Bankman-Fried Arrested In The Bahamas.

[WTF]

We disagree over government spending to recover greedy investors that are stupid enough to wire money to the Bahamas

[The_Waco_Kid]

Originally Posted by WTF

We disagree over government spending to recover greedy investors that are stupid enough to wire money to the Bahamas

no one did any such thing. yet another completely incorrect assumption. so the Government shouldn't spend money to prosecute sammy? sounds about right for you, yeah? let little sammy go free. he did nothing wrong! didn't steal a dime! bahahaa



it's amusing watching you flail about inventing excuses to convince yourself the exchange users weren't victims.

[WTF]

They were victims of their own greedy.

Now they want my tax dollars to help make them feel better.

Let them sue in Civil Court.

Are you one of those big government Socialist?

[The_Waco_Kid]

Originally Posted by WTF

They were victims of their own greedy.

Now they want my tax dollars to help make them feel better.

Let them sue in Civil Court.

Are you one of those big government Socialist?

completely wrong. you seem unable to realize the exchange users weren't involved with the hedge fund at all. the only ones wiring money from the Bahamas was sammy and his "executives" stealing it to prop up Alameda Research.


https://en.wikipedia.org/wiki/Alameda_Research


Alameda Research suffered a series of losses in May and June 2022, which anonymous sources told The Wall Street Journal resulted in FTX lending the trading firm more than half of its customer's funds, a decision that the sources said FTX CEO Sam Bankman-Fried described as a poor judgment call.[5][1] This was explicitly forbidden by FTX's terms-of-service.[6] According to anonymous sources cited by The Wall Street Journal, Caroline Ellison said that she, Bankman-Fried and two other FTX executives, Nishad Singh and Gary Wang, were aware of the decision.[7]


keep making all the ill-informed and dismissive statements you want. it's illegal to take customer funds and you know it. if it was your money you'd be demanding the Government "fix it!!".

[WTF]

Originally Posted by The_Waco_Kid

completely wrong. you seem unable to realize the exchange users weren't involved with the hedge fund at all. the only ones wiring money from the Bahamas was sammy and his "executives" stealing it to prop up Alameda Research.


https://en.wikipedia.org/wiki/Alameda_Research


Alameda Research suffered a series of losses in May and June 2022, which anonymous sources told The Wall Street Journal resulted in FTX lending the trading firm more than half of its customer's funds, a decision that the sources said FTX CEO Sam Bankman-Fried described as a poor judgment call.[5][1] This was explicitly forbidden by FTX's terms-of-service.[6] According to anonymous sources cited by The Wall Street Journal, Caroline Ellison said that she, Bankman-Fried and two other FTX executives, Nishad Singh and Gary Wang, were aware of the decision.[7]


keep making all the ill-informed and dismissive statements you want. it's illegal to take customer funds and you know it. if it was your money you'd be demanding the Government "fix it!!".

You can not seem to understand they were not trading with a reputable broker!

Why should I spend tax dollars chasing their ignorance.

My money was not, nor will it ever be in an account such as those. With high returns come high risk. They played with fire and got burnt.

Very little difference than when the government bailed out those firms dealing in credit wtf ever. Moral hazard.

[The_Waco_Kid]

Originally Posted by WTF

You can not seem to understand they were not trading with a reputable broker!

Why should I spend tax dollars chasing their ignorance.

My money was not, nor will it ever be in an account such as those. With high returns come high risk. They played with fire and got burnt.

Very little difference than when the government bailed out those firms dealing in credit wtf ever. Moral hazard.

once again total fail. show me anything saying the Government is going to "bail out" the exchange users? or more importantly and to the point, Alameda Research?


did you have money in an investment account at Lehman Brothers? were they reputable? they were, right up until they collapsed. once again you totally fail to understand that the exchange was not part of the hedge fund and that it's illegal to take the funds from the exchange to prop up Alameda Research.



Collapse

Main article: Bankruptcy of Lehman Brothers
Causes

Malfeasance

A March 2010 report by the court appointed examiner indicated that Lehman executives regularly used cosmetic accounting gimmicks at the end of each quarter to make its finances appear less shaky than they really were. This practice was a type of repurchase agreement that temporarily removed securities from the company's balance sheet. However, unlike typical repurchase agreements, these deals were described by Lehman as the outright sale of securities and created "a materially misleading picture of the firm’s financial condition in late 2007 and 2008."[85]



this isn't even as bad as what sammy did by flat out stealing money from the exchange users to cover his fucked up poorly run hedge fund.


if you are a victim of a crime, you are a VICTIM, son. yes it's that simple.

[Jackie S]

I have to go with WTF on this one.

All of these so called investors went for something that was too good to be true. Nobody twisted their arm to send that bunch of crooks their money.

The combination of greed and stupidity is what these Fund guys and Nairobi Princes look for.

[The_Waco_Kid]

Originally Posted by Jackie S

I have to go with WTF on this one.

All of these so called investors went for something that was too good to be true. Nobody twisted their arm to send that bunch of crooks their money.

The combination of greed and stupidity is what these Fund guys and Nairobi Princes look for.

jackie you should know better. WTF fails to see that the hedge fund and the exchange were or should have been completely separate entities and it's illegal and against the terms of service for funds of users to be used by the hedge fund. don't be WTF.

[adav8s28]

Originally Posted by The_Waco_Kid

completely wrong. you seem unable to realize the exchange users weren't involved with the hedge fund at all. the only ones wiring money from the Bahamas was sammy and his "executives" stealing it to prop up Alameda Research.


https://en.wikipedia.org/wiki/Alameda_Research


Alameda Research suffered a series of losses in May and June 2022, which anonymous sources told The Wall Street Journal resulted in FTX lending the trading firm more than half of its customer's funds, a decision that the sources said FTX CEO Sam Bankman-Fried described as a poor judgment call.[5][1] This was explicitly forbidden by FTX's terms-of-service.[6] According to anonymous sources cited by The Wall Street Journal, Caroline Ellison said that she, Bankman-Fried and two other FTX executives, Nishad Singh and Gary Wang, were aware of the decision.[7]


keep making all the ill-informed and dismissive statements you want. it's illegal to take customer funds and you know it. if it was your money you'd be demanding the Government "fix it!!".

Waco, You have done a good job in this thread. You are much better with money than you are with science. I do believe that the investors in the cryto exchange are victims. I don't have a problem if the gov does with Sammy-boi what that they did with Madoff to try to reimburse the crypto investors. If Sammy has any assets left the cryto investors should be reimbursed.

[adav8s28]

Originally Posted by WTF

Very little difference than when the government bailed out those firms dealing in credit wtf ever. Moral hazard.

That would be credit default swaps. Sammy-boi's situation is different. Sammy-boi pulled a Bernie Madoff transaction. The wall street meltdown of 2008 was different. The Wall street investment banks and the Wall street rating houses (Moody's & Standard and Poors) were running a SCAM. Moody's and S&P paid billions of dollars each to the Federal Government for participating in unlawful behavior. Other Wall firms paid fines as well.

https://www.hbsslaw.com/blog/whistle...ts-cut-of-864m

[The_Waco_Kid]

Originally Posted by adav8s28

Waco, You have done a good job in this thread. You are much better with money than you are with science. I do believe that the investors in the cryto exchange are victims. I don't have a problem if the gov does with Sammy-boi what that they did with Madoff to try to reimburse the crypto investors. If Sammy has any assets left the cryto investors should be reimbursed.

well .. a somewhat unexpected ally appears. i'll take it.


as tiny pointed out the victims of Bernie were eventually made nearly whole, 88 cents on the dollar. for many it didn't come soon enough but it did happen.


you would think it is clear that the hedge fund and the exchange should have been separate entities by both law and by any norms of good business practices. fuck anyone like Sequoia Capitol who had to write off 210 million on the hedge fund. they can afford it. the exchange users are victims of fraud. let's hope they can come close to 88 cents on the dollar recovery.

[Lucas McCain]

I'm just trying to figure out how that motherfucker made it out on bail when he said last week that he only had $100k to his name. I realize his parents are Stanford law professors and are probably very well off, but the bail was set for $250MM. How many frauded investors just paid for that crook's bail? LOL

[The_Waco_Kid]

in other news .. sammy makes bail .. not so broke after all it seems.


https://nypost.com/2022/12/22/sam-ba...ord-250m-bond/


Sam Bankman-Fried released on record $250M bond, placed under house arrest

sammy gets his old bedroom back at his parent's house.


bahahahhaa







also in the news ..


Alameda's Caroline Ellison, FTX's Gary Wang Plead Guilty to DOJ 'Fraud' Charges, Also Settle With SEC, CFTC

https://www.coindesk.com/policy/2022...fraud-charges/


this is actually a smart choice. they both stand to get essentially decades (the total if maxed out would be life) they stand a good chance now of about 10-15 years perhaps by making a deal.

[WTF]

Originally Posted by The_Waco_Kid

well .. a somewhat unexpected ally appears. i'll take it.


as tiny pointed out the victims of Bernie were eventually made nearly whole, 88 cents on the dollar. for many it didn't come soon enough but it did happen.


.

Actually I was the one who pointed out to Tiny that Bernie's investors were almost made whole. He initially implied they hadn't.

Also do you understand how they clawed back much of that money?


So greedy investors chasing to goid to be good returns...are made whole by the government, even if they choose not to put there money in a federally regulated market.

Interesting...moral Hazzard seems to be back in vogue.

[WTF]

Originally Posted by Lucas McCain

I'm just trying to figure out how that motherfucker made it out on bail when he said last week that he only had $100k to his name. I realize his parents are Stanford law professors and are probably very well off, but the bail was set for $250MM. How many frauded investors just paid for that crook's bail? LOL

He has got a lot of rich friends it seems....I love how the mob is trying to put the blame on one person. Instead of taking a good hard look at the fact that these crypto guys are selling pet rocks and tulips.