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It'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

It'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 ago
Yeah that seems crazy.. 0.28% of the bail amount is all that was needed to be put up?
- mometsi 4y ago
  The 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 ago
    It'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 ago
      It 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.
  - zeven7 4y ago
    So who posted the bulk of the $250 million then? Is it these two people being talked about, SBF himself, or something else? Who stands to lose $250 million here if SBF runs, and where will that money come from?
  - loeg 4y ago
    > 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. Well, yes, but no one involved has posted or claimed to have $250M in assets, either.
    - JumpCrisscross 4y ago
      > no one involved has posted or claimed to have $250M in assets Yes, they have. They’re under seal with the court. (EDIT: Never mind.)
      - loeg 4y ago
        The sealed guarantors posted $700k -- not $250M. I must have missed any claim that they definitely have $245M (or so) in other assets.
      - SilasX 4y ago
        Sorry, where are you getting that the anonymous parties have (or claim to have) $250M in assets? I don't see that attested to in the documents[2] or reported in reliable explanations of the bail arrangement[1]. I don't even see where the anons are under the already-lenient requirements that the parents are, who also don't have to show $250M in assets. From [1]: >>Two non-parent sureties have to sign the bond, pledging amounts approved by the government, by January 5. That means Bankman-Fried must find two non-parent supporters with substantial assets to agree to sign off on the bond and be responsible for up to a specified amount (likely in the hundreds of thousands) if he breaks the terms of the bond. Those parties might not even be liable for the full $250M, let alone have current access to that much. [1] Explanation: https://www.serioustrouble.show/p/how-did-sam-bankman-fried-get-bail https://www.serioustrouble.show/p/how-did-sam-bankman-fried-... [2] Court document: https://www.serioustrouble.show/api/v1/file/fed30a78-b85e-447e-ab29-0fb3fd43b37e.pdf https://www.serioustrouble.show/api/v1/file/fed30a78-b85e-44...
Vaslo 4y ago
Yes but just because they only put up that amount, don’t they have to guarantee the rest against assets? Not saying the amount isn’t soft, I think you are right, but just pointing that asset guarantee out.
- kosievdmerwe 4y ago
  As far as I understand what they essentially said is "We'll pay $X if SBF doesn't show up to court" (where X is $200k or $500k) To the best of my knowledge they haven't paid anything yet. Bail bonds are when you have a company make that promise for you at the cost of you paying 10% of the bond. If you show up to court the bail bondsman makes 10% of the bond and if you don't they have to pay the whole bond amount. There's also a system of bounty hunters that somehow happens if you don't show up, but I don't know how that works. If you can post bail yourself, you don't actually lose any money assuming you show up to court.
  - deelowe 4y ago
    In my experience, you have to pay, but you get it back if you show up.
dheera 4y ago
[flagged]
- pessimizer 4y ago
  Please get a sense of scale. edit: anyway, who we should really be worrying about is that lady who cut me off in the grocery store parking lot.
  - dheera 4y ago
    I do have a sense of scale, one person cost me $0, another cost me $5000 in lost belongings and camera equipment. Guess who matters more to me. I'm not one of those rich EA/Battery/Modernist people who has throwaway money in FTX. SBF doesn't exist in my world.
    - reeckoh 4y ago
      Are you trying to say that the legal system should only focus on your individual problems? Here's a tip: "the world" is not the same thing as "your world"
      - dheera 4y ago
        My problems are the same ones that the entire middle class in the Bay Area faces. I'm saying they should at list take a shit about something that's affecting the largest chunk of the population, instead of just dropping cases and not even going out to catch the serial thieves. Even more so, the people running around punching elderly Asian women. In fact, go after those first. My problem is a distant second. Instead, they focus on the world of a few individuals who didn't really need their money anyway.
  - DonHopkins 4y ago
    Or that bastard on the internet that used your and you're improperly!
- xmprt 4y ago
Towaway69 4y ago
What does it even mean that bail is set at 250mio if he gets free on 700k? I don't understand what's the point of setting bail that high and then ignoring it.
- Frost1x 4y ago
  Public image, perhaps? I admittedly don't understand the bail process that well and now realize I understand it even less than I thought I did after this case. At some point I may read into it, hopefully I never need to, but none the less one would unknowingly assume when a bail amount it set, that's what should be covered, at least I did.
- dfxm12 4y ago
  First, SBF wasn't freed on $700k. His parents put up their house as well. The article does mention this. Second, in NY (and many places), you aren't responsible for the full amount unless you break certain conditions, like trying to flee.
  - Towaway69 4y ago
    Did they then have to prove that they could come up with the 250mio if something were to happen?
    - loeg 4y ago
      Nope. It's just an arbitrarily large amount.
  - MuffinFlavored 4y ago
    > His parents put up their house as well. What was the value of that roughly?
    - ProAm 4y ago
      I think a couple million. 2.5M if I remember correctly.
perfecthjrjth 4y ago
Usually at the state level, one needs to put 10 percent of the bail amount for bail bonds. At the federal level, judge has more discretion on how much one should put.
- deleted 4y ago
  [deleted]

eatsyourtacos 4y ago

Yeah that seems crazy.. 0.28% of the bail amount is all that was needed to be put up?

mometsi 4y ago
The 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 ago
  It'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 ago
    It 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.
- zeven7 4y ago
  So who posted the bulk of the $250 million then? Is it these two people being talked about, SBF himself, or something else? Who stands to lose $250 million here if SBF runs, and where will that money come from?
- loeg 4y ago
  > 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. Well, yes, but no one involved has posted or claimed to have $250M in assets, either.
  - JumpCrisscross 4y ago
    > no one involved has posted or claimed to have $250M in assets Yes, they have. They’re under seal with the court. (EDIT: Never mind.)
    - loeg 4y ago
      The sealed guarantors posted $700k -- not $250M. I must have missed any claim that they definitely have $245M (or so) in other assets.
    - SilasX 4y ago
      Sorry, where are you getting that the anonymous parties have (or claim to have) $250M in assets? I don't see that attested to in the documents[2] or reported in reliable explanations of the bail arrangement[1]. I don't even see where the anons are under the already-lenient requirements that the parents are, who also don't have to show $250M in assets. From [1]: >>Two non-parent sureties have to sign the bond, pledging amounts approved by the government, by January 5. That means Bankman-Fried must find two non-parent supporters with substantial assets to agree to sign off on the bond and be responsible for up to a specified amount (likely in the hundreds of thousands) if he breaks the terms of the bond. Those parties might not even be liable for the full $250M, let alone have current access to that much. [1] Explanation: https://www.serioustrouble.show/p/how-did-sam-bankman-fried-get-bail https://www.serioustrouble.show/p/how-did-sam-bankman-fried-... [2] Court document: https://www.serioustrouble.show/api/v1/file/fed30a78-b85e-447e-ab29-0fb3fd43b37e.pdf https://www.serioustrouble.show/api/v1/file/fed30a78-b85e-44...

Vaslo 4y ago

Yes but just because they only put up that amount, don’t they have to guarantee the rest against assets? Not saying the amount isn’t soft, I think you are right, but just pointing that asset guarantee out.

kosievdmerwe 4y ago
As far as I understand what they essentially said is "We'll pay $X if SBF doesn't show up to court" (where X is $200k or $500k) To the best of my knowledge they haven't paid anything yet. Bail bonds are when you have a company make that promise for you at the cost of you paying 10% of the bond. If you show up to court the bail bondsman makes 10% of the bond and if you don't they have to pay the whole bond amount. There's also a system of bounty hunters that somehow happens if you don't show up, but I don't know how that works. If you can post bail yourself, you don't actually lose any money assuming you show up to court.
- deelowe 4y ago
  In my experience, you have to pay, but you get it back if you show up.

dheera 4y ago

[flagged]

pessimizer 4y ago
Please get a sense of scale. edit: anyway, who we should really be worrying about is that lady who cut me off in the grocery store parking lot.
- dheera 4y ago
  I do have a sense of scale, one person cost me $0, another cost me $5000 in lost belongings and camera equipment. Guess who matters more to me. I'm not one of those rich EA/Battery/Modernist people who has throwaway money in FTX. SBF doesn't exist in my world.
  - reeckoh 4y ago
    Are you trying to say that the legal system should only focus on your individual problems? Here's a tip: "the world" is not the same thing as "your world"
    - dheera 4y ago
      My problems are the same ones that the entire middle class in the Bay Area faces. I'm saying they should at list take a shit about something that's affecting the largest chunk of the population, instead of just dropping cases and not even going out to catch the serial thieves. Even more so, the people running around punching elderly Asian women. In fact, go after those first. My problem is a distant second. Instead, they focus on the world of a few individuals who didn't really need their money anyway.
- DonHopkins 4y ago
  Or that bastard on the internet that used your and you're improperly!
xmprt 4y ago

Towaway69 4y ago

What does it even mean that bail is set at 250mio if he gets free on 700k? I don't understand what's the point of setting bail that high and then ignoring it.

Frost1x 4y ago
Public image, perhaps? I admittedly don't understand the bail process that well and now realize I understand it even less than I thought I did after this case. At some point I may read into it, hopefully I never need to, but none the less one would unknowingly assume when a bail amount it set, that's what should be covered, at least I did.
dfxm12 4y ago
First, SBF wasn't freed on $700k. His parents put up their house as well. The article does mention this. Second, in NY (and many places), you aren't responsible for the full amount unless you break certain conditions, like trying to flee.
- Towaway69 4y ago
  Did they then have to prove that they could come up with the 250mio if something were to happen?
  - loeg 4y ago
    Nope. It's just an arbitrarily large amount.
- MuffinFlavored 4y ago
  > His parents put up their house as well. What was the value of that roughly?
  - ProAm 4y ago
    I think a couple million. 2.5M if I remember correctly.

perfecthjrjth 4y ago

Usually at the state level, one needs to put 10 percent of the bail amount for bail bonds. At the federal level, judge has more discretion on how much one should put.

deleted 4y ago
[deleted]