He’s probably thinking “Jamie Dimon can get away with it, so I should be able to get away with it too”. Remember that conversation Dimon had with a Senator, said words to the effect “go ahead and hit the company with a fine, he doesn’t care”?
Steve
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Dimon knew that was a cost of doing business. Not right but not relatively speaking anywhere near crippling.
Also Dimon pays taxes and generates business on a huge scale. He is not commingling funds.
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And all that creates the image that “JCs” are above the law, unaccountable, no matter what they do.
Steve
Right because all crypto is the same? LOL and that is why I have said you have no clue what you are talking about. You think that Bitcoin is the same as Ethereum which is the same as Chainlink. Boy do you have a lot of reading to do.
Andy
1 Like
Many of the founding fathers held slaves. We all talk a good game. At the end of the day it is horse trading.
Those with the bad perceptions just want to be on an equal footing.
He was on the Unusual Whales podcast today, along with a number of crypto-skeptics. It was just recorded this morning. I didn’t have time to listen to the whole thing, but one them asked him straight up why what he was doing wasn’t wire fraud. He didn’t have a very convincing explanation.
Along those lines, a few hours later the Feds nabbed him in the Bahamas.
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We are not supposed to talk politics.
So lets just go back to wallowing in supply side econ and rack up another $80 trillion in federal debt. Why? Because dimwits need to be right no matter what.
Arrested for the crime of not having size. Top dogs at JPM and Goldman don’t get perp-walked. Only the two bit operators.
Steve
5 Likes
The only bank to get prosecuted in the 2008 crisis was a small risky dink family bank that didn’t actually do anything wrong.
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Arrested for the crime of not paying attention to the details.
JPM and Goldman don’t get perp walked because they had teams of lawyers review their customer-facing representations to make sure that they didn’t promise anything without a caveat or exclusion, and teams of compliance professionals to make sure that the basic requirements of running a brokerage or bank (like, say, segregating customer funds in separate accounts when required to do so) were actually met. So when everything blew up, there was always paper that executives could point to showing that everything was actually done by the book, shame that the risk that these clients knowingly assumed after full disclosure in the fine print actually blew up.
SBF doesn’t have that. He ran his multi-billion brokerage/shadow bank like a lemonade stand. He didn’t have the level of record-keeping that my child’s school bake sale had. They weren’t keeping track of the money, they weren’t keeping track of the debt, they weren’t keeping track of whether what they were doing on the business side matched what they were telling customers they were doing. Which is why he was arrested.
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Not looking good for the Winkelvii Ponzi:
The Securities and Exchange Commission on Thursday charged crypto firms Genesis and Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors.
Gemini, a crypto exchange, and Genesis, a crypto lender, partnered in February 2021 on a Gemini product called Earn, which touted yields of up to 8% for customers.
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Whoops. Too bad for the investors with the Winkies. They must have had great marketing to convince people to even give them a dime.
'38Packard
Tyler Winklevoss is predictably not happy. Says the SEC is “lame.”
“A fool and his money are soon parted” has its origins in Proverbs 21:20 of the King James Version of the Bible
The Captain
3 Likes
Typical “JC” whine “big gummit interfering in my scam!”
Steve
2 Likes
Minor update for those who are interested.
This weekend, Sam Bankman-Fried had his bail revoked and has been sent back to jail for witness tampering. I guess the guy just couldn’t stop committing crimes. Apparently, in between witness tampering, he was busy complaining about Coffezilla–the guy in the first video who got Sam Bankman-Fried to admit he was co-mingling customers funds.
Remind you of anyone?
It is strange how some folks make up the law blindly and grab power.
He has a very fertile imagination.
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