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What's interesting about that to me is quite a few things. For one, where are the charges against all the other fraudsters? Bankman-Fried's parents were both in
by bmitc 3y ago
What's interesting about that to me is quite a few things. For one, where are the charges against all the other fraudsters? Bankman-Fried's parents were both in on it and helped orchestrate parts of it. As far as I know, they both even still hold their positions as law professors at Stanford! What an embarrassment to the world Stanford is. Sam Trabucco was co-CEO of Alameda Research up until August 2022, which means that he was certainly part of all the fraud happening. He is known for his extravagant spending. Just because he left a few months before the crash, he gets away scot-free? And then there's other employees, the investors, partners, etc.
Lastly, these messages always fall a little flat to me. The justice departments always go after and nail these fraudsters that have little actual power and then make a big stink about it. Sam Bankman-Fried, Elizabeth Holmes, Billy McFarland, etc. are all nailed to the cross. Yes, they committed clear and damaging actions of fraud and other crimes. But higher level fraudsters, like those in industries that are much more protected and in positions of actual power and influence, do not get touched. For example, Steve Cohen gets to own the New York Mets yet he clearly committed insider trading for years, if not decades (https://www.youtube.com/watch?v=1szayJV505M https://www.youtube.com/watch?v=1szayJV505M). Several of his high-level employees were convicted, but he remains untouched. There's other examples of people like this that are actually intelligent (unlike Bankman-Fried, Holmes, etc.) but still sociopathic, and they are able to weasel themselves into tight nets of power such that the justice department doesn't or can't touch them.