"In middle school Bankman-Fried became interested in utilitarianism and began to wrestle 'systematically and globally' with the question of how to alleviate the suffering of others, she said. It caused him to become vegetarian and then vegan. He battled with depression and they later learnt that he suffered from 'anhedonia' — an inability to experience pleasure — she said. 'He has never felt happiness or pleasure in his life and does not think he is capable of feeling it,' she said. When she questioned him on this, asking him about a photograph she had up on the mantelpiece showing him grinning broadly, he replied that he was not happy at the time but had 'learnt how to pretend for the sake of others.'... 'He told us he didn’t care about himself,' she wrote. 'All he cared about was living long enough to make a significant difference in the world.'"
From
"Sam Bankman-Fried: ‘awkward nerd’ lied at trial, judge tells sentencing/Crypto investors lost $8 billion and prosecutors call it one of the biggest financial cons in history. His defenders — especially his lawyer parents — see it differently" (London Times)
UPDATE: Sam Bankman-Fried was sentenced to 25 years,
the NYT reports. He'd faced a maximum of 110 years. Prosecutors had recommended 40 to 50 years, and defense lawyers asked for 6 1/2 years.
Just 18 months ago, Mr. Bankman-Fried was a corporate titan and one of the youngest billionaires on the planet. With his face plastered on billboards and magazine covers, he could raise money seemingly at will. He hobnobbed with actors, musicians and superstar athletes,
cultivating an image as a nerdy do-gooder who intended to donate all his wealth to charity.
८३ टिप्पण्या:
Hi,
I’m Sam Bankman-Fried. My mother, who looks like a female heroin-addicted version of Stephen King, said I’m special and I wouldn't have to go to jail. I stole billions and spent most of my time abusing high-grade prescription drugs and snorting coke off the breast of my autistic chipmunk-looking-girlfriend while funding DNC candidates illegally (at my heroin-addicted version of Stephen King mother's request) while thinking all the time that I was just going to get community service. My lawyer dad is connected to players at The Fed and Goldman Sachs....did I mention how well-heeled my family is?
But I am genuinely very sorry for the things I did for years that I knew were wrong and for which there is a highly detailed track-record of malfeasance that would make a thug with a born-to-lose tattoo on their chest very proud.
HeeHeeHeeHee,
SBF
'All he cared about was living long enough to make a significant difference in the world.'
If all the people who want to "make a difference" were rounded up and isolated on some South Pacific island, the world would be a better place.
All the great destroyers of humanity have wanted to "make a difference." When they inflict themselves on the world for the good of others, they generate misery and poverty for those unlucky enough to encounter them.
I think Sam's corruption is a product of his parents and frankly Barbara Fried's comments about her son's upbringing is reinforcing my thoughts. Veganism does not systematically or globally alleviate suffering of others, and I'm skeptical that it ever alleviates the suffering of the Vegan. I wonder how much her son's depression was from the pressure she and her husband put on their child to solve global problems. In the end, his crypto scheme caused $8 billion in suffering, yet it did enrich the Democrat politicians that Barbara Fried's "Mind the Gap" PAC advocated. She, through her son, made a difference in the politician's life.
He battled with depression and they later learnt that he suffered from 'anhedonia' — an inability to experience pleasure — she said.
I guess that explains that ugly gal he was boinking. Yeeeesh!
Liar.
SBF most certainly engaged in sex and that, by definition, is pleasurable.
Libs are so sick in the head and such liars. He stole billions and now wants to weasel out of punishment with a whacko rationalization.
I'd add a year based on what mom, the Stanford Law prof, just said.
@RideSpaceMountain for the win with the Deniro line from Heat lol
110 years. Stole 9 billion. Lied under oath.
Gee, that's not impression I got from reading the MSM for months. I thought "Sam" or "SBF" as we all called him, was just a silly, overgrown teenager, who had a brilliant idea and just couldn't be bothered with all those pesky details, and somehow lost some money.
But all the losses were on paper, and affected no one, so no harm, no foul.
Hmmm... seems like the truth was different. Lets see how long he stays in jail before Biden or Trump pardons him. I see a Marc Rich situation. BTW, SBF's parents, two lovable, nice, Stanford's Professors were given tens of $millions in assets. Have they returned them? I'm sure they just didn't know what their son was doing, because they were busy with Charity work.
The greatest actors do not demean their art by performing on the stage. Their true proscenium is the NYSE. Holmes, Madoff, Bankman-Fried gave truly nuanced and convincing performances. They lived their role down to the smallest detail--the coif of Madoff's hair, Bankman-Fried's cargo shorts. It's by the accumulation of these small details that the performance becomes credible. Special respect should be given to Elizabeth Holmes. She didn't create her own style. That's what many women would be tempted to do. She instead opted to pay homage to Steve Jobs. That reassured investors that she had other things on her mind besides clothes and that maybe she was offering a bite at another, juicier Apple.....I've got to say that Bankman-Fried doesn't look like some greedy, capitalist pig. That honor is exclusively reserved for people who look like Donald Trump.
Just remember SBF and his family are the REAL victims here.
Initially SBF took loans against the FTX token based on it's value. They used these loans to invest in other projects.
What drove the first "Bull" market in crypto was this decentralized finance activity where people borrowed against an asset like the FTX Token. All of this lending was generally Peer to Peer.
So what would happen is I would post a contract asking for a certain amount of an asset and I would post another asset as collateral. This is called a Smart Contract in the crypto world. The transactions are trustless. If you default on the loan I take the collateral. That is it.
Of course people got a bit carried away with it and there was a term called "winding up." People would get a loan against an asset. Then they would take the asset they just received and take a loan against that rinse and repeat. This created an asset bubble.
The problem with what SBF did is he sucked at investing. Eventually it became clear he was only in the position he was in because of cronyism. He was personal friends with Gary Gensler, head of the SEC and Gary was consistently attacking everyone but FTX.
After SBF got massively leveraged he started having to pay interest and cover failed investments. That is when he started stealing customer deposits. He was seeking help from CZ, the founder/CEO of Binance. CZ about a year later was arrested by the SEC and given a choice between selling his position in Binance and Gen Pop in Leavenworth. This despite not being American and living in Singapore. This was purely a mafia style action by the SEC taking over the crypto space.
CZ called out FTX and caused the collapse of the FTX token and people started pulling their liquidity out of the accounts.
Now that crypto is heading back towards all time highs the same shenanigans are starting again.
Social Utilitarianism Delenda Est. The only bigger red flag that someone might be up to no good is if that person is a professional ethicist.
He got 25 years. I’m ok with that. He’ll serve ten at the least which should wipe the smirk off his face.
Many people struggle with many things at a young age and don't steal shit.
I know a lot of people smarter than SBF that don't break the law.
This is not a difficult concept for anyone except liberals.
Little Sammy deserves more time in the slammer than that. Of course the funny thing he said is that his "useful life is most likely over". If useful means defrauding hundreds of thousand of people, I'm here to say that I'm glad his "useful life" is over.
"'He told us he didn’t care about himself,' she wrote. 'All he cared about was living long enough to make a significant difference in the world.'"
Mission accomplished. His case will be entered into the WestLaw citation system. Parents, friends and defendant himself can put up the case whenever they're feeling low and want to get an infusion of pride.
Cheated investors can do the same but probably won't get feelings of pride.
Some of that money lost could be recovered is only the government went after the illegal campaign donations Bankman-Fried passed out to the mostly Democrats. However, that part of the case was "surprisingly" dropped at the inexplicable "request from" the Bahamian government..cough....cough...Democrat Party. How you like dem apples?
who intended to donate all his wealth to charity
Most of his donations went to Democrat politicians. Judge people by their actions.
I do not give any more credibility to his mother than I do to the ones who say, "he din do nuffin", just because she sounds better educated when she says it.
Moms who hold their kids responsible for their misdeeds seldom make the news. Or maybe it's their kids who don't make the news.
Let's all pick one and sing.
It's hard to top Johnny.
Given the amount of money stolen, it should have been 40-50 years.
Very light sentence. I guess it pays to donate millions to the Dems and have two law profs as parents.
The sentencing judge is Lewis Kaplan. The same judge who presided over the E. Jean case.
What are the odds?
He's a terrible judge!!!
FTX Founder Sam Bankman-Fried Sentenced to 25 Years ~ WSJ
https://www.wsj.com/finance/currencies/sam-bankman-fried-sentencing-ftx-fraud-2d92fce9
The fact that victims might be made whole by someone else’s hand, while Bankman-Fried is serving time, I don’t think that’s a mitigating factor to any great degree. He’s not the one making them whole. What the people who pushed for a lighter sentence failed to acknowledge is that the crime he committed was fraud. The fact that crypto prices rebounded and Anthropic valuation grew exponentially helped return money to victims, but doesn’t change the facts around the crimes he committed — lucky market developments since then doesn’t merit leniency so the judge made the right call.
We’ll keep your Corolla under a car cover, thief.
I wonder if people who have "never felt happiness or pleasure" and are not capable of feeling it can be sorry or sincere in expressions of remorse, or if they ever seek forgiveness for wrongs they've done to others. It sounds like a form of sociopathy. Judge saw right through it. He's not sorry but might not be able to be sorry. So sorry, you get 25 years.
Sounds like parenting was his problem.
Just an unfortunate little awkward nerd. A helpless victim of anhedonia. I suppose that he has been "battling" anhedonia, right? What a pity.
That he doesn't care about himself is going to serve him really, really well for the next quarter century.
I am fairly certain that people who can't feel pleasure, assuming there are such people, don't buy lots of stuff. Why would they?
But I don't really see how the public interest is served by locking him up for 25 years. It's not like he hurt anybody. Or am I missing something?
Now as to his parents ....
He can be unhappy in prison just as easily as on the outside.
And he won’t have to pretend to be happy.
It could wind up being a plus.
25 years, for stealing what? 50 Billion dollars?
how does that compare with a different young man that stole, say 5 thousand dollars from a liquor store?
His mother (a law professor!) was also the crooked, go-between for FTX (under her son) and the shovel-ready illegal slush funds to democrats like Elizabeth "Death to Corporations buying elections!" Warren.
I personally am glad to see the return of Achilles, but I pity our poor Hectored hostess. lol
It's all in who you know. There are people who stole 100$ from a Piggly Wiggly doing more time than this.
If he lacks the capacity for happiness, then he also lacks any significant capacity for unhappiness, so he won't really mind the 25 years.
'...mainly Democrats benefited from Mr. Bankman-Fried’s largesse, including a reported $5.2 million donation to then-candidate Joe Biden in 2020.'
Thanks, RSM.
And he will be out soon, when Joe Biden pardons him.
The comments above remind me of two of my favorite quotations. I find them more useful for explaining the horrors of the modern world than many a thick book.
"Half the harm that is done in this world is due to people who want to feel important. They don't mean to do harm; but the harm does not interest them. Or they do not see it, or they justify it because they are absorbed in the endless struggle to think well of themselves."
--T.S. Eliot
"Of all tyrannies, a tyranny sincerely exercised for the good of its victims may be the most oppressive. It would be better to live under robber barons than under omnipotent moral busybodies. The robber baron's cruelty may sometimes sleep, his cupidity may at some point be satiated; but those who torment us for our own good will torment us without end for they do so with the approval of their own conscience."
--C.S. Lewis
Who are the current, uncharged OTHER fraudsters of his ilk? Who is right now running high finance scams and shams and frauds and cons that will be uncovered eventually?
That such people don't quit when they are ahead has always amazed me. They lack a Powell Doctrine within their business/con plan. I guess this is the same reason Las Vegas has repeat visitors (and people continue to vote Democrats into office).
Curious when Letitia James will bring a fraud lawsuit against the SBF Prosecutors for over-valuing the length of time SBF should serve by nearly 4.5 times. After all, Judge Kaplan determined the sentencing was only 25 years, just as Judge Engoron determined the value of Trump's properties.
Amazing how you can write sarcasm and people will take it literally. Also, incredible how people can sympathize with a crook and liar or make excuses for him. How much did he need to steal before everyone can get uspet at his crimes, 1 trillion? Or is just who is hurt?
As for Kaplan's sentence. Why the fuck are judges given this insane leeway in sentencing? 110 years to 10 years. This is absurd! Judges should be given a standard sentence for crime and allowed to deviate + or - 30 percent. And thats it. And why should anyone be senteneced to a 100 years for a fiancial crime?
Why don't we just shoot all the lawyers. They seem incapable of running a well functioning legal system or handing out justice. The only thing they do well is scam the system, help their friends, push leftism, and hand out the graft!
Unfortunately for the poor young man he didn't steal enough to be let off scot-free. If you had lost his investors trillions he would have gotten a big bailout from Uncle sugar.
All of this is irrelevant, presents no mitigating circumstances.
At the same time, 100 years seems a bit excessive when violent criminals, robbers, rapists an murderers are let free - or barely prosecuted.
His "charity" was abolish-the-police radicalism that props up groups like ANTIFA. He was paying for chaos, murder, unsafe streets, and terrorism.
Some charity. The poor black (and white, and Asian, and Mexican) people who were my neighbors for 20 years in Atlanta wanted more police, not fewer police, and they didn't want criminals walking out of jail with no bail.
At least he can enjoy the fruits of his labor now.
From "Sam Bankman-Fried: ‘awkward nerd’ lied at trial, judge tells sentencing/...
UPDATE: Sam Bankman-Fried was sentenced to 25 years, the NYT reports. He'd faced a maximum of 110 years. Prosecutors had recommended 40 to 50 years
So the judge says SBF lied at the trial, but still only gave him less than 1/4 the max sentence, and 1/2 what the prosecution asked for?
I guess the "judge" was ok with all that lying.
Scumbag
Eight billion dollars divided by 25 years works out to $320,000,000 per year. Wish I had made that kind of money back before I retired!
Veganism can be associated with nutritional (e.g., protein, vitamins) deficiencies, and thereby cause cognitive and physical problems. Misguided veganism alone might explain SBF and the California/university political culture.
https://www.bbc.com/future/article/20200127-how-a-vegan-diet-could-affect-your-intelligence
A vegan mother was sent to prison for killing her young son with a deficient vegan diet:
https://www.nbcnews.com/news/us-news/vegan-mom-gets-life-starvation-death-18-month-old-son-rcna45498
Humans are meat-eating apes with predatory eyes on the front of their faces. They are skilled killers, they invented knives and clubs, they invented and are superb with projectile weapons, and they are fantastic endurance stalkers. Human brains evolved differently from chimp brains because of the benefits of and need for meat and animal products. If you don't want meat, eat a lot of milk, cheese, and eggs. Or, eat bugs and worms. Or, spend a bloody fortune to scrape together enough vegan protein for your health.
Fight Mother Nature and Darwin at your own peril.
Bankman-Fried got a light sentence, given gravity of his financial crimes. Now go after his parents, for financial crimes, for receiving stolen monies, for failing as parents.
"Mad genius", or "on autistic spectrum", or "biggest individual American contributor to Democratic Party politicians", are not valid criminal defense strategies, but apparently sufficiently effective to give him the smallest plausible sentences.
His defense team asking for 6.5 years was absurd, but evident team/parents still thought DNC would ride to rescue. Now will judge order those Democratic politicians to return those BK contributions made from misappropriated monies stolen from his investors???
Why didn't he get the Madoff treatment???
“Bankman-Fried got a light sentence, given gravity of his financial crimes.”
I expect a lot of drama over the fact that Judge Kaplan gave SBF “only” 25 years. What if I told you 25 years is a lot? I would have been a bit surprised if he went below 20 but this doesn’t surprise me, based on how courts treat white collar stuff.
"He'd faced a maximum of 110 years. Prosecutors had recommended 40 to 50 years, and defense lawyers asked for 6 1/2 years."
Six and a half years? Because six is too few and seven too many?
Fine parental example in the home. Quite a study in character.
25 years locked in at least a medium security prison (the 25 precludes a club fed low security assignment I think) with a minimum of 10 before he comes up for parole.
I'm wouldn't call that a light sentence for a non-violent crime.
I've got to believe that they focus-grouped that BS. It couldn't have done well, but everything else probably did worse.
SBK can continue to help others in prison as Charles Colson found when he went to prison. In fact, prisoners need help far more than the Dem politicians SBK was helping. SBK has been put in a position spend his life completely altruistically as he wished. But will he do that or will he spend his time weaseling about to escape any punishment like Alec Baldwin? I think he's a weasel and, though he could change and find his own human nature, I don't think he's looking for anything but a personal escape for himself to a short sentence in a nice white collar prison.
IMAO the judge should have gone for a sentence more in line with what prosecutors asked. Did the judge get quiet phone calls from politicians who had received campaign contributions to go easy on the kid? He shouldn’t have put himself into that position.
wrestle 'systematically and globally' with the question of how to alleviate the suffering of others,
I know he was a kid, so his concern is understandable. But, as a teacher. . . it was a teachable moment.
The suffering of others is ALWAYS a product of authoritarian government. What ever is lacking, is because the Government has created the shortage.
A ripped from the headlines example
Palestine. Before they decided to behead the babies, while mom watched, and then repeatedly raped the mom until death, and raped some more until the body got cold. Before all that, the people of Palestine were always waiting for water, and fuel, and food. But underneath their cities are a network of tunnels, filled with all those supplies for Hamas. And those tunnels were built by selling off all the aide supplies that were supposed to aide the suffering. To the tune of $100's of millions
But our public schools are so busy handing out books to 8 year olds as how to manuals for blow jobs, they don't have time to teach the example above, about the suffering socialism, communism and authoritarianism brings to the people
Human brains evolved differently from chimp brains because of the benefits of and need for meat and animal products.
Not just protein. The developing human brain NEEDS animal fat.
If he was channeling all of his ill begotten funds to Trump and Trump endorsed candidates instead of Biden and Biden supported candidates, then most of the commentators here would likely be supporting him. It all depends on whose ox is being gored. It happens regularly on both sides, as I am sure Joe Lieberman would say.
25 years? Bah. He'll be pardoned on 21/1. He made sure to pay up-front for that.
Sorry folks, I no longer trust the judicial system to be judicious. So I have no idea if this sentence was too long or too short. My inclination is to think it was too long.And let’s see all the politicians who received money that was supposedly illegally obtained - let’s see them return that money to the people who were scammed (if indeed they were scammed).
I supposr he certainly found pleasure in his "wood nymph" and large mansion on a tropical island. But other than that the rest is total bullcrap.
Patrick Boyle's youtube channel has had a lot on this. I look forward to his take on the sentencing.
That monetary damage is only non violent when it happens to the other guy.
He gets a prison near his mommy. The other savant fraudster is way away in Texas. She didn’t kick in enough to Dems.
Rich said:
What if "I told you 25 years is a lot?"
Then we would think you are an idiot and a hack. And we would be right. And we already knew that.
according to npr this afternoon..
this SBF guy has been found quilty, and sentenced to 25 years (or whatever).. AND apparently he is liable for BILLIONS of DOLLARS in restitution; which according to NPR, is "irrelevant" because he is "broke"
ALSO according to NPR, his lawyers (HOW does he have "lawyers", if he is "broke") will appeal
so, a serious question:
won't SBF HAVE TO pay all that money; BEFORE being able to appeal? isn't THAT the New Rule?
Or, is that just for Trump?
Just kidding, i know that democrat contributors aren't held to the same rules as republicans
Eva Marie, you’re not wrong about politicians. But you are wrong in this case. If we don’t treat white collar criminals based on the quantity they stole, then we are discriminating against drug kingpins.
And I don’t want to do that.
So, in other words - after serving sentence for malfeasance, liquidating billions of dollars of other people's money, living large and no doubt salting a little something away for later - he'll be out of jail scot-free before most middle-class people his age are able to retire, on whatever they've managed to scrape together while working their *ss off. And he still won't have worked a day. Not bad, for a sociopath.
You know, somehow that doesn't seem like justice.
"I'm wouldn't call that a light sentence for a non-violent crime."
I agree. Also, didn't they get rid of parole for federal crimes? Twenty-five seems like a good, long sentence.
His Mommy? No shit? Well set him free...
Sweet Baby Geebuzz. My mother thought I was an innocent lamb too. She also thought I was cute, could draw well and sing. OK, she was 0 for 4 on that.
Nature apparently provides mothers a degree of blindness to prevent more of them from straggling their children in their cribs.
If all the people who want to "make a difference" were rounded up and isolated on some South Pacific island, the world would be a better place
So true!
And if you throw in the people who want to "make the world a better place," or "save the world," the world would be pretty much perfect.
The top rated comments at the Times are all, “But Trump!”
In case you were wondering.
“If we don’t treat white collar criminals based on the quantity they stole, then we are discriminating against drug kingpins.”
What does that even mean? It makes as much sense as your defense of that thug Norman Mailer who stabbed his wife in the stomach and as she doubled over in pain, stabbed her in the back piercing her heart. As she lay on the floor, he discouraged anyone from helping her. Direct quote: “Get away from her. Let the bitch die.” That guy maybe deserved 25 years in prison for attempted murder - rather than probation (which he received). Which brings me to my point - I have zero faith in our judicial system.
@Freeman Hunt, I profoundly disagree. Eight billion dollars is a Hell of a lot of money.
Sam Bankman-Fried was sentenced to 25 years for causing crypto investors to lose $8 billion in what prosecutors called one of the biggest financial cons in history.
It follows that Donald Trump as owner of Truth Social and the controlling owners of Digital World Acquisition Company have enticed investors to purchase DJT stock worth nothing for $8 billion as well.
What is sauce for the goose is sauce for the gander.
He would have made a great priest?
Howard, if I owned a small store and someone stole twenty bucks, that would hurt me.
You stink of trust fund baby. Get someone to change your ideological diaper.
Unrelated to the sentencing, but one of my son’s best friends was a classmate of SBF at MIT. Hated him. Said he was an annoying know it all who didn’t know that much. I heard that before the big blow up so at the time thought it funny. After the blow up it appears my son’s friend had him down cold. Makes you wonder why he was so trusted to get to the heights of his fraud. Maybe he was wrong because I assume you have to be at least a little smart to steal billions and billions of dollars.
gadfly said...
Sam Bankman-Fried was sentenced to 25 years for causing crypto investors to lose $8 billion in what prosecutors called one of the biggest financial cons in history.
It follows that Donald Trump as owner of Truth Social and the controlling owners of Digital World Acquisition Company have enticed investors to purchase DJT stock worth nothing for $8 billion as well.
What is sauce for the goose is sauce for the gander.
Sam Bankman Fried and his parents are long time Democrat donors. They were personal friends with the SEC chairman and many other government officials. The only people Republicans that SBF donated money to were Republicans that voted to impeach Trump.
People like gadfly want to make this about Trump and blame SBFs fraud on Trump.
Gadfly is not just stupid. He is mentally damaged.
lonejustice said...
If he was channeling all of his ill begotten funds to Trump and Trump endorsed candidates instead of Biden and Biden supported candidates, then most of the commentators here would likely be supporting him. It all depends on whose ox is being gored. It happens regularly on both sides, as I am sure Joe Lieberman would say.
This is how stupid you have to be to be a democrat.
"If he was channeling all of his ill begotten funds to Trump and Trump endorsed candidates instead of Biden and Biden supported candidates, then most of the commentators here would likely be supporting him. It all depends on whose ox is being gored. It happens regularly on both sides, as I am sure Joe Lieberman would say."
See- another clueless comment from Lonejustice. SBF was stealing his customers' money- the evidence is overwhelming and corroborated by physical records and the testimony of his employees and partners. No one would defend that regardless of the man's political contributions. That you don't understand this says a lot about you, Lonejustice. There is evidence that I am correct right here in all these threads about SBF, but you lack the intelligence to see it and understand it, but I will clue you in- find a single comment from any lefty on these threads defending SBF- just one, and I will concede that you might be right.
"This is how stupid you have to be to be a democrat."
To be fair, I don't think you have to be *that* stupid. But it helps.
When does he begin his sentence? That’s the catch.
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