A sad day for Joe Biden’s second-largest donor (NYT):
Could the federal government reduce the budget deficit by selling license plates and other collectibles made by Sam Bankman-Fried? If he’s going to be in prison for at least a few years why not start up a line of Effective Altruism plates at $5,000, each one signed by Mr. Bankman-Fried? (partnership with the states, of course, and some of the profits shared with each state that participates)
Separately, when and by which president might Sam Bankman-Fried be pardoned?
Also, with Bitcoin now at $70,000, is it possible that Bankman-Fried, if left alone, could have paid everyone back? FTX melted down in November 2022 when Bitcoin was worth about $20,000. What if Bitcoin had gradually moved from its $65,000 November 2021 price to today’s $70,000? Would FTX have been okay despite the diversions of funds and the girlfriend’s investment decisions?
I think the answer to whether SBF could have made people whole if they had just waited is “no”, at least according to this letter from John Ray to the sentencing judge. [Ray is the guy in charge of the bankruptcy]
According to Ray, at the time of the default FTX had liabilities of 100K bitcoins and only had 100 bitcoins on hand. So SBF’s other investments would need to have done pretty well to buy back 99K bitcoins….
BTW the letter itself is worth a read – it is pretty great
https://www.courtlistener.com/docket/66631292/415/united-states-v-bankman-fried/
Richard
“Whole” is an interesting word.
If I had 10 bitcoins and Bankman Fried, his family and friends stole 5 of them, would it mean I was made “whole” just because my remaining 5 bitcoins doubled in price as measured in the USD ?
I’d rather keep all ten !
I wonder if this whale donor will have gotten a pardon by January next year. Seems a bit blatant, but you never know.
Sam Bankman-Fried signature license plates? Yes!
Could the federal government reduce the budget deficit by selling license plates and other collectibles made by Sam Bankman-Fried? No.
If he’s going to be in prison for at least a few years why not start up a line of Effective Altruism plates at $5,000, each one signed by Mr. Bankman-Fried? Because few would be sold.
Separately, when and by which president might Sam Bankman-Fried be pardoned? Joe Biden, December 2024.
Also, with Bitcoin now at $70,000, is it possible that Bankman-Fried, if left alone, could have paid everyone back? Yes!
What if Bitcoin had gradually moved from its $65,000 November 2021 price to today’s $70,000? It would be worth 5000 more.
Would FTX have been okay despite the diversions of funds and the girlfriend’s investment decisions? No.
As soon as the hubbub quiets down he will be secretly whisked away to Les Îles des Saintes and live comfortably in hiding.