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When do you think we'll start seeing the politicians who received SBF's illegal campaign finance contributions insisting on returning them to FTX customers so a
by smeej 4y ago
When do you think we'll start seeing the politicians who received SBF's illegal campaign finance contributions insisting on returning them to FTX customers so as to be above suspicion or reproach?
- ilrwbwrkhv 4y agoI'm waiting for Sequoia to be put in jail.
- jacquesm 4y agoIt will be a long wait, unfortunately. More likely: Sequoia will be shouting from the rooftops that they too are victims.
- stickfigure 4y agoThey... literally... are? The SEC has charged SBF over exactly that.
- akiselev 4y agoIANAL but that depends on what their agreements with LPs were, doesn’t it? The managing partners have a fiduciary duty to the fund so couldn’t they be held criminally liable if they failed to do some due diligence stipulated by an LP?
- jacquesm 4y agoNormally these things are all agreed at the time of the original commitment and the closing of the fund, so assuming there are LPs each and every one of them should have a copy of the obligations of these funds.
- sam345 4y agoI'd be interested in the theory. Their investors aren't exactly mom and pop operations. But I do agree that their promotion of SBF was asinine though that's all clear to the world now. And I'm not in favor of criminalizing bad investments. Sets bad precedent and incentives.
- deleted 4y ago[deleted]
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- lalaland1125 4y agoThe big issue is that money has already been spent
- me_again 4y agoAlready started: https://www.texastribune.org/2022/11/29/beto-orourke-sam-bankman-fried-ftx/ https://www.texastribune.org/2022/11/29/beto-orourke-sam-ban... . Though I somehow doubt everyone will follow suit.
- smeej 4y agoDoes this really count though? They said returned it because they weren't expecting it, long before any of the shady news about the company came out. I can respect that move in general, but it's hard to see it as a response to the scandal.
- favflam 4y agoThere is a campaign finance charge. The bankruptcy guy has to trace the money flows to political campaigns. Judging from his House testimony, this will take several months. I suspect the pressure will be immense to return funds once the donations are officially declared dirty during the bankruptcy proceeding. Also, if in fact SBF donated to both sides, then it will be quite simple for politicians to refund the money.