Samuel Bankman-Fried (SBF), Ex-CEO of FTX, was arrested in the Bahamas on December 12, 2022. A Federal Grand Jury Indictment filed in the U.S. District Court for the Southern District of New York was unsealed this morning, and complaints have been filed by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
All of this happened on the eve of a hearing before the U.S. House of Representatives Committee on Financial Services, at which John J. Ray III (replacement CEO) testified. It also appears that SBF’s written testimony was provided to the Committee in advance of the hearing, and the remarks he intended to deliver are pretty unbelievable.
Let’s go through the relevant filings, highlights of testimony, and where things go from here!
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Screaming unicorn is the goat! No, wait….what?
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This whole statement just shows that SBF has no idea how businesses or business processes work.
But still thinks he can outsmart or talk his way out of the system. The arrogance rolling off this!
Is it wrong to be enjoying Rob's exasperation and distain?
The goat gets me every time!
Rob darling, don't break that screaming Unicorn!
Bahamas court house has same color as the church I was christian in
Yes! Co-mingel funds is disasterous. I worked for a Cash handling (Cash in transit etc) company that went bankrupt. They picked up the cash, counted them then waited two days to pay them to the customer. The basically created a credit for two days. That doesn't sound much. But if you look at the capasity they had. 3 billion SEK per week. When they went bankrupt over 650 million SEK was missing. Where did it go? To a few properties in Greece and to pay for years and years of liquidity problems. They payed the company bills with the customers money basically. More than 300 people lost their job and people lost their trust in our cash system.
Your amazing!
1:48:40 "J'accuse" = "I accuse" … and there is a GIANT SCANDAL attached to these words: the case of Alfred Dreyfus who was FALSELY accused of treason (french army officer, found guilty of treason in 1894 and sent to "Devil's Island" for life). This is worthy of a "Trial of the Century", because it was HUGE and toppled a government.
P.S.: It is pronounced with a SILENT "e" at the end.
He's now on 154000+ subscribers! 🙏🏾😎
Trump company found guilty of 17 counts of fraud. Trumps CFO arrested… why is Trump free?
Why does Trump get away with criminal acts and avoid any consequences?
I wouldn’t be surprised if Sam’s mother is under the illusion that Sam is in this predicament not of his own felonious making , rather they are under attack by degenerate Republicans who fail to see Sam’s generosity and genius
1:04:15 "Figuring out the story" is hard in many "criminal / HUMAN events", BUT in a regular case it is about FACTS which you can HEAR / SEE (cf. the tapes and pictures of the AH-JD case) or PEOPLE STATING "STUFF PEOPLE CAN EXPERIENCE THEMSELVES". In a "financial case" this is entirely "virtual", because nothing really shows relationships between companies visually and "changes in numbers DONT MEAN ANYTHING to a normal human" (because we only really "comprehend" the value these numbers represent).
Moffett on Money currently at 438 subs… (I swear I'm going to stop checking channel's subscribers now…)
Dear Rob,
the whole "bleeping of SUPPOSEDLY bad words" is CENSORSHIP … and based on PURITANISM. Please reconsider your stance on it.
That being said … shouldnt your sound board get the screaming goat sound … because using a toy is "low quality"!
This whole story about FTX is just an extrapolation of what I have felt about "stock trading" for decades, because the value of a share is NOT representing "the ACTUAL value of the company" but rather "the mood of the people trading it". The values fluctuate … while the company "keeps producing and selling stuff like always". Why? What changes? The "mood" of the traders …
There are also "cheats" to manipulate the market price … which the Gamestop story clearly showed.
THIS NEEDS TO END, because it is not based upon reality … and can ruin lives of innocent people you never met! Just ask the customers of the Barings Bank how they feel about Nick Leeson.
tl;dr Stock trading is A LOT about PROPAGANDA and "making people feel good to buy and thus drive up the price".
It's got political.
Except he didn’t donate to ALL politicians—just Democratic ones—he was the Democrats LARGEST contributor. I think we need to be honest about that because when he gets Epsteined it’s going to be because powerful people in the Democratic Party need to silence this guy. That’s why he got arrested right before he was due to testify.
Oh what I would do to be able to see FTX quality management system and record controls. I am a document control specialist, and I work for a fortune 500 company that 95% of readers will know. So this very large company is a holding company, where it has multiple businesses but every business is its own legal entity. So for example, a company like General Electric, GE is a holding company, and under GE, you have multiple businesses.. light bulbs, electrics, ultrasound, MRI, etc. Now each of those businesses are separate entities owned by GE but pretty much operate under their individual quality management systems (which an ISO 9001 certification is pretty much expected to do business within the EU). Now, as a document control specialist, if you claim two separate business entities, completely independent, even if owned by the same entity, should not have the same people signing off on their QMS changes. So look at when policies, procedures, regulation authorization certificates, anything, they should never have the same people signing off for both businesses.. and ideally shouldn't be anyone running the operation company. If I worked for GE lighting, people who work for GE MRI would never appear anywhere on our change control workflows. If there is any cross over on duties (like both businesses use the company legal team because the one team can handle all the businesses legal needs) than there is a strict ICQA (Intra-Quality Quality Agreement) that details every responsibility of each party, and is reviewed and resigned every two years. And I can tell you that the CEO of GE would never sign off on any of them. There is usually 3 or 4 layers of management between our CEO and our Business Leader.
Now with that background.. I would love to see their change controls and the Metadata of the digital signatures and the dates of them. That would be so telling to me on how they run their business day by day
My husband’s friends tried to get him to invest in doge coin. I called it doggie coin, as a joke, and we said no thank you. They all thought the made a ton of money.
It’s like he just “conjured” a company in his mind. Imagined how fun it would be to spend all that money. BUT, HE KNEW NOTHING ABOUT FINANCIAL MARKETS!
Either he was 100% an idiot or he was put in place be there liberal elite.
I’m a retired forensic accountant with a criminal psychology background. This is like a blockbuster novel/movie to me. I was riveted. I often miss those days, though not the sleeping in my office part. Rob, you were born for this! I’ve watched since your very first YouTube output, and you have an innate ability. You’re never boring. I laughed so hard a few times, actually quite a few times.
00:00:00 – Intro
00:01:09 – Captain Kori (Kraken the Box) update
00:04:44 – Moffett on Money shoutout
00:06:39 – Background/Overview
00:16:44 – What SBF was going to testify about at Congress (written statement)
01:10:50 – Former FTX CEO SBF arrested (article)
01:14:48 – Inside SBF's First Bahamas Court Hearing After His Arrest (article)
01:20:50 – Charging Document (USA v SBF)
01:25:25 – Mr. Ray testifies before Congress (video)
01:36:11 – Q&A
01:48:52 – CFTC Complaint (CFTC vs SBF/FTX/Alameda)
03:25:54 – Q&A
Seems like Congress scheduled the hearing knowing in advance he was going to be arrested the day before.
This is heinous.
Wow!!! When I subbed, he was no where near that. Fabulous!
I did not know about this but he now has one more subscriber!
My thoughts, Invests to FTX, to Biden, to UKR then back to Investors, allegedly, again my thoughts. A Pyramid Scam, Investors would need to bring in new investors
People are greedy, they want fast money and fall into these scams. Someplace to hide and avoid taxes whatever. So I feel for the little person hoping for a Retirement Nest Egg, as for those rich, nah don't feel bad
EDB Mentioned you were covering this! I would have totally missed this and I totally don't understand cripto
Where did SBF $ go Switzerland, Dubbie, Panama, where did he hide it?
So SBF said FTX was only planing on Fing over international customers let me have keys back to car so I can again drive into wall.
Great for Kori
SBF I think is the fall guy in all this. It was a Pyramid scam
I do not suggest crucification for him or his parents. This is not a suggestion.
Do you need a hug before you stroke out? 😊
You need more than one unicorn per FTX stream, apparently.
WHERE'S SPIDEY!
The linkedin pass whining did me in. It did me in. I'm so glad I got your insights into this tho. So much I didn't know like how millions will be put in from others to keep things floating until they take their money out. Interesting. Or the part where he probably opened up the door for lawyer/client confidentiality. Whoa. That's dumb of him. Very… well what hasn't he done that isn't dumb.
I just wante to say thank you for being my angle Thi am not able to send any chats even money.? I think all we are learning on Tweeter goes deeper. 0
I came in late so was playing at 2x speed, since the driveway wouldn't shovel itself. Rob, I loved the whispered commentary to reading the statement. Maybe it's funnier at faster speed but it was great. I love seeing the passion over the bankruptcy cases.