Originally published at: Sam Bankman-Fried's criminal trial starts today | Boing Boing
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If anyone wants an accessible good read on the whole cryptocurrency scam, I can thoroughly recommend Easy Money by Ben McKenzie and Jacob Silverman.
The grift and the reliance on ever more suckers buying into these Ponzi schemes was so open - and yet the ‘smart’ people told us this time it was different…
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they were completely taken in by him and all that hyperactive hogwash about elite altrusim, and he was pretty fond of them, too. Some seem to be hoping for acquittal so that they can have been right all along.
The “glass floor” effect is definitely in play here, as it has been with so many disgraced young white males. Lots of people in the media and academia invested in Studiously Schlubby Sam’s grifter narrative of “the boy wonder” and don’t want to be embarrassed further.
I hope the arrogant little twit buries himself and them when he takes the stand.
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The book review in today’s NYT is also amusing. Lewis knows he was bamboozled but short of a complete overhaul of the book into something entirely new he can only go so far in admitting out.
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“effective altruism”
Ah, one of the rare oxymorons where both words are ironic. It’s become quite the effective identifier for scammers in the tech industry, though.
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And quite the little moneymaker for academics like William MacAskill and Peter Singer who launder their reputations.
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Bank Man’s Fried
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I also recommend this long, but excellent video. I get that the title calls out NFTs, but it gets very heavily into crypto. And even starts out with one of the best primers on what happened in 2008/9 in the financial markets.
Pretty sure it’s been on BB before, but here it is again below.
Edit - I meant to add this link from the very good Molly White but was distracted for a minute.
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Dude is soon going to learn his babbling excuses he gave in social media and youtube interviews aren’t going to get him out of trouble in Federal court.
How long before he starts borrowing from the former guy and calling it a witch hunt?
Oo, found some! The Where’s Waldo Witches:
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Lewis will be doing podcasts about the trial:
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And his parents.
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Another one of the Forbes “30 under 30” crowd in court and facing a long stretch.
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My favorite S adjective for that schlepp is smarmy.
Much like “compassionate conservative” is oxymoronic and describes morons and scammers in the political sphere.
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US v Sam Bankman-Fried trial begins … as imploded crypto-biz boss sues his insurer
The first of two US government prosecutions of former FTX CEO Sam Bankman-Fried commenced in New York on Monday, only a day after the cryptocurrency tycoon sued his own insurance company for failing to cover his legal costs.
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Ahead of that case commencing, the former CEO filed a complaint [PDF] on Monday against Continental Casualty Company (CNA) that accuses the Chicago-based insurance firm of failing to abide by the terms of his insurance policy with them.
The crypto big cheese alleges CNA has not observed the terms of its insurance contract, which Bankman-Fried asserts should cover his defense costs.
Bankman-Fried’s company Paper Bird, which owned much of the collapsed FTX Trading Ltd, held a directors and officers insurance policy issued by QBE Insurance Company to cover executive legal expenses.
But that policy, and a second from Lloyd’s of London, have an aggregate liability limit of $10 million. That limit has been reached and Bankman-Fried needs CNA’s second-layer excess policy to pay out.
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Best he can hope for now is “30 under 30-to-life.”
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