This is not how bankruptcy works my friend

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Mar 28, 2024
11:32:39am

Socrates Johnson All-American

This is not how bankruptcy works my friend

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Socrates Johnson

Previous username: jkccoug
Bio page: Socrates Johnson
Joined: Jul 19, 2002
Last login: May 24, 2024
Total posts: 30,191 (2,121 FO)

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Messages

Author

Time

POLL: Is Sam Bankman-Fried sentence of up to 25 years sufficient?

TheSpiker

Mar 28, 10:14am

Any idea how long will he actually serve?

Mar 28, 10:16am

It’s federal, so has to serve 85% of it

Princepete

Mar 28, 10:17am

Talking heads are suggesting that he will get out in around 15 years.

TheSpiker

Mar 28, 10:18am

he made the mistake of stealing from the rich instead of just the normals

Deleted

Mar 28, 10:20am

Stealing from the rich gets you sent to minimum security

Sea Chicken

Mar 28, 10:24am

…in California.” Finished it for you 👊🏻

mvtoro

Mar 28, 10:30am

I think it's plenty. He'll be close to retirement age when he gets out.

Skeptical Optimist

Mar 28, 10:23am

It's about 1/3 of a statistical lifespan. And it's his prime years.

justAnotherCoug

Mar 28, 10:25am

he won't serve the full 25

AZ Coug

Mar 28, 10:31am

10 would be appropriate. Depositors are getting 100% recovery if the government

Socrates Johnson

Mar 28, 10:26am

His story is false. He knew of the diversion of funds to Alameda, so he's not

Archaea

Mar 28, 10:27am

The point is that everyone is getting (or should get) all their money back.

Socrates Johnson

Mar 28, 10:29am

So if the government pays for your crime, you should get time off for their

Monomachos

Mar 28, 10:45am

The government didn't pay anybody. The normal bankruptcy process produced plenty

Socrates Johnson

Mar 28, 11:35am

The government has no role in "making things right" for the investors?

Monomachos

Mar 28, 2:10pm

Only in the sense that it maintains the bankruptcy courts at this point.

Socrates Johnson

Mar 28, 2:30pm

Where does the money to pay back the investors come from?

Monomachos

Mar 28, 5:32pm

From the assets of the company.

mvtoro

Mar 28, 5:38pm

Yes. As I have now said 3x

Socrates Johnson

Mar 28, 8:23pm

Ok - sorry, I haven't followed this very much at all, but if the company had to

Monomachos

Mar 28, 11:35pm

It declared bankruptcy because its assets were illiquid. There were enough of

Socrates Johnson

Mar 29, 8:47am

Everybody does not get their money back. Biden donors do, taxpayers don't.

Plantagenet

Mar 28, 10:52am

what do you claim taxpayers lost?

Socrates Johnson

Mar 28, 11:30am

How is everyone being made whole. Very much money was spent.

Plantagenet

Mar 28, 12:51pm

Not taxpayers. The money is coming from the assets that were sold by the

Socrates Johnson

Mar 28, 2:33pm

Yet no one claims to be hurt in the NY Trump property valuation case but

GilbertAZCougar

Mar 28, 10:58am

I agree-- the Trump case is similar in the sense that it hasn't mattered and

Socrates Johnson

Mar 28, 11:33am

You do realize, BTW, that "the diversion of funds to Alameda" was mostly because

Socrates Johnson

Mar 28, 10:31am

Because he was unrepentant, I consider him likely to commit fraud again. He

Archaea

Mar 28, 3:06pm

I agree that he doesn’t come off as repentant. I am not sure he is capable

Socrates Johnson

Mar 28, 8:29pm

Depositors are getting 100%?

JuicyJam

Mar 28, 10:46am

Rarely would everyone get their money back. If you're an important part of the

Plantagenet

Mar 28, 10:54am

This is not how bankruptcy works my friend

Socrates Johnson

Mar 28, 11:32am

By the good fortune of FTX crypto up 4X since bankruptcy, victims could recover "most." SBF deserves 25 yrs. Doubt he'll

roseyscenario

Mar 28, 11:03am

there are $13bn in assets and 8bn claims other than post-hoc fines. they will

Socrates Johnson

Mar 28, 11:32am

Yes. I should have added that John Ray, the bankruptcy executive, has been very effective at claw backs.

roseyscenario

Mar 28, 2:59pm

They will, unless the government puts its own fees ahead in the bankruptcy

Socrates Johnson

Mar 28, 11:31am

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