SBF is being persecuted unfairly! I mean, who hasn’t inadvertently misplaced $8 billion of other peoples money on occasion?

@William-Morey-Baker

8 ай бұрын

truly, whomst among us?

@tupacalypse88

8 ай бұрын

3 times for me

@snestah

8 ай бұрын

Can you really blame a physics major for being off by an order of magnitude of 10 to the 10th power?

@kevinjkelliher

8 ай бұрын

I'm trying to do that but I'm a little short in fact some billions short. You wouldn't be able to help me out would you?

@LeroyPeterson

8 ай бұрын

Just another day for CasCoin

One of the things about the evidentiary hearing...There are certain defense tactics that the defense must announce they are trying to use. An alibi is one such but another is "advice of counsel". This must be done so the prosecutors can prep etc. Now Sam's lawyers chose NOT to rely on an advice of counsel defense officially and then seem to be arguing as much of an advice of counsel as they can...thus why the hearing was needed and why so much was kept out. But it does again show more of Sam's penchant for trying to have his cake and eat it too while bending rules. .

@nunyabizness573

8 ай бұрын

If defense had really pursued advice of council defense, that ultimately would have proven a conspiracy between SBF and former attorney, Dan Friedberg. I think the defense knows this, because bankruptcy executor John Ray III has sued Dan Friedberg. It sounds to me like Friedberg IS guilty and I'm surprised he hasn't been criminally charged yet. Right now there is a civil case against him. Also, SBF could "not recall" any specific conversations with past attorneys that would implicate them. To allow the advice of council defense without supporting evidence might have caused doubt as to fraudulent intent with the jury, but it was not supported by admissible evidence.

@christophercripps7639

8 ай бұрын

My understanding is that SBF & would have to waive “attorney-client” privileges to present “advice of counsel” defense. Such waiver would allow entry of the attorney’s records. Any competent or savvy attorney would have created contemporary records of discussions. This could totally backfire since the attorney might say SBF never mentioned “loaning out customer funds” which FTX’s own service agreement said wouldn’t happen and should have written notes or record of the attorney’s at the time memory of the info presented.

@vvvictoriav5958

8 ай бұрын

@@Dre2Dee2wtf is that supposed to mean

@fakename1656

8 ай бұрын

Took a sec but it does make sense

@christophercripps7639

8 ай бұрын

Re: “… penchant for trying to have his cake and eat it too …” Just occurred to me, replace “trying” with a word that rhymes with trying but means “deliberately untruthful.”

One of the big "tells" from SBF is his constant use of stupid jargon to communicate simple concepts. Hallmark of bullshitters.

@motnorote

8 ай бұрын

Jordan Peterson lol

@darthkek1953

8 ай бұрын

Lol no. The opposite. Peterson explains complex ideas in comprehensible segments.

@darthkek1953

8 ай бұрын

@@isaacgraham5727 i take it he's somewhat above your level. OK.

@mlevy2429

8 ай бұрын

@@isaacgraham5727lmaooo

Like many professionals said - this case is simple as a brick. He said money are going to stay in FTX and won’t be used elsewhere and they are safe to withdraw. He lied. Embezzlement.

I really think Bankman-Fried must mentally exist on some other plane of reality or something. He honestly seems to think people are just going to believe that as a CEO with a net worth of $20+ billion, he had absolutely no idea what was going on _inside his own company_ . I run a much smaller business and I know every little detail. If I was running a big financial concern I would have to be even more dilligently involved, not have _less_ responsibility.

@valeriedahl

8 ай бұрын

I can't swallow that he didn't know much of anything that was going on in his company. He had both of his parents neck deep with their pockets open and I find it very difficult that they had no idea that things were so fast and loose with the companies. Apparently his parents didn't think they should even advise that SBF put the brakes on. I don't believe the whole family after I read ..... "we have no idea of how that property in the Bahamas ended up in our names."

@picahudsoniaunflocked5426

8 ай бұрын

​@@valeriedahl Legit I'm actually more curious about his folks' mentalities, psychology, motivations, circumstances, justifications, & realities than Sam's. I'm a nobody & I've lost major freelance clients/projects/cash that would lift me off the poverty line by standing on my integrity. I can't imagine the mindset of throwing away integrity + reputation as well as actual accomplished careers that come with secure enough finances plus a ton of prestige & would be fulfilling to many people. Like what's going on there?

@Jordan-Ramses

8 ай бұрын

The con in con artist is confidence. Being able to lie confidently is the act. If someone is too confident it should be a red flag. How can they lie with so much confidence? A lot of practice.

@Ealsante

8 ай бұрын

See, what you missed is that you've never lived a life where your actions never had any negative consequences. If nothing you've ever done up to this point has ever actually led to you getting into deep shit, you'll always be thinking: why should that start now? This isn't even luck, this is just not supposed to happen to me.

@HandmadeDarcy

8 ай бұрын

Correction: He honestly believes that as a CEO with a net worth if $20+ billion should be able to say anything, at any moment and have it believed, regardless of context or previous statements. It's called Wealth Supremacism, and - if we're honest - it is exactly why all of these conmen and conwomen get as far as they do, because people are blind to the red flags they would have seen if a poor person, from an unconnected family were doing exactly the same thing.

It was pretty cool seeing Cas on Bloomberg!

@drdvrm

8 ай бұрын

Is there a clip somewhere?

@nunyabizness573

8 ай бұрын

​@@drdvrmThe name of the Bloomberg documentary featuring Cas is called Ruin, and it's available on KZread. It's a pretty good documentary, and yes it was a pleasant surprise that Cas was featured on their quite a bit.

Another excellent podcast. I could listen to the three of you chatting away together for days.

@picahudsoniaunflocked5426

8 ай бұрын

I still hope they get all these court attending reporters together for a debrief. If they ever wanted to justify a live one-night event, a panel like this they could podcast-broadcast would be do-able + rewarding.

He still hasn't learned.... I'm sure his lawyers were advising him not to testify but he thinks he's such a special boy that he can talk his way out of anything. After the collapse he was giving interviews knowing that he would probably be facing criminal charges.... it's a good thing for us that nerds with no street smarts make terrible criminals.

A few weeks ago I finally gave into the algorithm and checked out some SBF/FTX videos - and promptly fell into a crypto rabbit hole. This channel is by far my fav discovery and I’ve been listening to the back catalogue. Your work is great and I’ve become invested in the ongoing saga of CasCoin 😂

@CryptoCriticPod

8 ай бұрын

Glad you’re enjoying it!

I love how Cas' s cat is pointedly ignoring the podcast

@picahudsoniaunflocked5426

8 ай бұрын

26:25 giving full feline spine lol

"Move fast and break things" I don't recall who said that. It is clear that everything done by SBF and his team was at breakneck speed - and not surprisingly, his neck gets broken. He operated with excessive confidence in his ability - you can call it arrogance - and a distinct lack of concern for damage to others. I think the Greek word is "hubris".

@28:37 Huge galaxy brain moment, when Bennett is discussing the dangers of recursion where Alameda could end up on the bad end of its own trades with the allow negative flag. Great explanation

You know you're old when the first person you think of when you hear the surname "Rolle" is actor Esther Rolle, who was from the Bahamas. She's best known for "Good Times" and "Maude" in the 1970s. I think that the surname thing is likely related to slavery.

CasCoin's board of directors is exclusively made up of people with the surnames "Hu", "Yu" and "Mi". Transcripts of all meetings are available in text, audio, braille and Albert and Costello routines.

@jivanvasant

8 ай бұрын

"Who", "You" and "Me" raises the question: Who's on first?

@jaredbissenden6230

8 ай бұрын

@@jivanvasant Correct

@HandmadeDarcy

8 ай бұрын

@@jivanvasantYeah. Everyone got it. 🙄

@HandmadeDarcy

8 ай бұрын

😂😂😂

40:17 is exactly the question I wanted to ask: Are you sad that it's (almost) over. Sam with the perfect answer - empathetic and yet still holding rogues to account. I'll miss all the real-time reporting and commentaries from the cadres of journalists and podcasters, it was like a live sporting event. It was great to know the inner workings of podcasters and journalists, with their diverse and extensive backgrounds, how they report on financial crimes playing out in the judicial system.

Important to point out that an evidentiary hearing outside the presence if the jury is not a "weird thing" at all - if you watched any of the major trials held in 2023 - Murdaugh murder trial, Depp v Heard, Alex Jones' defamation trial - you'd have seen plenty of them. The judge is in charge of deciding whether evidence is appropriate to present to a jury, most such decisions are made in motions in limine, before the trial, but evidence will come up during trial that also has to be determined appropriate, so an evidentiary hearing is held so that the judge can see and assess both the evidence and the angle the attorneys intend to present.

14:54 I love the part when Sam answers the question after the judge sustains the defense’s objection and gets yelled at 15:42 gd, Sam, stfu.

Thanks for having a guest on that is actually attending the trial. That is very helpful.

@CryptoCriticPod

8 ай бұрын

All the guests on our Sam Bankman-Fried on Trial playlist are attending the trial

Thanks for fighting the good fight and NOT STOPPING!!!!

The question comes down to whether Friedberg was acting in a capacity as legal counsel, which would grant some protection and allow some discussions to be excluded from evidence as privileged, or as a co-conspirator, in which case any color of legality disappears. The prosecution is trying to show evidence that he was so tied up in conflicts of interest regarding the supposedly independent entities of FTX and Alameda that he either knew or should have known that SBF et al were acting tortuously with respect to the customer agreements, or even illegally.

@nunyabizness573

8 ай бұрын

I think Friedberg is a co-conspirator, not a scapegoat for "advice of council." Also, only "reckless indifference to the truth or falsity of a representation" is needed to prove the element of fraud necessary to convict SBF, not smoking gun statements like "I knew it was wrong but I had no other choice" emails between coworkers. At the very least, even if he "can't remember," he has demonstrated reckless indifference multiple times.

The speculation on the allow negative was very interesting, thanks! I agree though, that their intentions only matter so much in this case. This kind of abuse is a foreseeable outcome of the code changes, and so it's not a viable solution to whatever their root problem was. There's industries you can get away with that in, but in others like money and safety "can it happen" is as important as "do we plan to do it".

I'm a bit afraid of indulging these videos only for this dude to be acquitted. It will be much easier to binge these videos (and from other channels) if he's convicted. However, perhaps buying CasCoin will be a hedge for that scenario.

@davidfoss4836

8 ай бұрын

Lea Fastow; Less than a year in prison. The trial is a sketch, a joke, just like the Enron scandal. Wire fraud, money laundering, falsifying documents, the object appears to be the destruction of as many lives as possible. Podcsters are just making it worse. Andrew Fastow made millions, after serving 6, speaking at Brain Laundries.

To clarify for the journalists on evidentiary hearings; juries are insulated bc they cannot be exposed to evidence while admissibility is being sorted out between lawyers and the judge. The judge must rule on admissibility first and the jury has no business seeing, hearing, or ‘knowing’ about evidence in the meantime. The jury has a duty to render verdict based on presented evidence, which must have lawful admissibility. To show a jury evidence that is inadmissible - illegally obtained for example - taints the jury and the verdict. Also, lawyers give advice to clients, but do not compel them to act. If clients act on bad advice, they are still liable. Attorneys are obligated to give accurate and correct legal advice, and if a client acts in good faith on bad advice, the attorney may be held liable in another suit brought by the client against the attorney for damages.

Sweet Video guys, thank you both!

"kamikaze defense" is exactly how you describe it lol, the whole trial is insane!

This trial has been my OJ (I'm younger than everyone here). It's a lot of fun tbh.

@republicansarepedos2

8 ай бұрын

@@bladimir07 I think you could have responded to me in good faith and tried to carefully but kindly change my mind to change my username. You elected not to do that, because you like to win and you like to "own" people that you already hated to begin with.

SBF, and more Cas Coin news!

I had not heard of that type of "evidentiary" hearing where a witness would testify without the jury present. I didn't know they could do that.

SO COOL to see Cas on the Bloomberg RUIN video!!! I was watching it and had a wonderful "holy s$^% that's Cas!" moment.

I can feel this is gonna be another banger

Enjoyed Your Show! Thanks!!

Lol, very much appreciated the 'long time first time' joke

CasCoin ROLLing up. Buy the dip

Put his Dad on the stand!

A great book that discusses Bahamian history is “Exuma: The Loyalist Years 1783-1834”. Denys Rolle

Thanks for clearing it up bennet and calling it an evidentiary hearing. Such a minor detail but my brain couldnt stop yelling thats not what its called. Its that attention to detail which is why i sub and watch. Thanks

Really enjoy your videos. I knew nothing about bitcoin but remember thinking when it came out that it just seemed like magic. Spending money on nothing that made you money? Still don’t understand a lot of the technical stuff but still a whole load of fun listening. Bennett, you are a marvel of precision in your explanations. If I knew what the words mean, I’d understand it … but so fun nevertheless. Thx a bunch!

Return of the Cas Stache! Bennetts beard continues to consistently rock of course.

27:45 and the next two minutes - need a whole episode devoted to unpacking this for the less initiated!

Just saying SBF should do prison time. Not sure if he should get 20 years or 40 years. I would be okay if he was released from Federal Prison after 2060 when SBF can then live on Social Security.

There's no chance in hell that he gets less than 115 years.

Ok, PLEASE, Crypto Currency Critics, my big question is, what exactly is a "currency exchange"? Is that something like Western Union, or Money Gram, where scams are notorious? I know I can Google this question, which I will, but its looking to me like a currency exchange is niche, and a crypto currency exchange is even more niche, and SBF chose a niche industry that would eventually allow him to dominate Western Union, Money Gram, Binance, etc., amd eventually rule international currency exchange.

great informative video...

lol we need you to collect enough SFB court reporters to make a special deck of playing cards with the defence/SBF-involved vs reporters/commenters/persecution; the judge should be a wild card. Quotes from everyone on each card.

@picahudsoniaunflocked5426

8 ай бұрын

EDIT isn't working for me rn but typo, I meant "prosecution" lol Something Something Slip forgive me

Good video. Beyond the depths of the macro/surface level stuff most outlets cover this with, but not requiring you to be a Supreme Court Justice to understand

Are we saying that Christian Rolle's role maybe to roll on Sam?

Nice discussion. Thanks. SBF, The Show About Nothing.

Should thumbnail be testimony's, testimonies, or testimony?

@CryptoCriticPod

8 ай бұрын

The last of those

$50,000 fee does not seem to be huge for attorney services at $685 per billable hour if: this is the fee for Attorney, LLC which covers the attorney(s) hours plus support staff salary, wages and benefits (plus employer’s share of social security & medicare, unemployment comp., overhead office rental, utilities, biz licenses, etc.).

@CryptoCriticPod

8 ай бұрын

It was the fee for the data consultant

@christophercripps7639

8 ай бұрын

@@CryptoCriticPod my bad.

@jacquelinem2873

8 ай бұрын

Look up FXT bankruptcy legal fees….this is chump change.

@christophercripps7639

8 ай бұрын

@@jacquelinem2873 No doubt massive. But Mr. Ray isn’t paying for the forensic accountants, attorneys, tech experts & etc. out of his personal bank account. The bankruptcy estate is (and perhaps FTX/Alameda principals if sued & have something other than FTTs to pay). If a billion dollars is spent to recover three billion for the customers, then the customers are in a better place than Nov 2022. Of course such recovery could look more like a class plaintiff in a class action in a consumer misleading marketing clam (no injuries or death): $350 million settlement, here’s your $82.50 share. (This last is cynical/sarcasm).

He didn't know much, but people still gave him money because they had plenty to spare, even though he was a MIT graduate with Harvard parents. He had a disadvantaged upbringing and didn't know how the system worked. 🤡

SBF definitely did not remember on monday. He remembered absolutely nothing in cross examination and mouthed off to the prosecution lmao

Cas dont take the stand look how bad is going for SBF!

happy halloween, frens!!🖤👻🦇

Burrito not looking too impressed tbh.

I really hope the prosecution has someone on their team who is as smart as Bennett. The explanation at 27:30 is amazing.

Keep catching myself to rewatch these videos due to Lack of understanding. I need to do better

morning fellas...

I really think you didnt intend what has to be one of the best puns on youtube (04:10)

Enough of the margin facility... he stole an OOM more than the high water mark of the MF. Let's move on.

BURRITO!!!! 🥰🥰🥰🥰

The lawyer was getting high with alemeada.😂😂 Things are making more sense now

he agreed that embezzlement is the opposite of safeguarding… thereby agreeing he wasn’t safeguarding… could be used against him … big moment… talk to an atty

Sbf is trying to blame it on everyone else who took plea deals and already admitted guilt

We would like to see justice and this guy hurt many many people, and for Sam Bankman-Fried and his associates.. they needs to be sentenced (live in prison without parole) .. we need to set an example for others not to steal live saving of innocent people.

Cas, I just saw you on the Bloomberg FTX special. You were good. But what was that, a junkyard you were walking round? Couldn't they just find you a chair?👍

It can increase his sentence though 😂

Don't buy a 8 million dollar house for your parents with stolen money.

I really don’t know why everyone is so captivated and almost awestruck by sbf. Bottom line is he’s a liar, a thief and a conman. He knowingly stole money from customers to enrich himself, his friends and family. When he’s convicted I hope they go after his parents. They are just as guilty as him.

You know

Can you imagine the bohemian authorities how much money they received to look the other way?

@silene9803

8 ай бұрын

Sorry, couldn’t resist - though Bohemian authorities would likely also gladly looked away (knowing our local tendency for corruption), the authorities mentioned were surely Bahamian. I also caught myself briefly wondering why my country is suddenly being mentioned, the pronounciation was quite similar.

Legal fees are paid with the stolen money. “Bankruptcy fees”, are also paid with customer money. “ interest accounts” earnings come from fairy dust… Greed blinds.

Crook's world, which attracts old crooks

41:02 yes it’s scary and sad to see Sam in the crosshairs like this. He’s going down hard for a long time. it’s sad. I’m sad for his mom and dad and everyone involved. It’s very sad.

@newhorizon4066

8 ай бұрын

really, really sad...It makes me cry tears (of joy)! Anyway, better than any thing Netflix offers at the moment. Yeah, real sad.

Sam is probably going to get his ass kicked in prison. He going to try to say or do something smart and insult someone. I know he has no street smarts.

This whole dog and pony show deserves indictments. They have not rounded up all of the perps yet !

is it not Fried Bankman?

@spencere821

8 ай бұрын

Corny

What's wrong with your cat, dude, lol?! 36:58 Or is it stuffed, lol?

Scam Bankrupt-Fraud

ser-tin

this guy stole from Blackrock he is so screwed its not even funny

Sam is going to walk free , they already got Caroline and the others , this is all a show so that he can move on with his next venture soon.

@tupacalypse88

8 ай бұрын

Why though

@Living_Matrix1

8 ай бұрын

Either you are a very clever lawyer, or a very juvenile conspiracy theorist. My money’s on the latter.

The focus of the risk engine (in FX) is to perform triangular arbitrage and then hedge residuals through your outside liq-provider. Allowing idi0ts to margin shtcoins is a clown show. It's pathetic.

Watch Biden give him a pardon!

The Southern District is owned by Democrats. SBF is actually being protected. My guess is 15 years, serving 8. Then home to a comfortable lifestyle. And as for the victims? A foole and his money are soone parted. Dr John Bridges. 1587.