"I don't mean this in the sense of 'a major accounting firm will have reservations about auditing it'; I mean this in the sense of 'we are only able to ballpark what its balances are, let alone something like a comprehensive transaction history.' We sometimes find $50m of assets lying around that we lost track of; such is life.""
He's right, that doesn't sound like "a major accounting firm will have reservations about auditing it." It sounds like "a major account firm wouldn't touch it with a ten-foot pole
It is absolutely clear that SBF treated this who scam, I mean scheme, no scam was better, as one huge joke, a way play with billion of other peoples dollars pocketing as much as he wanted himself, with bothering to do any real work. Important meeting where he was playing videogames are legend (hell, he boasted about it - showing how "smart" he was, or something).
For someone who posed as a "effective altruist futurist" concerned with the fate of humanity in the distant future, it sure did not dawn on him tha
Depends on how you measure amateurism in the financial fraud game. Enron hid its debts by constructing complex webs of shell companies it controlled called "partnerships" to which it transferred ownership of its debts to make them disappear. Alameda just copied the debts into a different directory and told auditors "don't look at this one" (actually they "forgot" to mention it). Enron devised complex new accounting procedures. Alameda just did not do any accounting.
"I don't mean this in the sense of 'a major accounting firm will have reservations about auditing it'; I mean this in the sense of 'we are only able to ballpark what its balances are, let alone something like a comprehensive transaction history.' We sometimes find $50m of assets lying around that we lost track of; such is life.""
He's right, that doesn't sound like "a major accounting firm will have reservations about auditing it." It sounds like "a major account firm wouldn't touch it with a ten-foot pole
It is absolutely clear that SBF treated this who scam, I mean scheme, no scam was better, as one huge joke, a way play with billion of other peoples dollars pocketing as much as he wanted himself, with bothering to do any real work. Important meeting where he was playing videogames are legend (hell, he boasted about it - showing how "smart" he was, or something).
For someone who posed as a "effective altruist futurist" concerned with the fate of humanity in the distant future, it sure did not dawn on him tha
Depends on how you measure amateurism in the financial fraud game. Enron hid its debts by constructing complex webs of shell companies it controlled called "partnerships" to which it transferred ownership of its debts to make them disappear. Alameda just copied the debts into a different directory and told auditors "don't look at this one" (actually they "forgot" to mention it). Enron devised complex new accounting procedures. Alameda just did not do any accounting.
SBF made $8 billion disappear. If you coun