Id be surprised, extremely surprised, if it turns out that he's a straight up crook who was just after money. People like that have a strong desire to adorn themselves in their wealth, he didnt do that.

I think for him this was about proving himself. A tinge of narcissism, he's smarter knows more understands the market better and he'll win over everyone else. I think that's what he was after. Of course I dont know him personally but with his wealth Id think if he was cruel, mean to his employees or a megalomaniac we'd have heard about it. He didnt exhibit the characteristics of someone who just loved money. I see someone who wanted to win. The question I have is why did he cross ethical boundaries, was it a character flaw, i.e., he has no ethical boundaries, or did he see the need to firm up his balance sheet before anyone else did and gambled his clients money to do it.

But who knows. I suppose we'll find out soon enough

I completely agree, the problem is caused by the speculators, they drive up the price to ridiculous levels that nowhere close to reflect any asset held by the conpany. And they can do the same with regular securities... i.e derivatives market crash.The difficulty is though that literally all the buzz about crypto is based off of those ridiculous prices. Noone would be talking about it if it were 1 to 1 with some backing asset. Noone but a few tech geeks would care

reuters:

*FTX founder Bankman-Fried secretly moved $10 billion in funds to trading firm Alameda. Bankman-Fried showed spreadsheets to colleagues that revealed shift in funds to Alameda. Spreadsheets indicated between $1 billion and $2 billion in client money is unaccounted for. Executives set up book-keeping "back door" that thwarted red flags
Whereabouts of missing funds is unknown*

Someone has to explain this to me. The customers gave SBF "real" money. That real money had to be deposited somewhere. Meaning a bank account. Someone "could" write software to adjust digital balances but noone should be able to move real money from an independent bank without someone knowing. The regulator did require clients' money to be deposited in a business bank account right? The financial team did have to reconcile statements every month right?

Again this happened Sunday, the securities commission didnt act until Thursday...

The collapse has everything to do with crypto and crypto speculators. This exact same scenario happened in the derivatives market in 2008. Greedy investors investing in securities that had no link to actual assets. Banks are required to keep a certain level of deposits with central banks to back customer deposits. Could any bank in the world pay every single customer off at once, no, theyd all crumble. Added to that deposits are insured up to a certain limit which covers the majority of deposits

I wholeheartedly agree that the enormity of this problem stems from Sam. Based on his language he appears to have been conducting trades. Probably doing the thing that earned him his initial millions, off on his own daytrading

It is odd tgough that the sane lawyers show up for these million dollar scams for want of a better word

Carnival, *is our turn to get the 200,000 "facilitation" money*

Bahamar, "*y'all cant fake the construction work better?*"

Nygard, "*we got our contract back, this stuff in the needle Ive injected in my arm, in front of the parliamentary members, feels really good*"

Oban, *dont mind the noise in the market, I just signed someone else's signature on a legal document in front of the PM*"

Pleaseant and Obie, "*empty warehouse*"

FTX, "*this is the start of the digital industry*"

Anna Nicole, "*where you get that watch from, any shingles left?"*

But Im convinced now that the clear and most present danger to our country, starting with Kwasi, then sanddollar, then the cashless craze, is people who have no clue about technology acting like they know and making billion dollar decisions on our behalf. It might rival a Dorian both could sink us in a few hours.

I want to see an accounting of the money for what was lost in the fire. Fires are known fraud covers. Not saying that it wasnt a real accident, it's possible that it was, but nobody who handed out the money should take someone's word that all the money was lost in the fire

What da hell this mean? Valuing a bag of air and a jar of sea water as an asset an trading it on the stock exchange? Didnt we just go through that movie with Sam?

**The definition of predictable:**

Everybody know, no matter how much money comes to the Bahsmas under it's current governance structure, none of it will get to the man in Bain town the maid in the hotel and the old lady in the wooden shack on the family island. It will all end up in the pockets of the lawyers accountants as nd real estate agents who guard the gates of the city to snag every foreign investor with millions.

And everybody know the very last thing you can expect a Bahsmian govt to do is protect the environment. Ask them how many hills we cut down for fill this week.

Werent we about to allow oil drilling in our pristine waters a minute ago?

From a Nassau guardian story:
"*When we think about regulation for a crypto business it’s different, it’s not like a bank, it’s not like a mutual fund or an insurance company,” said Edwards.*

*“We have to be honest and accept that that there are **some things that may not be as tightly managed and regulated as, in hindsight, as we would want them to be***

This is our response to every **predictable crisis, *who could have known?***. Everybody knew those guys didnt come here because they thought the Bahamas had a great regulatory structure. Everybody. Everybody knew crypto vakuation has very little linkage to any equally valued underlying asset. We've been here before in 2008 with derivatives. Everybody knew. Everybody knew Nicole was a cat-1 storm and cat-1 storms are predicted to exact minimal damage and up to 5ft surges. Everybody knew.

"***In hindsight, who could have possibly known?***

Wait, where's the concern about the seed money that was given? There was welding going on, was welding part of a personal business also? Not saying that there's anything amiss but we cant just lose thousands of dollars and not check to see if it was spent on junkanoo supplies or not.

Id like to see an audit to determine what was done with the seed money.