Merv's Politically Incorrect Audio Blog

Could be an order of magnitude higher:

https://fortune.com/2022/12/13/how-...nkman-fried-up-to-115-years-fraud-ftx-crypto/

 

As there seems to be no limit to our gullibility, we have armies of sociopaths ready to take his place. The United States has always had a special liking for con artists.

 

Make that the Western World. Many people, including highly educated people like promises of better and newer. Everybody has a weakness for those promises.

It takes a stoic, maybe a cynical approach to just look and or listen and ask the questions:

"How does it work?"

"Can you demonstrate the method and/or technique?"

Assume I am Socrates, explain it to me and then go Aristotle: repeat the the finding and show the consistency.

Reminds me of the Theranos case. This also reminds me of the power of marketing a.k.a. gospels. The best things in life do not need marketing a.k.a. gospels. Someone shows you how it works and that is enough.

This year I was forced to re-evaluate everything. It makes you think like an engineer. If it does not work, throw it out. The only exception I make is for art, literature and music.

 

Caroline Ellison Pleads Guilty to Charges Carrying up to 110 Years (businessinsider.com)

She obviously wont get anywhere close to that now that's she'd flipped on SBF. No honor among thieves.

 

SBF to be released to the custody of his parents for $250 million bail prior to his court appearance.

https://www.cnbc.com/2022/12/22/ftx...fried-to-be-released-on-250-million-bail.html

 

Twitter 2.0 and the revolt of the public

 

I thought he was down to his last 100k. Then he posts a 250 million dollar bail?

 

That was apparently his parents (and he's living in their basement now) from what I heard.

 

No, it's a personal recognizance bond, so he posts a promise to appear OR ELSE $250 million will have to be paid.

 

What I can't figure out -- maybe because I'm not a parent -- is why those two 70-year-old college professors, who were probably looking forward to a nice retirement soon, are bankrupting themselves to defend him. He's 30 years old and enough of an adult to run a valuable multinational business and/or a multinational fraud scheme; does he really still need Mommy and Daddy to take care of him?

Actually, I guess I also can't figure out why he accepted their offer. Especially since his father apparently had some involvement in the company and so might need to pay for his own legal representation at some point.

 

He didn't have to put up any money up front. He only promised to pay $250 million if he doesn't show up on his court date. You can negotiate such deals when you have the right connections.

https://www.coindesk.com/consensus-...frieds-incredible-shrinking-250-million-bond/

 

How do they think he is going to pay that if he is broke. How stupid are they?

 

$100k is probably the official money he has to his name. He probably has control to assets that are not directly his via trusts and opaque corporations.

 

They're not stupid, they're corrupt.

It is a preview of his inevitable "Club Med" jail sentence, like the place Elizabeth Holmes will "vacation" for 11 years.

$250M is just "theater for the public" (to quote Oliver Stone's brilliant "JFK"). Like back to back life sentences or 150 years in prison, etc. An empty gesture to show they are "tough on crime".

This is the "show" for the dumb masses who think there is some kind of accountability in a system they believe is there to serve them. When in fact, laws are (more often than not) for poor people, unless you are rich and steal from/ruin other rich people.

The court system is bought and paid for. Why else would a judge agree to keep the companies involved in the crypto/FTX scandal private? Yes, this actually happened. Disney (the biggest studio in Hollywood) is rumored to be one of those companies.

 

In short: the post FTX-situation is a clusterfuck in a minefield.

Thanks.

 

Hope you enjoy London!

Any chance you'll be back for Canjam later in the year?

 

Yeah, it's crazy over Heathrow. They use a stacking system to guide planes to the runway.



I assume this is common for busy airports, although I don't think I've seen it coming into JFK or EWR. I suppose it might also have something to do with congested airspace, especially in northern Europe with transatlantic flights also heading to Paris, Amsterdam, Frankfurt, etc..

What's nuts about Heathrow is that they apparently use four sets of stacks:



Imagine being the air traffic controllers for that system?