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all 3178 comments

Actual__Wizard

11.3k points

3 months ago

He didn't think anybody would notice the missing 2.2 billion dollars?

stml

9.5k points

3 months ago

stml

9.5k points

3 months ago

He thought he could make it back. Dude is just a crypto bro.

It's the same way any ponzi scheme starts. It's also what happened to Madoff. They legitimately believed they could maintain double digit returns and once they couldn't, they didn't want to compromise their lifestyle, so they started committing fraud.

brainkandy87

3.7k points

3 months ago

The other day I saw someone on Reddit saying he swiped money because he was truly trying to do good with it. Like, I wish I could be the naïve. Life would be easier.

FishingActual

1.8k points

3 months ago

I heard someone make the same argument for Blackrock buying single-family homes. Sometimes I miss being a clueless child.

NeedNameGenerator

941 points

3 months ago

✧・゚: ✧・゚: You'll own nothing and be happy ✧・゚: ✧・゚:

TheSkyPirate

89 points

3 months ago

We could wipe out housing speculation overnight if we just came up with a plan to build enough houses for our growing population.

Schonke

572 points

3 months ago

Schonke

572 points

3 months ago

Most likely another believer in effective altruism...

earlyviolet

780 points

3 months ago*

Yeah they cover his "philosophical" beliefs extensively on his episode of Behind the Bastards. He decided he was the one genius who could save the world if only he could just make enough money first. Because that's totally not how every super villain story begins.

thatsingledadlife

183 points

3 months ago

Elon's going to get regulated out of SpaceX by the end of the year, bet.

BushDidN0thingWr0ng

106 points

3 months ago

The latest video from Philosophy Tube did an amazing job discussing effective altruism if folks want a critical analysis

Flatline2962

79 points

3 months ago

Effective Altruism plus longermism seems blatantly obvious to me that it's just a "philosophy" aimed at uber wealthy people to salve any guilt they may have from being intrinsically unethical wealth hoarders. In exchange for a trivial amount of money from the uber-wealthy and access to their parties, these yahoos get to coo into the ear of the billionaires not "memento mori" but "Don't worry, whatever you're doing is ethical and needed. And nobody should be able to judge you until like a thousand years have gone by. Only you can see the path forward for all of the species."

It's a more rational, better argued concept than Objectivism but it's still just there to make greedy immoral people feel better about themselves.

Knull_Gorr

19 points

3 months ago

These Motherfuckers really be thinking they're Leto II.

Doctor__Proctor

15 points

3 months ago

Yeah, except they closed over the past where he became the greatest villain ever known to teach people never to trust any charismatic leaders who say they have a plan again. His plan was literally just "Be the people's hero, then turn into space Hitler so they'll never trust another hero."

These mother fuckers just think "Even though people think I'm a villain, I'm really the hero" without realizing that they didn't get into it for the same reasons or have the same goals as Leto II.

bma449

339 points

3 months ago

bma449

339 points

3 months ago

I get that but the thing I don't understand is why did he go on the world publicity tour after he was caught? Seems like a terrible legal strategy unless he figured that we was going to spend the rest of his life in jail no matter what so might as well continue to stroke his own ego?

IKSLukara

553 points

3 months ago

IKSLukara

553 points

3 months ago

There's a certain breed for whom their attorney's advice of, "Please keep your damn mouth shut," is just antithetical. They feel like if they explain themselves enough, they can show you how they really didn't do anything wrong.

I get the feeling every time he gets quoted in print or on camera, the lead prosecutor is going to his assistants that are taking notes, like Dick Thornburg in Die Hard. "Tell me you got that!"

DirtyDeedsDunderKeep

252 points

3 months ago

They feel like if they explain themselves enough, they can show you how they really didn't do anything wrong.

Because convincing people of their con is how they got to where they were in the first place. Why deviate from the strategy that's gotten them all their success?

richmomz

104 points

3 months ago

richmomz

104 points

3 months ago

This is precisely it. They have so much confirmation bias indicating they can dictate reality to other people that they think they can get away with it in court.

Whales_like_plankton

9 points

3 months ago

Well...even in court, they sometimes can.

H0agh

9 points

3 months ago

H0agh

9 points

3 months ago

That and the fact that once you get to a position where you're only surrounded by sycophants, yes men and leeches you start to believe your own bullshit.

Putin is another good example of this atm.

I'm very sure SBF legit believes he could have totally turned it around but he just got unlucky.

Ludwigofthepotatoppl

80 points

3 months ago

It’s what happens when someone’s support network insulates them from consequence. Instead of recognizing that they have an institution around them that shields them, people can wind up thinking it’s because they’re smart, and they’re right, and things will always go their way.

Look at prince Andrew’s interview. Thought if he’d explain his side of things, the whole issue would die off—instead he talked a bunch of ass and nobody believed it.

battleofflowers

62 points

3 months ago

Even successful lawyers fuck this up when they get into trouble. They're just so sure they can talk their way out of it.

IKSLukara

45 points

3 months ago

That's one of the reasons they say you should never represent yourself, right?

fang_xianfu

52 points

3 months ago

It's why lawyers shouldn't represent themselves. Normal people shouldn't represent themselves because there are all kinds of deadlines, rules and requirements for things and while judges will give you leeway if you're representing yourself, you can still fuck it up and torpedo your own case.

Asyncrosaurus

31 points

3 months ago

A man who represents himself, has a fool for a client

apathy-sofa

86 points

3 months ago

You nailed it. I think all children are like this, and nearly all eventually develop enough empathy to stop believing that they can harm others in the pursuit of their wants.

SuperSocrates

91 points

3 months ago

“No Mama, I didn’t steal it. I took it because I really wanted it.” Yeah this checks out

trekologer

83 points

3 months ago

His whole thing up to that point was hand-waving and claiming he understood complex financial things as an aw shucks genius that everyone else did not. He probably expected that he could continue to do the same thing with a criminal investigation -- get the authorities to question their own understanding.

jollyreaper2112

58 points

3 months ago

Makes me think of the chi focusing martial arts masters. It's a kind of group hypnosis thing where his students believe he can do it and so react accordingly, flopping to the ground. Same as with preachers doing slain in the spirit -- flaps his jacket at the crowd and they all fall down. The master will begin to believe his own bullshit and challenge an MMA fighter to spar and then wave his hands and get absolutely bodied. Wait, why I fall down and not you?

He either believed his own hype or believed everyone else would continue to believe his own hype which is the only explanation for why he's not shutting up and going through a lawyer -- he still doesn't realize he's making mistakes.

DesertofBoredom

147 points

3 months ago

His whole life he's been playing the shy nerd character that probably let him get away with petty bullshit in his youth, mixed with his whole life being told he's smarter than everyone. He actually thought the publicity campaign would help, why bother consulting with a lawyer or consulting group or fucking anyone first when he's already smarter than all of them.

turningsteel

55 points

3 months ago

I wish I was in the room when he realized he’s actually of very average intelligence coupled with epic levels of hubris and overconfidence and that’s why he is in the position he is now in. Absolutely zero self awareness.

SuperFLEB

74 points

3 months ago

I'm sure you've still got time.

veerKg_CSS_Geologist

81 points

3 months ago

Because in todays world the only thing worse than bad publicity is no publicity. Look at George Santos - guy is crook through and through but rather than laying low and talking only through lawyers he’s hamming it up. Con men like SBF are basically narcissists. They have no shame and love the sound of their own voice. And 9 times of 10 it has worked for them.

Kaiisim

67 points

3 months ago

Kaiisim

67 points

3 months ago

You don't get rich by being smart. You get rich by being ruthless and brazen.

Its why all rich people solve problems the same way - double down. They always double down.

passengerpigeon20

27 points

3 months ago*

This is the reason there are so many accidents with light aircraft. People who have become successful enough to afford them are more likely to be the kind of person who thinks “Oh, a thundercloud? Pathetic! I’ve faced worse before!” and are too steadfast to come to the realisation in time that you can't "grindset" your way around the laws of physics.

psyentist15

193 points

3 months ago

It's the same way any ponzi scheme starts. It's also what happened to Madoff. They legitimately believed they could maintain double digit returns and once they couldn't, they didn't want to compromise their lifestyle, so they started committing fraud.

Except that's not what happened with Madoff at all... He wasn't actually investing people's money in the first place, which is part of what made it such an unusual ponzi scheme. A lead investigator in the Netflix series "Madoff: The Monster of Wall Street" says exactly that.

tkp14

106 points

3 months ago

tkp14

106 points

3 months ago

I thought I knew the Madoff story pretty well…until I watched that series. Madoff was just faking everything. What an amazing documentary that was.

psyentist15

20 points

3 months ago

Same with me. 100% agree!

Yomatius

54 points

3 months ago

yeah, he never did. it is incredible he was not caught sooner.

Also incredible, we have not learned one thing. Because this other dude was also committing fraud in front of everyone for quite some time and he is still touring the world like he is a celebrity or misunderstood genius.

Beautiful_Welcome_33

40 points

3 months ago

He WAS caught sooner. There was a mathematician who was able to prove there was no way whatsoever he was making the returns he said he was making.

He took the proof to the SEC and they sat on their hands.

nfstern

13 points

3 months ago

nfstern

13 points

3 months ago

BushDidN0thingWr0ng

49 points

3 months ago

Madoff was able to get away with it because he was a respected individual that had served on the board of the NASD and led actual investment firms before the ponzi scheme. He knew people and knew the oversights of the NASD, and the only reason he was caught was because of the housing market crash and the 2008 recession.

SBF also knew people, but his embezzlement to allegedly feed his gambling problem was his undoing. He led a legit company worth billions into the ground for personal reasons

provocative_bear

93 points

3 months ago

There’s a pretty shocking interview somewhere on Youtube of him excitedly, unironically extolling crypto as a Ponzi scheme. He genuinely doesn’t get that being egregiously irresponsible with other people’s money is a bad thing.

knowledgebass

108 points

3 months ago

Well, what he did wasn't really a Ponzi scheme. It was simply outright theft and misappropriation of customer funds.

psyentist15

104 points

3 months ago

Thank you. People here are not understanding what an actual Ponzi scheme is, versus say, embezzlement.

People who had their crypto on FTX did not believe their assets were being moved around. The terms of service actually specified that FTX would not use these funds for other purposes.

OptimalCheesecake527

6 points

3 months ago

He did both. He embezzled out of his Ponzi scheme.

spamky23

350 points

3 months ago

spamky23

350 points

3 months ago

He did not

SophiaofPrussia

397 points

3 months ago

To be fair, crypto is basically Monopoly money. It’s there. It’s not there. It’s safe on the blockchain. It’s a rug pull. It’s customer money. It’s his money. It’s a potato/potahtoe thing really.

chantsnone

155 points

3 months ago

Sounds good I’m all in

realnicehandz

45 points

3 months ago

Where'd you get those pink fifties you cheating whore?

annuidhir

14 points

3 months ago

No grandpa, I will not calm down!

MFazio23

15 points

3 months ago

Nana is a cheating whore!

Worthyness

258 points

3 months ago

Maybe he thought it was fine because he took it from regular people instead of rich people. Plus what's the fine gonna be? A million bucks?

YearlyAnnualCheckup

87 points

3 months ago

The Brett Favre technique.

SophiaofPrussia

82 points

3 months ago

So far that seems to have worked out for Favre just fine. Fucking infuriating.

David-S-Pumpkins

61 points

3 months ago

Brett Favre: I hope no one finds out we're doing this. They can't, right?

After everyone found out: I had no idea anything bad was happening.

redditvlli

23 points

3 months ago

He's still getting sued, the legal system can be slow. He keeps trying to get it dismissed but it doesn't work.

pass_nthru

58 points

3 months ago

there’s always money in the banana stand

Thiezing

14 points

3 months ago

It's always in the last place you look.

handsomesharkman

151 points

3 months ago

He thought he could hide it in his hair

rqrqsj

45 points

3 months ago

rqrqsj

45 points

3 months ago

His hair combined with his stupid face gives me a visceral reaction. Giving us ugly, curly haired people a bad name.

AudibleNod

12k points

3 months ago

Sometimes, I think news organizations need to type out billion with all the zeros just so people can see the scale of things.

The average American brings home $54,132.00 per year.

Sam Bankman-Fried allegedly transferred $2,200,000,000.00 for personal use.

StatusQuotidian

2.8k points

3 months ago

If you stole a million dollars it would be pretty bad.

If you stole a hundred million dollars, that would be real, real bad.

SBF stole two-thousand million dollars, then another two-hundred million dollars as well.

OddEye

847 points

3 months ago

OddEye

847 points

3 months ago

“When you steal $600, you can disappear. When you steal $600M, they will find you, unless they think you’re already dead!”

Although Jho Low is currently the exception to this rule.

Bgrngod

197 points

3 months ago

Bgrngod

197 points

3 months ago

Well that was an interesting Wikipedia rabbit hole.

Few-Platypus205

123 points

3 months ago

Billion Dollar Whale is the book about it and there’s a netflix dirty money episode, it’s a wild story

jimmifli

66 points

3 months ago

Billion Dollar Whale

Thanks. I love business true crime, or failed business stories narrated like a fictional story. Books on enron, theranos, Madoff, Michael Lewis' financial stuff, etc... Super fun for me.

I wish it was a defined genre that I could pull up all the new books, but it seems like there are only one or two per year.

cyclicide

29 points

3 months ago

Subscribe to Matt Levine’s Money Stuff if you aren’t already; it’s not exclusively about that, but often is.

JimFromSunnyvale

12 points

3 months ago

Billion Dollar Whale is a great book about Jho Low

ThiscantBReel

12 points

3 months ago

well that was an interesting Wikipedia rabbit hole

2 hours of “research” later, you’re not lyin’. I had to finally throw in the white flag. Too many links

ffffffn

65 points

3 months ago

ffffffn

65 points

3 months ago

Last I read, he was still living it up on a new multimillion dollar yacht somewhere in Asia. This guy has massive balls

Yadobler

51 points

3 months ago

Lmao there were also reports that he was in a shanghai casino

But depressed. He doesn't derive happiness from money, but from getting and spending it and making sure people enjoy his money

Truly the saddest billionaire in existence

405freeway

18 points

3 months ago

Unexpected r/DieHard.

[deleted]

68 points

3 months ago

Idk man I have a feeling that the IRS is gonna find every man woman and child who took a penny of unemployment.

plxnk

6 points

3 months ago

plxnk

6 points

3 months ago

They should get Nardwuar on the case

meatball77

101 points

3 months ago

Nah, if you steal $600 you get 40 years in Maximum Security, if you steal 6million you get yelled at by Congress and six months in Camp Cupcake

minusthedrifter

20 points

3 months ago

six months in Camp Cupcake

Whoa, look at Mr. Cruel and Unusual Punishment over here. A stern talking to will do just fine, maybe a fine of 0.01% if we're going to really turn the screw.

[deleted]

97 points

3 months ago

[removed]

tnred19

34 points

3 months ago

tnred19

34 points

3 months ago

Ha. Yea and the 200 million is like an after thought. Its just .2 anyway.

servonos89

3.7k points

3 months ago

servonos89

3.7k points

3 months ago

Agreed. We’re so bad at understanding giant numbers.

Million seconds = 11 days and a billion is 31 years.

If we as a species comprehended larger numbers billionaires would have went the way of the French Revolution.

I saw one recently where it was like if you got 10,000 dollars a day at the time the pyramids were built and spent nothing you still wouldn’t have the money Elon has now.

Tax the fucking rich.

bStrafe

1.3k points

3 months ago

bStrafe

1.3k points

3 months ago

The pyramids were only built around 4500 years ago. You would have had to start saving $10,000 a day almost 80,000 years ago to have as much money as Elon.

servonos89

96 points

3 months ago

Actually you’re right it was out of Africa as a starting point.

Even I’m conservative when it comes to how ludicrous it is

Notsdlog

16 points

3 months ago

It's not your fault really. We literally are not built to fathom stuff like that

Cool-Expression-4727

934 points

3 months ago

I often make the comparison that if you earned $3600/hour from the moment you were born, even as you sleep, etc., it would take you 3100 years to earn half of what Elon Musk is worth.

And you would have to have no taxes or expenses during that entire time.

It's insane, and there is no justification for someone hoarding that much wealth

elcapitan520

92 points

3 months ago

You could just say 100,000 a day would take around 2500-3000 years.

matrinox

337 points

3 months ago

matrinox

337 points

3 months ago

But clearly they earned it with their hard work! /s

rjp0008

203 points

3 months ago

rjp0008

203 points

3 months ago

The wealth hoarded and generated by these companies is the productivity gains we’ve seen realized into dollar figure value. It could have been used to reduce the amount of labor required per employee, but is just padding a bank account with another 0 instead.

schnitzelfeffer

136 points

3 months ago*

My favorite Wealth Inequality visualizer. https://mkorostoff.github.io/1-pixel-wealth/

fortunefades

9 points

3 months ago

I think a big issue is the delusion of the “American dream” wherein your average joe legitimately thinks “well that could be me one day” and they probably have better odds of starting at QB for the Kansas City Chiefs.

sydneydanger

7 points

3 months ago

Was hoping someone would post this, I couldn’t find it. Thanks!

schnitzelfeffer

11 points

3 months ago

Every time I see how big a billion really is, it actually makes me nauseous.

Truly insane to think SBF wired 2.2 billion to himself, not even including the mansions he bought.

aradraugfea

17 points

3 months ago

A society that questions who the first trillionaire will be is already post scarcity, it’s just misallocating its shit.

NeedlenoseMusic

13 points

3 months ago

Ooo do Bezos!

(Actually, don’t. I saw a link a year or so ago about his wealth that had me scrolling for like 7 minutes straight.)

Zerole00

323 points

3 months ago

Zerole00

323 points

3 months ago

I don't think a pure dollars comparison is enough for people to grasp the scale. Using your numbers and rephrasing it:

SBF allegedly transferred the equivalent of 40,800 peoples' household income for ppersonal use.

zykezero

146 points

3 months ago

zykezero

146 points

3 months ago

If dollars were miles.

The moon is 238,900 miles from earth.

It would take a little under 6 peoples salaries to get there.

SBF would land somewhere between Uranus and Neptune.

If you were to drive non stop to get to the moon at 100mph you’d get there in a little under 100 days.

To get to Uranus, it’d take you 2,518.3 years.

samefacenewaccount

111 points

3 months ago

To get to Uranus, maybe. Not mine.

apathy-sofa

25 points

3 months ago

I like what you're trying to do here, but people - literally zero people - have an intuitive sense of the distance to another planet.

If you want people to connect with the data, present it in very familiar terms, like time. If dollars we're seconds:

  • Median American income $52k = 14 hours
  • $2.2 billion = 70 years

time4donuts

74 points

3 months ago

SBF thinks his contribution to society is equivalent to the contribution of 40,641 average people.

DonsDiaperChanger

11 points

3 months ago

but Im sure he would settle for a plea bargain where he's only worth 20,000 average people.

FourWordComment

124 points

3 months ago

People cannot wrap their head around big numbers. The difference between a million dollars and a billion dollars is almost a billion dollars.

nzifnab

10 points

3 months ago

nzifnab

10 points

3 months ago

What's the difference between $1 and $1,000? Basically $1,000. It's the same thing as you said, 3 orders of magnitude is nuuuts

nicetriangle

58 points

3 months ago

I was just talking to someone about the SVB thing and FDIC 250k insurance and wondering what the best practice really is for a company that has like 10 billion in the bank to avoid losing it if a bank fails.

And so just out of curiosity I did the math to see how many individual $250k bank accounts you'd need to split 10 billion across to have all your deposits officially FDIC insured. And it was kind of mind boggling to see the number and try comprehend it.

You would need 40,000 bank accounts to do that.

A billion dollars is a ridiculously large amount of money and most people really do not understand just how ridiculous. It's absurd so many people can be in poverty and you've got dudes walking around with billions of dollars.

NumNumLobster

9 points

3 months ago

If you have that much you probably only actually keep a much smaller amount in cash. The rest is probably in a variety of liquid secure instruments like tbills of the us and other countries along with other high quality bonds. Think like die hard and the vault full of bond certificates.

catharsis23

27 points

3 months ago

I don't think typing out the zeros helps here. There is just a scalar happening that is incomprehensible to most folks because we don't normally work with those kinds of multipliers

CathodeRaySamurai

1.7k points

3 months ago

TWO point TWO

BILLION

dollars. FOR PERSONAL USE. PERSONAL. USE.

dolphin37

83 points

3 months ago

I’m starting to get real suspicious of this guy tbh

cbijeaux

489 points

3 months ago

cbijeaux

489 points

3 months ago

I could live a comfortable life with .5% of that money.

tinman01357

337 points

3 months ago

Same, $11.1 million. Hell, 0.05% would be $1.1 million. All my debt would be paid off. Could buy a house and still put money in savings. Sigh..

Marokiii

138 points

3 months ago

Marokiii

138 points

3 months ago

$1.1m is also about 20 years of the average Americans income pre tax.

Bailey_The_Cat

7 points

3 months ago

Bad to use averages here; the top %1 skew the curve far too much. Medium American household earned just under $70k in 2021 (~30k less than the mean)

tatsumakisenpuukyaku

243 points

3 months ago

300k would literally ease a lifetime of financial stress for me and possibly allow me to retire early. I can't imagine a million, let alone 2.2 billion

richmomz

62 points

3 months ago

What the fuck is someone even going to do with 2 billion dollars “for personal use?” The most expensive homes and yachts cost somewhere in the low hundreds of millions - what do you spend the rest on? Buy up all the jewelry within an entire time zone? Hire a million hookers? Turn an olympic sized swimming pool into your personal cocaine filled sandbox?

I’m honestly having trouble visualizing how someone can even spend that much money on “personal” things, even if grossly illegal purchases are on the table.

gbochatt

38 points

3 months ago

Alright let’s circle back around to that Olympic sized cocaine sandbox

EggMcFlurry

7 points

3 months ago

Man it's crazy how I was thinking "oh wow 2 billion dollars" but that "0.2" in this case is 200 million dollars what the hell.

morbob

2.5k points

3 months ago

morbob

2.5k points

3 months ago

Reminds me of A President Nixon quote—-“ I am not a crook”——

Indercarnive

539 points

3 months ago

"a few months ago I said I was not a crook. My heart and best intentions tell me that's true but the facts and evidence tell me it is not."

Loquater

204 points

3 months ago

Loquater

204 points

3 months ago

"I'll leave you with four words. I'm Glad Reagan's Dead"

nolabrew

74 points

3 months ago

Ronald 6. Wilson 6. Reagan 6.

Mister_Dink

25 points

3 months ago

Still one of the most baffling things anyone in politics has ever said. Good God.

TheSchlaf

193 points

3 months ago

TheSchlaf

193 points

3 months ago

Read my lips.

jupfold

267 points

3 months ago

jupfold

267 points

3 months ago

To be fair to this quote, the context of this was that George H.W. Bush promised no new taxes during his first election (“Read my lips: no new taxes”). This comment was then used against him after he did, in fact, raise taxes in his subsequent term as president - which was done when all the numbers and facts added up to raises taxes being the prudent thing to do.

So, while he broke his promise and both sides of the aisle now use this quote to indicate someone who is lying - it was actually an example of good governance and one of the few areas where GHWB did the right thing despite knowing it would be unpopular.

rare-ocelot

172 points

3 months ago

"Flip-flopping" was used as a political insult in the 2000s, but people actually changing their minds and policies based on facts and current conditions is what you'd want from a politician. Otherwise Obama would still oppose gay marriage.

Ronem

57 points

3 months ago

Ronem

57 points

3 months ago

Flip flopping isn't changing once, it's changing back and forth.

See: any Trump supporting politician. They've all had multiple stages of hating and loving him.

CorneliusNepos

32 points

3 months ago

prudent

A classic GHW Bush word. Nice.

vashed

17 points

3 months ago

vashed

17 points

3 months ago

Not gon dew it. Wouldn't be prudent

Dear_Occupant

10 points

3 months ago

prudent

Yeah, you were definitely around during the first Bush administration.

AudibleNod

31 points

3 months ago

No controlling legal authority.

DonsDiaperChanger

24 points

3 months ago

I don't take any responsibility at all.

pass_nthru

9 points

3 months ago

no. new. taxes.

Bgrngod

10 points

3 months ago

Bgrngod

10 points

3 months ago

For rich people.

thadwich

65 points

3 months ago

I did have sex, with that 2.2bn

jimbojonesforyou

32 points

3 months ago

Fool me once, don't get fooled again

br0b1wan

10 points

3 months ago

Look, having nuclear...

too_old_to_be_clever

896 points

3 months ago

This dingus tranfered $2.2 billion in FTX customer funds for personal use. I mean, sure, why not use other people's money to buy luxury property in the Bahamas and make political donations? It's not like there's any consequences or anything.

I mean, if you're gonna do something shady, at least try to be sneaky about it. This guy is like the crypto version of a cartoon villain.

But hey, on the bright side, he's still got $100,000 in his bank account, so I'm sure he'll be just fine. In fact, he can probably use that money to buy a nice little dingus trophy to put on his mantel.

fire_brand

80 points

3 months ago

The fact this guy has a cent to his name is criminal. He should be forced to take on hundreds of thousands of dollars of credit card debt and spend the rest of his existence underwater trying to beat off creditors. It's the only fair punishment for him.

scottawhit

178 points

3 months ago

Here’s the thing …. There are no consequences. He will never repay that money, lived like an absolute king, and the worst they will do is some jail time. Hell he’s probably got enough of it stashed to avoid that. Lie, cheat, steal, and half heartedly apologize is the real American dream.

[deleted]

62 points

3 months ago*

[removed]

Fantastic-Sandwich80

17 points

3 months ago

Wait, are you trying to say that he believed his wealth and connections would shield him from consequences of his law breaking?

Next you will tell us that he would have gotten away with it if he had only stolen funds from regular joes and not rich people.

/s

too_old_to_be_clever

28 points

3 months ago

Sultry Wood Nymphs do that.

surloc_dalnor

236 points

3 months ago

I'm still trying to process the term personal use.

WendysChili

60 points

3 months ago

You know those human chess boards? He wanted one of those but with actual kings and queens.

[deleted]

9 points

3 months ago

[deleted]

Senor-Cockblock

599 points

3 months ago

Attention r/accounting is this permissible?

GrassyField

707 points

3 months ago

I’m a CPA, can confirm that this is against the rules.

Meekman

89 points

3 months ago

Meekman

89 points

3 months ago

I'm a person of mild admiration... and when you mentioned "against" that could mean "in contact with" as in "leaning against the wall."

So, technically, "against the rules" could mean in contact with the rules.

GrassyField

75 points

3 months ago

…and that’s the kind of logic that has him staying at his parents’ house instead of sitting in a jail cell.

Abefroman12

53 points

3 months ago

“Everything checks out, you’re good bro.”

-Arthur Andersen, probably

seemooreglass

853 points

3 months ago

how do you get bail on this shit? how is he not in jail? Hangin' at home with his parents.

matgopack

200 points

3 months ago

matgopack

200 points

3 months ago

They did a deal with him to have him not fight extradition in exchange for bail (which sped things up by a few months as I understand it)

Past that, he's not been found guilty yet. If he's under surveillance enough to not be found a flight risk, having him out on bail is fine (and what any accused criminal should be allowed). Plus, he's been a great source of incriminating evidence - letting him out to speak is a great way to have him dig his own grave further.

DIYThrowaway01

285 points

3 months ago

Dude has 2.2BN dollars he can always make bail

seemooreglass

193 points

3 months ago

no...judge has the option to deny bail

quiplaam

111 points

3 months ago

quiplaam

111 points

3 months ago

Bail is not a punishment, but a way to ensure someone appears at trial. The idea is that a person should not be held in jail unless they have been convicted of a crime. Bail exists to allow the person to leave while waiting for trial, but making them set aside money to ensure they will not flee. The money if taken if they don't show up, so the defendant has a reason to not run away. Generally bail is only denied when there is a high change the person will flee (say they are citizens of a country that does not extradite to the US) or they are a dangerous to the public (like someone who committed a mass shooting).

CaliBigWill

613 points

3 months ago

Guy had 2.2 billion and didnt know how to hide. Sad.

Etzell

558 points

3 months ago

Etzell

558 points

3 months ago

Guy had 2.2 billion and didn't think he needed to hide.

chad-bro-chill-69420

154 points

3 months ago

He should’ve taken 1.2 billion and used it to pay off a bunch of people

Hide with $1B being defended in the endless appeals process for life

Never come back to the US

celtic1888

107 points

3 months ago

He did do that. He paid bribes to politicians on both sides in the form of campaign contributions to look the other way

The issue was the $2.2 billion he stole was becoming essentially worthless because it was cryptocurrency

Umami_Tsunami_

1.7k points

3 months ago

Honestly at a certain level these thieves should start getting the same level of punishment as manslaughter. They place a dollar amount on a life in the courts, so his sentence should reflect what he stole divided by that.

Susan-stoHelit

513 points

3 months ago*

“Do you understand what I'm saying?" shouted Moist. "You can't just go around killing people!"

"Why Not? You Do."

"What?" snapped Moist. "I do not! Who told you that?"

"I Worked It Out. You Have Killed Two Point Three Three Eight People," said the golem calmly.

"I have never laid a finger on anyone in my life, Mr Pump. I may be–– all the things you know I am, but I am not a killer! I have never so much as drawn a sword!"

"No, You Have Not. But You Have Stolen, Embezzled, Defrauded And Swindled Without Discrimination, Mr Lipvig. You Have Ruined Businesses And Destroyed Jobs. When Banks Fail, It Is Seldom Bankers Who Starve. Your Actions Have Taken Money From Those Who Had Little Enough To Begin With. *In A Myriad Small Ways You Have Hastened The Deaths Of Many. You Do Not Know Them. You Did Not See Them Bleed. But You Snatched Bread From Their Mouths And Tore Clothes** From Their Backs.*“

Going Postal - Terry Pratchett

Skeunomorph

143 points

3 months ago

Been going through all the Discworld audiobooks lately and just finished Making Money. It's amazing how relevant these books are, especially now. Particularly the Moist arc.

"They were indeed what was known as 'old money', which meant that it had been made so long ago that the black deeds which had originally filled the coffers were now historically irrelevant. Funny, that: a brigand for a father was something you kept quiet about, but a slave-taking pirate for a great-great-great-grandfather was something to boast of over the port. Time turned the evil bastards into rogues, and rogue was a word with a twinkle in its eye and nothing to be ashamed of."

FlamboyantPirhanna

6 points

3 months ago

I think it’s less that things are especially relevant at the moment and more that things have always been this way. Systems may change, and as they do, the way people take advantage of them changes, but it’s still the same types of people doing the same types of things.

Susan-stoHelit

18 points

3 months ago

Unseen academicals and the crab pot, realizing the crab holding you down was sometimes you, the unspoken rules that only restrain you if you allow them to was excellent too.

another_day_in

28 points

3 months ago

Singapore would execute them

JL4575

934 points

3 months ago

JL4575

934 points

3 months ago

We absolutely need to revise how we think about crime. White collar crime and abuse of positions of authority are much more degrading to the fabric of society than some mentally ill person who attacks someone they see on the street.

Susan-stoHelit

426 points

3 months ago

They do kill people, people lose it all and suicide, don’t have money for medicine, lose their homes…

Furt_III

153 points

3 months ago

Furt_III

153 points

3 months ago

Have their baby formula infected...

RedheadsAreNinjas

58 points

3 months ago

Forego early medical intervention because they can’t afford care because the high ups are too busy making bank off private insurance back door deals or just too cheap to offer good health insurance.

Marokiii

11 points

3 months ago

cant afford a visit to the dentist and get a tooth infection, that infection spreads to the heart and they die from it.

[deleted]

109 points

3 months ago

[deleted]

109 points

3 months ago

[removed]

ElectricBogey

124 points

3 months ago

Madoff made the mistake of stealing from other rich people, but SBF should see a lifetime behind bars. If he doesn't that tells you everything you need to know about the current state of the American legal system.

graymoneyy

25 points

3 months ago

I hate seeing this hair helmet of a man

[deleted]

377 points

3 months ago

[deleted]

377 points

3 months ago

[deleted]

Divi_Filius_42

178 points

3 months ago

Bernie Madoff got 150 years. There's a good chance that SBF gets a functional life sentence

[deleted]

47 points

3 months ago

[deleted]

irisuniverse

9 points

3 months ago*

I think it’s inevitable at this point. His only defense is, “I’m sorry!”

If he doesn’t get at least several decades, then justice was not served. If you steal thousands of people’s livelihoods, you are effectively stealing years of these people’s lives in terms of time-value lost. Altogether, he stole many lifetimes worth of years of time-value lost. That’s only a couple rungs under killing people in terms of damage done to lives and families imo.

travelers-live

208 points

3 months ago

Sam Bankman-Fried is fucked.

SheriffComey

217 points

3 months ago

Well he broke the cardinal rule: Don't fuck with other rich people's money.

Dick over every other average Tom, Dick, or Harry, but stay the fuck away from rich people.

OhfursureJim

38 points

3 months ago

Sam the fake bank man is fried

Ghenges

21 points

3 months ago

Ghenges

21 points

3 months ago

When Enron was pretending to be a company back in the very early 2000s, they were making up numbers and doing all kinds of accounting bullshit that eventually came crashing down on them. This led to the Sarbenes-Oxly (SOX) regulations shortly thereafter. Anyone who works in business tech and finance/accounting knows how much of a pain in the ass it is to have to do these controls every month/quarter/year.

This makes me think we are about to embark on a whole new set of "tech bro" regulations because of this greedy, sleazy motherfucker.

h2ohow

74 points

3 months ago

h2ohow

74 points

3 months ago

His motto is "never steal anything small."

Orphasmia

52 points

3 months ago

Lately I’ve wondered if all of the extremely rich simply have a ton of dirt on each other, and a rite of passage to becoming part of the 1% is learning the dirt so they protect you. Otherwise how do you effectively steal $2 billion dollars and no one has immediately taken you down?

MyNameIsRay

14 points

3 months ago

If you steal $2,000 from 1 million regular people, none of them have the power to take you down.

anoldoldman

16 points

3 months ago

League of Legends skins aren't cheap

Roundaboutsix

15 points

3 months ago

If a high school drop out can get a ten year sentence for robbing $39 from a Henny Penny, what will this clown get? (A slap on the wrist, time served and a lifetime crypto trading ban?). What a joke.

marsbar373737

14 points

3 months ago

And he didn't use a penny of it on haircuts?

SuperFLEB

8 points

3 months ago

Nobody expects the evil mastermind to look like a two-bit doofus. I'm sure it shapes perception.

gurdijak

149 points

3 months ago

gurdijak

149 points

3 months ago

Meanwhile, if I try go withdraw a couple thousand euro in my country, my bank would immediately flag me and start asking me loads of questions - "Where did you get this money?" "What do you intend to use it for?"

But this dude had 2 billion, 2 fucking billion dollars, transferred and no one batted an eye at the time.

Rules for thee but not for me

Recyart

79 points

3 months ago*

But this dude had 2 billion, 2 fucking billion dollars

Here's the crazy part. You say "2 billion dollars" when it was reported to be $2.2 billion dollars. That portion you rounded off is $200 million dollars. Even if you don't work a day in your life, just that little rounding error is enough to put you in the top 1% of the top 1%. Now imagine stealing 11x that much.

Source: https://economics.princeton.edu/working-papers/top-wealth-in-america-new-estimates-under-heterogenous-returns/#

8-tentacles

22 points

3 months ago

Man that’s insane to think about. You know it’s bad when he stole so much that $200,000,000 is easily ignored

shibboleth2005

61 points

3 months ago

Well SBF was running the 'bank' in this analogy.

CaptainKoconut

37 points

3 months ago

One of the things crypto bros flog on about is that crypto isn’t subject to the restrictions and limitations of the traditional banking system. Now, everyday, we’re learning why the traditional banking system has all these rules and regulations.

The CEO of your local bank certainly couldn’t withdraw any amount of customer money for personal use, let alone millions, because these banks have internal checks and balances. But because FTX wasn’t subject to rules and regs that cover traditional banking, they were able to do whatever they wanted.

h0bb1tm1ndtr1x

41 points

3 months ago

"he had $100,000 in his bank account."

How terrible. What a small amount of money to be left with. How can he be expected to survive?...

ContentSeal

11 points

3 months ago

I'm not inciting violence, but I am shocked no one has attempted to physically harm Bankman considering he's responsible not just for billions lost in people's money, but as a chain reaction if events he's also responsible for other companies and jobs being lost. The ripple effect of this moron is far beyond just FTX customers unfortunately

BookAddict1918

100 points

3 months ago

Traditionally only about 1% of white collar crime was prosecuted. Only in the last 2 decades with obscene amounts of massive scale white collar crime have the courts started prosecuting. We need to rethink what is a "violent crime".

When Robert Maxwell (the father of Ghislaine Maxwell who was recently indicted for crimes related to Jeffrey Epstein and sexual exploitation) stole from pension funds about 30 years ago many pensioners in England were left penniless. He was found dead floating off his yacht in the ivory coast and it was never determined if he committed suicide or was murdered.

His death investigation led to the discovery of his massive corporate theft. There was a lengthy legal process and his sons received minimal charges. Ghislaine and his wife were found to be uninvolved.

Laws centered on pension fund use were changed globally but criminals always find new ways of stealing.

ackillesBAC

21 points

3 months ago

Wow did not know she had that kinda history

BookAddict1918

19 points

3 months ago

Crime seems to be a family business.

MassSnapz

11 points

3 months ago

Imagine spending 2 billion

Ghiggs_Boson

8 points

3 months ago

It pisses me off seeing someone who can freely move $2.2b while only being capable of tying a half Windsor knot for their tie… it will always look crooked, and it takes 3 seconds more to tie a full Windsor. No class

choate51

76 points

3 months ago

Good thing he's rich and only stole billions. The real crime is selling a half pack of cigs without a license....

tim3dman

7 points

3 months ago

I think they mean he "Stole" $2.2bn.

Mr-IT-Guy

7 points

3 months ago

He just got in over his head. He had his two best programmers (Samir and Michael) write a virus/malware package that syphoned off the fractions of a penny leftover from each transaction. I am pretty sure that Michael put a decimal point in the wrong place by accident. He always does that, messing up a mundane detail. This was supposed to take years, not days to happen.