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Here's something you don't see everyday in the U.S.: a white guy being arrested by a bunch of black guys. That's what you get for being a crooked Demotard.
I think the most surprising or interesting thing about this whole ordeal is how Alameda trading was not able to secure a massive profit with all these advantages. It really goes to show how incompetent the people were.
Yeah I think they said that AR conducted directional trading with no hedging or risk management. I think the risk with margin trading can wipe out your investment. I don’t think it’s a trivial investment policy.
I find it disturbing that people can do all these suspicious huge transactions, while the bank question me when I deposit a thousand dollars in my bank account. 😂
Reminds me of a story from the IRS that it gets it budget set really low and they can’t go after the big fish who cheat on taxes so they go after the small fry
That's drug war stuff. It's way easier to catch small time money launderers than it is to go after bigger players who can afford accountants and lawyers to launder their money for them.
The media just wont tell the truth cause its owned by them lol WEF owned !! democrats are puppets of the WEF its a fact! they cant be trusted ! ever! Sad how American tax payers pay for Zelensky's mansions while innocent Ukrainian's die .. Jewsef Biden doesnt mind.. Zelensky is of Israeli descent and doesn't mind.. Sean Pen and Ben stiller showing support for their jewish brother lol Bring back my EMI award!!! says Sean Pen to jewlensky lol Im sorry but this is to much!! These people are promoting ww3 and they want you to pay for it .. while they get more rich through money laundering.. We need change people!! We need to open our eyes ! We need to step away from any kind of centralization ! Say no to globalization!! That only puts the power of the world in the hands of a few! Not good idea! Dont vote democrat or liberal.. they are both WEF... Dont fall victim to the scams of big pharma!!!
I think Patrick is right: in the end, we will find that all of SBF's underlings and associates have already flipped on him and he was doing the interviews on borrowed time no matter what he said.
@@apuapustaja1 It's possible even that was due to his interviews; as in those interviews he publically tried to throw Ellison under the bus. I think she'd have turned on him regardless, but that would at least have removed some of her second thoughts about it.
@@kenarmss7966 But did they? FTX hasn't been around long. Did FTX pay dividends or repurchase "shares" from the private investors? I don't know. I just think they lost their equity positions just as the customers.
The thing that really irks me about all of this, is the sheer greed of the man. He had already made his millions during the short window that alameda was a legitimate arbitrage cash cow - but those millions clearly weren’t enough for him when forming and ultimately going full rogue with FTX. I guess he thought he was bulletproof after those early day gains…
Criminals gotta crime. And they ALL believe they are smarter than everyone else. How else could they fool a 3-year old into giving them candy? They never seem to understand that eventually someone is going to see through the con. But to Sam's credit, he picked the right morons in those VC firms. They tend to be as greedy and crooked as he is! Thieves cheating thieves, they all thought they were getting over on the other guy!
Ah brilliant. This is gonna be brilliant. I can't think of anyone I'd expect to talk me through this debacle in a more entertaining way. This channel is the only finance focused channel that makes me laugh out loud.
Entertainining? This was in my suggestions and I really want to get SBF info updates but Patrick is massively monotone and boring. It’s like watching a video on -.5 speed. Is it the accent that’s keeping you entertained? I’m Irish so this doesn’t apply to me.
@@_D_A_V_E_ I'm sorry you're forced to listen to boring, monotonous, fellow countrymen you don't enjoy listening to and have to then promote their tedium by commenting on their channel's. I thought Ireland was a free country now you're done blowing up Norman landlords. I'm sorry you're forced to endure this horrific pastime. It's really put a damper on the holiday season for me :-(
Absolutely brilliant video, Patrick! Just the insightful yet humorous, succinct yet covering all key aspects, jargon-free content that I have come to expect from this channel over the years. Please keep up the good work.
I appreciate both you're ability to breakdown the material you cover in an educational yet compelling and interesting way while also delivering deadpan comedic fire lol. Keep up the good work Patrick!
I would love for you to make a video about Mr. Wonderful. Not only would it be a great video but lots of people would watch it. Your burns and legit criticism of him are both already legendary. You could even get a bottle of his wine and take sips and critique it while roasting him. Plus, some frank talk about his shortcomings would be good to demystify him and in line with your educational mission.
Patrick, you are a treasure. I did not think it was possible to inject subtle humor into a subject as dry as finance, but you have made it an art form. Thanks.
Best sarcastic, dead pan delivery of essential facts EVER! And it sounds like SBF finally had his coming-of-age realization that money does NOT, indeed, grow on trees.
Be white be from MIT. Look like total shit - have smart parents- here have $200 million from Sequoia. That group would not advance you or I bus fare. Full stop
Love how Patrick not only emphasises SBF's part in all this but also the financiers that apparently think "due diligence" is something you do by reading tweets and websites (which to use the bards/Patrick's words "is really bad")... Keep up the great work Patrick!
It is still illegal to defraud even those who don’t do due diligence. There is no legal obligation for anyone to do any research in making an investment even though it is unwise to do so. But there is a legal obligation to operate without committing fraud.
This is what happens when everyone around you calls you a genius but you are actually stupid. These rich kids are born on 3rd base but they claim to be self made
The payment of politicians is most concerning. It is good that this is investigated prosecuted. Thanks for keeping the public informed. The media hardly do the job in this respect.
"Hopefully the Bahamian authorities who have stated that Sam is a flight risk, will be restricting his access to wax and feathers to prevent any escape plans that he might have!" Best line ever.
The funny is Bahamas ain't a country u want hide in cause Bahamas have no problem with US when it comes to arrest someone. He maybe would try some Asia country or Russia there it's hard for US to take someone. But I'm guessing he has no knowledge outside the computer 😅
I actually bought and read his book & it gives very solid & down to earth finance and budgeting advice…. But somewhere down the road of bribes & greed he went bonkers.. the whole stuff contradicts absolutely everything that he’s put in the book
I did a double take on the sentence... "payments were made to Sam Bank-Frauds family" ... so why is he living in his parent's house and why aren't they being prosecuted?
Great stuff as usual Patrick. If SBF doesn't do at least 20 years' hard time, the system is broken. And the forest nymph should get a significant custodial sentence as well.
I’ve done Quickbooks for small firms and start-ups by necessity, BUT they were always audited by CPAs, and taxes filed….I somehow don’t think this was a priority for SBF. Also, Quickbooks for Billions™ is not a real Quickbooks app.
@@coeusquantitative6146 Read a bio on Musk. You may not like his politics, but he is not an actor. If people bought into a persona or belief that he represented green energy while taking carbon credits, that is on them. He seems to lack an ability to act.
I really appreciated your joke about Icarus not stealing 8 billions dollars in funds. In the absolute most charitable light, SBF was colossally incompetent and played roulette with billions of dollars of other people's money. That is the kindest take on this matter. He undertook no real risk control (despite his company telling investors that was one of its main purposes), he used quickbooks to manage funds, he labelled accounts with jokey names and seemingly lost track of them and what money went into them - this is indefensible. You can't behave this way with hundreds of thousands of dollars, let alone billions of dollars. If it is just "incompetence" then it is clearly criminal incompetence. If I was in theatre, and I had to anaesthetise a patient, and I had two syringes - one with 50mmol of Potassium, just laying around and one with saline to prep a line - and I just pick up the one with potassium, without checking, without labelling the syringes, and I just flush the line with that and kill the patient by inducing a cardiac arrest - I'm going to go to jail for that! That's criminal incompetence. It doesn't matter if I intended to do that, it doesn't matter if I was tired or clumsy. I can't stand before the judge and say "Your Honour, I know I killed the patient, but hey, have you considered this - I'm a complete moron! Should I be punished for being a moron!?" That isn't going to fly. You are put in a position of trust and that comes with legal responsibilities. Those legal responsibilities aren't waived away because you say "I was too stupid to carry them out!". Even if that is the case and SBF was too stupid to carry out his responsibilities (highly unlikely given that he graduated with a degree in physics with a minor in mathematics), that defence cannot possibly be entertained by any court, because EVERYONE would then plead stupidity as a defence. The entire criminal justice system would fall apart if he was allowed to get away with it. You'd have everyone from engineers, to doctors, to veterinarians to CEOs claiming "I can't be held responsible! I was just.... too stupid to know how to properly manage things!"
To be fair, one of the main criticisms of SBF by the broader crypto scene prior to the revelation of fraud was that he was attempting to sway policy makers to create regulations that benefited him and harmed everyone else. He was not trying to stave off new regulations -- he was trying to bring them on in such a way that his competitors would be ruined by them.
and that (as a lay person) speaks all kinds of double dealing with me: you're selling the idea of "crypto" whatever to masses that want no regulation, no CENTRALIZATIION, and yet this guy (and a few other guys) are all heading up the ENTIRE YACHT . that contradicts to whole idea of crypto across the board for me.
Wow, I’m so impressed about your channel. The way you manage to put together so much material in such a concise way is a mystery! 👏🏻 You are beating all the news channels who have plenty of staff.
This is what you get when intelligence, years of education and hard work to master a subject are combined. There are people like this in most fields but not many of them as a proportion of the human race. They are true experts and they make thing appear simple because a great many things are simple if you just exclude the nonsense.
I’m still baffled by how this person was given so much equity without any meaningful due diligence and how those parties haven’t been sued for gross negligence.
@@mellowtones1985 thats called competition though. And even so, you see what people are wearing when the tide goes out and CZ was just the trigger... it was gonna happen either way, You cant expect a competitor to "take care of you", thats the very basis for a sound capital free market economy... as its posited.
Thank you for mentioning the political associations. Irrespective of the political party,it's going to be hard to take him down seeing how many of the representatives received donations
@@Redskies453 Yep. Best thing he can hope for is to be put in isolation somewhere; if he's out in public he's gotta watch his back. If he's in general pop. in prison he's gotta watch his back. A lot of people want him gone and will think nothing of paying someone to "Send him to Belize"
@@stevemc9278 🤣 Right!! Jokes aside it was actually mostly people who claimed that his donations to Democrats would keep him from getting arrested. These same people also seem to be unaware that SBF's dark money contributions were all to Republicans.
@@Analwreckage To believe Sam could buy property after just a few years running an exchange shows they aren't intelligent even though they are college educated.
Your videos are great. The content is entertaining, informative and overall well put together. You have such a unique way of delivering information. The more I pay attention, the more I notice how much comedy their is hidden underneath the serious straight-faced presentation.
@@Forakus by that logic SBF should be able to pay it back to his investors in exchange for walking free, however this seems is not an option. so your logic is off.
you're the best yt financial man out there, didnt realise this until i started to pay attention to your work, too many imposters out there fishing for views.
I love the part where you summarize the charges against SBF where you say..."which I should highlight is bad"...."which is also bad"...."it is all bad."
This is as bad as can be. No more Generous Billionaire, just a good old fraudster. Thanks Patrick for such a crystal clear account of the charges against FTX/Alameda.
Likely. Gerald Cotten's wife (Quadriga in Canada) was run through the ringer. She had to forfeit (some) assets. I don't know the details but I believe she is still much better off financially speaking than she was before her husband fucked everyone over.
Possible, I mean they could claim they had no knowledge and would try to return the assets and funds which I did hear they were trying to do just that in regarding towards a piece of property that they bought they were trying to return it to FTX, the business itself
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"Just Plain Old Boring Mike" is the real hero
thanks guys for making it happen !!
Biden will pardon him after all he paid for it so court not going to give any justice take justice into your own hands at least throw eggs at him.
Patrick can you do one on Trch MMTLP and MMAT it’s a very very interesting story that is right up your alley. The story is on going. #FINRAFRAUD
Here's something you don't see everyday in the U.S.: a white guy being arrested by a bunch of black guys. That's what you get for being a crooked Demotard.
I think the most surprising or interesting thing about this whole ordeal is how Alameda trading was not able to secure a massive profit with all these advantages. It really goes to show how incompetent the people were.
They busy banging each other and consuming drugs
Mind blowing isn't it
Yeah I think they said that AR conducted directional trading with no hedging or risk management. I think the risk with margin trading can wipe out your investment. I don’t think it’s a trivial investment policy.
@@suedenim6590 honestly lol.
Gambling on margins with crypto is crazy to begin with.
"Not everyone turns out like their parents. I mean, look at me. My folks were honest, hard-working people." - Phillip J Fry
LOLLLLLLLLL
Not entirely sure that was the case for Sam though
Sam's parents are crooks as much as their son.
Oftentimes people turn out the opposite of their parents in an act of rebellion
Well done Sir, well done! :D
You’re not going to find a better summary of the charges in this case! You also won’t find a more entertaining one. Well done, Patrick!
Soo is this exactly like that rogue trader movie, only ewan mcgregor actually owns the bank?
💯
You can't EVEN communicate what you don't understand...
Agree 100% I have been trying to understand this story since the collapse, and it has been hard to get the facts before I saw this fantastic summary!
I find it disturbing that people can do all these suspicious huge transactions, while the bank question me when I deposit a thousand dollars in my bank account. 😂
its cuz there are regulations in play targetting (by comparison) petty crime
Reminds me of a story from the IRS that it gets it budget set really low and they can’t go after the big fish who cheat on taxes so they go after the small fry
That's drug war stuff. It's way easier to catch small time money launderers than it is to go after bigger players who can afford accountants and lawyers to launder their money for them.
Amazing a one man Podcaster is able to fully explain what corporate media with millions and a team of reporters can't do.
Only weird liberals take media companies seriously any more.
The media just wont tell the truth cause its owned by them lol
WEF owned !! democrats are puppets of the WEF its a fact! they cant be trusted ! ever! Sad how American tax payers pay for Zelensky's mansions while innocent Ukrainian's die .. Jewsef Biden doesnt mind.. Zelensky is of Israeli descent and doesn't mind.. Sean Pen and Ben stiller showing support for their jewish brother lol Bring back my EMI award!!! says Sean Pen to jewlensky lol
Im sorry but this is to much!! These people are promoting ww3 and they want you to pay for it .. while they get more rich through money laundering.. We need change people!! We need to open our eyes ! We need to step away from any kind of centralization !
Say no to globalization!! That only puts the power of the world in the hands of a few! Not good idea! Dont vote democrat or liberal.. they are both WEF... Dont fall victim to the scams of big pharma!!!
He probably has help too at this stage.
Tbh what corporate media WONT do.
@@jonjeskie5234 No noone ones explanations anymore.
It’s unbelievable that he’s been doing all of these interviews and essentially handed the entire case to the SEC on a silver platter.
I think Patrick is right: in the end, we will find that all of SBF's underlings and associates have already flipped on him and he was doing the interviews on borrowed time no matter what he said.
It’s reported his parents were laughing in court. I don’t think any of them think this is serious
Even the wood nymph turned on him according to some media claims.
@@apuapustaja1
It's possible even that was due to his interviews; as in those interviews he publically tried to throw Ellison under the bus.
I think she'd have turned on him regardless, but that would at least have removed some of her second thoughts about it.
She reportedly cast the "prosecutus co-operatsum" spell
The only person who can humiliate Kevin O'leary more than patrick is Kevin himself
Common Sense Sceptic has a Nice History Breakdown of Kevin. Just another Scammer...
Hey man, Kevin O'Leary does his best, or at least it seems like he does.
Kevin o Leary is a clown. Big time.
Did you hear Kevin say his due diligence was using “other ppl’s due diligence”? Lol
Kevin is a shill
That's right, sit back and watch trump destroy himself every time he opens his mouth, he'll never win an election.
"I'm not gonna make fun of Kevin O'Leary"
Patrick's burns are legendary 😂😂
As a teacher I met many enabling parents. These two get the award of the century.
Precise, dry, witty. Your channel is truly a haven of sanity and enlightenment. Thank you Patrick.
Thank you for the commitment to education, commentary and your channel in general. Stay great Patrick. Thanks a mill and cheers.
@@kenarmss7966 But did they? FTX hasn't been around long. Did FTX pay dividends or repurchase "shares" from the private investors?
I don't know. I just think they lost their equity positions just as the customers.
I come back to Patrick for the dry humor.
The thing that really irks me about all of this, is the sheer greed of the man. He had already made his millions during the short window that alameda was a legitimate arbitrage cash cow - but those millions clearly weren’t enough for him when forming and ultimately going full rogue with FTX. I guess he thought he was bulletproof after those early day gains…
Criminals gotta crime.
And they ALL believe they are smarter than everyone else. How else could they fool a 3-year old into giving them candy? They never seem to understand that eventually someone is going to see through the con. But to Sam's credit, he picked the right morons in those VC firms. They tend to be as greedy and crooked as he is! Thieves cheating thieves, they all thought they were getting over on the other guy!
His plan was to rub billions not millions
arrogance and lack of decency
Definitely, he never considered other outcomes. Just expected to make an absolute Motza.
With a name like Bankman... what else do you expect?
Ah brilliant. This is gonna be brilliant. I can't think of anyone I'd expect to talk me through this debacle in a more entertaining way. This channel is the only finance focused channel that makes me laugh out loud.
Ditto.
_Amen!_
Entertainining? This was in my suggestions and I really want to get SBF info updates but Patrick is massively monotone and boring. It’s like watching a video on -.5 speed.
Is it the accent that’s keeping you entertained? I’m Irish so this doesn’t apply to me.
@@_D_A_V_E_ Relax buddy it's called an opinion/preference/taste/interests. There's literally no point in debating those.
@@_D_A_V_E_ I'm sorry you're forced to listen to boring, monotonous, fellow countrymen you don't enjoy listening to and have to then promote their tedium by commenting on their channel's. I thought Ireland was a free country now you're done blowing up Norman landlords. I'm sorry you're forced to endure this horrific pastime. It's really put a damper on the holiday season for me :-(
Absolutely brilliant video, Patrick! Just the insightful yet humorous, succinct yet covering all key aspects, jargon-free content that I have come to expect from this channel over the years. Please keep up the good work.
Your summaries of legal tests, court filings, and financial concepts is really impressive.
I appreciate both you're ability to breakdown the material you cover in an educational yet compelling and interesting way while also delivering deadpan comedic fire lol. Keep up the good work Patrick!
"You are" ability?
Come on, its ok.
I would love for you to make a video about Mr. Wonderful. Not only would it be a great video but lots of people would watch it. Your burns and legit criticism of him are both already legendary. You could even get a bottle of his wine and take sips and critique it while roasting him. Plus, some frank talk about his shortcomings would be good to demystify him and in line with your educational mission.
@@aonutsihasnouith This would be…WONDERFUL! 😁
I love the deadpan, and this is "bad", regarding violations that can result in decades of prison time. 😅
21k views inside one hour. Congrats Patrick. I'm a 30 yr stockbroker and I think your financial channel is the best.
20 years here, experienced mkt people love Patrick cuz he’s a wiseass.
You are all tools
18 years EQ sales, 3.5 with a VC - he is most certainly the real deal
Best finance channel. Not dumbed down, entertaining, no punches pulled.
Nah. Real financial advisors talk about lambos and 10x to the moon
@@jobnieloliva5358 also they sponsor for FTX and BlockFi 😩
Patrick, you are a treasure. I did not think it was possible to inject subtle humor into a subject as dry as finance, but you have made it an art form. Thanks.
I'm so glad I stumbled upon this creator. Informative and entertaining
Best sarcastic, dead pan delivery of essential facts EVER! And it sounds like SBF finally had his coming-of-age realization that money does NOT, indeed, grow on trees.
I still cannot comprehend that no one did any due diligence.
Just like Madoff. If smart people have invested, then the lazy people (who might otherwise be super smart) piggyback assuming others did enough DD.
Be white be from MIT. Look like total shit - have smart parents- here have $200 million from Sequoia. That group would not advance you or I bus fare. Full stop
Why do DD when it's someone else's money. They are there to spend the money and make some pips off somebody else's cash.
same as Elizabeth Holmes. FOMO and nepotism
Finance is boring. That’s a reality. But once in a while a tulip salesman appears and …. FOMO ….
Patrick is the BEST financial channel on RUclips 😊
Love it when Patrick reports on these events with the "I don't want to live on this planet anymore" look
Love how Patrick not only emphasises SBF's part in all this but also the financiers that apparently think "due diligence" is something you do by reading tweets and websites (which to use the bards/Patrick's words "is really bad")...
Keep up the great work Patrick!
It is still illegal to defraud even those who don’t do due diligence. There is no legal obligation for anyone to do any research in making an investment even though it is unwise to do so. But there is a legal obligation to operate without committing fraud.
Since SBF has been busy doing the prosecutors work for them, the generous thing to do was to let him finish first.
probably why he was arrested before he could testify before Congress. Too many in power are afraid of what he might reveal....
Right! I would have kept my mouth shut.
This is what happens when everyone around you calls you a genius but you are actually stupid. These rich kids are born on 3rd base but they claim to be self made
Yeah, seems like an insanity defense in the making.
His amphetamine using eugenicist girlfriend flipped a week ago so why not have 15 minutes of fame?
He should go for the old woodnymph conspiracy defense.
🤣
With the Twinkie precedent, your suggestion has merit, counselor.
he thought she was the leprechaun from lucky charms .... they're all after his lucky ftt charms
maybe the Chewbacca defence would work here better :D
A sultry wood nymph made me do it - SBF, 2022.
The payment of politicians is most concerning. It is good that this is investigated prosecuted. Thanks for keeping the public informed. The media hardly do the job in this respect.
This is the best content I’ve come across regarding SBF.
Your market storytime series is top notch. The Charles Ponzi video is especially good. Cheers.
"Hopefully the Bahamian authorities who have stated that Sam is a flight risk, will be restricting his access to wax and feathers to prevent any escape plans that he might have!"
Best line ever.
Lol. Brilliant Icarus reference 😁
Yes! So many dimensions to that line!
Can't wait for some cartoon artwork of this scenario, but my imagination is running riot!.
Mr. Carlson will be dropping 40 Sam Bankman Frieds out of a helicopter to see if he is indeed a flight risk.
To the moon!
Hilarious that he was hiding out in the Bahamas and now that it went down he's stuck in one of the worst pits in the penal system.
Gotta love that
Gotta love Karma......
The funny is Bahamas ain't a country u want hide in cause Bahamas have no problem with US when it comes to arrest someone.
He maybe would try some Asia country or Russia there it's hard for US to take someone.
But I'm guessing he has no knowledge outside the computer 😅
He wasn't hiding out in the Bahamas; that's where the business was based because the Bahamas isn't as extra as US regulators.
@@David-ud9ju exactly. Hiding out from regulators, the law and decency.
He's scum, that's why he was there and not the U.S.
Patrick, can you PLEASE do a video on Kevin O'Leary? It would be amazing...
Common Sense Skeptic did one (or rather have part 1 of 2 out so far), but I have admit it lacks the deadpan delivery.
Oh yes please!
I actually bought and read his book & it gives very solid & down to earth finance and budgeting advice…. But somewhere down the road of bribes & greed he went bonkers.. the whole stuff contradicts absolutely everything that he’s put in the book
I did a double take on the sentence... "payments were made to Sam Bank-Frauds family" ... so why is he living in his parent's house and why aren't they being prosecuted?
Your ability to explain incredibly complex concepts so simply is a gift. We’ll done.
Indeed, well done.
SBF: "The money was just resting in my account"
Facts and humor- what a gifted combination. Thanks Patrick!
You would think with parents as tax attorney professors he would know better.
Just discovered this channel. This guy is great, hands down crystal clear and oh so wry. Thank you!
You are late to the game but certainly in for a treat now that you are here!
A man after my own heart. Love your brand of humor Patrick! 🎉
Patrick, thank you for your clarity and humor. Unlike SBF, you provide actual value. Subscribed.
Just to remind everyone FTX ran a Superbowl ad, and had a stadium named after it. No one was doing do diligence.
They bought naming righys for a basketball arena too. They had Tom Brady & Gisele, as well as Larry David, as commervial endorsers.
Thanks Patrick! This is by far the best coverage I've seen
When I heard "sophisticated risk management" I laughed.
Thanks!
Great stuff as usual Patrick. If SBF doesn't do at least 20 years' hard time, the system is broken. And the forest nymph should get a significant custodial sentence as well.
Agreed
Forest Nymph 😂😂😂😂
She will get pregnant and the courts will be lenient.
Madoff got 150 years so i would not really worry about that.
Yeah, for some reason when you rob rich people, especially through fraud, the consequences tend to be severe…
I’ve done Quickbooks for small firms and start-ups by necessity, BUT they were always audited by CPAs, and taxes filed….I somehow don’t think this was a priority for SBF. Also, Quickbooks for Billions™ is not a real Quickbooks app.
"I don't remember the part where Icarus stole eight billion dollars of customer money, and lost it all."
This is how you deliver a joke xD
😂😂😂😂
Kevin O'Leary is the definition of random probability will make someone rich.
@@coeusquantitative6146 you should be as smart as Elon, your comment indicates otherwise the man is a visionary .
@@coeusquantitative6146 Read a bio on Musk. You may not like his politics, but he is not an actor. If people bought into a persona or belief that he represented green energy while taking carbon credits, that is on them. He seems to lack an ability to act.
Not really. It's not easy running an airline.
I really appreciated your joke about Icarus not stealing 8 billions dollars in funds.
In the absolute most charitable light, SBF was colossally incompetent and played roulette with billions of dollars of other people's money. That is the kindest take on this matter. He undertook no real risk control (despite his company telling investors that was one of its main purposes), he used quickbooks to manage funds, he labelled accounts with jokey names and seemingly lost track of them and what money went into them - this is indefensible. You can't behave this way with hundreds of thousands of dollars, let alone billions of dollars. If it is just "incompetence" then it is clearly criminal incompetence.
If I was in theatre, and I had to anaesthetise a patient, and I had two syringes - one with 50mmol of Potassium, just laying around and one with saline to prep a line - and I just pick up the one with potassium, without checking, without labelling the syringes, and I just flush the line with that and kill the patient by inducing a cardiac arrest - I'm going to go to jail for that! That's criminal incompetence. It doesn't matter if I intended to do that, it doesn't matter if I was tired or clumsy. I can't stand before the judge and say "Your Honour, I know I killed the patient, but hey, have you considered this - I'm a complete moron! Should I be punished for being a moron!?" That isn't going to fly. You are put in a position of trust and that comes with legal responsibilities. Those legal responsibilities aren't waived away because you say "I was too stupid to carry them out!".
Even if that is the case and SBF was too stupid to carry out his responsibilities (highly unlikely given that he graduated with a degree in physics with a minor in mathematics), that defence cannot possibly be entertained by any court, because EVERYONE would then plead stupidity as a defence. The entire criminal justice system would fall apart if he was allowed to get away with it. You'd have everyone from engineers, to doctors, to veterinarians to CEOs claiming "I can't be held responsible! I was just.... too stupid to know how to properly manage things!"
To be fair, one of the main criticisms of SBF by the broader crypto scene prior to the revelation of fraud was that he was attempting to sway policy makers to create regulations that benefited him and harmed everyone else. He was not trying to stave off new regulations -- he was trying to bring them on in such a way that his competitors would be ruined by them.
It's his peoples way.
@@mjanny6330 Bahamians ??
@@peaksingularity3032 his parents, who are involved in DC politics
and that (as a lay person) speaks all kinds of double dealing with me: you're selling the idea of "crypto" whatever to masses that want no regulation, no CENTRALIZATIION, and yet this guy (and a few other guys) are all heading up the ENTIRE YACHT . that contradicts to whole idea of crypto across the board for me.
@@thedwightguy I'm not sure there is any clergy against whom the laity must be distinguished regarding this topic
Well researched, logical and concise in breakdown. Excellent video as always Patrick!
This guy really has the best videos about this mess. Glad I found him.
I've been waiting for this ever since he got arrested.
Great work, really get a lot of value from your analysis and commentary on this absolutely insane story.
"Sam Bankman-Fried is not having a great week"
You are a comedy genius. I just blew milk out of my nose.
"With their rather limited due diligence"
Stop it man, you are killing me. I am 30 seconds into the video.
I only just found this channel maybe 2 or 3 weeks ago and it's already become one of my favorites
Hi Patrick from Australia. Keep up the great work. Cheers
Wow, I’m so impressed about your channel. The way you manage to put together so much material in such a concise way is a mystery! 👏🏻 You are beating all the news channels who have plenty of staff.
The mystery is how the mainstream media with multi-million dollar budgets are so bad at it!
It’s because what they produce is entertainment. Not knowledge about news.
This is what you get when intelligence, years of education and hard work to master a subject are combined. There are people like this in most fields but not many of them as a proportion of the human race. They are true experts and they make thing appear simple because a great many things are simple if you just exclude the nonsense.
Every video I just wait for the Kevin O'Leary part. 🤣🤣🤣
Patrick dropping another banger, per usual.
Thank you very much for this & a Merry Christmas to you & all in the PB community.
HoHoHo
I guess they don’t serve vegan food in Bahamian jails 😢
I love your vids Patrick! Thank you so much for making them!
I’m still baffled by how this person was given so much equity without any meaningful due diligence and how those parties haven’t been sued for gross negligence.
Patrick's humor and delivery is so dry, it must come in powdered form. Top notch.
Great breakdown, I have been watching this case constantly and still learned from this video
That Icarus line was the cherry on top. Thank you!
There is no way he didn’t know what was happening. He figured crypto would rebound and it wouldn’t matter
He took major gambles. I’m wondering if CZ pulled the rug from underneath him because he felt threatened by FTX rapid growth.
@@mellowtones1985 thats called competition though. And even so, you see what people are wearing when the tide goes out and CZ was just the trigger... it was gonna happen either way, You cant expect a competitor to "take care of you", thats the very basis for a sound capital free market economy... as its posited.
@@johns5558 I agree with you.
That last point on wax and feathers killed it😂 Great and funny as usual. Thank you for your work.
Great content. In-depth, unbiased and factual with great dry humor throughout. Subscribed!
"Restrict his access to wax and feathers"...... 😊 Priceless!! 😊
Thank you sir!
I now feel compelled to search for legal filings that incorporate the phrase "personal piggy bank".
He's not going to fight removal. Have you seen the prison he is being kept in? He wants out of there as fast as possible before he "disappears".
Thank you for breaking this down so a laymen can understand it. Like you channel Patrick.
Thank you for mentioning the political associations. Irrespective of the political party,it's going to be hard to take him down seeing how many of the representatives received donations
They're certainly not getting any more, as he's cooked. I can't see why they wouldn't turn on him
@@Redskies453 Yep. Best thing he can hope for is to be put in isolation somewhere; if he's out in public he's gotta watch his back. If he's in general pop. in prison he's gotta watch his back. A lot of people want him gone and will think nothing of paying someone to "Send him to Belize"
Thank you for your commitment to comedy
Really glad to see your channel growing
I couldn't help but laugh at the people who thought that he wouldn't get arrested.
They are called Democrats
@@stevemc9278 🤣 Right!! Jokes aside it was actually mostly people who claimed that his donations to Democrats would keep him from getting arrested.
These same people also seem to be unaware that SBF's dark money contributions were all to Republicans.
@@stevemc9278 yeah Steve get em
@@stevemc9278 The Democrats are who had him arrested. He has a lot of secrets they want kept hidden.
I'm surprised that he made it to the jail alive lol
I love Patrick's dry sense of humor and deadpan delivery. Comedy Gold! His dragging of O'Leary is just icing on the cake.
I'm really enjoying your coverage of SBF/FTX!
YOUR DELIVERY IS FAULTLESS, PAT. YOU SHOULD BE A PUBLIC PROSECUTOR, BRO!
He would definitely flourish in that position.
Thanks Patrick. Nobody can explain complex information like you. Your the best!
The parents in court are acting exactly like you would expect. They are acting like he is innocent of course.
well yeah, because asset forfeiture will hit them as the recipients of proceeds of his (alleged) embezzlement
They're lawyers...
@@jeffredfern3744 filth lawyers, they will use every slimy trick in the book to get their precious boy off.
They sorta sound like amoral scum as well
@@Analwreckage To believe Sam could buy property after just a few years running an exchange shows they aren't intelligent even though they are college educated.
Patrick, I tip my hat to you for your ability not to blink.
Your videos are great. The content is entertaining, informative and overall well put together.
You have such a unique way of delivering information. The more I pay attention, the more I notice how much comedy their is hidden underneath the serious straight-faced presentation.
You are incredibly engaging not sure exactly why. Always look forward to how thorough your videos are
Cause he actually knows how to explain clear and simple to understand . No mumbo jumbo .seems refreshingly honest !
What I really want to know is how Alameda managed to lose over $ 8 billion, while insider trading with a infinite credit line
It's actually impressive
That bucktoothed little blond hottie said she never used stop losses.
It was a team of young former order processors with no trading strategy. But yeah, a bunch of chimpanzees throwing darts might have done better.
Sending it to tether. They didn't lose it. Feeder fund for tether.
@@Forakus by that logic SBF should be able to pay it back to his investors in exchange for walking free, however this seems is not an option. so your logic is off.
People come for education, I come for the British dry humor 😂
you're the best yt financial man out there, didnt realise this until i started to pay attention to your work, too many imposters out there fishing for views.
I love the part where you summarize the charges against SBF where you say..."which I should highlight is bad"...."which is also bad"...."it is all bad."
Oh boy, Patrick is going to have fun with this!
This is as bad as can be. No more Generous Billionaire, just a good old fraudster. Thanks Patrick for such a crystal clear account of the charges against FTX/Alameda.
Let me get this straight they went to Best Buy bought quick books, and ran a 32 billion dollar company with it...
I always wait for you to upload any video to watch. Always love it.
The clearest and most entertaining explanation.
I have subscribed
The only creator I get the 🍿 out for like I’m watching Film.
If his parents are tax lawyers and they received assets from FTX are they liable?
They COACHED him! The liberal Democrat ELITES used FTX as a front. They will never see the inside of a prison.
Hopefully. Proceeds of crime laws and all that. And they are lawyers so should know better
Likely. Gerald Cotten's wife (Quadriga in Canada) was run through the ringer. She had to forfeit (some) assets. I don't know the details but I believe she is still much better off financially speaking than she was before her husband fucked everyone over.
Being law professors will make it hard for them to plead ignorance.
Possible, I mean they could claim they had no knowledge and would try to return the assets and funds
which I did hear they were trying to do just that in regarding towards a piece of property that they bought
they were trying to return it to FTX, the business itself
Hey Siri, who was the first person to hang themself with a prison anti-hang bedsheet?
Hey Siri are you there?
''SMF is not having a great week'' I love you Patrick