Posted on 11/27/2022 8:17:45 AM PST by DoodleBob
Hmmm....
Ping
What Assets FTX Has
I expect an equal number to go to jail over this as the 2008 housing debacle.
I also expect another housing bubble burst next year.
P.S. Thank you for the ping.
Or henchpeople...or... well, you get it...
$1.24 billion in cash was uncovered at the FTX group of companies leading up to the first-day motions, a much higher tally than was able to be confirmed by FTX.
It is not all good news, however, as Bromley indicated to the court that a “substantial amount” of FTX Group’s assets “have either been stolen or are missing.”
Maybe I missed it, but I didn’t see it mentioning this Bankman-Fraud being extradited. Is he still free in the Bahamas?
Too big to fail !
In October of last year, SBF also raised $420 million from investors on behalf of FTX — only he paid himself $300 million of that amount, claiming it as a personal reimbursement for re-purchasing the 15% stake in the exchange held by rival company Binance.
—
Effective Altruism at its finest!
Would agree with you.
Most are in 30-to-40 age group, and never had serious consequences/stress in their life. Several will commit suicide prior to arrival in the US. This GF of SBF (Caroline Ellison) has zero knowledge on stocks and trades....but somehow was thrust into the profession.
But I think there is absolute fear that digging around will bring up serious money laundering (probably fentanyl profits), and serious contributions to political folks....with consequences on them to pay the money back.
He pretends to still be in the Bahamas but I seriously doubt it.
Gosh, how tender of them.
You won’t know that your allegedly solvent investment company is actually part of a Casino gangster operation. Guess thats why they call them confidence games....
I am still waiting for an in-depth forensic audit of FTX.
“Or henchpeople...or... well, you get it... “
Persons of Hench.
Re: where the overall bankruptcy case for FTX and its affiliates should be held
On a leaky yacht, in the middle of the Gulf Stream.
“Wilmington, Delaware, the traditional city where corporate bankruptcy cases are heard.”
Another example of the cluelesness of so called “journalists”.
The venue for corporate bankruptcy cases (ALWAYS Federal Court) is defined by statute. There is no such thing as a “traditional city where corporate bankruptcy cases are heard.”
There are historical and legal reasons why Wilmington might hear an outsized proportion of corporate bankrutpcy cases, but that would be largely based on the fact that so many corporations incorporate in Delaware, and the venue statutes for bankruptcy cases allow venue in the state of incorporation.
I read that this latest $600 million “hack” could only have been done by himself because the “hacker” knew all the passwords and was likely to pay off the Bahamas government.
And these "investors" were fine with the SBF just pocketing the money? I know nothing about venture capital but I would think investors would mandate their funds be used for the company's benefit not to line the pockets of the owner. There had to be something else going. Everything about SBF and FTX has been a grift
Interesting story about his MOTHER (for whom he purchased property in the Bahamas):
.
What is also unusual is that Mind the Gap is led not by highly experienced political hands, but by academics with no professional backgrounds as fundraisers. The group’s leaders are a pair of Stanford law professors: Barbara Fried, who has no apparent campaign experience, and Paul Brest, the former president of the William and Flora Hewlett Foundation. Graham Gottlieb, a Stanford fellow who served in junior roles for former President Barack Obama’s 2012 reelection campaign and in his White House, is its executive director.
Fried declined to answer specific questions from Recode about Mind the Gap’s efforts, past or present. But in a statement, she downplayed the organization as merely a “pro-bono donor advisor to people who are interested in evidence-driven decision making.”
“Most people have no idea whether their political contributions will actually make a difference,” Fried said. “Our aim is to evaluate the efficacy of different forms of political and civic engagement, and provide our conclusions free to individual, interested donors so they can make more educated decisions about where their money would be most effectively spent.”
https://www.vox.com/recode/2020/1/6/21046631/mind-the-gap-silicon-valley-democratic-donors-stanford
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.