3 ms·

FTX CEO says company engaged in 'old fashioned embezzlement' under SBF

indigodaddy 4y ago
Is it weird that the “bankruptcy CEO” is talking quite a lot of sh$t about the company and SBF, or this just normal operating procedure under these sorts of circumstances and trying to be totally transparent etc etc?
- sschueller 4y ago
  They guy dealt with Enron so I would expect this kind of attitude after all the shit he has seen.
- cobythedog 4y ago
  Is reporting on the findings considered "talking quite a lot of sh$t"?
  - indigodaddy 4y ago
    Well I guess not, but a statement like “the company engaged in ‘old-fashioned embezzlement’” seems like a little more colored than a vanilla reporting of the findings. This seems like more of a prosecutorial statement. I guess these bankruptcy “CEOs” are essentially agents of the Justice Dept/govt in any case, though? In that light these sorts of statements make more sense.
    - sublinear 4y ago
      It's not real "old-fashioned" embezzlement without some good rye whiskey
    - xwolfi 4y ago
      He was countering the argument that it was sophsticated like Enron: they didnt cook the books to appear healthy, they just took money from the company accounts to buy houses, with no records. Zero sophistication, plain old emblezzlement.
gwen-shapira 4y ago
Whether FTX US is solvent: “We still have a hole in the U.S., so as we sit here today it is not solvent. That's just inaccurate. And I'm not sure how he would even know that, quite honestly.” This is a good point. Hard to claim that you don't know anything and lost money accidentally through bad accounting, and also claim that the exchange is solvent.
- bioemerl 4y ago
  Read to me like an attempt to blame these bankruptcy handlers for "stealing your money" so they eat the blame when the cards come down and the average person realizes they aren't getting their money back.
LatteLazy 4y ago
That does seem to be literally exactly what happened. Nothing new or complex. Just the same model people used in the 1200s...

Is it weird that the “bankruptcy CEO” is talking quite a lot of sh$t about the company and SBF, or this just normal operating procedure under these sorts of circumstances and trying to be totally transparent etc etc?

sschueller 4y ago
They guy dealt with Enron so I would expect this kind of attitude after all the shit he has seen.
cobythedog 4y ago
Is reporting on the findings considered "talking quite a lot of sh$t"?
- indigodaddy 4y ago
  Well I guess not, but a statement like “the company engaged in ‘old-fashioned embezzlement’” seems like a little more colored than a vanilla reporting of the findings. This seems like more of a prosecutorial statement. I guess these bankruptcy “CEOs” are essentially agents of the Justice Dept/govt in any case, though? In that light these sorts of statements make more sense.
  - sublinear 4y ago
    It's not real "old-fashioned" embezzlement without some good rye whiskey
  - xwolfi 4y ago
    He was countering the argument that it was sophsticated like Enron: they didnt cook the books to appear healthy, they just took money from the company accounts to buy houses, with no records. Zero sophistication, plain old emblezzlement.

gwen-shapira 4y ago

Whether FTX US is solvent: “We still have a hole in the U.S., so as we sit here today it is not solvent. That's just inaccurate. And I'm not sure how he would even know that, quite honestly.” This is a good point. Hard to claim that you don't know anything and lost money accidentally through bad accounting, and also claim that the exchange is solvent.

bioemerl 4y ago
Read to me like an attempt to blame these bankruptcy handlers for "stealing your money" so they eat the blame when the cards come down and the average person realizes they aren't getting their money back.

LatteLazy 4y ago

That does seem to be literally exactly what happened. Nothing new or complex. Just the same model people used in the 1200s...