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Sam Bankman-Fried's anonymous bail sponsors should be public, judge says
- birdyrooster 4y agoI would bet a small amount of money one of them was the famous Egg, Marc Andreessen.
- LewisVerstappen 4y agoa16z passed on FTX, so I don't think you're a very good gambler.
- jaywalk 4y agoAt least it was a small amount of money.
- birdyrooster 4y agoIf a16z walks away from crypto a winner at the end of this then I’ll eat my hat but so far it looks like a huge flop.
- birdyrooster 4y agoYou are hyper focusing on FTX a16z has tons of crypto exposure.
- dean177 4y agoWhat odds and how much?
- fullshark 4y agoHoping he jumps to embarrass Sequoia or something? Why?
- birdyrooster 4y agoHe’s one of the reasons crypto gained traction, VC that ran out of tech paydays wanted to eat finance and then got schooled.
- m348e912 4y agoDidn't we already find out that one of the sponsors was Stanford University? Or at least as part of collateral, a home on Stanford property.
- Q6T46nT668w6i3m 4y agoYes. This is an addition to that property. And, just to be clear, it isn’t Stanford’s.
- deleted 4y ago[deleted]
- gnicholas 4y agoYes, a home owned by his parents, located on land leased by his parents from Stanford. Apparently this didn’t require Stanford’s approval, as the leaseholders can encumber their ownership without asking permission. https://www.latimes.com/california/story/2023-01-30/sam-bankman-fried-parents-house-bail-stanford https://www.latimes.com/california/story/2023-01-30/sam-bank...
- compiler-guy 4y agoStanford wasn't the sponsor in any way. However his parents lease property from Stanford, and these leases are structured in a way called a "Restricted Residential Ground Lease", and it is quite similar to ownership. You can read the painful details here: https://fsh.stanford.edu/sites/default/files/inline-files/RestrictedResidentialGroundLeaseWeb.pdf https://fsh.stanford.edu/sites/default/files/inline-files/Re... But the point is that Stanford itself had no input.
- gumby 4y agoThe faculty deal is that stanford owns the land but the faculty member owns the house. They get discounted mortgages, and though they can (or have to if they leave) sell the house, the only permitted buyers are stanford faculty or a few non-faculty employees. This kind of arrangement (house built on leased land) is common in some places (e.g. London) but pretty unusual in the USA. So the parents can post their house as collateral. Non-bail aside: stanford recently changed the terms of those leases so they are only 50 years. This can screw you if you want to retire in your home, but increases housing supply, which is relevant to another HN front page post about zoning.
- stevespang 4y ago[dead]
- lalos 4y agoLiterally 'follow the money'
- kosievdmerwe 4y agoIt's amazing what a small amount of bail (200k and 500k) the two individuals put up relative to the supposed $250 million bail. The value of course to court is that these two people would help ensure that SBF doesn't vanish, but given that the two individuals are likely very rich I'm not sure how true that is.
- eatsyourtacos 4y agoYeah that seems crazy.. 0.28% of the bail amount is all that was needed to be put up?
- mometsi 4y agoThe guy has a supernatural ability to get people to accept insane financial arrangements. They need to bind his mouth or something. Have everyone plug their ears during his testimony, and tie down the court stenographer like Odysseus.
- zeven7 4y agoIt's honestly very hard to believe what he continues to get away with. How can this guy be this persuasive? I've even heard him talk for hours, and yeah he's good at talking and sounding persuasive, but not that good. On the other hand, I can't argue with the results. There was a villain in Get Smart who had a way of making everybody love him if they looked in his eyes. It's almost as if something like that is going on.
- eastbound 4y agoIt could be the network. Whatever he belongs to. Maybe they do protect each other.
- JumpCrisscross 4y ago> 0.28% of the bail amount is all that was needed to be put up Posted. It’s all “put up.” Most people don’t have $250mm in cash, but quite a few have that much in assets. The court does better ring-fencing them than forcing a fire sale or jailing SBF with fewer strings to pull.
- NickC25 4y agoGood. The fact that they were anonymous to begin with in a case involving this much money is incredibly disturbing and highly suspect.
- Alex3917 4y agoMy bet would be Peter Thiel. He credits his fortune to SBF's father, was himself an investor in FTX, and has shown a willingness to fund litigation.
- Mountain_Skies 4y agoMost posts on HN label Thiel as a righwing nutbag. Why would he bail out someone who was so tightly aligned with causes opposite of his ideology?
- candiddevmike 4y agoPolitical distinctions for the rich are an illusion, they play both sides to their benefit. Never assume the rich are on your "team".
- anaganisk 4y agoTrump was once a Democrat. You become rich when you put profits above morals (most cases).
- napoleond 4y agoSurely that’s not all it takes?
- thedorkknight 4y agoA steady diet of watching nothing but fox news has a similar effect
- DonHopkins 4y ago
- grapesurgeon 4y ago[dead]
- nativeit 4y ago[flagged]
- strangattractor 4y agoPrevious discussion here: https://news.ycombinator.com/item?id=34098557 https://news.ycombinator.com/item?id=34098557
- jmount 4y agoIt has got to be stolen FTX money that is being put up. Who is that free with their own money?
- outside1234 4y agoWhat are the novel legal aspects? Is it just because they are super rich?
- maxrev17 4y agoWhat is the logic behind paying his bail other than you need him to favour you when it comes to the case details?
- loeg 4y agoMaybe you're a sibling or other friend.