SBF/FTX

[Jolly]

Make the Dems give the money back.

[jon-nyc]

Everyone he donated money to could be subject to clawback litigation, just like what happened with Madoff. Of course litigants will choose entities with resources to pay back. The remaining assets of his PAC - if there are any - would be subject to clawback, but the money the PAC already spent on behalf of candidates is gone and unrecoverable.

Where this will really matter is with his charitable giving. It won't be very entertaining to watch legit charities being sued, but it's going to happen.

[jon-nyc]

Wow. Read the thread.

[Mik]

Jesus. What did he think he was running, a bodega?

[Ivorythumper]

@Jolly that would be our money, dude.

[Ivorythumper]

I heard they’d approve or reject corporate matters with emojis….

[jon-nyc]

@Ivorythumper said in SBF/FTX:

@Jolly that would be our money, dude.

You had money in FTX?

[Ivorythumper]

@jon-nyc no, I misinterpreted Jolly’s comment.

[jon-nyc]

@Ivorythumper whew!

I didn’t take you for a crypto bro. Lol

[George K]

https://finance.yahoo.com/news/justin-bieber-bought-bored-ape-190922945.html

[Doctor Phibes]

I still don’t understand any of this.

It sounds like maybe I’m not alone

[Ivorythumper]

@jon-nyc said in SBF/FTX:

@Ivorythumper whew!

I didn’t take you for a crypto bro. Lol

We can’t in the house due to MS’s work restrictions.

Good thing— I started seriously thinking about it exactly 1 year ago!

[jon-nyc]

I sent that last twitter thread to a okd Credit Suisse buddy who later worked in crypto.

His reply:

[Axtremus]

Yeah, just recently a Sequoia guy said it has done "careful due diligence" on FTX and "there's nothing much we could have done any differently."

https://www.cnbc.com/2022/11/18/vc-firm-sequoia-capitals-doug-leone-on-the-fallout-from-ftx-collapse.html

SoftBank also invested in FTX but it’s the VC that has also lost a ton of money in WeWork, so I suppose it doesn’t quite qualify as “proper investor” as much as Sequoia.

[jon-nyc]

Another friend, who's had some dealings with SBF, told me that they paid employees and contractors into their FTX accounts, meaning they're all creditors too.

[Horace]

If the company had its own boutique crypto currency which was valued at the most recent transaction price, which in turn was whatever SBF wanted it to be, then I suppose the bubble pop makes sense. But that would be the pop of a bubble that wasn’t inflated with real money to begin with. My question is where did all the real money go? I mean other to Democrats, as SBF tried to climb socially through the high status political ranks of the left.

[jon-nyc]

@Horace The immediate answer is Alameda but it's still unclear what they were doing with it.

Also it's unclear when the shady stuff (using customer money) started. Did they do that from the get-go? Or was it an act of desperation over the summer when crypto started to go south that they hoped would be temporary?

[George K]

[Jolly]

The well from which my money cometh.

Remind me to check my IQ again...

[jon-nyc]

Check your IQ again.

Nobody disputes that he gives lots of money to Dems. It’s the idea that he suddenly, years into the project, decides to charge Ukraine for it that is ridiculous.