Here’s your daily Lopatto
Prosecution and defense have completed closing arguments. Prosecution gets to rebut first thing tomorrow and then it’s to the jury.
Again, we’re not seeing everything those in court are. Buuuuut… based on reporting to date, I don’t think the jury is going to need to deliberate particularly long.
And it sounds like there’s very little luck of anything that would be overturned on appeal if guilty (which I expect).
Good.
Some pundits are expecting a verdict by the end of the day tomorrow.
I am expecting a 20 year sentence which is the maximum on most of the counts and then serving them concurrently. Maybe more because of the perjury and lack of remorse.
“But… but… I can’t just sit there and let it happen, like I’ve already resigned myself to it!” We’ve seen the same thing with others, the notion of lawyers telling them “no, shut up, say nothing” is alien. Like hajario said, they think, “if there is even the slightest identifiable chance to baffle them with BS…”
It’s funny that the ads embedded in the Verge article are for another crypto scam/exchange.
It’s too bad SBF didn’t choose to study finance, choose a specific sector with particular characteristics, get certifications to sell a vehicle that interested him. I guess that wasn’t fast money enough for him.
Also entirely too boomer.
It’s not the thing to do if you believe the old rules don’t apply to you. Move fast, break shit. (Get thrown in prison.)
The jury has it once they finish lunch. They will be allowed to deliberate until 8:30 pm and if they don’t finish will take it up again on Monday.
I just went to the FTX article on Wikipedia to try to understand what this case is all about. I was lost in all the technical stuff.
Then I came to this line:
Anonymous sources cited by the Wall Street Journal on November 10 said that Alameda Research owed FTX some $10 billion, as FTX had lent funds placed on the exchange for trading to Alameda so that Alameda could make investments with the money.
Ah. The old, old story. Probably known to Sumerians trading corn.
Carry on.
Yeah, that’s the main thing. “Don’t use other people’s money in ways different from what you told them, in ways they neither know about nor explicitly approve, in ways which may also be illegal, and in ways which would raise major managerial/financial flags at any well-managed institution”.
The technobabble and such is vaguely interesting in its own right but for purposes of this case mainly a smoke screen that made it easier to fleece the victims
ETA: Ninja’ed.
Yeah. That’s why SBF’s claims of innocence make zero sense.
There is no way anyone who knows beans about finance would think that secretly loaning customer money to an affiliated trading arm to place bets on other stuff for the trader’s gain was even remotely legal.
On a side note, I know there have been some horrendous trial artist sketches, but the artists covering this trial are pretty bad. Or is he just that hard to sketch? Or maybe courtroom sketch artists could be replaced by AI.
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Every regulator ever: Customer funds must be strictly segregated.
Crypto bro: We need a medium of exchange that is independent of government oversight and regulation.
Crypto exhange: Sorry, somebody stole your money.
Cypto bro: WTF? How could this happen? Why isn’t the FBI trying to find my money?
He got a haircut prior to the trial and probably lost weight in the clink.
I certainly would not have recognized him from any of the three sketches you posted if seen out of context.
I’m not sure why, but I can’t find any recent photo of him. Is it because he’s going straight from jail to courthouse, and there’s nowhere that the press can get a photo of him during the trial?
In other news, Gerry Cotten is still dead.
So far as we know.
I think that’s the case. All of the news reports are using older bushy hair pictures.
The big draw to cryptocurrency is supposed to be that you don’t need banks. Except it turns out that banks are pretty much essential to making them actually practical, so you get banks anyway. All you get out of is the part where the bank isn’t allowed to rob you blind.
Honestly, I think that it’s the assumption that he’s actually dead that qualifies as the conspiracy theory, at this point.