quote:

Originally posted by nhracecraft:
Sooo, Sam Bank-Fraud's parents both teach at Stamford University (Law professors, specializing in ethics of all things), and Caroline Ellison's parents both teach at MIT. I'm sensing a pattern here...

Not a mystery.
Both institutions have worked very hard over the last 30-years to be leading incubators for the 'future leaders' of the world. While Harvard, and the other Ivy's pursued literary, legal and economic prodigies; Stanford and MIT pursued technological and analytical geniuses. All the members in SBF's inner-circle either attended the same high school as him (arguably one of the most exclusive in the Bay Area), met at a summer math camp during high school or, attended one of the two universities. All their parents aren't 'just lawyers' or, professors, they own the firms, they are department heads or deans, their respective's home's hallways & offices are lined with a variety of accolades and awards; all their family & friends are highly accomplished.

In short, given who they are and where they come from, these idiots were too smart for their own good.

quote:

In short, given who they are and where they come from, these idiots were too smart for their own good.

^^^^^^^^^^^^
I disagree. I have dealt with these types all my life. What is lacking is Ethics. Look at the parents snared by the Feds in the Varsity Blues scandal. Except for some Hollywood types they are wealthy CEOs who considered themselves above the law and saw nothing wrong with wholescale cheating.

Leopold and Loeb were Unversity of Chicago students.

There are any number of crooks that attended "lesser" colleges, or no colleges at all. "Prestige" didn't start the corruption, but it did lend enough credibility up the ante considerably.

Once again I see discussions and predictions whose bases I don’t understand.

I readily admit to ignorance about campaign finance laws, so that could be the reason, but what would be the basis for requiring a politician to “return” money that the miscreant donated to them? Were the donations illegal? Would the recipients have known that (even assuming it doesn’t matter)?

People keep talking about such a requirement, so I assume that they know what I don’t, and I am curious to learn.

quote:

but what would be the basis for requiring a politician to “return” money that the miscreant donated to them? Were the donations illegal?

Would guess it depends on if the money was stolen property.

quote:

Originally posted by sigfreund:
Once again I see discussions and predictions whose bases I don’t understand.

I readily admit to ignorance about campaign finance laws, so that could be the reason, but what would be the basis for requiring a politician to “return” money that the miscreant donated to them? Were the donations illegal? Would the recipients have known that (even assuming it doesn’t matter)?

People keep talking about such a requirement, so I assume that they know what I don’t, and I am curious to learn.

Here is a Forbes Article on the matter. Some of the politicians gifted the money have said they donated the money to a charity.....knowing that FTX (under new management) will be going after the money to re-coup it for investors.

https://www.washingtonexaminer...-political-donations

"Federal Election Commission regulations require political campaigns and committees to return contributions that are later determined to be illegal, even if the funds have already been spent and new money needs to be raised for the refunds."

Federal Election Commission

https://www.fec.gov/regulation...annual-103#103-3-b-1

If the treasurer in exercising his or her responsibilities under 11 CFR 103.3(b) determined that at the time a contribution was received and deposited, it did not appear to be made by a corporation, labor organization, foreign national or Federal contractor, or made in the name of another, but later discovers that it is illegal based on new evidence not available to the political committee at the time of receipt and deposit, the treasurer shall refund the contribution to the contributor within thirty days of the date on which the illegality is discovered. If the political committee does not have sufficient funds to refund the contribution at the time the illegality is discovered, the political committee shall make the refund from the next funds it receives.

Thanks for the responses.
I guess then that those who believe the money must be returned know that the donations were illegal.

quote:

Originally posted by sigfreund:
Thanks for the responses.
I guess then that those who believe the money must be returned know that the donations were illegal.

It isn’t that the donation was illegal, instead SoBoFo, Ellis, et al. embezzled/stole investors money for which they had a fiduciary duty. That is when there was illegality. They then donated those misappropriated funds to various swamp-centric political causes who must return them, per the FEC.

quote:

Originally posted by ZSMICHAEL:

quote:

In short, given who they are and where they come from, these idiots were too smart for their own good.

^^^^^^^^^^^^
I disagree. I have dealt with these types all my life. What is lacking is Ethics. Look at the parents snared by the Feds in the Varsity Blues scandal. Except for some Hollywood types they are wealthy CEOs who considered themselves above the law and saw nothing wrong with wholescale cheating.

Leopold and Loeb were Unversity of Chicago students.

So you agree, while these clowns are quite smart, they lacked a number of intangibles, which includes their ethical compass.
Many would argue that they were quite ethical, given their beliefs in 'effective altruism', however this entire episode demonstrates the massive holes in those beliefs and the means in which to effect it; they knowingly wanted to become 'ethical crooks'. These weren't young and smart YUPPIES who flaunted their wealth and bought up all manor of status symbols, these kids were churning other people's money and giving it to their favorite political & social causes.

Caroline Ellison:

https://www.coindesk.com/busin...orfeiture-of-assets/

Plea agreement: The agreement states that if Ellison fully cooperates with the SDNY's investigation, as well as any other law enforcement agency designated by the office,

she won't be further prosecuted criminally except for possible criminal tax violations with regard to the wire and commodity fraud charges that resulted from commingling funds between FTX and Alameda accounts. The deal does not guarantee that other agencies will not pursue prosecution at a later date.
A court would need to agree to the plea deal for it to be in effect.

that's one hell of a plea agreement. Steal billions and doesn't get prosecuted

Ellison plea agreement:

https://s3.documentcloud.org/d...ress-on-the-case.pdf



Sam Bankman-Fried bail:

https://www.coindesk.com/polic...earance-in-us-court/

The sky-high personal recognizance bond is meant to reflect the gravity of Bankman-Fried's alleged crimes and deter the former FTX CEO from jumping bail. Still, Bankman-Fried will have to secure the signatures of at least two additional individuals with "considerable means," one of whom cannot be a family member, according to the case's judge.

SBF lawyers have requested the names of the other two signees (other than the parents) be kept under seal

Yes, just like Hillary's emails. One set of rules for Democrats, a different set for everyone else.

Is it just his lawyers showing up in court today to enter the not guilty plea or does Sammy and his Mod Squad hair do have to show up as well?

As everyone probably knows by now, he showed up, plead not guilty.

Sam Bankman-Fried Asks Judge to Keep His Bail Guarantors Secret

https://www.bloomberg.com/news...g-his-bond#xj4y7vzkg

Sam Bankman-Fried asked a judge to keep confidential the identities of two people who will help secure his bail to protect them from public scrutiny and potential harassment.

Lawyers for Bankman-Fried on Tuesday filed a letter seeking redactions of the names of the two people who intend to sign on as sureties to his $250 million bail package, saying there is no need for public disclosure.

Prosecutors estimate that $8 billion in customer funds is missing

Dassa lotta cheddar, spanky!

https://news.yahoo.com/prosecu...y-sam-182408039.html

There are so many victims of the fraud allegedly perpetrated by FTX founder Sam Bankman-Fried federal prosecutors said it would be impractical for them to individually notify all of them. So, late Friday, the judge overseeing the case authorized an alternative method.

Judge Lewis Kaplan allowed prosecutors to establish a website to inform alleged victims of their rights and of the schedule of proceedings in the case.

"If you believe that you may have been a victim of fraud by Samuel Bankman-Fried, AKA "SBF," please contact the victim/witness coordinator at the United States Attorney's office," the website said.

The number of FTX investors and customers who prosecutors have said collectively lost $8 billion is likely to exceed 1 million. Federal law requires prosecutors to contact possible crime victims.

website:

https://www.justice.gov/usao-s...ka-sbf-22-cr-673-lak

This goes beyond the scope of Enron(which the fed learned NOTHING.) This eclipses Bernie Madoff.(which the democrats profited)

I would love to see an FTX investor roster.

I’m hoping there are accounts owned by Mexican drug cartels, and that they are pissed.