The Best Sam Bankman-Fried/FTX Explainer Ever
If you need the Sam Bankman-Fried/FTX crimes explained, Atrios has the best explainer.
He (Sam Bankman-Fried) took something that was nothing but fraud to begin with (crypto) and then just stole all the money! It was all fraud!
Really the entire thing was:
1) Get rich VC guys who high on their own farts and whatever else to give him money
2) Use money to fund a massive PR effort to get people writing nice things about him. Use the word “philosophical” and “altruism” a lot. Focus on Harvard inbreds, they’re the best marks.
3) Use money to get politicians to turn “being a crook” into “not being a crook” (got pretty close here!), with the help of the journalists in 2)
4) Fill a box with fake money, and have people give you real money for it
5) Steal the real money
by Atrios at 11:30
Yep, it was a latest and perhaps greatest of the crypotocurrency schemes. All cryptocurrency is the famed something for nothing, greed does the rest. Hope they give Bankman-Fried many long years to think about his crime, as he conned the rich and not just the middle class that may well happen.