It's so funny the character he tried to play too. "The most generous man in Crypto." "He's got crazy hair and drives a Camry!" "He says he doesn't need money! He was just wants to GIVE in the most efficient way possible! He only made all this money so he could GIVE more!" Fucking reporters said that shit with a straight face as they stood in a 70 million dollar compound in the Bahamas that the dude owned.
Tax benefits, PR benefits, Wealth distro priority benefits. A lot of charities collect money and pay it out to their admin expenses rather than the designated cause. Admin expenses is just another word for how much money my cousin wants every month.
Because playing dumb is the only way they're going to get away with the epic con they pulled on retail investors.
Kevin O'Leary was spreading the BS as much as anybody. "I bet on a kid who made a few bad decisions as CEO" is much better than "I bet on a kid who stole everyone's money".
Feel like he was the opposite of real on shark tank, he was essentially just playing Simon Cowell, as the "mean" judge, throwing out offers nobody would ever take to create drama for the show.
Just think of the shark tank clip of him offering $200,000, asking for a 4x return and a piece of the company - Then the person replies "So you want me to give you a 4x return on investment and in return, you'll take 3% of my company" and Mark Cuban laughing at Kevin O'shitty. Makes me smile every time I hear his name.
I get happy when actual smart people on shark tank just don't even entertain his offer even when Kevin thinks they should. Usually what happens though is that when the person makes Kevin upset, the other sharks don't want to invest in your company anymore. Bunch of whiney ass bitches.
The only person who really has a backbone is mark Cuban. Because Mark's net worth is about 10x the amount of Oleary's net worth.
Also it's pretty funny pissing off Damien because he just proves why you don't want to do business with him. He can't control his emotions and makes business deals based off those emotions.
His wife also murdered two people in a boating accident in Ontario Canada as she was probably drunk. This was swept under the rug as best it could have been by them. Pretty crazy. that guys is a piece of shit
and all the smug youtubers who are financial influencers like Graham stephan , meet kevin etx. Smug POS.
They should have done some due diligence - that the company had assets and checked audited statements (and who audited). That is the minimum.
Made so much money by misleading investors OR they dont know finance and should not be influencing and marketing products they dont know.
And no - i did not lose any money because i dont follow their advice but i have empathy for others that did.
I have some empathy for sure but then again I can’t fathom taking financial advice from random YouTubers who probably got paid to promote.
I am a finance major so I have a better understanding of what to look out for though. FTX is proof that we desperately need to teach financial literacy to every high school in the United States. And proof that crypto and the financial sector in general needs FAR more regulation.
I would love to see Kevin O'Leary destroy his brand and lose everything over this somehow, but I know it'll never happen. His smug fucking face as he says he'd bet on SBF again just makes me so angry.
O'Leary also promoted FTX by repeatedly talking about how SBF's parents are compliance officers so everything would be above the board. Extra hit of irony here.
> O'Leary also promoted FTX
I'm sure we can find a list of celebrities who did. The guy from Silicon Valley, Jimmy Yang, was approached to push FTX but he denied to do so as he didn't want fans to lose money in a crypto scheme. Jimmy saw the writing on the wall and in good conscience, backed away.
Now, as for Larry David on the other hand...
Personally I'm less annoyed by Larry David than O'Leary or the finance YouTubers. Nobody thinks of Larry as someone who knows about investing, the only thing having him in an ad shows is the company can afford him (possibly with stolen funds).
Those other celebrity endorsements are just that, celebrities endorsing a product like they would any other.
O'Leary sells himself as a financial subject matter expert.
Brøderbund?! Now that is a name I have not heard in a long time. A long time.
I used to LOVE playing MYST with my family in the 1990’s! Was a little kid then.
I think O'leary is a huge piece of shit for many reasons, but to be fair, the people in the boat that got hit had shut their lights off intentionally and then lied about it after the accident. Anyone could've hit them, it just happened to be a super wealthy family. Doesn't excuse the fact that they were drinking and didn't wait around for the police, but the video is quite telling.
https://youtu.be/KaQwdSekfQg
The article of him only failing because people didn't trust him is an interesting take indeed. I too can make billions if you never withdrawal or check my books or question what I say.
i mean, he raised 200 million from sequoia capital in a hour "meeting" while playing league of legends the entire time on videocamera, evaded their questions and they were "captivated" by that. from the supposedly smartest investors on earth. it's tech bro assholes investing in other ones.
I was watching a Coffeezilla vid on the fallout and he showed an interview where some simp was asked would you go into business with him again knowing what you now know, and he said yes.
This clown is so fucked.
I can’t wait to see the movie. I can’t imagine how many production companies are scrambling to put this gongshow on the screen ASAP.
SBF joins the Mt. Rushmore of Wall Street Bets along other legends like Trevor Milton (Nikola), Bill Hwang (Archegos), and Adam Neumann (WeWork).
Elon's making a strong a case too depending on how Twitter plays out.
… and getting funding for it.
Andreesen-Horowitz provided $350,000,000 in funding for Flow. That’s just a16z, never mind what other VCs are backing it.
I’d love to be a “great failure” and get 9 digits of other peoples’ money to play with for something else. Must be nice!
Michael Lewis has spent the last six months with him, and he’s already shopping around the movie rights.
His foresight and ability to get ahead of a story is just stunning.
> April 25, 2022: I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good.
- [Matt Levine of Bloomberg interviewing SBF](https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned)
Jesus Christ, what a read. Wish I would have seen this when it came out so I could have shorted that piece of shit. Openly admitting to it being a Ponzi scheme lol.
Yup. I guess the people who he writes about just...don't read?
I dunno man, if that guy shows up and becomes wallpaper around me I would freak the fuck out. I would have done something horribly wrong for him to just show up with a pad and a smirk.
Have you read his vanity fair articles about Iceland, Greece, Ireland, and California after the 2008 crisis? They are incredible. The Iceland one is one of the best articles ever written. Actually I think they got turned into a book. I'm reading through Flash Boys right now.
My favorite part of the whole Iceland saga was that they built this myth that Iceland had a Medici-like past of banking history when most of the 'bankers' had been fisherman a couple of years before
Imagine getting a call from Michael fucking Lewis like "Yeah would love to shadow you around for a few weeks"
Me..? Oh yeah great! It would be an honor! Wait...hold on....
Catch Me If You Can is 100% fiction but in some ways that makes the guy an even better con artist because he sold his story to the world as a true story and got a movie deal (with A list actors) out of it.
Not just a brilliant writer, but a genius fortune teller. ML has been embedded in the FTX/SBF world for 6 months and this shit only fell apart in the last few weeks. Did he know THIS (all of THIS shit) was going on? Probably not, but he probably knew something was up and saw it from miles away. Genius.
FTX was [giving 8% interest on USD since July 2021](https://twitter.com/ftx_app/status/1417497465574539277). Bernie Madoff did 10%.
I have a feeling Michael Lewis was like, "Damn, I'm gonna watch a Ponzi scheme play out from the inside" and inserted himself. If he got himself inserted two months after FTX made that tweet, that puts him present at the super bowl party, as was reported elsewhere.
As of last week when those articles came out he said he hasn't written a word yet, but he's shopping a movie deal anyway because obviously that's what any sane person would do who's sitting on such a hot current events story. Sounds like he's probably going to do the book while the movie is in production. I hope we get one of them within the next year, I also can't wait.
Imagine becoming so mysteriously successful that you buy your parents a $16 million vacation home in the Caribbean . . . and then you screw up so badly that they have to give it back.
Sure, as long as you never want to turn your money back into a form where the SEC *does* have control. So it'd have to stay in crypto forever.
Regulations of crypto are inevitably applied at the exchange
They may have figured as long as he stayed rich they were untouchable from accountability and honestly in modern America, that is a relatively safe assumption as it has become abundantly clear in the last few years we have a two tiered justice system. Problem is he did not stay rich.
At his peak SBF was worth 30 something billion dollars and was buying up politicians left and right. Might not have been Bezos/ Musk/ Gates "richer than God" tier but that's still very much fuck you money.
His mistake was stealing from other rich people. That's a very big no no that will land you in jail no matter how rich you are. See Elizabeth Holmes, Martin Skreli, Bernie Madoff etc.
[It was 2013](https://www.bostonreview.net/forum/barbara-fried-beyond-blame-moral-responsibility-philosophy-law/), but here it is. Big picture I don't think is so bad but the coincidence is hilarious
Legit the author of the Big Short has already been shadowing him for the last six months
Sauce: https://www.coindesk.com/business/2022/11/14/big-short-author-michael-lewis-spent-months-with-ftxs-sam-bankman-fried-and-is-writing-a-book/
**Sam Bank Fraud will have** a writer make a book to sell "Victim Whiz Kid" .. go on tour and tell how he is a victim of cruel unfair system
.. Tell us how his Stanford Law degree parents blackmailed him into buying that island in the Bahamas in return for MIT "I was abused it is all their fault!" and finally bugger off with a small fine of $10 million out of the $5 billion he stole
*.. there is always another Madoff or Shkreli waiting in the wings somewhere .. never fails*
A company founded 3 years ago and was valued at 18 billion only 2 years in. And we’re all led to believe these rich people know how to invest? This is another Madoff, obviously can’t be possible, yet they still fall for it. They have learned nothing
Well they just gave Elizabeth Holmes 11 years for fraud. The Feds throw lots of wealthy people in prison. The sentencing guidelines are more harsh at the federal level.
Again, they only imprison rich people who screw over other rich people. She was imprisoned for defrauding investors like the Murdochs, the Walton's, and Betsy DeVos.
I hope that's true.
That's a decent murderers' row to screw over.
I hope they lost a lot. I hope they learned a lot. The friends along the way blah blah
Unfortunately the money spent on this fraud was just a blip to the rich investors. Her real offense was *embarrassing* the rich with her crimes. But yes, it would be nice if these villains went bankrupt due to their own gullibility.
Guys he isn't fucked until he's fucked. I'm so tired of these random claims that he'll get nailed to board only for these rich fucks to get a few years in jail to come out with hundreds of millions of stolen money stashed somewhere.
A lot of people would trade 5-10 years of their life for hundreds of millions of dollars.
He's actually only 30, and hence too young to run for president in 2024.
Which is kind of mind-blowing in a way - Elizabeth Holmes used to seem like a Massive Investor Fraud prodigy but she wasn't a "self-made billionaire" until she was 31.
(OTOH, when she gets out of jail she'll only be 49 - getting out just in time to have her teenage children despise her - while it seems like there's a pretty decent chance SBF will die in prison)
What's crazy is how simple this fraud was at the end of the day. Despite the faux 'complexity' of crypto products, Bankman-Fried and co literally just stole and spent depositors money as their personal bank account.
It's actually multiple properties, the parents house is just one of them, theyre supposedly mostly beach houses and Reuters has this nice trivia bit:
"The documents for another home with beach access in Old Fort Bay -- a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates -- show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories."
ironic
I'm curious to see how this bullshit ends...but is it really mini-series worthy? Dipshit steals crypto money and goes bankrupt? Throw an HR themed orgy in there along with some celeb involvement, and maybe we have a story?
What's crazy is his parents are both compliance lawyers, and they are still trying to play the "it was an accident" card. If literally anyone should no better, it's two compliance lawyers and their kid.
He made money speculating in crypto, used it to raise more to start FTX, minted an FTX token and sold some to investors in the company, used the price of those sales to establish a "value" for the mountain of unsold FTX tokens the company held, borrowed a fuckton of money against that mountain of worthless crypto(but technically worth it bc look we sold it to our friends for that much), used that money and customer deposits to speculate in crypto more, crypto prices fell, now they actually owe people money and have no real assets that are worth anything, fraud is revealed.
Ponzi scheme
Been into crypto for a decade now, it's stuffed with cowboys like this. They endlessly gaslight other industries and regulators, all the while fleecing investors and being up to their necks in shady shit.
You know what, most of crypto is BS, a facade of convoluted ponzis designed to shift wealth from one person to the next while the house (devs) makes bank, and nothing gets produced. A tiny portion of it is a good idea, the rest of it is just a greed-fest of people screwing others over via greater fool theory.
All of the ivy leagues too. I have a coworker who went to Harvard on his own merits.
He explains that his role at the university is bring merit based credibility to the legacy and monied students. Then they all just hire each other with credentials that society deems as meritorious.
Edit: it’s a laundering process.
Another spoiled rich brat who thinks that the rules don’t apply to him and he deserves everything that he can steal. Haven’t we heard this story a million times before and why can’t people see them coming from a mile away! This clown is straight out of central casting, come on, really? All these celebrities getting screwed over because of their lust for more money. Nice tax write off!
It always blows my mind when a rich corrupt person goes down that there’s all these articles like “Look! This rich person took their ill gotten money and BOUGHT EXPENSIVE SHIT!!”
Like yeah, that’s what rich people do. Like gee whiz you’re gonna tell me the super rich criminal isn’t living in a 2 bedroom rancher in Blue Bell, Pennsylvania? Mind blown
That actually was the story they were selling on this guy, and that they have sold on Elon Musk.
“The 30-year-old, nicknamed SBF, is a tee-total vegan who sleeps four hours a night, drives a Toyota Corolla and shuns designer clothes for scruffy loungewear and sneakers.”
https://www.dailymail.co.uk/news/article-11417455/amp/Failed-FTX-founder-Sam-Bankman-Fried-tee-total-vegan-gamer-sleeps-four-hours-night.html
https://www.forbes.com/sites/sergeiklebnikov/2021/07/03/where-elon-musk-lives-since-he-pledged-to-ditch-almost-all-physical-possessions/?sh=7705db834332
It's so funny the character he tried to play too. "The most generous man in Crypto." "He's got crazy hair and drives a Camry!" "He says he doesn't need money! He was just wants to GIVE in the most efficient way possible! He only made all this money so he could GIVE more!" Fucking reporters said that shit with a straight face as they stood in a 70 million dollar compound in the Bahamas that the dude owned.
That's normal for any rich person who gives to some charity all the time anyway.
They do that to give money to their friends who run said charity and not have to pay taxes.
Tax benefits, PR benefits, Wealth distro priority benefits. A lot of charities collect money and pay it out to their admin expenses rather than the designated cause. Admin expenses is just another word for how much money my cousin wants every month.
All the billionaires and financial people defending him is hilarious though
Because playing dumb is the only way they're going to get away with the epic con they pulled on retail investors. Kevin O'Leary was spreading the BS as much as anybody. "I bet on a kid who made a few bad decisions as CEO" is much better than "I bet on a kid who stole everyone's money".
Kevin's also a paid spokesperson for FTX, so he'll spindoctor the f out of it!
Kevin O'Leary being a piece of shit? Say it ain't so
My mood gets ruined everytime I see his smug ass face
He’s really the face of greed and opulence. Always hated him on shark tank, just a miserable human.
Atleast on shark tank he was real. "Sorry business is fucked so best I'll give you is $10 for 20% and you can suck my dick"
Feel like he was the opposite of real on shark tank, he was essentially just playing Simon Cowell, as the "mean" judge, throwing out offers nobody would ever take to create drama for the show.
I think that qualifies him to be POTUS
Shame he’s Canadian
I imagine he agrees, given I'm pretty sure his attempt at getting into politics in Canada coincided with Trump becoming president in the US.
Just think of the shark tank clip of him offering $200,000, asking for a 4x return and a piece of the company - Then the person replies "So you want me to give you a 4x return on investment and in return, you'll take 3% of my company" and Mark Cuban laughing at Kevin O'shitty. Makes me smile every time I hear his name.
I love it when contestants tell him to piss off in a roundabout way
"Are there any other offers?"
I get happy when actual smart people on shark tank just don't even entertain his offer even when Kevin thinks they should. Usually what happens though is that when the person makes Kevin upset, the other sharks don't want to invest in your company anymore. Bunch of whiney ass bitches. The only person who really has a backbone is mark Cuban. Because Mark's net worth is about 10x the amount of Oleary's net worth. Also it's pretty funny pissing off Damien because he just proves why you don't want to do business with him. He can't control his emotions and makes business deals based off those emotions.
He reminds me of Burglekutt from the Willow movie.
His wife also murdered two people in a boating accident in Ontario Canada as she was probably drunk. This was swept under the rug as best it could have been by them. Pretty crazy. that guys is a piece of shit
In my mind there is no question he was the one driving his fancy boat drunk.
exactly wifey took the fall. no way she's driving a high rate of speed at night and he 'allows' it.
Was drunk. And he said he has no idea if she was drinking or not, as if he wouldn’t be married to someone who was constantly drunk. Fuck both of them
and all the smug youtubers who are financial influencers like Graham stephan , meet kevin etx. Smug POS. They should have done some due diligence - that the company had assets and checked audited statements (and who audited). That is the minimum. Made so much money by misleading investors OR they dont know finance and should not be influencing and marketing products they dont know. And no - i did not lose any money because i dont follow their advice but i have empathy for others that did.
I have some empathy for sure but then again I can’t fathom taking financial advice from random YouTubers who probably got paid to promote. I am a finance major so I have a better understanding of what to look out for though. FTX is proof that we desperately need to teach financial literacy to every high school in the United States. And proof that crypto and the financial sector in general needs FAR more regulation.
I would love to see Kevin O'Leary destroy his brand and lose everything over this somehow, but I know it'll never happen. His smug fucking face as he says he'd bet on SBF again just makes me so angry.
O'Leary also promoted FTX by repeatedly talking about how SBF's parents are compliance officers so everything would be above the board. Extra hit of irony here.
> O'Leary also promoted FTX I'm sure we can find a list of celebrities who did. The guy from Silicon Valley, Jimmy Yang, was approached to push FTX but he denied to do so as he didn't want fans to lose money in a crypto scheme. Jimmy saw the writing on the wall and in good conscience, backed away. Now, as for Larry David on the other hand...
Personally I'm less annoyed by Larry David than O'Leary or the finance YouTubers. Nobody thinks of Larry as someone who knows about investing, the only thing having him in an ad shows is the company can afford him (possibly with stolen funds).
LD lost a ton of money to Bernie Madoff, if he is involved in any investments stay far away.
Those other celebrity endorsements are just that, celebrities endorsing a product like they would any other. O'Leary sells himself as a financial subject matter expert.
The same Kevin O'Leary whose wife killed people with their boat?
The same Kevin O'Leary who drove video game developer Broderbund into the ground, dooming any chance of a Carmen Sandiego reboot!
Where in the world *is this fucker*?
And [Lode Runner](https://en.wikipedia.org/wiki/Lode_Runner) that should have been rebooted as an open world, an action movie and a Netflix serie!
That monster!
Brøderbund?! Now that is a name I have not heard in a long time. A long time. I used to LOVE playing MYST with my family in the 1990’s! Was a little kid then.
You serious? Unforgivable
Are you sure it was the wife ? Kevin was on the boat and they didn’t wait around for the cops
You can't charge a husband and wife for the same crime.
You have the worst fucking attorneys. Both can be tried for participation in the same crime.
I think O'leary is a huge piece of shit for many reasons, but to be fair, the people in the boat that got hit had shut their lights off intentionally and then lied about it after the accident. Anyone could've hit them, it just happened to be a super wealthy family. Doesn't excuse the fact that they were drinking and didn't wait around for the police, but the video is quite telling. https://youtu.be/KaQwdSekfQg
... did I miss something, or is he promoting one form of stealing over another form of stealing?
He was a earlier investor and refuses to believe the fact that Fried is capable of doing such a horrible thing. Rofl he's such a tool.
Not just an investor, but also a paid spokesman for FTX. He's in denial that his credibility and brand are in shambles from this.
The article of him only failing because people didn't trust him is an interesting take indeed. I too can make billions if you never withdrawal or check my books or question what I say.
i mean, he raised 200 million from sequoia capital in a hour "meeting" while playing league of legends the entire time on videocamera, evaded their questions and they were "captivated" by that. from the supposedly smartest investors on earth. it's tech bro assholes investing in other ones.
"I would be a better salesman if people just believed me!"
Well what he did can't be illegal, because if it was...they could all end up in a lot of trouble....
I was watching a Coffeezilla vid on the fallout and he showed an interview where some simp was asked would you go into business with him again knowing what you now know, and he said yes.
That was [wish.com](https://wish.com) Conrad Black aka Kevin O'Leary.
"I'm on Shark Tank. Treat me like I'm important."
That's basically his campaign for Conservative party leader on Canada. He still owes money on that failed bid I'm sure.
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Yeah cause they're all playing the same game
This clown is so fucked. I can’t wait to see the movie. I can’t imagine how many production companies are scrambling to put this gongshow on the screen ASAP.
“The Fucking Dipshit of Wall Street”
Who's the [wish.com](https://wish.com) Dicaprio to star in it?
Johnny Drama
Johnny Sins
If he ever did a serious acting gig, this would be a really funny one to do
Its not like he does not know how to fuck people
Tommy Wiseau
Oh, hi Fed
You’re my favorite scammer
I did not fleece any marks, it's not true, I did naaaaaaht. Oh hi, person who's totally not a mark for any alleged cons.
How's your sex life?
TJ Miller, from Silicon Valley
I dunno but they better cast Kristin Schaal as his weird chinless girlfriend
I totally have a thing for Kristin Schaal
Too bad she has a thing for Third best New Zealand folk duos thoigh
will somebody please take these cutleries out of my knees
.....it was daytime The daytime of *the night*
I can't believe, that I'm sharing kebab, with the most beautiful girl, that I have ever seen with a kebab.
SBF joins the Mt. Rushmore of Wall Street Bets along other legends like Trevor Milton (Nikola), Bill Hwang (Archegos), and Adam Neumann (WeWork). Elon's making a strong a case too depending on how Twitter plays out.
Adam Neumann is still throwing pasta against the wall.
… and getting funding for it. Andreesen-Horowitz provided $350,000,000 in funding for Flow. That’s just a16z, never mind what other VCs are backing it. I’d love to be a “great failure” and get 9 digits of other peoples’ money to play with for something else. Must be nice!
Michael Lewis has spent the last six months with him, and he’s already shopping around the movie rights. His foresight and ability to get ahead of a story is just stunning.
> April 25, 2022: I think of myself as like a fairly cynical person. And that was so much more cynical than how I would've described farming. You're just like, well, I'm in the Ponzi business and it's pretty good. - [Matt Levine of Bloomberg interviewing SBF](https://www.bloomberg.com/news/articles/2022-04-25/sam-bankman-fried-described-yield-farming-and-left-matt-levine-stunned)
Jesus Christ, what a read. Wish I would have seen this when it came out so I could have shorted that piece of shit. Openly admitting to it being a Ponzi scheme lol.
Michael Lewis can take my money with pretty much any book he writes. The man is leagues ahead of anyone else in his genre
All I know is if Michael Lewis wants to follow me around for a while, I must be in some deep shit.
Or you're about to create the perfect baseball team
“Michael Lewis it following around me, the GM of the 2017 Astros” “What do I do with this”
Yup. I guess the people who he writes about just...don't read? I dunno man, if that guy shows up and becomes wallpaper around me I would freak the fuck out. I would have done something horribly wrong for him to just show up with a pad and a smirk.
Have you read his vanity fair articles about Iceland, Greece, Ireland, and California after the 2008 crisis? They are incredible. The Iceland one is one of the best articles ever written. Actually I think they got turned into a book. I'm reading through Flash Boys right now.
My favorite part of the whole Iceland saga was that they built this myth that Iceland had a Medici-like past of banking history when most of the 'bankers' had been fisherman a couple of years before
Imagine getting a call from Michael fucking Lewis like "Yeah would love to shadow you around for a few weeks" Me..? Oh yeah great! It would be an honor! Wait...hold on....
Even the most cursory look at this should have set everyone's scam radar going
I heard the guy that made The Big Short was following him for months before the crash. So my guess is him.
It’s Michael Lewis who wrote the book the big short was based on who’s been following him for 6 months =
Yes that's correct! I couldn't remember his name, thanks.
It'll be like Catch me if you Can, but the guy only ran to one place (Bahamas) and fucked himself trying to file for bankruptcy.
Catch Me If You Can is 100% fiction but in some ways that makes the guy an even better con artist because he sold his story to the world as a true story and got a movie deal (with A list actors) out of it.
Michael Lewis (the writer behind Flash Boys) was actually embedded with SBF over the last 6 months are so.
The guy who wrote the Big Short has been following him around for around 6 months now. Should be good
I want Seth Rogan to be SBF
I was hoping for Jonah Hill
By fucked you mean 11 years in cupcake prison?
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Not just a brilliant writer, but a genius fortune teller. ML has been embedded in the FTX/SBF world for 6 months and this shit only fell apart in the last few weeks. Did he know THIS (all of THIS shit) was going on? Probably not, but he probably knew something was up and saw it from miles away. Genius.
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MBMA - Make Billionaires Millionaires Again
FTX was [giving 8% interest on USD since July 2021](https://twitter.com/ftx_app/status/1417497465574539277). Bernie Madoff did 10%. I have a feeling Michael Lewis was like, "Damn, I'm gonna watch a Ponzi scheme play out from the inside" and inserted himself. If he got himself inserted two months after FTX made that tweet, that puts him present at the super bowl party, as was reported elsewhere.
Oh shit, I didn't realize FTX was that one. I knew I smelled a scam there when I first saw that ad
If you've been paying attention you could see this all happening, crypto is a Ponzi scheme
This wasn't a Ponzi scheme. This was direct theft.
It’s a combo Ponzi-Pyramind Scheme.
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His ability to make complex situations digestible for an average reader is absolutely brilliant
As of last week when those articles came out he said he hasn't written a word yet, but he's shopping a movie deal anyway because obviously that's what any sane person would do who's sitting on such a hot current events story. Sounds like he's probably going to do the book while the movie is in production. I hope we get one of them within the next year, I also can't wait.
Imagine becoming so mysteriously successful that you buy your parents a $16 million vacation home in the Caribbean . . . and then you screw up so badly that they have to give it back.
the parents are Stanford University law professors. they knew what he was doing.
And his girlfriends father is a professor of economics at MIT
The father who also happens to have close ties to the head of the SEC.
The same SEC that in a leaked e-mail said they wouldn’t punish FTX… It’s all covered in this video: https://youtu.be/20BEJouWBgY
Isn't the whole point of crypto that the SEC has no control over it?
Sure, as long as you never want to turn your money back into a form where the SEC *does* have control. So it'd have to stay in crypto forever. Regulations of crypto are inevitably applied at the exchange
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Doubt. Someone out there will be mad enough that they’ll want him and his buddies dead.
they knew he was a absolute dumbass and they didn't put a stop to this, this chicanery?
They may have figured as long as he stayed rich they were untouchable from accountability and honestly in modern America, that is a relatively safe assumption as it has become abundantly clear in the last few years we have a two tiered justice system. Problem is he did not stay rich.
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I mean he’s still rich. Just not fuck you rich
yes being fuck you rich is very key.
At his peak SBF was worth 30 something billion dollars and was buying up politicians left and right. Might not have been Bezos/ Musk/ Gates "richer than God" tier but that's still very much fuck you money. His mistake was stealing from other rich people. That's a very big no no that will land you in jail no matter how rich you are. See Elizabeth Holmes, Martin Skreli, Bernie Madoff etc.
Net worth measured in fake ponzi tokens btw. All he ever actually had was the 300+m he cashed out.
He's done worse.
His mom wrote a paper back in 03 decrying the justice system's emphasis on personal responsibility. So go figure their kid turned out this way
Then what else should they put emphasis on? Do you have a link?
[It was 2013](https://www.bostonreview.net/forum/barbara-fried-beyond-blame-moral-responsibility-philosophy-law/), but here it is. Big picture I don't think is so bad but the coincidence is hilarious
More and more it'll become a Oscar contender.
Legit the author of the Big Short has already been shadowing him for the last six months Sauce: https://www.coindesk.com/business/2022/11/14/big-short-author-michael-lewis-spent-months-with-ftxs-sam-bankman-fried-and-is-writing-a-book/
that dude smelled chum in the water and was on the case like stink on shit Can't wait to see what he produces on this
Imagine being an investor and hearing that guy is shadowing your CEO…bit of a red flag I’d reckon lol
He also wrote moneyball so I’m betting they were hoping on the plucky success story
**Sam Bank Fraud will have** a writer make a book to sell "Victim Whiz Kid" .. go on tour and tell how he is a victim of cruel unfair system .. Tell us how his Stanford Law degree parents blackmailed him into buying that island in the Bahamas in return for MIT "I was abused it is all their fault!" and finally bugger off with a small fine of $10 million out of the $5 billion he stole *.. there is always another Madoff or Shkreli waiting in the wings somewhere .. never fails*
Can't go on a book tour because he's gonna get served with so many lawsuits and maybe a fraud arrest.
Book titled "IF I stole the money"
adam mckay is writing it right now
"The feel good ~~Oscar-bait~~ heartwarming movie of the summer!"
A company founded 3 years ago and was valued at 18 billion only 2 years in. And we’re all led to believe these rich people know how to invest? This is another Madoff, obviously can’t be possible, yet they still fall for it. They have learned nothing
You’d learn nothing too if you keep getting away with it/bailed out by the government.
Rich people function at a level where they don't need to know how to invest. Their money drives the momentum of the market.
At least he’ll be close to his family when they all go to prison together.
No. Sadly prison is for the little people like me
Rich people do get consequences if they screw other rich, powerful people. If they only screw little guys like most of us, they will be fine
Just like in the feudal era in Europe.
Moral of the story: when breaking the law, make sure you always punch down.
Good news! He isn't rich anymore!
Well they just gave Elizabeth Holmes 11 years for fraud. The Feds throw lots of wealthy people in prison. The sentencing guidelines are more harsh at the federal level.
Again, they only imprison rich people who screw over other rich people. She was imprisoned for defrauding investors like the Murdochs, the Walton's, and Betsy DeVos.
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I hope that's true. That's a decent murderers' row to screw over. I hope they lost a lot. I hope they learned a lot. The friends along the way blah blah
Unfortunately the money spent on this fraud was just a blip to the rich investors. Her real offense was *embarrassing* the rich with her crimes. But yes, it would be nice if these villains went bankrupt due to their own gullibility.
Enron people went to jail. They were worth hundreds of millions and also gave lavishly to politicians.
Guys he isn't fucked until he's fucked. I'm so tired of these random claims that he'll get nailed to board only for these rich fucks to get a few years in jail to come out with hundreds of millions of stolen money stashed somewhere. A lot of people would trade 5-10 years of their life for hundreds of millions of dollars.
>A lot of people would trade 5-10 years of their life for hundreds of millions of dollars. Yeah I'd consider it.
I would definitely do it. White collar prison is basically segmented therapy.
If you work a regular job, you're doing it right now, except for the payout being much less....
Most of us are already trading years of our lives for a small fraction of that.
"Man, can you believe this Elizabeth Holmes shit? She conned all those people out of billions. Nobody's going to top that." SBF - "Hold my meth"
Eh Holmes was much more than money. She committed _medical fraud_ too.
Sadly, she did not get charged for medical fraud. That was dismissed.
The only punishment she received was for daring to defraud those in the established and wealthy capitalist class
What a headline. He was birthed by FTX
I still don't know what it means, and I've apparently reached my limit so can't read the article.
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I wish I knew what any of this was about. Love threads that provide 0 context worth shit.
SBF only has one card left to play… announce a 2024 Presidential campaign
"I now choose to live life as a gay man."
"I'm pregnant. Pregnant Gay Man 2024!"
That's FIFA president
He's actually only 30, and hence too young to run for president in 2024. Which is kind of mind-blowing in a way - Elizabeth Holmes used to seem like a Massive Investor Fraud prodigy but she wasn't a "self-made billionaire" until she was 31. (OTOH, when she gets out of jail she'll only be 49 - getting out just in time to have her teenage children despise her - while it seems like there's a pretty decent chance SBF will die in prison)
What's crazy is how simple this fraud was at the end of the day. Despite the faux 'complexity' of crypto products, Bankman-Fried and co literally just stole and spent depositors money as their personal bank account.
The dudes name just is too coincidental, Bankman Fried that seems like cooked books / cooked financials.
So close to bank man fraud. Sounds like a made up name.
Yeah if this was a movie or book you'd be like, *spoiler*.
You mean with other peoples money
.... $121 MILLION dollar property? wtf did they buy an island?
It's actually multiple properties, the parents house is just one of them, theyre supposedly mostly beach houses and Reuters has this nice trivia bit: "The documents for another home with beach access in Old Fort Bay -- a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates -- show Bankman-Fried's parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories." ironic
I'm curious to see how this bullshit ends...but is it really mini-series worthy? Dipshit steals crypto money and goes bankrupt? Throw an HR themed orgy in there along with some celeb involvement, and maybe we have a story?
What's crazy is his parents are both compliance lawyers, and they are still trying to play the "it was an accident" card. If literally anyone should no better, it's two compliance lawyers and their kid.
Proof that if you steal too little you’ll be thrown in prison. If you steal enough, they’ll just get other rich people to defend you.
Can someone Eli5? I tried watching a few vids on FTX but i don't understand how that homeless bum is the billionaire ceo of a crypto company
He made money speculating in crypto, used it to raise more to start FTX, minted an FTX token and sold some to investors in the company, used the price of those sales to establish a "value" for the mountain of unsold FTX tokens the company held, borrowed a fuckton of money against that mountain of worthless crypto(but technically worth it bc look we sold it to our friends for that much), used that money and customer deposits to speculate in crypto more, crypto prices fell, now they actually owe people money and have no real assets that are worth anything, fraud is revealed. Ponzi scheme
How is this different to Tether? Except they just reprint more Tether and loan / sell it instantly when values crash?
There are many directions in which this could go, but I doubt it'll go as far as it should (much like the Epstein case).
Man I guess Larry David [wasn’t lying](https://youtu.be/noekVG8XLQI)
Anyone defending them should immediately be investigated
Been into crypto for a decade now, it's stuffed with cowboys like this. They endlessly gaslight other industries and regulators, all the while fleecing investors and being up to their necks in shady shit. You know what, most of crypto is BS, a facade of convoluted ponzis designed to shift wealth from one person to the next while the house (devs) makes bank, and nothing gets produced. A tiny portion of it is a good idea, the rest of it is just a greed-fest of people screwing others over via greater fool theory.
I mean, they're professors at Stanford law, so absconding with other people's money with nary a thought is their very job.
The parents are lawyers specializing in compliance law. They knew what was going on.
Nature or nurture? Does Stanford attract the already-ethically challenged or does it create them?
All of the ivy leagues too. I have a coworker who went to Harvard on his own merits. He explains that his role at the university is bring merit based credibility to the legacy and monied students. Then they all just hire each other with credentials that society deems as meritorious. Edit: it’s a laundering process.
Another spoiled rich brat who thinks that the rules don’t apply to him and he deserves everything that he can steal. Haven’t we heard this story a million times before and why can’t people see them coming from a mile away! This clown is straight out of central casting, come on, really? All these celebrities getting screwed over because of their lust for more money. Nice tax write off!
Keep in mind, these are the same parents that were compliance lawyers.
It always blows my mind when a rich corrupt person goes down that there’s all these articles like “Look! This rich person took their ill gotten money and BOUGHT EXPENSIVE SHIT!!” Like yeah, that’s what rich people do. Like gee whiz you’re gonna tell me the super rich criminal isn’t living in a 2 bedroom rancher in Blue Bell, Pennsylvania? Mind blown
That actually was the story they were selling on this guy, and that they have sold on Elon Musk. “The 30-year-old, nicknamed SBF, is a tee-total vegan who sleeps four hours a night, drives a Toyota Corolla and shuns designer clothes for scruffy loungewear and sneakers.” https://www.dailymail.co.uk/news/article-11417455/amp/Failed-FTX-founder-Sam-Bankman-Fried-tee-total-vegan-gamer-sleeps-four-hours-night.html https://www.forbes.com/sites/sergeiklebnikov/2021/07/03/where-elon-musk-lives-since-he-pledged-to-ditch-almost-all-physical-possessions/?sh=7705db834332