Caroline Ellison Testifies SBF was the Mastermind - SBF on Trial Day 5
Вставка
- Опубліковано 4 сер 2024
- Overpriced JPEGs - courthouse edition!
I was in court all day at SBF's trial and Caroline Ellison was in the house!! It's happening!! Here's what you need to know...
#sambankmanfried #sambankmanfriednews #sbf #crypto #cryptocurrency
Claim your ticket for Raoul Pal x Overpriced JPEGs in New York: www.opjtour.com/
OPJ Gin Bottle Redemption: overpricedjpegs.cc/gin
OPJ NFT Link: overpricedjpegs.cc/buy-opj-nft
OPENSEA | STUDIO Check out the latest drops in OpenSea: overpricedjpegs.cc/OpenSea
WEB3SENSE | DEMO Find out more + get a demo today: overpricedjpegs.cc/web3sense
🔐 LEDGER | SHOP NOW: overpricedjpegs.cc/ledger
✨ SUBSCRIBE TO THE OVERPRICED JPEGS CHANNEL
✨ bankless.cc/jpegs ------
🚀 SUBSCRIBE TO THE OPJ NEWSLETTER: jpegs.banklesshq.com/
🎙️ SUBSCRIBE TO PODCAST: availableon.com/overpricedjpegs - Розваги
Oh, a fast talker 😃 not wasting my time. I love it.
In the UA-cam settings gear, you can increase the speed of the vid up to 2x.
under US law, EVEN IF Sam directed Caroline to take certain illegal actions, her knowledge of the illegality of those actions and taking those actions constitutes fraud, obstruction and conspiracy. And knowledge of a felony obligates the person to report (or not conceal) the crime to a gov. official immediately. Failure of a CEO to report these conditions on certified financial statements is concealment and is a felony crime. Caroline always had the option to walk out the door.
She was the CEO of the company...... she is guilty of everything she did! No matter the "SBF told me to do".
@@mikatu She has already pleaded guilty
Are you paying attention…lol
Not only has she pleaded guilty, she is not on trial. The customer funds were held at FTX and Caroline ran Alameda. Are traders/employees at Alameda guiltier of using customer funds more than FTX/SBF. I do not understand how people are acting like SBF is not the cause of this. FTX had to take the customer funds and give them to Alameda, not the other way around. FTX/SBF had to know the customer funds were taken from FTX.
Yep! She plead guilty. Now she’s just hoping that cooperating with the government will lighten her sentence
Your coverage of this is my favorite. Glad I found your channel.
So they had no risk managers, accountants or finance people?! They ran all these numbers themselves?! Ridiculous!
No risk managers!! This is something the defense tried to emphasize as if it was helpful to Sam. But then they’ve also pointed out that the company was scaling really fast (100 to 350 people in two years!) and it’s like,.. but you didn’t hire risk management people!?
Honestly great breakdown/explainer of what is happening! Thanks for your videos!
I just cannot fathom how social media can describe SBF is a "mathematic" genius when he can't even understand arithmetics.
Understood it, just suffered hubris and never thought anyone would believe it was his fault if he said, “I didn’t know.”
SBF has a degree in Physics.
@@viralsheddingzombie5324 Good thing he wasn't working for Oppenheimer
@@ReflectRx4u9809 I think you are actually confirming he doesn't.
The same way social media along with fraud elected Crooked Joe Biden who mumbles incoherently when he tries to talk and is a damn criminal - they simply prey on the ignorant voters just like they did with this crypto joker.
This is great, easy sub and look forward to future content
the best coverage out there, thanks!
Thank you for the coverage!
Great job Carlie. You do a great job of keeping us up to date on the trial. This is the only source I'm using to keep up on the trial.
Very nicely presented.... Much appreciation for the work you've been kind enough to endure. Very nice to be on the recieving from less traditional boots on the ground.
Credit to you and crew. ❤
Thanks to Tif and Martie of course too... Nice crew
This is honestly the most insane trial ever. Sad that there isn't TV coverage, but really grateful for people like you who are covering this case in so much detail! The '10th percentile scenario' document is the most batshit thing ever. Goes to show that Sam was way too up his ass in expected value and utility theory calculations.
I think Theranos was as bad as this one. With the same kinda story
It reminds me of the sort of delusional thinking the Nazis had. Hitler commissioned a report on the feasibility of an invasion of Russia. They said it was impossible. He did it anyways.
great information on what is going on thank you
Very high quality review, enjoyed
a nice in depth review from the SBF trial. thanks. followed
Thanks for explaining! It says a lot.
Thanks for the update ✊🏻
Keep it up qt this is great coverage
FWIW, this video finally made me understand why "marked to market" is problematic
You made my day Carly. Keep up the great work 👏🏽
This breakdown is great 👍🏻
Thanks Carly.
I was captivated by your energy and subscribed before your were at the 1:00 mark. Your enthusiasm and knowledge of these topics is clearly evident, as is your intellect. I actually looked up at less than 2 min to see if I had accidentally bumped up the speed. Really. Are you racing through this presentation? I then listened to your sponsor ads - considerably slower; did they get approved by sponsor before post? I like your style and this material. It seems to be a good style to 'play in background' while doing other stuff. Unlike others I follow for finance, geopolitics and general interest they present slides, B-roll. So I am more inclined to 'watch'. I'll listen to you some more - still only 1/4 through. I sure hope you will slow-down-your-pace. I know most of what you're presenting and I speak English. Pity the soul who doesn't understand the field you're speaking of, or isn't a native English speaker. But I wanted to comment after subscribing and liking. Best.
Excellent recap! TY. Pre-req to use customer funds and goes thru with 2B in high risk venture investing. He done.
Really good and detailed commentary 👌
Loving your coverage, thanks for keeping us in the know
Amazong coverage, you've gained a new subscriber 🙌
This really looks like Sam is going to do life without parole :D
This trial will be in the books for sure. A lot to learn from it.
Yaay thanks Carly
Awesome job... Thanks for the update... kinda a lot going on right now !
How hard is it to get a seat. On SBF trial
I coming from Maui Hawaii
Please advise me
Thank you. Aloha
Thanks for all your great work ❤
I guess SBF didn't read the book written by Madoff: Ponzi with Madoff. Good job
It would be helpful to reference the red flags identified by the initial lenders/founders from Effective Altruism who exited pulling support from Alameda calling for oversight and risk management before Caroline entered the picture.
Effective Altruism was among the theories Aldof Hitler studied while imprisoned in weimar Germany. Look how that came out. Whats a few mill between bros.
SBF had another person who was co-CEO of Alameda finance for several years before Caroline ever walked into the picture. There is another youtube video, probably several on this, but the staff and the original co-Ceo of Alameda found SBF to be so incredibly controlling in multiple aspects and make it such a hostile work environment that the co-CEO and approx 50% of the staff walked out one day due to the work culture he created. The co-CEO was in the Effective Altruism movement and SBF was paired with her through college and lending professionals thinking that SBF would be a great compliment to the company and he had won over many of those people's hearts, but the co-CEO had been clear on what his actions were like at Alameda and it included things we see at FTX, just on a smaller scale. He was greedy and would twist the things he was taught about about Effective Altruism. He was controlling and would not compromise about things no matter the fact he did not have final say and he would make getting things done incredibly challenging as he would challenge everyone who disagreed with him, and this included when the female co-CEO would go to their Effective Altruism educators and financiers. They would become involved and he would lie and twist things and even the outside influences who knew the truth could not get him to cooperate. Eventually those with the money and who had believed in Effective Altruism and had put SBF in that position had heard and knew enough of what was going on that they would not fund the company if he was not doing what they had trained and wanted him to do so they pulled out. Then the co-CEO and approx 50% of the staff walked out as well. The co-CEO had been running the company per the ways of effective altruism as she was groomed to do before SBF had come their and she continued on with people in the movement and their money and backing. SBF was left with Alameda that he had ruined and the money stream gone as he bit the hands that had fed him and 50% or less of the staff.
The Asian market trade that had been the way they would make money doing a crypto trade where they would buy crypto on our regular market and then have a japanese "friend" (one of those investors) do an exchange to get it on the asian markets so they could sell it in an asian market for significantly more than what they paid here in a US market, just because they could switch markets. . . .that would dry up as more crypto investors had gotten wind of this and more people were making this trade, Alameda had less financial backing so smaller trades and eventually the asian markets would no longer have these rules where US people could make these significant amounts of money trading in those markets. Caroline was there when the market rules changed and the trades that were their bread and butter in the asian market had dried up due to all of the changes so Alameda started taking losses, heavy losses, as she was not a good trader. SBF didn't really care and seemed to tell her to just keep going. She was blamed for the asian bread and butter trade drying up by the way SBF has told it in recent times and not that the market corrected itself.
I wish the story of how SBF had ruined Alameda by greed and his exceedingly controlling behavior had really come to light before FTX or large corporations had done their homework to see that he caused a company to split in half and had half the staff plus the co-CEO walk out of the business solely due to him. If someone had done their homework and not given him millions of dollars it could have saved a lot of people a lot of headaches. If the people in power had not chosen him to groom into effective altruism and seen his real intentions, selfishness, and sometimes delusional thinking of grandeur that made them feel powerful and great for actual grandeur it would have helped a lot.
Great reporting!
ok this even better coverage than TF, gg
Thanks for making it simple and easy to understand... Smart cookie !!!
Thanks for your report!
Sounds to me that apart from witness testimony there was so far not any smoking gun (captured signal/snapchat messages) presented that irrevocably proved it was all Sam's doing and intent, right?
You think the prosecution has such a smoking gun in their sleeve?
Free SBF! No justice, no peace!
SBF had a meeting at our bank with CPS and we brought in a Director and RM when he asked for an ISDA and PB. We had no OTC-facility for BTC-vol trading at the time and would make a bespoke mkt but it would take days to clear legal. We pitched a bear-reversal to Sam (synthetic bull vert; cap/floor) but he had no interest. "BTC will trade to 1MM by 2025" was his reply to the hedge. He DID want to hedge FTT but there was no liq/float so the market was 1400 beeps wide and he did not partake. ;)
@12:00 Interesting to hear Sam had a hand in creating Solana. I wasn't a fan of Solana before hearing this. Now I view it as toxic waste. ☠💀☠
the talking with hands game is very strong on this channel
To speak more on SBF’s risk appetite, there is another channel on UA-cam, called more plates more dates who goes into detail about the performance enhancing drugs Sam was using and how they as a side effect increased risk appetite by altering brain chemistry
Same drug they gave Isis recruits before battle
The deference might try to use that to get him to walk free
Thanks for the video. You could appear just as smart even if you chill a little bit. The content is very good, but it takes energy to even watch. You’re talented and will do great things.
Why would I invest in stocks when FTX and Alameda had illegal access to 65 billion and still lost against the enemy's algorithm. I will just stick to Gamestop stock because the enemy algorithm cannot force me to sell my gamestop shares
So, Caroline is using the Conjuring excuse "The Devil Made Me Do It" ?!
The flip of the coin and the world ending is an example of someone talking about something they don't understand:
heads: the world ends, outcome is not zero because everything is lost so is -1, but you need to add the risk level, and from 0 to 1 I would say the world ending is risk 1
tails: the world improves twice, outcome is double so is 2, the risk level is low, since the world might improve, but if not nothing bad happens, so it would be a 0,1
-1 x 0,5 x1 + 2 x 0,5 x 0,1 = - 0,4 , so the outcome is negative!
You can only use this model without the risk level if you are evaluating options with similar risks, otherwise you need to add a risk level to the model.
Caroline said that this was Sams view of risk. Flip the coin heads the world 2 times better, flip the coin tails the world is gone,, was a risk Sam would take.
not sure Caroline was good at math, she confessed that it was her strong asset I think.
she has a degree in math.
You explained everything very clearly and thank you for that. But all of this is from Ellison's mouth. Is there any way that Sam can come out and say, "She's a pathological liar, I have proof of her lying about other things, and she was actually scheming me the whole time." In other words, is there any substance other than her accounts of what happened? Does Sam have a case that there are sharks in the water and he is the victim? Because, I imaging that's exactly what his lawyers will try if they haven't already.
She is cooperating with the gov., SBF is not. It all comes down to her credibility.
@@viralsheddingzombie5324 I don't think it's only that, but other people who have testified have been clear that things have been all done at the behest of SBF. "I increased the limits on trading for only Alameda per SBF, even when I said that we should, he told me to do it anyway". When multiple people are telling the same story about his behavior in different areas of the business it does lend to their credibility. That plus when each person who has a government deal gets on the stand the first thing they say is what their deal is and how it works - to be clear - If they are found to be lying at all while on the stand or during the investigation for FTX/SBF then they will lose their government deal and will be charges fully to the extent the law allows for their crimes.
For others their deal was that anything they disclose on the stand they cannot be charged with and it cannot be held against them. If they disclose they did a crime for SBF or did a crime for FTX/Alameda that the government was not aware of then they can NOT be charged with it for disclosing it during the case.
If they lie then they can be charged to the full extent the law allows - they have an incentive to be very honest about what happened or these people could face significant consequences. It's something the lawyers following this case have pointed out more than crypto channels who follow it.
$FTT was FTX echange token.
Sam created Serum ($SRM).
Maps with the $MAPS token is a mapping and travelling app (140M users) where Sam did some fundraising (50M) powered by Serum on the Solana blockchain. SBF did not create Solana or $SOL . It was a mess😂😢
What will happen to the tokenized Gamestop shares that FTX created out of thin air? It is not backed by anything
imagine crypto pumps before the trial is over and ftx becomes solvent again lol
I don’t understand why he thought they would win. 20:22 Why?
That big dummie. This is dark. He is dark. Bye, Sam.
Excellent reporting. Better then Inner City Press which is fabulous for up the minute updates on X and better then Tiffany Fong whose reports are briefer then yours
Was this before or after all the O*gys?
Sometimes all you need is Elementary school math , that squirrel got her EGO too BIG , it ruined her life and many others.
3cent china?
I am a simple man, I hear web 3, data science and on chain and I know it’s bullshit
I'm interested to see how the defense blames Caroline because it seems like he's in charge and she has to do what he says.
1. Maybe they will say Sam said one thing while Caroline did something else.
2. Maybe this was too complicated for poor Sam and Caroline was really on top of all this.
More of a fight? You must be kidding! Sam's witnesses for his defense were ALL thrown out by the judge as none of them were actually involved in what what happened and were only specialists in the field to "explain" what happened to essentially try and confuse the jurors. The defense has ZERO witnesses so all they can do is attempt to prove that the prosecution witnesses are lying, but so far every single one had told a very similar story about SBF and how he ran things, even independent of when the other person was there. He has High Priced lawyers and they have very little they have done and the judge has been short with them already for leading the witnesses on what they said in their depositions or earlier statements and for the witnesses being harassed by the defense. I don't think they have really landed any blows that would lead to SBF not going to jail or being found guilty.
Not only has she pleaded guilty, she is not on trial. The customer funds were held at FTX and Caroline ran Alameda. Are traders/employees at Alameda guiltier of using customer funds more than FTX/SBF. I do not understand how people are acting like SBF is not the cause of this. FTX had to take the customer funds and give them to Alameda, not the other way around. FTX/SBF had to know the customer funds were taken from FTX.
of course he did. legally, it's not a question of who is guiltier. they all have liability.
I didn’t hear any evidence though that he knew he was going to have to use customer funds. Sounds like FTX was making a lot of money and he thoughts profit levels were good enough
Carolyn testified he knew he was using customer funds. It was discussed at length
@@erinreilly5401 no it wasn’t, listen to what she is saying, at no point did Caroline say customer funds to Sam
Are you aware of the FTX business model? It was based on volume of trades because fees were so incredibly low. They could not have made that much money and Caroline even said she had to create fake balance sheets and P & L's. Those would all include customer funds and the way FTX was set up was that most people sent their money to Alameda, not directly to FTX so their money had to be transferred from Alameda to FTX which had no accounting software to even know who had an account in some cases. She didn't need to say customer funds, because it was set up that Alameda got the customer funds and could only send so much over to FTX.
After the news came out many people checked where their money was sent and it clearly says Alameda and NOT FTX. Customer funds didn't even need to be transferred. They could just be used sometimes.
Caroline and others have been clear that SBF used customer funds as his own funds to pay for whatever he wanted. It sucks that we can't be in trial and read the script, but that's what people have been 100% clear about. FTX's money to spend was out of customer funds and not from earned income.
@@erinreilly5401 she can testify what she wants. What evidence was there outside of her trained mouth?
Comment for the algo
Sure… the guy did it all by himself… sure… it must be true right?
No lessons learned.
Her defense: "I'm just a young, unworldly, girl - Sam intimidated me into doing his dirty work. I didn't want to do it, but I was scared he'd hurt me!"🤣
Sam was a crypto degenerate gambler; high risk minded monster driven by methamphetamine and presumption... He has a great future. Sad that he will be outstanding in jail.
This whole world of imaginary money is both fascinating and amusing. My own experience of imaginary money happened 60 years ago when, aged 6, I tried to buy sweets (candy) at the local supermarket. The manager carefully explained to me that the monopoly notes in my little fist were for games only and had no real value.
It seems that huge swathes of the population, now in adulthood and seemeingly "educated", never learned the sifference between crapto currency and dollar notes - even to the point where you can dream up something called a "token", thumb-suck a price, and people will fall over themselves to part with real dollars for what is worth even less than monopoly money (which is worth a penny or two for its tangible paper value).
While I feel sorry for all those being conned by this crapto nonsense, perhaps losing your shirt (and more) is akin to my lesson over half a century ago. Some victims may learn the lesson and shift focus to assets that have tangible value.
Funny that you talk about "real dollars" as if that wasn't monopoly money.... the entire FED is a monopoly and just like in Monopoly they can print money unlimited. Sometimes it is better not to say anything than to look like a fool!
@brunosmith6925 😂I understand that you understand nothing. Pls go back watching cat videos.
@@rustybot4279 Do you think it is important to the Crypto space that SBF goes to jail? I mean in the context to dissuade the Wild Wild West characters from being in the Crypto world
@@richard8242 if he is found to have knowingly committed fraud, there should be consequences for him. I hope he gets a fair trial and isn't judged on emotions or that he becomes the "fall guy" for the rest of the crew. What I mean by that is they were all complicit. Gary Wang created the code, so Alimeda (Caroline Ellison) basically had "free" money and they all knew what was going on. Unfortunately, there will probably be more fraudsters in the future, but I hope there will be less and farther inbetween.
@richard8242 but, yes, I think it is important to get him on trial, but equally important to get clear regulation and perhaps new rules for exchanges such as "proof-of-reserves" and clear insight into what the exchanges do behind the scenes, to weed out the wild west carachters..
If this is what Carley would look like when she first rolls out of bed in the morning than I am impressed. She is a hot natural.
Giggles? 😒
He sounds like a gambling addict
I like you a lot. You are good, but please speak a little slower.
Really enjoy your videos. Not sure why on the picture on my UA-cam list, there is a picture of you and that other blogger looking gleeful and silly. if it’s attract clicks, I think you demean yourself. The picture looks like 2 silly school girls sharing a joke. However, the topic of your video is anything but a joke. It’s not honest.
That thumbnail is giving me serious mean girl vibes.😵💫
Typical generate gambler.
Markets can remain irrational longer than you can remain solvent.
The You Tuber seems impressed with all of her FEELINGS, not the facts of the case. Is she really interested in the law or just the drama?
Whats so funny?
Please, get that smile off your faces...
Many people hurt here by Scam Bankman
This 💯
Your thumbnail laughing about all of this is sick…..it’s gross
Yeah it’s true. I like the reports but the laughter kills it
I am not an investor in FTX. But they immediately came to mind
Sup with Tiffany being on every thumb? Hoping to scalp some more viewers?