Yeah, that’s sweet. “I can totally trust myself with this loan.”
I was a bit worried that evidence was piling on that could lead one to conclude that the incompetence defense was reasonable, there were a few times during the hearing that John Ray split from this. When asked if there was any way for SBF to be ignorant of the back door through which all the money disappeared, John Ray’s answer was: “No.”
The incompetence defence doesn’t work when part of your fraud is telling people you have excellent risk management but are in fact either incompetent or a thief (or both).
That right there is an admission of fraud.
Also, you know, there is solid evidence that SBF was responsible for Alameda being exempted from the risk management, ie the theft part.
But his parents are both compliance attorneys, Kevin O’Leary said!
Speaking of all this SBF stuff, the day the news of his arrest came out The 11th Hour spent like 50% of the show talking about it, as if it were that important. It was pretty annoying. What do I care if a bunch of morons lose their money. If they wanted to buy a speculative asset they could have bought stocks. At least those are regulated by the SEC somewhat.
JoshL
4386
Is that properly a cryptocurrency scam if there was never any actual cryptocurrency?
Yes because a Nigerian Prince scam doesn’t have a Nigerian Prince.
Scuzz
4388
What actually makes a certain type of crypto have intrinsic value? Imagine buying gold but not knowing if the seller actually had any to sell because he maintained control of it.
Imaginary imaginary money. We’re heading towards a currencyception.
It’s one step away from a claim that the “currency” is just a modern art series, and it is therefore worth whatever they say.
Thrag
4393
They there shouldn’t have fired bank man’s picture there as there’s a guy put in charge by the bankruptcy court to clean up the mess and try to make investors as whole as possible.
SBF’s ass has been extradited.
Sounds painful and unnecessary!
I guess I don’t know what to think about this.
On the one hand, there is always someone who flips. On the other hand, this looks like principals in the scheme are the ones who are flipping. I thought the idea was to flip small fry to get at the big fry. These look like some of the big fry.
