SBF guilty on all counts

[Anonymous]

Anonymous wrote:Coverage of this story is pathetic, compared to the Bernie Madoff case:

Where are the stories about this people who lost their life savings?

Where are the stories about how much money is still missing?

Where are the stories about how many other crypto criminals are going to be prosecuted?

Where are the stories addressing the range if possible prison sentences?

Where are the stories about parent culpability?

Very little ink being spilled on this vs. Madoff. Why?

Because of the extremely large democratic donations facilitated by SBM's Mom. Many, many, many millions went to Democratic politicians.

In general a lot of low income wage earners lost a money, i.e. a person would invest $100 at the convenience store kiosk in hopes of getting rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Coverage of this story is pathetic, compared to the Bernie Madoff case:

Where are the stories about this people who lost their life savings?

Where are the stories about how much money is still missing?

Where are the stories about how many other crypto criminals are going to be prosecuted?

Where are the stories addressing the range if possible prison sentences?

Where are the stories about parent culpability?

Very little ink being spilled on this vs. Madoff. Why?

I think in many people's minds it is "fake" money so the sorts of people who are truly hurt are investment bros and venture capital firms. Not elderly who everything with Bernie.

Yup. I'm glad SBF is going to jail but the "victims" here are veery different from Madoff.

Madoff was an affinity scam and the average loss per person was larger. SBF scammed millions of more people out of smaller amounts. A lot of those scammed by SBF were low income wage earners looking to get rich.

SBF didn’t steal money. He lost it on bad bets.

Madoff pretended to be investing but really just spent it.

SBF invested it but then lost a lot of it in the crash.

But he may well have only wiped himself out and left enough money to leave all the customers whole, according to the bankruptcy proceedings.

[Anonymous]

SBF's Dad taught business tax law.

SBF's Mom taught legal ethics.

I suspect his Dad steered the company to the Bahama's location so they would not be subject to US laws and for tax evasion purposes. His Dad would have known how to evade corporate taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Coverage of this story is pathetic, compared to the Bernie Madoff case:

Where are the stories about this people who lost their life savings?

Where are the stories about how much money is still missing?

Where are the stories about how many other crypto criminals are going to be prosecuted?

Where are the stories addressing the range if possible prison sentences?

Where are the stories about parent culpability?

Very little ink being spilled on this vs. Madoff. Why?

Well, one reason might be that a substantial portion of the missing money has been found.

This is a very different kind of fraud. He wasn’t stealing money to fund his lifestyle. He was making loans of customer deposits to his hedge fund to make risky investments. Some of which paid off and will eventually be liquidated and returned to customers.

Please link a recent story quantifying this substantial portion that has been found.

Four days ago, Forbes:

https://www.forbes.com/sites/digital-assets/2023/10/30/ftx-customers-should-recoup-most-of-their-losses-unless-irs-bigfoots-them/?sh=1ea7c5195b22

[Anonymous]

Anonymous wrote:SBF's Dad taught business tax law.

SBF's Mom taught legal ethics.

I suspect his Dad steered the company to the Bahama's location so they would not be subject to US laws and for tax evasion purposes. His Dad would have known how to evade corporate taxes.

Oh god. No. It’s because it was of uncertain legality to operate a crypto exchange on US soil.

[Anonymous]

Anonymous wrote:

Anonymous wrote:SBF's Dad taught business tax law.

SBF's Mom taught legal ethics.

I suspect his Dad steered the company to the Bahama's location so they would not be subject to US laws and for tax evasion purposes. His Dad would have known how to evade corporate taxes.

Oh god. No. It’s because it was of uncertain legality to operate a crypto exchange on US soil.

Which is what you said.

Bloomberg Youtube free "Ruin" https://www.youtube.com/watch?v=3QpdU9LS540

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:SBF's Dad taught business tax law.

SBF's Mom taught legal ethics.

I suspect his Dad steered the company to the Bahama's location so they would not be subject to US laws and for tax evasion purposes. His Dad would have known how to evade corporate taxes.

Oh god. No. It’s because it was of uncertain legality to operate a crypto exchange on US soil.

Which is what you said.

Bloomberg Youtube free "Ruin" https://www.youtube.com/watch?v=3QpdU9LS540

It’s like saying someone grew weed in California instead of Russia because of Russian taxes and laws. Sure taxes would apply… but it’s the laws that are the problem. Not the taxes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:He sure seems to snowed Michael Lewis so I was a little concerned he might have come off as odd and inept to the jury but not guilty of fraud. Glad they didn’t fall for it

Yeah what is up with Lewis? He’s all gushy about this “misunderstood kid genius”. His interview with Couric?

People say SBF speaks to weave people in, but I’ve never seen him speak in any convincing way. I guess the disdain he had for others by playing video games in meetings as if he had so much mental energy he had to keep himself occupied in “unengaging” interviews. Narcissistic I suppose?

Misunderstood genius…. Spoiled entitled not expected or taught to engage others properly.

[Anonymous]

He has the classic ADHD/ASD profile that many brilliant minds have. Unfortunately, this profile does NOT come with extra helpings of morals or ethics. It DOES come, sometimes, with a high risk tolerance. That's a dangerous combination.

See also: Elon Musk.

[Anonymous]

Anonymous wrote:
He has the classic ADHD/ASD profile that many brilliant minds have. Unfortunately, this profile does NOT come with extra helpings of morals or ethics. It DOES come, sometimes, with a high risk tolerance. That's a dangerous combination.

See also: Elon Musk.

More precisely an inability to correctly evaluate their capability or risk.

[Anonymous]

I think he was pretty great at assessing risk - he gave heavily to both political parties ($100K+) during an election cycle, was 2nd top donor to Democrats. He had a meeting with Gary Gensler months before FTX collapsed.

I suspect there are many people who would like him locked up asap and for him to be out of the news - like out of the news today.

[Anonymous]

what do you think his life in prison will be like?

[Anonymous]

Anonymous wrote:what do you think his life in prison will be like?

Look at his face...I think he's going to get his share of a$$ kicking in there. He will prob piss ofd the guards too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:what do you think his life in prison will be like?

Look at his face...I think he's going to get his share of a$$ kicking in there. He will prob piss ofd the guards too.

There are enough white collar Jews in prison that he might be able to find protection

It depends on where he is sent

[Anonymous]

I read the Michael Lewis book. He never comes out and says it but SBF is clearly on the spectrum, his top execs likely were as well.
My take is that SBF lived in his own world. He had no concern for others and no concern for managing a company. That’s actually where I think his parents failed. The company had no management, no systems in place and was just complete chaos.