"*Per our Bahamian HQ’s (FTX Digital Markets) regulation and regulators, we have begun to facilitate withdrawals*"

Somebody in power, not necessarily "the regulators", told him to do this. He didnt do this on air. He wanted people to know he was following instructions

Lol. "*order could have been breached*". Seriously? After you knew the company was imploding and this was a risk? Appears to be the same way they "*regulated*" them

Everything we've done for the past 50 years set us up for this. Just last week I was asking where's the data that supports our *the end of the world is near* response to tropical storm, hurricane for 30secs, Nicole? And all you got in response was, *you from Nassau you dont understand*. Even today the stories continue featuring a 10x10 clapboard tin roof business building that was "*completely destroyed*". A month ago I said two things the central banks blockade of payment providers was anti innovative and the cashless craze was wrong way thinking. The data was all there. Then we had international food fest. "*who could have known?*" And that's our issue, especially with this govt that is super focused on creating good PR stories. Everybody ignores the data... reality is whatever we speak into being... and this is what you get.

**I dont buy that our regulator has clean hands. There are errors of commission and errors of ommission. How in the dickens did was this company allowed to operate as a financial institution and offer services to the public without a CFO and a Risk Manager? That's "data".**

And we been here before. Remember the NGO that probably has an operating budget under 1million but didnt notice 2 million on its accounts for months because of an accounting error? Seriously? And you had Bahamians defending them.

Brave Davis needs to stop flying around to environmental conferences giving puff speeches. This country needs someone to take it by the hands and shake out all the corruption cronyism and incompetence from our senior ranks. It's a start. Do it everywhere especially the police force and political parties. We cannot support empty suits and people incapable of doing their job. Or Sam will be the least of our worries

I think the motto is restituta piratis expulsis commercia... this the Bahamas

In my crime fiction book, the person at the top never gets their hands dirty. They dont even know how the money comes in, all they see is a section on their 2nd set of books called "Other activities" where all the income from the kickbacks and shingles purchase is listed. The "*Man of Business*" handles all the details, he's right next to the lead man but you never see or hear him he's in the backroom cutting deals. If he gets caught he can say things like "*if I have to resign or go to jail, everybody going to jail*". Cause he know everything and he know every party does it. . "*When you in charge its your turn when I in charge its my turn*". So nobody ever goes to jail and the Ba**n**anas continues to crumble. Its a great book of fiction.

I wondered. I have the same assessment as Eric Carey. If they do what they say, this is exactly the way we want to develop the family islands. **The key here is not to trust them**.

We saw the depths construction crews will go to from the Bahamar internal emails. The key here is to monitor every nail, block and timber put into this property. **But I have yet to see our ministry of works, politicians, govt officials, and lawyers be uncorruptible. Some of them are the classic biblical prostitute, they will do anything for money.**

It dont matter how the Bahamar engineer intends to cheat, the inspector should catch it. It dont matter how many immigrants decide they gonna build against code or hook up utilities illegally, the inspector should catch it. the fact that Bahamar completed and that we have 200 acres of illegally connected utilities tells you some worker was corrupted and someone at the tippity top of everything was paid off to ignore it

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