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A comment on Sam Bankman-Fried found guilty on all charges. Parent comment

Re:Sam Bankman-Fried found guilty on all charges by matheusmoreira on Thursday November 02, 2023 @09:35PM (#38123233)
Yeah, for real.

A: "We take customer money and risk it."

B: "We take customer money and risk it."

Just because one puts the money into "safe" investments does not make them any different. It's still a bank doing fractional reserve banking.

[ Parent | on HN ]
Re:Sam Bankman-Fried found guilty on all charges by vineyardmike on Friday November 03, 2023 @01:51PM (#38132392)
FTX: Ee stole money. We lied. We gave it to friends to gamble. Illegally.

SVB: our shitty compliance department bought bonds (a government requirement) with too long of a maturity date to sell in a bank run.

One is incompetent and the other is malicious.

Also fractional banking is literally required by law.

[ Parent | on HN ]