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November 03, 2023
Sam Bankman-Fried Found Guilty of FraudIf you forget the details of this ten billion dollar theft, Sam Bankman-Fried ran a fraud/embezzlement/money-laundering operation. Clients bought various cyber-coins and left them in his care with his company FTX, like a bank. Bankman-Fried wasn't just a banker, though. He was also an investor through his other company, Alameda. And when he began racking up huge losses in Alameda's investments, he simply stole coins that had been left on deposit with him to make up the losses. Oh, he put in some nigh-worthless coins in their place, which, through chicanery, he has faked up to have some kind of on-paper value, but he was essentially replacing his clients' real wealth with fake pieces of paper that said "I will gladly buy you a hamburger on Tuesday, but not this coming Tuesday, one of the Tuesdays in Nevember, the month that never comes." He is charged with eight counts, including fraud, conspiracy to commit fraud, wire fraud, and money-laundering. Earlier in the trial, Sam Bankman-Fried took the stand in his own defense. Because Bankman-Fried inarguably took coins from his clients and replaced them with worthless fake coins, his only possible salvation lay in convincing the jury that he did not knowingly know what he doingly did. The old Hillary Clinton Classic defense. "You're honor, I'm a fucking moron. I didn't know all the crimes I was committing were crimes and I didn't know what I was doing and I don't even know where I am right now. Are you my mommy? Me hungry, me want hamburgey. Please let me go now and tell James Comey thanks for the solid." But his attempt to perpetrate yet another fraud, this one on the jury, But, as this writer asks: What choice did they have? Bankman-Fried did all the things the prosecutors say he did. He can only plead the Costanza Defense of, "Was that wrong? Because I tell you, when I started working here, if anyone had told me that was wrong, I would have avoided it."
The Humiliating Cross-Examination of Sam Bankman-Fried Do you know anyone who gets sexually aroused by watching someone else's public humiliation? If so send them this link. There are two big problems with SBF's defense. The first is that Ellison had made a persuasive case during her time on the stand that he was well aware of the problems, had directed most of what she did, and had lied about Alameda's increasingly difficult financial situation. "He directed me to commit these crimes," she testified. Wow, he was pleading "I don't recall"? Maybe the DOJ should hire him. And every time he did that--every single time--Sassoon projected an email or video or a spreadsheet onto the screen, showing that he had done exactly what she was accusing him of doing. Which then gave the jurors another look at the evidence while reminding them that SBF was being something less than forthright. You'd think this MIT graduate would wise up, but he never did. Indeed, he was found guilty of $10 billion worth of fraud. The AP: FTX founder Sam Bankman-Fried's spectacular rise and fall in the cryptocurrency industry -- a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president -- hit a new bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion. Why shouldn't he run for President? Hillary and Joe Biden and Baracky Jibrama all did, and they're all criminals. After the monthlong trial, jurors rejected Bankman-Fried's claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world's second-largest crypto exchange, collapsed into bankruptcy a year ago. He faces up to 115 years in prison. Thanks to his extensive donations to the Democrat Party, I'm wondering if he'll be sentenced to more than five years. He's such a good boy. He gives to all the right people! | Recent Comments
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(5/8/24) Wednesday Overnight Open Thread
The Wacky Races Cafe Quick Hits Updated: Biden Announces No Weapons Will Be Sold to Israel If They Invade His Very Good Gaza Friends in Rafah Woke Jesus Disney's Value Plunges $20 Billon After Iger's Earnings (Losings) Report UNC Faculty Makes Terrorist Demand: We'll Withhold All Students' Grades Unless the Administration Promises Amnesty for the Pro-Terror "Protesters" AstraZeneca Withdraws Its Vaccine Worldwide, Citing Unacceptable Level of Dangerous Side Effects RFKJr. Told a Court During His Divorce Proceedings That a Worm Had Eaten Part of His Brain and Died Inside of His Skull, Giving Him "Cognitive Problems" Judge Delays Trump's Florida Documents Trial to Investigate the FBI's Mishandling of Evidence; Georgia Court Agrees to Hear Trump's Appeal to Disqualify Fani Willis Wednesday Morning Rant Search
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