FTX Says Bankman-Fried Took $2.2 Billion (nymag.com) 39
Liquidators at FTX said that founder Sam Bankman-Fried had received $2.2 billion in "loans and payments" while he was allegedly running a massive fraud at the crypto exchange. From a report: According to FTX's bankruptcy court filing, Bankman-Fried got more than $2 billion in loans -- primarily through Alameda Research, the hedge fund he founded that lost big on bad investments, then misused customer deposits from FTX accounts in an attempt to cover those losses. Bankman-Fried wasn't the only executive-roommate to be paid via Alameda: Former director of engineering Nishad Singh got $587 million, co-founder Gary Wang got $246 million, former co-CEO Ryan Salame got $87 million, and former Alameda co-CEO John Samuel Trabucco got $25 million. Caroline Ellison, Bankman-Fried's ex-girlfriend and ex-CEO at Alameda, was more frugal, receiving just $6 million in loans and payments. New management at FTX was careful to note that the $3.2 billion that FTX's and Alameda's top earners essentially lent themselves does not include the $240 million they spent on luxury property in the Bahamas or the political donations given directly by FTX.
Shoot Him In The Head. (Score:5, Interesting)
Show folks how it works when you want to be an greedy asshole.
Re: (Score:2)
Re: (Score:2, Interesting)
I ain't paying for that shit. Bullets are cheap.
Our society is too soft. It is time to start making folks pay for their evil.
Re: Shoot Him In The Head. (Score:2, Insightful)
Re: (Score:3)
Our society is too soft. It is time to start making folks pay for their evil.
You're advocating for murder, and you think it's the other folks who are evil?
Re: (Score:2)
Once you commit a crime, the punishment is not judged. You need to rethink your deduction.
Re: (Score:2)
Once you commit a crime, the punishment is not judged.
Whether it goes before a judge doesn't change whether it fits the description, which is to say a premeditated killing. It's also not necessary, so there's no excuse. You're just bloodthirsty.
Re: (Score:2)
Why would you? He poses no national threat in case of evasion or communication with the external world. Decades in a regular prison is unpleasant enough for a kid who wasted his opportunity to life of lust and luxury that he had for granted just by the virtue of his birth. Not only the realization of his wasted life opportunities is unpleasant, but also the enormous mental strain and constant risk of being stabbed by some violent criminal who doesn't like rich kids, or who doesn't like Jews, or just because
Re: (Score:3)
Why would you?
If you get rid of a criminal, they'll never criminal again.
Re: (Score:2)
I was commenting on why would you send him to a Supermax jail rather than a normal jail. The "bullet" comment was another one.
Re: (Score:2)
Re: (Score:2)
If you get rid of a criminal, they'll never criminal again.
By extension, we should just kill everyone, since they will certainly commit a crime sometime in the future [amazon.com] and that would ensure that they won't.
Re: (Score:2)
That would go against the three founding principles of penal justice as identified by Cesare Beccaria (On Crimes and Punishments, 1764):
1) principle of legality, penalties must be defined in law before being applied -- other way to say no *arbitrary* punishments;
2) principle of necessity, the action of justice must be strictly limited to the necessary, and it is almost never* needed to physically kill someone to make sure they will not commit other crimes -- the same principle applies to all government acti
Re: (Score:2)
stealing money is a much lesser crime than murder
Bernie Madoff got 150years in prison for financial crimes. That's a life sentence no matter how you slice it. Meanwhile - this guy who committed first degree murder is getting out on parole: https://www.the-dispatch.com/n... [the-dispatch.com]
Re: (Score:1, Troll)
Lol he's gonna get 8 years and out in 4.
*Working class* people get the whole "40 years in jail for stealing 3 slices of pizza" treatment the US is notorious for.
Rich people get a slap on the wrist. And told they are a naughty boy and have to sit in the corner for a few weeks while their new job in wall street is prepared.
Re: (Score:1)
He was one of the largest contributors to the most corrupt party in the US, the democrats.
The most corrupt party in the US is all of them. Pretending the democrats are more corrupt than the republicans requires willful ignorance.
He'll serve a minimal sentence... or commit suicide in his cell during a camera malfunction.
Who do you think had more to lose from Epstein's continued existence, Republicans or Democrats? Explain your answer in terms of known facts.
Re: Shoot Him In The Head. (Score:2)
Diversity in fraud! (Score:2)
Nice to see how diverse the fraudsters are and that they are all humans and full of mistakes and greed. No matter the identity, creed or polycule we belong to, we all just want to make a greedy, easy buck. None of you are special snowflakes.
Re: Diversity in fraud! (Score:2)
Only $6M? (Score:2)
~$6 million to Caroline Ellison
She really was getting fucked!
Re:Only $6M? (Score:4, Interesting)
~$6 million to Caroline Ellison
She really was getting fucked!
I suspect this had more to do with risk tolerance on her part.
Note this wasn't intended as straight theft, but rather a loan (that they never should have been given).
Basically, the plan was they borrow a big pile of money from the company, invest it, and then when the investments go up they pay off the loan while keeping the extra.
Problem is they were crap investors who lost all the money and since loan was unsecured so the company (ie depositors) lost their money.
It sounds like they allowed themselves to borrow at will, so I think she was just a bit less comfortable than the others taking out the super-giant loans.
Re: (Score:2)
Apparently my joke crashed. I was commenting on the multiple-partner lifestyle she and her colleagues adopted.
Re: (Score:1)
Apparently my joke crashed. I was commenting on the multiple-partner lifestyle she and her colleagues adopted.
Oh don't worry I caught that.
Not saying the joke didn't crash, but I caught it nonetheless :P
Re: (Score:2)
Re: (Score:2)
They borrowed at will and invested the money in a way that would either make them really rich or they would bankrupt themselves and the FTX "depositors." At that point, there's no reason not to go big. How would she possibly pay back $6M? OnlyFans? It doesn't seem like there was any thought process here at all.
She probably couldn't pay back the full $6m, but most investments don't poof completely. If her portfolio lost 10% she's only down $600k, it sucks but it's not insurmountable for a CEO of an investment firm.
There's also the fact of the effect on the firm itself. Borrowing hundreds of millions or even billions does seriously jeopardize the health of the firm. Borrowing $6m? If the other execs did the same the firm might not have collapsed.
Not saying it isn't jail-worthy, but it's not nearly the same level as
Re: (Score:1)
Re: (Score:3)
Looks like... (Score:4, Funny)
Where did it go? (Score:2)
Surely with all the FATCA, KYC, anti-fraud, anti-tax-evasion, and anti-money-laundering laws and policies in the banking system, those billions had to go somewhere obvious.
Re: (Score:2)
None of those laws applied to crypto-currency. Now they sure as hell will in the future though.
Re: (Score:2)
If he was smart, he bought xmr.
Re: (Score:2)
Re: (Score:2)
US regulations are not good at forcing private companies to impose effective internal controls on money very early. (Public companies are required to use recognized auditors.) Accountants and auditors can tell you at tear-inducing length what FTX should have been doing, and it wasn't approving expenses with emoji on Slack. But FTX had boatloads of other people's money, and a bunch of corrupt and/or grossly negligent people, so it took a while for their misdeeds to catch up with them.
FTX had an auditor, b
Oh, wait ... (Score:1)