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.
$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.
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Effective Altruism at its finest!
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.
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.
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
The Antiyuppie observed FTX was designed to be a dem/leftist money generator.
It worked well…..then it didn’t......until Right after the election.
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A very good point......the more I thought about it the
more I concluded that even the bankruptcy move was a scam.
Fried used the typical ponzi excuse.....b/c not being able to
control his investors wanting out sounded plausible.....
but he was hiding the real reasons.
Meanwhile he stole even more......as much as he could.
FTX incorporated in Joe Biden’s home state of Delaware. Coincidence? Not considering the shady nature of Delaware’s corporation laws and Joe’s shady dealings.
I read enough with that one horribly ignorant sentence to not even bother reading the lies in the rest of the article. False premise, false conclusion.
The reason the case is held in Wilmington is because the State is corrupt as hell and everyone knows it.
What's the Matter With Delaware? How Joe Biden's Home State Became a Global Tax Avoidance Hub
Bahamas FTX Liquidators Agree to Transfer Bankruptcy Case to Delaware
Corruption in plain sight.
The court has been told FTX has 36 banks and more than 200 bank accounts.....
....all that laundry........hmmmmmmm.
They will nip Bankman like a branch on a bonsai tree that is growing the wrong way and go about their business. And by 'they' I mean China and the Derp State.
A great link. I’m bookmarkking that site.