FTX Was (And Is) A Complete Mess

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I have to say LegalEagle should be paid by the American Bar Association for improving the public perception of lawyers.

"There were a lot of crimes broken." Damn, he's not just committing crimes; he's breaking them!

“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.” coming from the Enron guy that statement is an epic level burn.

Sometimes I feel inadequate and sometimes I hear these kinda stories and think "yeah I could run a billion dollar company"

you know, the main thing I'm hearing here is: When a kid gets picked up on the street with a little bit of marihuana he faces years in prison, when a cabal of rich people defraud money, the issue is going to be discussed in court for the next 5-10 years before the inevitably settle and retire with their ill-gotten gains.

I like the "I don't even know how to code" defense. Next time I get into a car accident I'll simply explain that I don't know how the engine works

I'm So tired of people calling him a kid, he is or was 30 yrs old, he knows right from wrong

The SBF “aw, shucks” tour is pissing me off to no end. If he never sees the inside of a cell, we shouldn’t bother to prosecute theft any more.

The old rule still holds true, "the easiest way to rob a bank is to own a bank"

When the guy who oversaw Enron’s bankruptcy is saying yours is the worst that he’s seen you are on a whole other planet

I'm a woodworker for a living. But my enjoyment of this channel has apparently convinced the YouTube ad algorithm that I'm a lawyer.

Right now, I too am living with my mother, but sometimes I hear about someone my age or younger screwing up so much that I go, "Well, I may be a loser, but at LEAST I'm not going to jail for 25+ years for scamming hundreds (if not thousands) of people".

I just want to point out that SBF was on an investment podcast 6-7 months ago where he attempted to explain how his company worked and ended up describing a Ponzi scheme. He was even called out on it by the host. He just blew it off with 'you olds just don't understand new-money'.

When the guy who had to clean up after Enron says he's never seen such a mess you know you're in for a ride

What was great about the Larry David commercial is they accidentally showed why its good to be skeptical with investing 😂

I got my masters in accounting back in 2007. Had to do case studies for seemingly every class. This topic would've been the wet dream of all my profs. Determining actual fraud opposed to financial malfeasance is often a tricky line. Had they structurally done things just a bit different, it would be chalked up to bad capitalism and okay under gaap and international accounting practices. It's such a grey area sometimes... Obviously messed up and ethically wrong, but is it technically illegal? Should they go to jail or go free with the knowledge they're terrible people. I say yes and they all should be locked up.

"It's possible everyone is going to jail". I do love a story with a happy ending...

To put the justice system in perspective: In 2012 (when I was a high tier idiot) I got caught stealing 2 Red Bulls from Walmart. I had been trespassed already for a fight on the property. So, I was charged with Burglary 2nd degree and Theft 3rd degree. I did 6 months in jail and became a felon. Yes, I f’d up. I will likely do more time for stealing my 2 Red Bulls than SBF will do for stealing billions (millions?) 🤯

Two things: US law really needs to start rethinking this "intent" limitation for cases like this. Corporations and businesses set up in a sloppy, lazy manner that result in massive final harm should be considered as intent. Criminal penalties for the numerous con artists that do this every year is the only deterrent we have. Simply losing the money they crookedly obtained is not enough. Next... Celebrities are used to build up the appearance of legitimacy of a company or product... Maybe holding them liable for the product they are shilling for will cause them to do more due diligence in the future.