Temasek Cuts Salary of Staff Responsible For Its Failed FTX Investment (theblock.co) 8
Temasek, a Singaporean sovereign wealth fund that manages assets worth around $300 billion, has cut the pay of staff involved in its FTX investment that soured after the crypto exchange collapsed. From a report: An independent team conducted an internal review of the investment and found that although there was no misconduct by its investment team, the team and senior management "took collective accountability and had their compensation reduced," Temasek said Monday. It did not detail the amount of compensation cut. Temasek had invested $275 million in FTX and FTX U.S. and wrote off all of its investments to zero after Sam Bankman-Fried's crypto group filed for bankruptcy in November. Temasek had taken a 1% stake in FTX International and a 1.5% stake in FTX U.S. as part of its investments.
Bankman-Fried should be at the $0.50/hr prison wag (Score:3)
Bankman-Fried should be at the $0.50/hr prison wage
Rare accountability (Score:2)
Usually when the finance guys screw up, they get bonuses.
Re: (Score:2)
Lmao, not fired! (Score:2)
It's like a government job where failures get promoted up.
I wish I could've had a job where I'd take a token salary cut for blowing $275m on a well known stupid idea.
Their 275m was valued as 1% of FTX, $27.5 billion. Based on nothing. They just make up numbers and these morons dropped $275m on it.
What happened to common sense and basic due diligence in finance?
Did no one ever ask Sam, "Hey, so uh what makes your co pant that does nothing and has no product or service or real assets worth $27.5 billion? W
Re: (Score:2)
Once youre rich enough you no longer have to face consequences for whatever stupid decision would get a "normal" person fired or kicked to the curb.
There's always another wealthy connection, another investor or a bank willing to take a chance because hey, you're rich, that's gotta mean you put in blood sweat and tears and not the fact that in most cases it's that combination of birth circumstances combined with a nice slice of luck (usually due to those lucky birth circumstances).
I'm not saying the hard wor
Private vs. commercial (Score:2)
Turning over someone else's money to a crypto fund is outright criminal.
Crypto is just another ponzi scheme, only those that bail at the right time get some 'profit' but it's paid for by other suckers.