I remember getting sucked up in the MF Global/Corzine issue. I was owed a minor amount of money but I was amazed at how little was done to hold Corzine accountable. I think the thing I heard the most from this Duffy testimony was how awestruck the CFTC commissioners were of SBF. Duffy even talked about how over the years of working with Congress and regulators the CME was completely ignored when they talked to both groups. Shows you the pull of the money. I think you should frame your story today as it will be repeated again....and I could not have said it better. You sure your an ILL-INI? You talk quite well! HA
Remember when Gerald Metals went down in the late 90's. @Streetwiseprofessor reminded me of that today. I was lucky to not be clearing there. Also never cleared anywhere where I didn't trust the owner of the firm. I cleared Dorman Trading and Shepherd Trading. Dennis Dorman, Don Nadick were stand up people. Bill Shepherd is one of the smartest and most honest people I have ever met.
I like BillD's comment "SamBankFraud. I was trying to get SFB "shitforbrains" started, but I like SamBankFraud better.
Also, it may be a nitpick and somewhat off topic, but why do we refer to people and institutions anymore as "elites"? In what way are they "elite"? In critical thinking ability, how about in ability to think at all? In superior education? Look at the institutions they come from. They are ideology factories, not critical thinking facilities. Unless you are getting a STEM degree from almost any university you are being cheated out of your "education". Elites are self-referential and self-deluded. They spend too much time with each other, congratulating themselves and sneering at everyone else. They do nothing, contribute nothing and are a giant pain in the ass. In other words they are not "elite" at all.
they have the right degree, know the right people, and get invited to the right parties. plus they do a lot of shit they don't have to pay for, and get paid for a lot of bullshit that you'd never get paid for let alone having a shot at getting the gig. AGREE ON BILL D! SAM BANK FRAUD
There are also a lot of people who think of themselves as Elites while working at Starbucks or similar, on account of having some sort of degree and having the right attitudes. They expected a lot more, and they resemble historical impoverished aristocrats.
Corzine was Democrat royalty as former senator and governor. Does SBF have equivalent juice?
I'd guess the answer, in part, will be that AG Garland does not want to look under the rock that is FTX, fearful of what is discovered. The bankruptcy process will probably uncover enough for civil suits. DOJ takes a pass for obvious, and obviously corrupt reasons. That's the way to bet in our world as it now exists, where the rule of law is dead, and the rule of man prevails.
"I'd guess the answer, in part, will be that AG Garland does not want to look under the rock that is FTX, fearful of what is discovered." Reminds me of a story relayed by General Edward Spears, who was Churchill's military emissary to France in 1940. There was a disturbing amount of defeatism, and in some cases actual sympathy with the Nazi enemy, among certain French government officials and other elites. Henri de Kerillis, a Deputy and newpaper editor, had been consistently pressing Prime Minister Daladier to investigate some sinister behavior by members of the extreme Right.
"“Il faut de’brider l’abces,” he had said time and time again to the Premier. He had done so again lately and received this strange answer: I have done exactly what you urged, I have opened the abscess, but it was so deep the scalpel disappeared down it, and had I gone on, my arm would have followed.” This was really very frightening, and I (Spears) said so. “You cannot be more frightened than I am,” said Kerillis."
Terry Duffy did a masterful job of cornering SBF and drawing out the fraud. I have nothing but respect for Mr. Duffy. I do wonder why he didn't share that story earlier. Were there even whispers about that conversation prior to the collapse of FTX? I understand the optics of one exchange operator throwing another exchange operator under the bus, regardless if it's called for or not, but think of the damage that could have been averted is FTX fell more gracefully.
I think he did what he could at the May hearing. Remember, the Democrats on the Financial Services Committee in the House were on full frontal attack mode. It's a continuous game and so he actually has to do business with those people. I would love to be a fly on the wall when some of them visit Chicago to get donations from the PAC.
The R's aren't clean---$1MM to McConnell. Laughable that some of the D's (Maloney for example) is giving money back....to fucking charity. It was stolen from customers and they should get their money back.
FTX joins Enron, Chesapeake Energy, CMGI, Air Canada, MCI, etc. as companies who got their names on sports stadiums and subsequently went bust. A tradeable trend?
Corzine was worth a few hundred or so mil when the shit hit the fan. He was established, earned the money and was told rightly to shut the fuck up.
SBF clown is a kid who earned jack shit honestly, and so being, has nothing to lose.
He must have some lawyer telling him to cry out to his base about how innocent he is. There must be some possible upside for him to put himself out there.
Assuming that the fbi does it's due diligence, it will all come out in the end. #haha
One of the more entertaining stories from the 2016 endorsements/election process of DJT was Rudy’s choices surrounding his endorsement.
Why did Giuliani, as a former NY Mayor, former U.S. Atty of NY, and current NY resident go all the way to Hoboken, NJ to stand in the front yard of a condo building just to endorse Trump, an already foregone conclusion in everyone’s mind?
I remember getting sucked up in the MF Global/Corzine issue. I was owed a minor amount of money but I was amazed at how little was done to hold Corzine accountable. I think the thing I heard the most from this Duffy testimony was how awestruck the CFTC commissioners were of SBF. Duffy even talked about how over the years of working with Congress and regulators the CME was completely ignored when they talked to both groups. Shows you the pull of the money. I think you should frame your story today as it will be repeated again....and I could not have said it better. You sure your an ILL-INI? You talk quite well! HA
Remember when Gerald Metals went down in the late 90's. @Streetwiseprofessor reminded me of that today. I was lucky to not be clearing there. Also never cleared anywhere where I didn't trust the owner of the firm. I cleared Dorman Trading and Shepherd Trading. Dennis Dorman, Don Nadick were stand up people. Bill Shepherd is one of the smartest and most honest people I have ever met.
Agree with that on Bill. I do remember Gerald well. I was clearing RCG when the MF Global shit hit the fan. I really liked that group at RCG.
I like BillD's comment "SamBankFraud. I was trying to get SFB "shitforbrains" started, but I like SamBankFraud better.
Also, it may be a nitpick and somewhat off topic, but why do we refer to people and institutions anymore as "elites"? In what way are they "elite"? In critical thinking ability, how about in ability to think at all? In superior education? Look at the institutions they come from. They are ideology factories, not critical thinking facilities. Unless you are getting a STEM degree from almost any university you are being cheated out of your "education". Elites are self-referential and self-deluded. They spend too much time with each other, congratulating themselves and sneering at everyone else. They do nothing, contribute nothing and are a giant pain in the ass. In other words they are not "elite" at all.
Too many "almost exceptional" with nowhere to go these days. https://www.ruxandratesloianu.com/blog/27-november-thoughts-on-the-idiot
worth a click at the link. i think this is true
they have the right degree, know the right people, and get invited to the right parties. plus they do a lot of shit they don't have to pay for, and get paid for a lot of bullshit that you'd never get paid for let alone having a shot at getting the gig. AGREE ON BILL D! SAM BANK FRAUD
There are also a lot of people who think of themselves as Elites while working at Starbucks or similar, on account of having some sort of degree and having the right attitudes. They expected a lot more, and they resemble historical impoverished aristocrats.
Corzine was Democrat royalty as former senator and governor. Does SBF have equivalent juice?
I'd guess the answer, in part, will be that AG Garland does not want to look under the rock that is FTX, fearful of what is discovered. The bankruptcy process will probably uncover enough for civil suits. DOJ takes a pass for obvious, and obviously corrupt reasons. That's the way to bet in our world as it now exists, where the rule of law is dead, and the rule of man prevails.
"I'd guess the answer, in part, will be that AG Garland does not want to look under the rock that is FTX, fearful of what is discovered." Reminds me of a story relayed by General Edward Spears, who was Churchill's military emissary to France in 1940. There was a disturbing amount of defeatism, and in some cases actual sympathy with the Nazi enemy, among certain French government officials and other elites. Henri de Kerillis, a Deputy and newpaper editor, had been consistently pressing Prime Minister Daladier to investigate some sinister behavior by members of the extreme Right.
"“Il faut de’brider l’abces,” he had said time and time again to the Premier. He had done so again lately and received this strange answer: I have done exactly what you urged, I have opened the abscess, but it was so deep the scalpel disappeared down it, and had I gone on, my arm would have followed.” This was really very frightening, and I (Spears) said so. “You cannot be more frightened than I am,” said Kerillis."
And we know how that ended.
Oh, and this no way ends here regarding the fraud in crypto. Plenty more where that came from.
Terry Duffy did a masterful job of cornering SBF and drawing out the fraud. I have nothing but respect for Mr. Duffy. I do wonder why he didn't share that story earlier. Were there even whispers about that conversation prior to the collapse of FTX? I understand the optics of one exchange operator throwing another exchange operator under the bus, regardless if it's called for or not, but think of the damage that could have been averted is FTX fell more gracefully.
I think he did what he could at the May hearing. Remember, the Democrats on the Financial Services Committee in the House were on full frontal attack mode. It's a continuous game and so he actually has to do business with those people. I would love to be a fly on the wall when some of them visit Chicago to get donations from the PAC.
No doubt that Sam Bank-Fraud is a D. But he & his co-CEO were smart enough to pay off both sides. The Rs are far from clean on all this.
https://www.washingtonpost.com/opinions/2022/12/01/crypto-politics-ryan-salame-sbf-sam-bankman-fried/
Including Boozman for $350K - https://twitter.com/unusual_whales/status/1598313891875921920
It is really interesting to see how he is still being shown as something less than a total crook. He got applause at the NYT event yesterday.
The R's aren't clean---$1MM to McConnell. Laughable that some of the D's (Maloney for example) is giving money back....to fucking charity. It was stolen from customers and they should get their money back.
FTX joins Enron, Chesapeake Energy, CMGI, Air Canada, MCI, etc. as companies who got their names on sports stadiums and subsequently went bust. A tradeable trend?
Ask SoFi
If anyone hasn't seen this Frontline 21 minute documentary on Jon Corzine and MF Global they should watch it. It's called the Six Billion Dollar Bet. https://www.pbs.org/wgbh/frontline/documentary/mf-global-six-billion-dollar-bet/
I never get over the fact that I’ll never have the chance to wear one of those and trade in the pp
Corzine was worth a few hundred or so mil when the shit hit the fan. He was established, earned the money and was told rightly to shut the fuck up.
SBF clown is a kid who earned jack shit honestly, and so being, has nothing to lose.
He must have some lawyer telling him to cry out to his base about how innocent he is. There must be some possible upside for him to put himself out there.
Assuming that the fbi does it's due diligence, it will all come out in the end. #haha
One of the more entertaining stories from the 2016 endorsements/election process of DJT was Rudy’s choices surrounding his endorsement.
Why did Giuliani, as a former NY Mayor, former U.S. Atty of NY, and current NY resident go all the way to Hoboken, NJ to stand in the front yard of a condo building just to endorse Trump, an already foregone conclusion in everyone’s mind?
It was Corzine’s building.