QuoteAn MIT physics grad, SBF [Sam Bankman-Fraud] honed his trading skills at renowned quant shop Jane Street Capital before launching a successful firm of his own, Alameda Research. In 2019 he founded crypto exchange FTX, hailed by some as the best derivatives platform ever built. As recently as September, FTX was believed to be worth $32 billion. In addition to running the cryptocurrency exchange FTX, Bankman-Fried continued to run Alameda Research. This is like having the same person running the New York Stock Exchange and Bridgewater Associates, to pick a market and a hedge fund that are familiar to most people.
An MIT physics grad, SBF [Sam Bankman-Fraud] honed his trading skills at renowned quant shop Jane Street Capital before launching a successful firm of his own, Alameda Research. In 2019 he founded crypto exchange FTX, hailed by some as the best derivatives platform ever built.
Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.
“Employees of the FTX Group submitted payment requests through an on-line ‘chat’ platform where a disparate group of supervisors approved disbursements by responding with personalized emojis.”
BTW: Dashes in names bug me.
Like Ocasio-Cortez?Or Rodham-Clinton?
Still facing a bunch of charges that could put him in prison for a long, long time.
