I thought Matt Levine's take in Wednesday's Money Stuff was insightful: > If you go around talking up the value of the FTX’s business and its tokens, you might

I thought Matt Levine's take in Wednesday's Money Stuff was insightful: > If you go around talking up the value of the FTX’s business and its tokens, you might be able to talk someone into paying a lot of money for them; maybe not now but perhaps in November. If you go around talking down the value of FTX — if you make statements about how poorly it was run and how much fraud it did — then that value will tend to zero, and you won’t be able to sell it. > At some level Bankman-Fried is surely right that if he had remained CEO of FTX, instead of stepping down and being replaced by Ray, he would have had a better chance — though still quite slim — of selling FTX’s business and tokens for more money, and thus raising more money for FTX’s customers. If you want to sell that business, you have to say that it’s good. > It’s just that, you know, if FTX was a fraud, he would have been getting that money for customers by doing more fraud? Like if Ray is right that FTX was a fraudulent mess, then he shouldn’t be trying to sell it to investors for a lot of money, since that would itself be fraud.