Bankman-Fried: FTX Collapse Is ‘Sh—y Thing’ That ‘Sucks’

Below, find the letter Sam Bankman-Fried sent to FTX employees this week. Typically, I'd indulge my penchant for breathless editorializing and demonstrate my trademark disregard for brevity while presenting Bankman-Fried's apology for what attorney James Bromley on Tuesday called "one of the most abrupt and difficult collapses in the history of corporate America." Somehow, though, I suspect I might detract (or, at the least, distract) from Bankman-Fried's message -- whatever that message is. S

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4 thoughts on “Bankman-Fried: FTX Collapse Is ‘Sh—y Thing’ That ‘Sucks’

  1. H-Man, seems like a bright kid who had no idea how dangerous leverage can be when the crown jewel turns into coal. Probably should have spent more time reading about the demise of Lehman which was the ultimate leverage junkie.

    Now he will learn the second rule of investing: When you use and then lose other people’s money, the users generally (not always) go to jail depending on the extent of the carnage. In his case, with billions of other peoples money going down the drain, there is no hall pass even with a mea culpa.

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