Rumor - Sam Bankman Fried arrested

RedDuke said:
He is charged on 8 counts with wire fraud and money laundering among them. If convicted, it means most of his life in jail.
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hard to believe, killers and rapists are doing 5-10 in our new restorative justice world.

punishment for crimes is so 90's
 
maxinger said:
Arrest those foolish gullible investors too.
They aided SBF in some ways.
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%%
LOL that's not the way scams work\ stupid is not illegal.
WSJ noted they have a real good criminal case against him.
Should we pass a law against stupid WSJ reporters that still compare Mr Bankman Fried to JP Morgan?? :D:D
 
The_Krakenite said:
Looks like CNBC still has nothing about this posted. Yet they are posting other useless stuff that no one cares about.

Anyhow, the CBC already has a breaking story regarding the arrest.

FTX cryptocurrency exchange founder Sam Bankman-Fried arrested in Bahamas
https://www.cbc.ca/news/business/ftx-bankman-fried-arrested-bahamas-1.6683507

View attachment 301439


https://twitter.com/x/status/1602446687712473088
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He is fighting extradition to the US. US should exert pressure on Bahamian authorities to hand him over. They should not allow him to go scot free.
 
Pekelo said:
Bonzi_bill:

"I have been saying for a while that so many of the people in positions of obscene authority we take for competent or intelligent are fucking morons.

Not morons in the sense of their IQ, morons in the sense that their statistical isolation from all meaningful consequences and normal life and tribulation has left them severely lacking perspective.

They all inhabit this gross parody of a meritocracy where they can wastes millions in other people's money and hollow out companies for short term gains and be treated like geniuses, because they have and MBA from Harvard. They had rich parents who could finance them a few million to start their business. They sucked their boss' son's cock in a satanic ritual in Yale and that means they get to join the Executive Caste and earn 500% their actual effective contribution. Yeah no wonder they saw Sam playing games and thought he was exceptional, because to them being exceptional has always meant not giving a shit about the social norms and expectations that bind the try-hards to middle management status.

these people live in a fantasy land of self aggrandizing narratives, and guys like Fried, Holmes, and others can play them like fiddles by pressing the very specific buttons that make these oh-so intelligent masters of the meritocracy function. You use buzzwords, you engage FOMO by advertising yourself as the next monopoly, you rail against the stuffy old companies, vestiges of a time when the US actually had a social project and whose structures reflect that. Most importantly though,you invent new ways of being moral to assuage their ever gnawing guilt and imposter syndromes at their unearned wealth.

It's no secret that Fried's "Altruistic Altruism" happened to be a philosophy that promised selfless work without sacrifice or change in lifestyle, because you don't need to give away your unearned wealth. You don't have to care about the plight of the common man. You're the elite class. You're building starships, you're leading humanity. No it doesn't matter that you've never actually built anything in your life and your wealth comes entirely from various schemes that gnaw at the foundations of American society, selling the excrement of its once robust institutions as an implication of a product: you and you alone can bear the torch of Humanity and lead the ignorant masses to the mars, all you need to do is boost some FTX."
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Man, that was painfully long. Yet why do I smell hypocrisy? Just 2 years ago, when BTC was making daily ATHs, wouldn't the same author not have made some lavish remarks about FTX and their achievements in making the world for the better?

BTW what is meritocracy anyway? Meritocracy and money go hand in hand. Once money dries up, so does meritocracy.
 
RedDuke said:
He is charged on 8 counts with wire fraud and money laundering among them. If convicted, it means most of his life in jail.
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What, he's not considered "too big to fail"?

Not that I'm condoning what SBF has done, but his crime is peanuts compared to what some of the Wall Street Gordon Gekko's have done in 2008. And none of them went to prison, as far as I know.
 
Sure enough, CNBC now is plastering video after video on SBF's arrest, like no one knows about it still.

In any case, SBF should have kept his mouth shut. Now it makes a lot more sense why Bill Hwang kept so quiet and underground after his hedge fund imploded. This dragged officials into a whole year before they scraped enough together to feel confident about charging the X-Billionaire. And even THEN Bill Hwang has done everything to avoid the public and make no statements.

The fall of Archegos is very similar to FTX, yet the founders acted in exact opposition. This clip never gets old:

 
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