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FTX: Sam Bankman-Fried out on bail, Ellison and Wang cop pleas

3 points by davidgerard 4y ago

strangattractor 4y ago
How much does one have to pay to get a $250 million bond? In CA it is %10 or $25 million for his bond. Somehow I don't think Sam is broke and living in his mom's basement as the article states.
- davidgerard 4y ago
  his parents' house is $4m, SBF maintains all his crypto wealth is gone and he is indeed required by the court to stay in his parents' house (though we can't be certain as to which room).
  - strangattractor 4y ago
    Who came up with the $25 million for bail? BTW an Eichler in Palo Alto cost $4 million.
    - dragonwriter 4y ago
      > Who came up with the $25 million for bail? No one, because there was no $25 million used for bail.
      - strangattractor 4y ago
        I don't think that is how it works. The judge sets bail at $250 million. Someone has to guaranty that $250 million will be paid if SBF skips town. The person guarantying the $250 million has to prove to the judge they have $250 million to pay in the event SBF skips. If a bail bondsman is used SBF would have to pay the bail bondsman $25 million to give that guaranty to the court. So somebody somewhere has to have access to $250 million dollars. Either SBF, bail bondsman, parents or some really nice dude off the street that has a spare $250 mill stuck in his desk. "He was released on bail for a $250 million bond"
        strangattractor 4y ago
        So his parents have a $250 million dollar home I guess. Or I am still confused. If they used their home then it must be worth $250 million. Or they borrowed $25 mil against it and got a bondsman. Somebody has to guaranty $250 mil to the court and it has to really exist or he would be sitting in jail.
        dragonwriter 4y ago
        > So his parents have a $250 million dollar home I guess No. > Or I am still confused. Yes, absolutely. > If they used their home then it must be worth $250 million. No. > Or they borrowed $25 mil against it and got a bondsman. Also, no. > Somebody has to guaranty $250 mil to the court and it has to really exist or he would be sitting in jail. Again, no.
        strangattractor 4y ago
        What is your source of information?
        dragonwriter 4y ago
        > What is your source of information? Mainly, the actual bond document approved by the court, which details the actual conditions approved in this case, and the federal law on bail, 18 USC § 3142, which sets the rules for what federal courts can approve. What's yours?
        strangattractor 4y ago
        I posted it above - with links.
        davidgerard 4y ago
        you posted state laws, not federal law. Here's Popehat's explainer: https://www.serioustrouble.show/p/how-did-sam-bankman-fried-get-bail https://www.serioustrouble.show/p/how-did-sam-bankman-fried-...

3 points by davidgerard 4y ago

How much does one have to pay to get a $250 million bond? In CA it is %10 or $25 million for his bond. Somehow I don't think Sam is broke and living in his mom's basement as the article states.

davidgerard 4y ago
his parents' house is $4m, SBF maintains all his crypto wealth is gone and he is indeed required by the court to stay in his parents' house (though we can't be certain as to which room).
- strangattractor 4y ago
  Who came up with the $25 million for bail? BTW an Eichler in Palo Alto cost $4 million.
  - dragonwriter 4y ago
    > Who came up with the $25 million for bail? No one, because there was no $25 million used for bail.
    - strangattractor 4y ago
      I don't think that is how it works. The judge sets bail at $250 million. Someone has to guaranty that $250 million will be paid if SBF skips town. The person guarantying the $250 million has to prove to the judge they have $250 million to pay in the event SBF skips. If a bail bondsman is used SBF would have to pay the bail bondsman $25 million to give that guaranty to the court. So somebody somewhere has to have access to $250 million dollars. Either SBF, bail bondsman, parents or some really nice dude off the street that has a spare $250 mill stuck in his desk. "He was released on bail for a $250 million bond"
      - strangattractor 4y ago
        So his parents have a $250 million dollar home I guess. Or I am still confused. If they used their home then it must be worth $250 million. Or they borrowed $25 mil against it and got a bondsman. Somebody has to guaranty $250 mil to the court and it has to really exist or he would be sitting in jail.
        dragonwriter 4y ago
        > So his parents have a $250 million dollar home I guess No. > Or I am still confused. Yes, absolutely. > If they used their home then it must be worth $250 million. No. > Or they borrowed $25 mil against it and got a bondsman. Also, no. > Somebody has to guaranty $250 mil to the court and it has to really exist or he would be sitting in jail. Again, no.
        strangattractor 4y ago
        What is your source of information?
        dragonwriter 4y ago
        > What is your source of information? Mainly, the actual bond document approved by the court, which details the actual conditions approved in this case, and the federal law on bail, 18 USC § 3142, which sets the rules for what federal courts can approve. What's yours?
        strangattractor 4y ago
        I posted it above - with links.
        davidgerard 4y ago
        you posted state laws, not federal law. Here's Popehat's explainer: https://www.serioustrouble.show/p/how-did-sam-bankman-fried-get-bail https://www.serioustrouble.show/p/how-did-sam-bankman-fried-...