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Author Topic: So, FTX & Alameda  (Read 142 times)

Perd Hapley

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So, FTX & Alameda
« on: November 21, 2022, 05:26:17 PM »

Here's what the kids call an "explainer" about all this talk of FTXs and cryptocurrencies and such.

https://www.nationalreview.com/the-morning-jolt/

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An MIT physics grad, SBF [Sam Bankman-Fraud] honed his trading skills at renowned quant shop Jane Street Capital before launching a successful firm of his own, Alameda Research. In 2019 he founded crypto exchange FTX, hailed by some as the best derivatives platform ever built.

As recently as September, FTX was believed to be worth $32 billion. In addition to running the cryptocurrency exchange FTX, Bankman-Fried continued to run Alameda Research. This is like having the same person running the New York Stock Exchange and Bridgewater Associates, to pick a market and a hedge fund that are familiar to most people.

Here's a quotation from someone who is apparently a finance janitor, who makes his living cleaning up unholy finance messes:
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Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.

And a little color:
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“Employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.”
I do not own a boat. I still have all my guns, cuz this is America.

Angel Eyes

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Re: So, FTX & Alameda
« Reply #1 on: November 21, 2022, 05:29:14 PM »

For those with an aversion to reading:

https://www.youtube.com/watch?v=20BEJouWBgY
"Spare me the bulls*** about constitutional rights."
      - Congressman David N. Cicilline (D-RI)

Angel Eyes

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Re: So, FTX & Alameda
« Reply #2 on: November 21, 2022, 06:12:57 PM »

"Spare me the bulls*** about constitutional rights."
      - Congressman David N. Cicilline (D-RI)

Ben

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Re: So, FTX & Alameda
« Reply #3 on: November 21, 2022, 06:39:18 PM »

The whole ball of wax is odd, and democrats and Ukraine are neck deep in it.

I also saw that FTX was a, if not the, major donor into research that put the kibosh on ivermectin, while investing heavily in other drug developments for covid.
"I'm a foolish old man that has been drawn into a wild goose chase by a harpy in trousers and a nincompoop."

Angel Eyes

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Re: So, FTX & Alameda
« Reply #4 on: November 22, 2022, 09:06:37 AM »

"Spare me the bulls*** about constitutional rights."
      - Congressman David N. Cicilline (D-RI)

WLJ

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Re: So, FTX & Alameda
« Reply #5 on: November 22, 2022, 09:09:51 AM »

Sam Bankman-Fried did not kill himself


BTW: Dashes in names bug me.
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
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Angel Eyes

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Re: So, FTX & Alameda
« Reply #6 on: November 22, 2022, 09:12:24 AM »

BTW: Dashes in names bug me.

Like Ocasio-Cortez?

Or Rodham-Clinton?
"Spare me the bulls*** about constitutional rights."
      - Congressman David N. Cicilline (D-RI)

WLJ

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Re: So, FTX & Alameda
« Reply #7 on: November 22, 2022, 09:13:14 AM »

Like Ocasio-Cortez?

Or Rodham-Clinton?

Notice a pattern?
"Sometimes I think the surest sign that intelligent life exists elsewhere in the universe is that none of it has tried to contact us".
- Calvin and Hobbes