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I never thought I'd see so many high-level executives facing penalties for their crimes. Excellent. I feel the same about this as a non-doping athlete might fee
by kstrauser 2y ago
I never thought I'd see so many high-level executives facing penalties for their crimes. Excellent. I feel the same about this as a non-doping athlete might feel about their doped competitor being held accountable. It's not a level playing field when some people are allowed to cheat with impunity. Competition requires everyone to play by the same rules, or in this case, laws.
- ralph84 2y agoAt the end of the day the FTX crew were still outsiders. They tried to buy political influence, but the type of regulatory capture that F500 companies enjoy takes decades to cultivate.
- jhgvh 2y agoMost unethical executives don’t actually commit fraud. They don’t just steal the customer money and buy themselves luxury real estate. The fix guys are in trouble because they were both very corrupt and very bad at creating even the thinnest veneer of plausible deniability.
- cm2187 2y agoMIT, hedge funds, politically connected through parents. Outside of what exactly?
- dboreham 2y agoBeing over 40.
- mistrial9 2y agoyou forgot to say Stanford University -- synonymous with rule-adherence some claim?
- floor2 2y agoWell for starters, outside of the US financial regulatory system. They were operating a shadow bank and unregulated securities exchange in the Bahamas and Hong Kong. The media and regulators were willing to take a sympathetic view to all of the openly illegal banking and securities violations while times were good, but they were performing a highline act with no safety net the whole time.
- a0986373 2y agoI am fairly sure you meant highwire act.
- ClassyJacket 2y agoPlenty of high level executives get punished, iff they hurt other rich people. FTX took from investors. You can steal from poor people all you want, but if you steal from the rich you go to jail.
- robertlagrant 2y agoI thought the main problem was that FTX commingled regular deposits (i.e. normal people's funds) with at-risk investments. I.e. they're mostly guilty because there wasn't a wall protecting the deposits.
- WrongAssumption 2y agoIf I have a pile of money, and add your money to my pile and go to the blackjack table put it all on black without your consent. That’s theft.
- aidenn0 2y ago> ...go to the blackjack table put it all on black... I'm guessing you're not very familiar with games of chance.
- jancsika 2y agoWell, neither was FTX, so how is this not apt? :)
- mbreese 2y agoOr they didn’t understand the game they were playing… sounds like a perfectly mixed metaphor to me.
- deleted 2y ago[deleted]
- soulofmischief 2y agoPersonally, I put it all on jack. He seems like a trustworthy fella.
- P_I_Staker 2y agoIn fairness, it just seems like they're going after people that messed with big money bags.