Ellison and Wang charged too

[Pekelo]

I bet the real cash loss is less than 5B. Just because they created FTT tokens and that was over I dunno, 40 bucks, that is not an actual loss, when now it is below a dollar. The same with their coins input. If they were credited with 1B Tether, those could have no backing whatsoever, so losing it should count as zero loss.

https://www.washingtonpost.com/busi...693c28-7b02-11ed-bb97-f47d47466b9a_story.html

"The SEC has started with the easier number: It accused Bankman-Fried of defrauding investors of $1.8 billion, which is what it says FTX raised from equity investors. "

"The balance sheet first published by the Financial Times showed that it had more than $5.2 billion of real dollars and euros recorded as liabilities. Crypto assets are recorded at about $16.5 billion worth at October prices on the same balance sheet."

 

[Frederick Foresight]

I've always thought Draconian prison sentences for financial crimes were part of America's idiocracy.

Madoff should have been made to work as a fry cook 12 hours a day and 50% of his pay distributed to victims.

Prison should be for crimes of violence or with the threat of violence a component.

These people should be sentenced to a lifetime of "You want fries with that?"

I don't agree. That's almost like saying that working at a minimum wage job is punishment as bad as prison. While you may think so, there are others who consider it an opportunity. Besides, there is dignity in honest labor. So why equate it with punishment? It sends a bad message.

Now on the matter of violence or the threat of violence. Let's consider it. On the one hand, you have a mugger who threatens to beat you up (threat of violence) unless you give him your brand new iPhone. On the other hand, you have a guy who comfortably, and without your being the wiser, steals all your life savings as you approach retirement. Are you going to put the iPhone mugger in prison for years but tell the "white collar" criminal that he has to go work at McDonald's? You see equity there? And what would that tell the other McDonald's employees about themselves and how the justice system and the rest of society views them?

 

[ZBZB]

This makes no sense whatsoever. Have you seen who was the face of msft for over a decade back then? Yeah, Gates. Looks wise Gates and Carolina would have made the perfect couple, too bad there is such age gap. In comparison SBF looks cultured.

My assertion makes perfect sense. You are misogynist.

 

[Pekelo]

And what would that tell the other McDonald's employees about themselves and how the justice system and the rest of society views them?

Yeah but an employee gets paid for the same work while the prisoner has to do it for free or 5 cents per hour. It is not really different than when they work inside the prison for pretty much nothing. They actually like to do those work because that beats being bored all day.

 

[Frederick Foresight]

Yeah but an employee gets paid for the same work while the prisoner has to do it for free or 5 cents per hour. It is not really different than when they work inside the prison for pretty much nothing. They actually like to do those work because that beats being bored all day.

And that's enough punishment? He can otherwise live freely and not be incarcerated after stealing millions or billions, robbing who knows how many people of their life savings? While the cell phone mugger gets to spend years in a cell? Not that I'm suggesting the cell phone guy should roam free.

And, again, let's not forget the message that only sentencing a perp to minimum wage labor sends to honest, hard-working people in the lowest socioeconomic bracket.

 

[deaddog]

And that's enough punishment? He can otherwise live freely and not be incarcerated after stealing millions or billions, robbing who knows how many people of their life savings? While the cell phone mugger gets to spend years in a cell? Not that I'm suggesting the cell phone guy should roam free.

What is the risk of re-offending? Mugger pretty much guaranteed, white collar not so much. Who gains by locking the white collar guy up? The prison system.

 

[Frederick Foresight]

Who gains by locking the white collar guy up?

Who gains by not locking up the white collar guy? Answer: other sociopathic would-be white collar criminals seeing the possibility for asymmetric returns.

I think if someone stealthily stole all your life savings that you might be somewhat less forgiving.

Let's not forget the punishment component in "Crime & Punishment."

 

[deaddog]

Who gains by not locking up the white collar guy? Answer: other sociopathic would-be white collar criminals seeing the possibility for asymmetric returns.

I think if someone stealthily stole all your life savings that you might be somewhat less forgiving.

Let's not forget the punishment component in "Crime & Punishment."

I would think for a white collar guy that just the shame of being convicted and having everyone know you had an ankle bracelet and had to payback what ever you had stolen would be punishment enough.
Does it matter where you are confined as long as you are confined?

 

[Frederick Foresight]

Does it matter where you are confined as long as you are confined?

Yes.

Given the choice, rich thieves who got rich by stealing millions or billions from others would choose to be "confined" to their penthouses or estates. Were it not for the magnitude of the money they stole they would not have such a choice. The guy who beats you up and takes your cell phone only gets a small cell. Because he didn't steal as much as the other guy. See how that works?

 

[deaddog]

Yes.

Reminds me of the story about the guy who robbed a grocery store so that he would be sent to jail to get away from his wife. The judge sentenced him to house arrest.