits. Possibly criminal prosecution.[1] NYT: "Mr. Bankman was deeply involved in FTX. In its early days, he helped the company recruit its first lawyers. Last year, he joined FTX staff in meetings on Capitol Hill and advised his son as Mr. Bankman-Fried prepared to testify to the House Financial Services Committee, a person familiar with the matter said. FTX employees occasionally consulted him on tax-related matters, the person said. Mr. Bankman visited the FTX offices in the Bahamas as often as once a month, a person who saw him there said. ... He and Ms. Fried stayed in a $16.4 million house in Old Fort Bay, a gated community in Nassau, the capital of the Bahamas; the couple’s names appear on real estate documents, according to Reuters, though Mr. Bankman-Fried has said the house was “intended to be the company’s property.”" His class at Stanford has been cancelled. [1] https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html https://www.nytimes.com/2022/12/12/technology/sbf-parents-ft...
  - jacquesm 4y ago
    It appears that his goose is fried, not cooked. As a lawyer he really should have known better.
    - anon7725 4y ago
      That’s what gets me about this whole thing: two law professor parents. A gaggle of young, incredibly wealthy people who all had their tickets pre-punched with prestige schools, A-list jobs like Jane Street, etc. I have to admit, this story has pissed me off more than most of these corporate frauds.
TacticalCoder 4y ago
> ... a disgrace to his family and their legacy Count 8 of the indictment: "Conspiracy to defraud and violate the campaign finance law". Who was running the fundraiser? SBF's mom. Who was helping SBF trying to obtain regulatory capture of the crypto currency exchange market in DC? SBF's father. I'm not sure SBF is the only one to bring disgrace to that name, that'll from now on always be associated with fraud indeed.

indigodaddy 4y ago

Sure as hell wouldn’t laugh and put my fingers in my ears during a hearing. They are professional lawyers. Time to man up and not put your son at even more risk. Who knows how involved they’ve been in his shenanigans up til now, but it’s time to stop the madness..

mattnewton 4y ago
This reads like a stress response to me. I don’t think realizing your child is probably going to live behind bars for the rest of your life and your family will never recover is something you “man up” through.
- chip-8 4y ago
  I agree. People act weird under extreme stress. Once when I arrived at work my boss was grinning. I asked him what was going on and he told me my co-worker tried to kill my supervisor. I laughed. Other co-workers were laughing and grinning too.
  - cutemonster 4y ago
    What happened with the co-worker? (Prison?)
0xB31B1B 4y ago
Academic lawyers (his parents) are nothing like trial lawyers. Don’t expect them to have a good poker face.

H8crilA 4y ago

The act never ends. Surely, in a decade or two or three, SBF will be looking all innocent from behind bars and still unable to open his mouth without incriminating himself. I wonder how many others will be charged. This will be more difficult than walking all over this guy, and I seriously doubt he is alone in all of this.

trident5000 4y ago

Best years? More like all the years.

HPMOR 4y ago
He should not go to prison for life. Nobody should ever go to prison for life, for wasting money. Money is literally made up. Sure, opportunity cost is real, but seriously nobody should ever lose their life for money.
- richardwhiuk 4y ago
  What happens if they money was someone else's means to pay for their health care? Money is made up - that doesn't mean it doesn't have consequences.
  - HPMOR 4y ago
    I am of the mindset that non-violent offenders, should not suffer a life penalty regardless of their alleged crime. They played a game and lost, they should not lose their head as well.
    - heartbeats 4y ago
      A game with whose stakes?
  - mcv 4y ago
    As warning, not as victim blaming, I'd like to point out that you should never ever risk money that you can't afford to lose on high-risk investments. Especially not extremely high risk stuff like cryptocurrencies, NFTs and similar scams.
  - wikfwikf 4y ago
    Hear me out, what if we allowed people to access health care regardless of who has how much money?

jacquesm 4y ago

And quite probably are near the top of the clawback list if it turns out that any of the funds ended up with them. They have very good reasons to be distressed, their sons future behind bars is only one of the things they need to be worried about. Their whole world is crashing down around them, besides of course becoming persona non-grata to pretty much all of their friends and quite possibly family in case others got sucked in as well. I don't envy them.

Animats 4y ago
Oh, it's worse than that. There will at least be civil suits. Possibly criminal prosecution.[1] NYT: "Mr. Bankman was deeply involved in FTX. In its early days, he helped the company recruit its first lawyers. Last year, he joined FTX staff in meetings on Capitol Hill and advised his son as Mr. Bankman-Fried prepared to testify to the House Financial Services Committee, a person familiar with the matter said. FTX employees occasionally consulted him on tax-related matters, the person said. Mr. Bankman visited the FTX offices in the Bahamas as often as once a month, a person who saw him there said. ... He and Ms. Fried stayed in a $16.4 million house in Old Fort Bay, a gated community in Nassau, the capital of the Bahamas; the couple’s names appear on real estate documents, according to Reuters, though Mr. Bankman-Fried has said the house was “intended to be the company’s property.”" His class at Stanford has been cancelled. [1] https://www.nytimes.com/2022/12/12/technology/sbf-parents-ftx-collapse.html https://www.nytimes.com/2022/12/12/technology/sbf-parents-ft...
- jacquesm 4y ago
  It appears that his goose is fried, not cooked. As a lawyer he really should have known better.
  - anon7725 4y ago
    That’s what gets me about this whole thing: two law professor parents. A gaggle of young, incredibly wealthy people who all had their tickets pre-punched with prestige schools, A-list jobs like Jane Street, etc. I have to admit, this story has pissed me off more than most of these corporate frauds.

TacticalCoder 4y ago

> ... a disgrace to his family and their legacy Count 8 of the indictment: "Conspiracy to defraud and violate the campaign finance law". Who was running the fundraiser? SBF's mom. Who was helping SBF trying to obtain regulatory capture of the crypto currency exchange market in DC? SBF's father. I'm not sure SBF is the only one to bring disgrace to that name, that'll from now on always be associated with fraud indeed.