swamp
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Post by swamp on Dec 13, 2022 12:24:47 GMT -5
Sam Bankman Fried, the CEO of FTX, a crypto currency exchange has been indicted and will be extradited from the Bahamas. He took investor money and used it on other investments.
Has anyone been following this?
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Dec 13, 2022 13:08:14 GMT -5
I haven't been following but I saw an article about it yesterday.
It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency. I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market.
Given his age he'll recover just fine but I would have liked to be able to rub that in his face.
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Tennesseer
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Post by Tennesseer on Dec 13, 2022 13:29:33 GMT -5
Sam Bankman Fried, the CEO of FTX, a crypto currency exchange has been indicted and will be extradited from the Bahamas. He took investor money and used it on other investments. Has anyone been following this? I think Bankman Fried was subpoenaed to testify in front of the U.S. Se nate or House today. So what was he doing in the Bahamas? Hmmmmm.
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swamp
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Post by swamp on Dec 13, 2022 13:41:19 GMT -5
He lived in the Bahamas. He's given an apology tour that where he has pretty much sunk himself trying to explain why he did what he did. It was just bad accounting and lack of internal controls that he didn't know he was supposed to have, despite the fact was a multi billion dollar company.
He planned on appearing in front of Congress until that little problem of an indictment showed up.
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ArchietheDragon
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Post by ArchietheDragon on Dec 13, 2022 13:47:27 GMT -5
He lived in the Bahamas. He's given an apology tour that where he has pretty much sunk himself trying to explain why he did what he did. It was just bad accounting and lack of internal controls that he didn't know he was supposed to have, despite the fact was a multi billion dollar company. He planned on appearing in front of Congress until that little problem of an indictment showed up. But they used quick books. I don't understand where that could have gone wrong.
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swamp
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Post by swamp on Dec 13, 2022 13:48:20 GMT -5
Hey, don't be dissing my quickbooks.
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Ryan
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Post by Ryan on Dec 13, 2022 15:45:46 GMT -5
This guys apology tour was a total joke, he was saying he was so busy running FTX that he wasn't paying attention to Almeda, but turns out that they have always had an open credit line to borrow investor funds from FTX. They even had a group chat within FTX called "wire fraud". SBF was on CNBC saying that FTX US was solvent and funds were secure, the new CEO (who presided over Enron BK ) said "very small group of grossly inexperienced and unsophisticated individuals" who were running the company "failed to implement virtually any of the systems or controls that are necessary for a company that is entrusted with other people's money or assets."
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jerseygirl
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Post by jerseygirl on Dec 13, 2022 16:15:26 GMT -5
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NastyWoman
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Post by NastyWoman on Dec 14, 2022 14:20:58 GMT -5
I haven't been following but I saw an article about it yesterday. It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency. I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market. Given his age he'll recover just fine but I would have liked to be able to rub that in his face. YOU were boomer-ed? Girl you are too young even to be x-ed
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Cookies Galore
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Post by Cookies Galore on Dec 14, 2022 14:26:45 GMT -5
Ha. Haha. Hahaha. Hahahahahaha hahahahahahaha.
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NomoreDramaQ1015
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Post by NomoreDramaQ1015 on Dec 14, 2022 15:06:56 GMT -5
I haven't been following but I saw an article about it yesterday. It got me thinking about a 20 something year old coworker who "Okay Boomer" -ed me because my retirement is in a traditional 401 (k) and he had put all his retirement savings to date in cryptocurrency. I was clearly outdated choosing cryptocurrency was what would build me wealth, not the stock market. Given his age he'll recover just fine but I would have liked to be able to rub that in his face. YOU were boomer-ed? Girl you are too young even to be x-ed Apparently to a 20 year old anyone older than him is a boomer. I'm actually at the tail end of Gen X and beginning of the Millenials. I relate more to Gen X though.
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Bonny
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Post by Bonny on Dec 14, 2022 15:43:55 GMT -5
Crypto currency. Unregulated and not tied to any government currency. What could possibly go wrong?
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thyme4change
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Post by thyme4change on Dec 14, 2022 16:10:43 GMT -5
Was The Bernie Madoff recovery from political campaigns? I don’t think anything was recovered from political parties from Enron (or the banking industry, or the car industry).
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TheOtherMe
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Post by TheOtherMe on Dec 14, 2022 16:29:54 GMT -5
Saw an interview yesterday where this guy said he donated equal amounts to the two political parties. He used dark money to the Repugs so it wasn't traceable.
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jerseygirl
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Post by jerseygirl on Dec 14, 2022 16:59:43 GMT -5
Was The Bernie Madoff recovery from political campaigns? I don’t think anything was recovered from political parties from Enron (or the banking industry, or the car industry). No Bernie Madoff recoveries not political
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haapai
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Post by haapai on Dec 14, 2022 21:17:54 GMT -5
Yes, I've been following it. The problem is that it just gets less and less interesting every day. When the sub-headlines declare "fraud from the beginning" and you aren't invested in the fraudulent product, it's hard to maintain an interest.
It's a huge collapse, but much less interesting than Enron or Madoff's nonsense. Those other two involved some interesting shenanigans that were maintained for decades. This one seems to have been BS from the very beginning and didn't last long.
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Tennesseer
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Post by Tennesseer on Dec 21, 2022 23:38:33 GMT -5
FTX co-founder and ex-chief of hedge fund Alameda Research each pleaded guilty to multiple charges, are cooperating with fedsCNN — Two senior executives associated with collapsed crypto exchange FTX have pleaded guilty to multiple criminal charges and are cooperating with federal prosecutors, according to unsealed court records. Additionally, the pair face civil fraud charges from the Securities and Exchange Commission that were announced Wednesday night. Gary Wang, the co-founder of FTX, and Caroline Ellison, who served as CEO of the hedge fund Alameda Research, pleaded guilty to multiple counts of conspiracy and fraud for their roles in the fraud scheme that led to the collapse of the crypto-trading platform. Damian Williams, the US attorney for the Southern District of New York, announced the charges in a video message Wednesday night. In a brief statement, he reiterated that the investigation is still ongoing, noting specifically that these new charges in the case are not the last. Rest of article FTX co-founder and ex-chief of hedge fund Alameda Research each pleaded guilty to multiple charges, are cooperating with feds
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