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

Sign up, and you'll be able to ignore users whose posts you don't want to see. Sign up

Report problem with this ad

Mar 28, 2024
10:31:44am

Socrates Johnson All-American

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

of a short run problem which was that no US bank would let FTX hold people's money? That problem was never fixed. It should have been. And it should arguably have never taken place in the first place. But depositors actually wired their funds TO an Alameda Research bank account (mostly).

This message has been modified

Originally posted on Mar 28, 2024 at 10:31:44am

Message modified by Socrates Johnson on Mar 28, 2024 at 10:32:54am

Report problem with this ad

Socrates Johnson

Previous username: jkccoug
Bio page: Socrates Johnson
Joined: Jul 19, 2002
Last login: Apr 26, 2024
Total posts: 30,088 (2,094 FO)

Report problem with this ad

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

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

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad