Great write-up and backstory. I think this is the right context for the story. It feels so Liars Poker, so the Big Short. The only bit that is missing is that the simply incredible note that Michael Lewis has been embedded with SBF for a few months, working on a new book. He's writing about the SBF-CZ axis which he apparently called Luke Skywalker vs Darth Vader. I'm wondering whether SBF is Luke or Anakin. Maybe we could all pay Michael a little a month to get a heads-up on who he's working with next as a tail-risk hedge?
Educational and entertaining, with a twist of the least expected sentence in the universe: "I ended up long a bunch of Dong." thanks for the great read 😆
This makes a ton of sense. If it was a Ponzi scheme, the amount of SBF's spending could only equal the amount kept with FTX by customers. But we KNOW that SBF spent big sums on political donations, investments and real estate. He HAD to be embezzling money from FTX itself.
Solid writeup and great question. Outrigh theft makes as much sesne as anything, but SBF would had to know it would all come crashing down. So there's a few more questions - does he not think he'll be held criminally liable, was he a pawn of people who had a better idea of what was going on and used him as a fall guy, or was he, and everyone else just stupid/irresponsible to actually loose it all?
Great write-up and backstory. I think this is the right context for the story. It feels so Liars Poker, so the Big Short. The only bit that is missing is that the simply incredible note that Michael Lewis has been embedded with SBF for a few months, working on a new book. He's writing about the SBF-CZ axis which he apparently called Luke Skywalker vs Darth Vader. I'm wondering whether SBF is Luke or Anakin. Maybe we could all pay Michael a little a month to get a heads-up on who he's working with next as a tail-risk hedge?
Educational and entertaining, with a twist of the least expected sentence in the universe: "I ended up long a bunch of Dong." thanks for the great read 😆
Wow, great read. Thanks!
How much did Tom (not-so-terrific) lose? Maybe all the cash went with Giselle, and all of the risk with Tom.
Why didn’t more predict the downfall or see through it?
This makes a ton of sense. If it was a Ponzi scheme, the amount of SBF's spending could only equal the amount kept with FTX by customers. But we KNOW that SBF spent big sums on political donations, investments and real estate. He HAD to be embezzling money from FTX itself.
Solid writeup and great question. Outrigh theft makes as much sesne as anything, but SBF would had to know it would all come crashing down. So there's a few more questions - does he not think he'll be held criminally liable, was he a pawn of people who had a better idea of what was going on and used him as a fall guy, or was he, and everyone else just stupid/irresponsible to actually loose it all?