People trust each other either because they have similar backgrounds that are values based or because they have worked together for years. Trust is an end product of a process.
Even so, sometimes trust breaks down. Ralph Northam, former Governor of Virginia, is a VMI grad and I wouldn't trust that SOB to run a bake sale.
You raise an exceedingly good question - should politicians keep the fruits of the poisoned tree when they know Sam Bankman-Fraud was spreading ill gotten wealth?
The obvious answer is NO to Hell NO!
I will not hold my breath.
Happy Thanksgiving, amigo.
BTW, FTX is not the last stop on that line. There will be a lot more of these disasters.
The more I see things like this the more I am a traditionalist.
I used to believe that there was always a better, newer way to do things if you just searched hard enough. It was the "continuous improvement" mentality. I still think that there's merit to that in small doses, but I now see the value of the past, and the time-tested rites, rituals or processes that have been put in place for our benefit.
It's easy to think that "the way things are done" is because of prejudices or lack of information, but then you realize that we have had thousands of years of trial and error to fine tune things. Many things are done for a reason and for good reasons.
I think we are now finding out that in thinking that our past is deficient, somehow, is hubris. The fact is that our ancestors discovered many of problems in the past, and found good solutions for them.
Things like keeping good books, checks and balances, processes to not allow human nature to destroy the good things. Things like "trust but verify."
I am laughing so hard right now....your quote on "the reason it isn't being used is that it sucks"! I have several students that I advise on trading at University of Idaho. These are young adults taking real risk in futures/equities/debt markets with real money and margin calls. They have been in love with crypto and I have been trying to make them crawl before we walk on trading the product. I have no problem trading bitcoin futures...I know the clearing is safe...but we were two weeks out from opening an account with FTX when we saw the default. Granted we were going to do a cold wallet but still...damn. I absolutely love the description of trading floor talk...I remember it well and I have to tone my talk down at times because it taught me to call a spade a garden tool...which I do way too much.
Nailed it on the real world vs. the floors. 25 years on 2 trading floors and I never dealt with the dishonesty in business of the last 8 years in the "real world".
My impression is that FTX was a money laundering operation for Progressives, bankrolled by a Ponzi scheme. I would be most interested, however, to learn if there were connections to the intelligence community.
You are precisely correct in your post regarding trading floors. The business world outside of the old floors on the exchanges runs on honesty . . . well, most . . . much . . . some of the businesses do. I guess it depends on what you think you can get away with your customers, suppliers and labor.
I really wish we'd start calling bullshit on politicians "walking things back". They're flat out lying and we ought to call them on it. This ethos of "well if I'm not caught it's OK, hell, maybe it's even true has got to stop.
I'm sure you are aware that most politicians owe their elections to party money and have to repay it by going to party headquarters and spending so many hours a week dialing for dollars. Last I knew, and that's 10 -15 years ago, it cost $5M per cycle of primary and general on average.
The lack of accountability thus far is astounding.
The family connections and financial connections to the Democrat Party is astounding.
The lackadaisical laissez faire attitudes and neglect on behalf of the bureaucrats in positions of authority is utterly astounding when one considers what transpired, or more accurately, did not transpire, prior to the truth coming out.
The Democrats should be ashamed of themselves.
SBF and his family should not only be ashamed of themselves, they should be held criminally and civilly liable and so should the bureaucrats who neglected to do their jobs.
Was just in an Uber with the driver being a former US Navy enlistee. He was in a classified position but did tell me he and his former Navy mates had to adjust to life outside their highly tuned and life/death work flow. He couldn't believe when he got out that his bosses in civilian life were so incapable and soft. And many co-workers. He told me that is one of the hardest thing for ex-service members to just to.
People trust each other either because they have similar backgrounds that are values based or because they have worked together for years. Trust is an end product of a process.
Even so, sometimes trust breaks down. Ralph Northam, former Governor of Virginia, is a VMI grad and I wouldn't trust that SOB to run a bake sale.
You raise an exceedingly good question - should politicians keep the fruits of the poisoned tree when they know Sam Bankman-Fraud was spreading ill gotten wealth?
The obvious answer is NO to Hell NO!
I will not hold my breath.
Happy Thanksgiving, amigo.
BTW, FTX is not the last stop on that line. There will be a lot more of these disasters.
JLM
www.themusingsofthebigredcar.com
The more I see things like this the more I am a traditionalist.
I used to believe that there was always a better, newer way to do things if you just searched hard enough. It was the "continuous improvement" mentality. I still think that there's merit to that in small doses, but I now see the value of the past, and the time-tested rites, rituals or processes that have been put in place for our benefit.
It's easy to think that "the way things are done" is because of prejudices or lack of information, but then you realize that we have had thousands of years of trial and error to fine tune things. Many things are done for a reason and for good reasons.
I think we are now finding out that in thinking that our past is deficient, somehow, is hubris. The fact is that our ancestors discovered many of problems in the past, and found good solutions for them.
Things like keeping good books, checks and balances, processes to not allow human nature to destroy the good things. Things like "trust but verify."
I am laughing so hard right now....your quote on "the reason it isn't being used is that it sucks"! I have several students that I advise on trading at University of Idaho. These are young adults taking real risk in futures/equities/debt markets with real money and margin calls. They have been in love with crypto and I have been trying to make them crawl before we walk on trading the product. I have no problem trading bitcoin futures...I know the clearing is safe...but we were two weeks out from opening an account with FTX when we saw the default. Granted we were going to do a cold wallet but still...damn. I absolutely love the description of trading floor talk...I remember it well and I have to tone my talk down at times because it taught me to call a spade a garden tool...which I do way too much.
If SBF did steal the money that he donated to politicians, doesn't the bankruptcy court have the authority to order return of the money?
Not bad for a couple of law profs, who, of course, had no idea about any fraud. https://www.reuters.com/technology/exclusive-bankman-frieds-ftx-parents-bought-bahamas-property-worth-121-mln-2022-11-22/
Link is busted. Can't find the podcast.
Nailed it on the real world vs. the floors. 25 years on 2 trading floors and I never dealt with the dishonesty in business of the last 8 years in the "real world".
My impression is that FTX was a money laundering operation for Progressives, bankrolled by a Ponzi scheme. I would be most interested, however, to learn if there were connections to the intelligence community.
You are precisely correct in your post regarding trading floors. The business world outside of the old floors on the exchanges runs on honesty . . . well, most . . . much . . . some of the businesses do. I guess it depends on what you think you can get away with your customers, suppliers and labor.
I really wish we'd start calling bullshit on politicians "walking things back". They're flat out lying and we ought to call them on it. This ethos of "well if I'm not caught it's OK, hell, maybe it's even true has got to stop.
I'm sure you are aware that most politicians owe their elections to party money and have to repay it by going to party headquarters and spending so many hours a week dialing for dollars. Last I knew, and that's 10 -15 years ago, it cost $5M per cycle of primary and general on average.
"Blunt" is one floor habit I can't get past.
The other is "Blurting".
Still working on both after 13 years "off the floor".
And your whole post is gold, especially extra for stinging Hastert.
"Sometimes when there is a process or an idea that isn’t being used, the reason it isn’t being used is that it sucks."
Nice that there is an ecosystem of discarded bad ideas that trip up fraudsters and grifters. Well said.
When you wrote this ;
"Sometimes when there is a process or an idea that isn’t being used, the reason it isn’t being used is that it sucks."
It reminded me this, which I think is from Chesterton;
" Don't tear down a wall until you find out why it was built in the first place"
This is the entire hearing back in May 2022 on FTX's clearing proposal https://youtu.be/Uqf7Es5gUAM
https://www.youtube.com/watch?v=tNLn2xYzvao Terry on Tucker
Jeff Carter and Terry, you are 100% spot on.
The lack of due diligence is astounding.
The lack of accountability thus far is astounding.
The family connections and financial connections to the Democrat Party is astounding.
The lackadaisical laissez faire attitudes and neglect on behalf of the bureaucrats in positions of authority is utterly astounding when one considers what transpired, or more accurately, did not transpire, prior to the truth coming out.
The Democrats should be ashamed of themselves.
SBF and his family should not only be ashamed of themselves, they should be held criminally and civilly liable and so should the bureaucrats who neglected to do their jobs.
Was just in an Uber with the driver being a former US Navy enlistee. He was in a classified position but did tell me he and his former Navy mates had to adjust to life outside their highly tuned and life/death work flow. He couldn't believe when he got out that his bosses in civilian life were so incapable and soft. And many co-workers. He told me that is one of the hardest thing for ex-service members to just to.