Sam Bankman-Fried Makes his Case - SBF on Trial Day 14
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- Опубліковано 26 жов 2023
- Overpriced JPEGs - Courthouse Edition!
Sam Bankman-Fried took the stand (officially this time)!! In today's episode I'm breaking down how Sam's version of events compares to what we've heard from the other witnesses so far.
@carlypreilly on Twitter
Caroline spreadsheet manipulation breakdown: • Caroline Ellison Sprea...
#sambankmanfried #sambankmanfriednews #sbf #crypto #cryptocurrency #carolineellison #nishadsingh #gemini #genesis #dcg #barrysilbert #michaelmoro
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Carly's is by far the best coverage of the SBF trial that I've found anywhere on YT.
Such a great communicator/presenter. Maybe she should look at turning those skills to something more than NFTs when this trial is over.
Seriously, I watched another channel and the commenter complained about there being too many spreadsheets. It’s a banking fraud case, like what did they expect? It’s like going to the pool and the water being too wet.
Sorry to say but, this is a really bad title since it’s not only Caroline Ellison but, many of Sam’s friends that have also turned on him.
Have to say your coverage really is as good if not better than anything CNBC or other MSM are doing bravo!!
its like an order of magnitude more detailed and thorough than the MSM
@@Enhancedliesbecause she’s able to go longform and keep audience attention
This is like Sam going to steal $100 from his dads wallet, then going to a casino in hopes to make more than $100 and return the $100 to his dads wallet while keeping the difference, without his dad ever knowing. This is basically what he did and tries to justify it's ok, because his intent was to pay back.
Great example. You nailed it.
And gambling on blackjack while never knowing how to play
All banks do this
@priceandpride Investment isn't the same as gambling, the difference being the risk profile. Even Sam admits this in his interviews being one of his "blunders"
@@priceandprideUS banks have to follow rules regarding the sorts of investments they make with deposits, meet requirements to get FDIC insurance which protects depositors further, and don't lie to customers about whether they're doing this.
It's like being given that money and offering secured loans, reporting his activity to his dad and an insurance company that agrees to pay his dad back should the funds be unavailable (with the insurance company taking the loan business if it does so).
Modern US-and many other countries'-banks are not the same. A bank doing what FTX did would also be illegal. Yes, I know about 2008.
Hi Carly, I found out about your channel in the comment section of an article in The Financial Times. Actually, two individuals stated you provided the best analysis of the SBF trial. Now that your channel has appeared in the Financial Times, I consider you famous. I am glad I saw the comments and found your channel. I've watched the videos you have posted about this trial so far and I must say your coverage, commentary and observations are top notch. Thank you for doing this.
I think the article you reference was in the New York Times, not Financial Times? Can’t find the latter, but saw the former!
@@erinreilly5401 No, I don't read the NYT. I subscribe, and read daily the Financial Times.
Good to know! I couldn’t find the Financial Times article!
ALL economics and financial media is antiscientific unfalsifiable bullshit.@@paulwoodward3453
Great work. Pro tip: “make” is for profit, “generate” is for revenue.
I didn't know that. Thanks!
A spoilt Mommy boy who’s never been held accountable and told NO.
Momma and Dadda were complicit! Court documents show that
@@HendrikEbberof course, she's an ethics professor. Those literally ALL are unethical in our current newspeak world where official terms are semantically opposite of what they are (liberal, social, racism, fascism, aggressor, vaccine, inflation etc)
You left out conservatism, capitalism, grooming, "wokeness". Nothing wrong with vaccines.@@wachtwoord5796
when his father was aware that the company was going bankrupt, the "borrowing" from the company increased. The father bought a house, with FTX funds. So, if anything, the parents are just bad parents.
@@normbograham btw I heard no-one talk about wether the parents have to pay back the "gifts"?
How about other less related parties?
Love catching up on this every night! Thanks for posting.
I've never commented on a UA-cam video before but wanted to tell you I love your content! It is so thoughtful, intelligent and well structured. I live in London so wake up in the morning to watch your update on the SBF trial! I will keep following you once it's over!
I've been waiting to go to sleep, but had to wait for your video. Your descriptions and energy are worth the wait!
This was an excellent high quality recap. Thanks for explaining both sides of the testimony, it's hard to keep track of what has been said in court and keep track of everyone's testimony.
SBF is a man of ruthless ambition and self promotion. You don't build what he built, as big as he built it, by accident. Hopefully the jury can see his actions did not match his words.
Also sociopathy
…And he likes to fidget with playing cards
it was specifically built to be a big complex mess, so it was impossible to track the money around. i do disagree with the analysis that the 'signal' self deleting comms ween't important, as it again was part of the design to prevent traceability, whci sam is reaping the benefit of in court, as its a lot of he said, she said stuff instead of paper trail of decisions which i would expect in any financial institution. It was a company structure specficaly designed for fraud.
@@tonyug113yes but all the she said he said is hearsay and there for calls for many, many objections by the prosecution, which naturally leads to sbf’s legal team looking incompetent and unprofessional. Everyone sitting in the courtroom watching the case feels second hand embarrassment. Honestly the first two days I kept on asking the people sitting next to me (in court)if the defense is getting paid, it was like that every day. Sam maybe built an empire living off fraud, but the only way out now is a mistrial, or prison.
Thanks for sticking it out, I look forward to your daily updates
Very helpful issue-by-issue comparison. It seems to establish beyond a reasonable doubt (even without the prosecution’s cross-examination) that Caroline, Gary, and Nishad each worried about, and told Sam on several occasions, about Alameda’s billions of debt to FTX. They had good reason to worry about it, to tell Sam about it, and to let Sam decide how to handle it. I suspect the jury will appreciate this basic issue and convict. But the prosecution needs a compelling cross to minimize the possibility of one or two jurors demanding more concrete evidence of guilt.
Please keep these videos coming!
Thanks for putting it together so quickly!!
Appreciate all the time and effort that goes into this, especially the pre-filming prep….it pays off in the final product, making these so informative that (everyone in the comments agree) it sets it apart from the crowd.
Your great presenting skills & entertaining charisma mixed with that level of effort and attention to detail make for an amazing show.
That the turn around is so quick & the info so up to date, makes it all the more impressive. Congrats.
This is honestly such fire reporting. Balanced, thoughtful, and interesting. I hope you expand to other topics, you’re great!
THANK TOU FOR POSTING tonight - I could barely stand waiting!!!!!!!!!!!!!!
the absolute best coverage on youtube!!! Thank you for powering through all the sound difficulties and getting this video to us 🩷 we appreciate you!!
Thank you for taking your time to attend the trial, your head must be just spinning after all this chaos!
I am so addicted to your commentary that I stayed up late hoping to see this, but had to go to bed and return to it this morning. It is utterly fascinating. You are such a good reporter.
I don't "buy" the SBF narrative.
--- Nashad: "How much are we short by?" SBF: "That's the wrong question to be asking." uhhhh, NO, IT'S NOT THE "WRONG QUESTION".
--- If SBF "didn't know", it's because SBF ENSURED that he "didn't know", so that SBF could later plead "plausible deniability".
--- Nashad said he APOLOGIZED to SBF, for not giving SBF the "warm fuzzies". That's how SBF operated.
SBF set up the ENTIRE OPERATION, then put his GIRLFRIEND in charge, of the company that was to be thrown under the bus.
--- SBF was the OVER-THE-TOP spender. Was SBF NOT using Alameda for his "Money Source"???
--- If SBF "didn't know" how much his SPENDING was impacting the Company that SBF had set up and WAS USING, SBF "didn't know" because SBF ENSURED that he "didn't know".
--- SBF was sent the MAIN "Balance Sheet", PRIOR to receiving the 8-Sheet Version. Thus, SBF, as CEO of FTX and FORMER CEO of Alameda, definitely had the OPPORTUNITY to check his "Account Balance". I would think, with BILLIONS OF DOLLARS at stake, that a CEO would be a little more "interested" in his "Account Balance".
--- SBF is no "less guilty" than a man addicted to "Gambling". Reportedly, even Elizabeth Holmes thought she could get her "Blood Machine" to work. I see no difference between Holmes and SBF.
BTW, I love the name of this Channel, "Overpriced JPEGs". cool.
Great job as always. Thank you for sticking with it
I kind of got the same take on SBF in the past. Unlike Madoff, he was actually making almost a billion dollars per year. He wanted more, so he gambled with his customer's money to try and make even more. He was willing to break the law, but probably never realized how far he pushed the boundaries of morality until it was to late. He dug a huge hole of lies and deceit. Maybe he thought he could work his way out of the hole since he was pulling in that billion dollars per year, but instead he just keeps digging deeper.
No it's more like starting a business and having unrealistic, unexpected revenue streams coming in and using some of it on whatever and just hoping the stream will continue and be around when bills are due.
Totally been there but definitely obviously not at this scale, dude, at that level you need to be a lot more careful... obviously
Great recap of today’s testimony. I don’t believe Sam’s version about the spreadsheet!
Thanks for the effort you put into your videos.
girl, been waiting for your update all day 😆
This is fantastic coverage! Thanks for the effort you put into your videos.
Really excellent recap of the salient points with enough context to know why what's happening is key--without getting bogged down in the endless details.
Thank you so much!
Yeeees 🙌 I was just about to go to bed but I NEED this update!!
Thanks I really look forward to your videos daily
Excellent coverage and explanation as usual. Thank you for breaking it down. Love it!
I must commend you on the coverage of the trial, you are a cut above the rest. Keep it up!
Your video was informative & flawless!
These videos are 🔥 You did a fantastic job of breaking things down and also being fairly balanced.
Overpriced JPGs must be the funniest name for channel covering crypto
I was rolling laughing watching idiots buy JPGs… in awe of the sellers.
I’m getting out of bed for this. Ok wait I’ll watch it in bed. Good night and thank you 🙏
Another great presentation !!
Been waiting for this all night…😘
Best coverage for sure! Cheers 🥂
Carly Reilly, I hope I spelled that right,
Regardless I'm sure I'm going to be seeing your name more often on TV.
You have legitimate skills and talent for journalism.
I look forward to seeing more of your work. Please don't stop your journalism.
Yep, u spelled it correctly ✅
keep it up we are here for every minuscule tidbit!!!! the more the better-love you!
Keep up the great work!
Great job with this summary!
Fantastic as always
Great job, very detailed.
Wonderful job. Thank you.
Woke up in sweden looking forward for this video.
I wonder how good the bulls**t detector of the New York jurors is as to SBF's testimony. (probably good, or better than from jurors in silicon valley, haha)
In so many aspects it's really word against word without hard evidence on whether if he did all this intentionally or not.
Let's see what cross examination brings. Thanks for reporting Carly!👍
Amazing coverage, thank you
Such great effort!
Whatever sorcery SBF used to turn an otherwise respectable journalist like Michael Lewis into a simp only needs to work on one juror to turn this into a mistrial. That worries me. I want him to get a Bernie Madoff sentence.
I think Michael Lewis just couldn't be bothered to rewrite his book
Then prosecutions need to prove everything he says is lies.
@@forbesy33 The revelation at the end that Sam had managed to dupe him could be a plot twist he incorporated into the book. It was still salvageable.
I think we now know where 1 of the missing $8 billion are: in Michael Lewis’s pocket! What a sellout!
@@utopian909 - Its amazing how easy it is to spout bullshit, when your wallet suddenly gets fatter. Lewis doesn't mind getting his nose brown and stinky, when the "john" (SBF) pays for it.
You rock as an editor.
Congrats on 10k!
Of all others, your coverage is best.
great summary 🎉😊
Great commentary on the trial. By far the best out there. You talk though at 1.3x speed - although I think that’s cool
Thank you 🙏 🎉❤
Awesome job commentating this stuff. You make it compelling, interesting, and comprehensible. You also "join the dots" which I like. Thank you so much! Subscribed!
Thank you so much Helen!! I’m so glad you’re enjoying it :)
You have a fantastic way of simplifying complicated issues, be they crypto, legal or financial. Great job.
Your doing a great job 👏 ❤
I know this is all interesting but I thought Coffeezilla ALREADY nailed the case shut. The ONLY question that needs to be asked is: 1) There were customers which were NOT part of the margin trading, right Sam? Answer. Yes. 2) Those customers which are not part of margin cannot be lent to Alameda or have any clawbacks. Answer Yes. 3) Did you put those customer funds which are not part of margin into a separate traceable bucket. Answer No 4) You put those non-margin funds into the general funds and Alameda was able to get those funds even though your terms of service for non margin accounts specifically said that this would not be possibel Answer. Yes. Done QED Fraud.
I totally agree with your analysis, But please don't use the term quantum electro dynamics out of context.🙂🙂🙂🖖🖖🖖
Yep. I think this is well put
Keep up the good work, beautiful.
Your updates are very informative and entertaining.
Great stuff
Sam's new defense is: it's just a prank bro
Thanks ❤
In accounting speak this is called "material misstatement to the financials" due to FRAUD.
That was a great explanation of todays proceedings! I love how you compare Sam's evidence to previous evidence by others. Its clear you research this shit , and may I say: You might be more thorough than the defense lawyers hehe
Great summary Carly!
If I shook hands with Sam I'd count my fingers. The guy's surname should Christian Andersen.
Good job Carly
Your amazing. Great content
Thanks so much!
It’s one thing for knowledgeable analysts like yourself to understand the ins and outs of the complexity of the financial fraud he committed, it’s another thing for the jury to see it the same way! I do hope that egotistical and social climber Scam Sam who was raised by hypocrites spends several decades in jail! Come out as old man!
and all those others we don't know about with him. the world needs to be rid of psycho manipulators who could care about the plight of others.
I figured you had an editor on payroll.
Awesome job
ignore the idiot who’s using Carly’s photo with this stupid “.. Digits….” response to everyone
🤙🙏
Sorry about the audio cheers for the work!
A movie will be made, I think should be titled “I am Sam”.
The opening line will be: “one time, at math camp…”
Christ, children, phucking children, given piles of money by so they can play tycoon.
6am in London.. wife wakes up thinking I'm speaking to another woman...who is that says sleepy she... Cute Carly says eye... morning cute Carly says she slleepily as she drifts back off... allowing me to focus on my pre breakfast SBH ketchup!!😂
Awesome job Carly as always. But I'm confused on conversation number 3 that you mentioned. Unless I missed it I don't believe you have ever said that Nashad specifically asked Sam about the 8 Billlion of customer funds being borrowed by Alemeda. And that on the tennis course he just asked Sam how things were going, not specifically saying anything about the 8 billion of customer funds. Unless it played out differently than that in actual court, you seem to think that of course Sam would think Nashad was talking about the 8 billion in customer funds. But I think it would be perfectly normal for Sam to think he was asking about the market crashing and how FTX was doing not because of the customer funds issue. What do you think?
Well done Carly
All good 🙏
"Maybe Sam's a 'big picture thinker'…" -I have never known a circumstance in which this _was not_ an excuse for ignorance and incompetence. This includes academics: university professors who invoke the excuse of being preoccupied with "the big picture", etc.
Carly, once the whole crypto universe inevitably implodes on itself, please consider a career in general financial journalism. You are smart, hard working and have provided better content from your small channel than most established outlets. Kudos!
Crypto will implode when trolls stop trolling. Aka never
Great job Carly. IMO SBF’s answer on the BS’s and NAV is not credible and symptomatic of the BS he was telling the world. Clearly, his answers on FTX’s and Alameda’s Risk Profile was also BS. The picture I get is that the kids had been raiding the candy shop for a long time and “discovered” that Alameda owed FTX a number no one could cover and that SBF had known this potential risk from the start, hence the irresponsible late spending on real estate and buying legitimate banks both in the US and in other jurisdictions. Phew!
Carly in Court is a thing.
100%
Sam's testimony reminds me of another recent trial with a lying, charismatic defendant who tried to wiggle out of guilt by re-defining words to mean something other than what they actually mean.
"Did you steal the money, Sam"
"No, I borrowed it"
"Where'd the money go, Sam?"
"I use borrow & steal synonymously" 🤣🤣🤣
I love how everyone is pretending like they have never worked before. Companies are run like dictatorships but when things hit the fan we act like it is a democracy. How many people got fired in that company for saying no?
So there are cases where it's unclear who's telling the truth, maybe it's a matter of interpretation, etc. And there are cases where it's clear who's lying. But in the latter set of cases, the person who it's clear is lying is always Sam. Surely this in itself casts doubt on Sam's testimony in the uncertain cases?
so the tab you last save a spreadsheet on is the tab the spreadsheet will open first the next time the spreadsheet is opened. So if the last tab open when you save the spreadsheet is tab 7 then the next time the spreadsheet is opened it will open on tab 7.
A case study in how words form our perception of reality. Sam says “we are a little short on deliverables.” Imagine if he had just said “our Ponzi scheme hole is a $9 billion debt… which is nine times as large as our annual revenue.”
Excel spreadsheets open on the tab it's been closed at (before sending) so technically it could open on the 2nd tab (if that was the tab Caroline last had open).
Of course that doesn't mean I believe him 😂
Could you discuss when the different players could have exited without criminal charges or at least cooperating early.
I've been wondering the same thing.
Thx for the coverage, seems like no one else is actually covering his "testimony." Are you from here or just visiting? Lawyer?
Well you're not actually from here obviously, but you know what I meant. Anyways, good stuff, thanks again
What does “not actually from here” mean? She was born in NYC.
Lol how's that saying about assumptions go Chuck?
Hi , how many people from the public are allowed in to watch the case each day ?
21 members of the public/press are allowed into the courtroom itself and then there are a number of different overflow rooms all of which can fit 100+ people. Usually they only need to set up one overflow room to fit everyone
This video provides an in-depth analysis of the trial. I aspire to offer a comprehensive examination of the Thodex case, delving into its intricacies and subtle details...
18:50 Great voice edit. I just barely caught it.
Good spot :);)
❤ everything is great, good quality video, dw
The second half was really good, it’s definitely plausible
You mentioned him talking about what FTX spent on marketing in relation to a company the size of FTX. At the end of the day, they spent customer funds not profit on marketing, right? If so, considering that didn’t he spend way too much?
1. Backdating Revenue: Lying about small % of revenue for raising money... Anyone been in a startup here?
2. Balance Sheet: I once sent a spreadsheet with loads of confidential tabs to a competitor. Oops...
3. Paddle court convo with Adam. Seems like a lot of grey and nuance here. Can the prosecutor break this open on cross? If not, sounds neutralized.
4. Shutting down Alameda. The final moments in the sinking of the titanic...What happened as the lifeboats were loading...
5. Balcony convo with Nishad. "Being and idiot CEO is not a crime"... The fact that they were discussing risk is evidence of best efforts...
-->The TOS issue where the consultant stated that 78% of users approved Alameda's use (margin & staking users was like everyone)?
gr8 info thx!
Carly. Thanks for doing this. Going to the trial and covering it every day … crypto critics corners is pretty good, but they’re very biased in a way that I don’t care for, but they have real court reporters who were also in the courtroom as guests. So that is good. Sam is guilty, for sure, imo.
I like how you’re weighing and measuring the information, comparing and contrasting points …
Thanks so much for watching my stuff!! Much appreciated :)
Let's fucking GOOOO!!!
And to think there’s probably more than a few we’ll know companies doing the same w their balance sheets