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THE FTX FRAUD

It took a jury four hours to determine that Sam Bankman-Fried had stolen $8(Bn) of investors’ money. What took them so long? Well, the jurors must do at least four hours work to get a day’s pay at minimum wage, so we suppose that they made their decision in about ten minutes and sent out for some free coffee to while away the time so that they could get some money from a wasted day. Some of us have done some jury service and know they tend to include a single mum who has not achieved minimum wage in the last three months and an angry spoilt brat on the dole who has been forced to go back to live with his parents when his girlfriend has kicked him out of her flat because he was lying about all day doing drugs. The rest of the jury in made up of sad people doing ordinary jobs (that is you and me) who just want this wasteful procedure to end. But the point is that they decided in four hour hours (ten minutes) that this spoilt brat, the dull lonely loser and son of two Harvard professors, was a simple thief whose rightful home for the next 40 – 70 years is a prison cell, when our brightest professional financial fund managers thought he was the brightest financial brain ever to exist and handed him $32,000,000,000 of other people's money entrusted to them.

THE INVESTORS (GULLIBLES)

We are of the view that the word “INVESTOR” should be replaced in every instance in the financial media by the word “GULLIBLE” as this more fairly reflects the attitude of people who give money to other people to “invest” it. So how did Mr. Bankman-Fried persuade investors to give him $32(Bn), yes, he only lost 25% of it, when the writer of this guff cannot get $100 from his bank until payday. What he did was do some smoke and mirrors stuff on the internet and two people with too much of other people’s money lent him $1(Bn) each because he was a good liar and other gullibles added a further $30(Bn) on the basis that “If them two are doing it I can’t lose." Sam started blowing the lot as fast as he could until he wound up on stage with two well known conmen in a photograph looking like a trio of bank robbers who had come to the attention of the town policeman on the steps of a bank in rural Arizona. This is not a good look for anyone.