Posted on 12/08/2022 11:56:31 AM PST by Red in Blue PA
The Canadian investor was grilled by CNBC’s “Squawk Box″ hosts over his failure to properly assess the risks associated with investing and promoting FTX. O’Leary said that he fell prey to “groupthink,” and that none of his investment partners had lost money.
“Total deal was just under $15 million, all in,” O’Leary said. “I put about $9.7 million into crypto. I think that’s what I lost. I don’t know. It’s all at zero.”
(Excerpt) Read more at cnbc.com ...
Yep. Mr. Wonderful got hosed.
“ O’Leary said that he fell prey to “groupthink,”
(I’m a stupid libtard lemming)
Translation complete
How much does scaramouch lose?
“ O’Leary said that he fell prey to “groupthink,”
***********
Buffett said to be fearful when others are greedy.
Is this the same guy whose wife is a boat captain?
On Shark Tank he’s always asking “How am I going to get my money back?”. This time he didn’t. LOL
Yep.........................
...and for that reason, Mr Wonderful, I’m out.
Fr posted-——Who FTX Owes Money To
FTX is bringing on investment banking advisory firm Perella Weinberg to help maximize the value of its remaining viable assets either through reorganization or strategic sales.
Who FTX owes money to is a double-edged sword, as revealing their names could imperil the rest of the industry and send unintended shockwaves that leave millions of users exposed to the fallout. Certain industry actors, as reported by PYMNTS, such as BlockFi and Genesis have already disclosed their FTX exposure.
FTX owes its top 50 creditors a staggering $3.1 billion, with the top 10 all due over $100 million each, as PYMNTS reported. The court was told that top locations for FTX’s customers include the Cayman Islands and the U.S. Virgin Islands.
The U.S. Trustee, a unit of the Justice Department responsible for overseeing bankruptcies, indicated that they oppose the redaction of the names of corporate and non-individual FTX customers, but Dorsey, the judge overseeing the case, has ruled that the creditor list will remain redacted on an interim basis as more information is provided to the court.
Along with FTX’s customer and creditor list, lawyers for the exchange have also asked Dorsey for an indemnification and exculpation motion keeping secret the details of those firms which the company has engaged to track down FTX’s remaining assets, as well as to protect the bankrupt platform from bad actors attempting to hack into these assets.
Such a motion is meant to prevent the advisors engaged by FTX, who are just doing their jobs, from being sued by creditors if the case does not turn out the way they hoped, giving them protection from entanglement in subsequent lawsuits.
Did you see him on jeopardy?
Dumber than a box of friggin’ rocks. SMH wondering how the guy is a billionaire.
And the chick from CNN was even dumber than he was.
Thx.....smirk.
He is. And I’m quite sure she was driving that boat…wink wink….uh huh…./sarc
Why does FTX owe money to anyone?
All those rich folks gambled with their money.
I worked with guys that were into crypto. None of them could me a straight answer as to what it was.
So I challenged them one day and said that if I could get enough people convinced that the salt shaker was worth something, I invent the salt shaker exchange and we’d all be rich.
What I find hysterical is that there were legitimate businesses willing to take crypto in lieu of dollars.
That was my impression as well, the few times I saw him. Dunno if I would call him “dumb” but I never saw anything on his part indicating more than an entirely average intelligence level.
—> Did you see him on jeopardy? Dumber than a box of friggin’ rocks.
Apparently “Jeapardy” success has nothing to do with the skill set that creates billionaires?
WIKI EXCERPT
O’Leary initially expressed skepticism of cryptocurrencies. In May 2019, O’Leary told CNBC bitcoin is “a digital game” and is a “useless currency”. He illustrated his thinking with the following example, “Let’s say you want to buy a piece of real estate for $10 million in Switzerland...They want a guarantee that the value comes back to the U.S. currency. You have to somehow hedge the risk of bitcoin. That means it’s not a real currency. That means the receiver is not willing to take the risk of the volatility it has. It’s worthless.”[62]
In May 2021, O’Leary told Pomp podcast host Anthony Pompliano that he’d made a 3 to 5% allocation to bitcoin and had become a strategic investor in the Vancouver-based decentralized finance platform Defi Ventures;[63] the company then renamed itself WonderFi Technologies, in reference to O’Leary’s nickname, “Mr. Wonderful”.
In August 2021, it was announced O’Leary would take an ownership stake in the parent companies of FTX.com and FTX.US as part of his compensation for becoming a “spokesperson and ambassador” for FTX.[64] FTX subsequently went bankrupt due to CEO Sam Bankman-Fried secretly using client funds to make speculative bets that didn’t work out.
O’Leary has been an advocate of cryptocurrency investing and personally owns coins in the cryptocurrencies Ether, Polygon, SOL, Bitcoin, and Pawthereum.[65]
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