Sam Bankman-Fried is Under House Arrest - at Stanford. Students are Fascinated (msn.com) 50
FTX founder Sam Bankman-Fried "has been under house arrest at his parents' home on the Stanford campus since December," writes the Washington Post, "making the elite university the unlikely host to one of America's most notorious alleged white-collar criminals.
"Surrounded by student co-ops, fraternity houses and other faculty homes, he's the talk of the neighborhood." Bankman-Fried, the son of two Stanford law professors, was released on a $250 million bond secured by the Craftsman-style house. While awaiting his fraud trial later this year, Bankman-Fried wears an ankle bracelet to track his movements and plays with his new dog, Sandor, according to a Puck News report.... It remains to be seen what consequences Bankman-Fried, who pleaded "not guilty," might face. So far, his ability to be detained at home, instead of held in prison, is an exception to how most federal defendants are treated. The quiet, traffic-light Stanford neighborhood is quite the upgrade from Fox Hill, a notoriously rough prison in the Bahamas where Bankman-Fried was briefly held before being extradited.
If Bankman-Fried violates the terms of his bail agreement, his parents could lose their house, which they've owned since 1991 and is worth over $3.5 million, according to public property records....
The U.S. government has tried to restrict his access to virtual private networks and certain apps where messages disappear, but a final ruling has not been made. The judge presiding over his case asked in a hearing last month, "Why am I being asked to turn him loose in this garden of electronic devices?," highlighting that despite any restrictions the court might place on Bankman-Fried's use of technology, he remains in a home with his parents who also have a plethora of ways to be wired. On Friday, prosecutors proposed limiting Bankman-Fried to a flip-phone or "non-smartphone" that cannot access the internet, and that he be issued a new laptop "with limited functionalities." Prosecutors also want to place strict limits and monitoring tools on his parents' devices.
But meanwhile, among the student population, "There are party fliers with his likeness. He's a punchline in campus comedy sketches. Students ride their bikes by on dates.... When asked whether they could confirm a rumor that a nearby student co-op had attacked the Bankman-Fried home with eggs, Stanford campus police did not respond."
And one freshman/cryptocurrency enthusiast even stole a sign from in front of Bankman-Fried's house, then "paraded it around for selfies at a cryptocurrency networking event. The sign is currently growing mold in his dorm-room closet." Bankman-Fried, who grew up on campus, "certainly fits into what I regard as the kind of culture of Stanford," says Richard White, a retired Stanford history professor — even if the 30-year-old former billionaire left Silicon Valley to attend MIT. White and others characterize Stanford's culture as a place where faculty and students are emboldened to take big risks in conceiving the next hot start-up or breakthrough innovation, often with easy access to capital, the conviction that they're changing the world — and few consequences if things go south.
"Through his spokesman Mark Botnick, Bankman-Fried declined to comment for this article...."
"Surrounded by student co-ops, fraternity houses and other faculty homes, he's the talk of the neighborhood." Bankman-Fried, the son of two Stanford law professors, was released on a $250 million bond secured by the Craftsman-style house. While awaiting his fraud trial later this year, Bankman-Fried wears an ankle bracelet to track his movements and plays with his new dog, Sandor, according to a Puck News report.... It remains to be seen what consequences Bankman-Fried, who pleaded "not guilty," might face. So far, his ability to be detained at home, instead of held in prison, is an exception to how most federal defendants are treated. The quiet, traffic-light Stanford neighborhood is quite the upgrade from Fox Hill, a notoriously rough prison in the Bahamas where Bankman-Fried was briefly held before being extradited.
If Bankman-Fried violates the terms of his bail agreement, his parents could lose their house, which they've owned since 1991 and is worth over $3.5 million, according to public property records....
The U.S. government has tried to restrict his access to virtual private networks and certain apps where messages disappear, but a final ruling has not been made. The judge presiding over his case asked in a hearing last month, "Why am I being asked to turn him loose in this garden of electronic devices?," highlighting that despite any restrictions the court might place on Bankman-Fried's use of technology, he remains in a home with his parents who also have a plethora of ways to be wired. On Friday, prosecutors proposed limiting Bankman-Fried to a flip-phone or "non-smartphone" that cannot access the internet, and that he be issued a new laptop "with limited functionalities." Prosecutors also want to place strict limits and monitoring tools on his parents' devices.
But meanwhile, among the student population, "There are party fliers with his likeness. He's a punchline in campus comedy sketches. Students ride their bikes by on dates.... When asked whether they could confirm a rumor that a nearby student co-op had attacked the Bankman-Fried home with eggs, Stanford campus police did not respond."
And one freshman/cryptocurrency enthusiast even stole a sign from in front of Bankman-Fried's house, then "paraded it around for selfies at a cryptocurrency networking event. The sign is currently growing mold in his dorm-room closet." Bankman-Fried, who grew up on campus, "certainly fits into what I regard as the kind of culture of Stanford," says Richard White, a retired Stanford history professor — even if the 30-year-old former billionaire left Silicon Valley to attend MIT. White and others characterize Stanford's culture as a place where faculty and students are emboldened to take big risks in conceiving the next hot start-up or breakthrough innovation, often with easy access to capital, the conviction that they're changing the world — and few consequences if things go south.
"Through his spokesman Mark Botnick, Bankman-Fried declined to comment for this article...."
B.S. (Score:1)
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The B-Fs don't own the land (Score:3)
https://www.latimes.com/califo... [latimes.com]
Re:The B-Fs don't own the land (Score:4, Insightful)
https://www.latimes.com/califo... [latimes.com]
They don't even own it... its leased...
So this $250 million bail is as fake as the cryptocurrency itself!
I don't know if thats good ironic or bad.
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No Craftsman house is worth over $3.5 million.
Its been leveraged and repackaged to the target amount.
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Try Zillow for housing in the Stanford area. I looked at a knockdown there in 1999. They wanted $1.3m for it and it went for more in a huge bidding war I was quickly priced out of.
Cushy House Arrest (Score:1)
All the Bubbas in the Big House will have lots to talk about when SBF arrives from his cushy "house arrest".
And let's not forget that SBF, unless he identifies otherwise, is a white male from a rich family. That will instantly make him the target for much "affection" in prison.
And will SBF's political cronies do anything to help him? Probably not since SBF is more contagious than a sexually transmitted disease.
But his political cronies might arrange the "Epstein Option" for him. Anything's possible.
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He'll go to a country club prison most likely.
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He'll go to a country club prison most likely.
Indeed. He is facing federal charges. Most people in federal prison are in for financial crimes. Even within the federal prison system, Bankman will be low-risk and land in a "Club Fed" minimum security facility. This is a win for taxpayers since the costs there are much lower.
Re: Cushy House Arrest (Score:1)
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Re: Cushy House Arrest (Score:1)
We're talking about someone who's ruined the lives of thousands of [admittedly stupid] people, not some sex worker or pot smuggler who profited at the expense of nobody whatsoever.
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....That will instantly make him the target for much "affection" in prison.....
More likely it would probably make him the target of financial extortion in prison.
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Re:Cushy House Arrest (Score:5, Insightful)
And let's not forget that SBF, unless he identifies otherwise, is a white male from a rich family.
Yup, which is why he's getting house arrest in a comfortable mansion after stealing (as much as) 8 billion dollars. If he'd been black or hispanic and had stolen a $2 candy bar OTOH...
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Is that why all the stores are closing in Portland? Too many residents going to prison for stealing a candy bar?
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Even petty thieves could walk free if they had the resources. How much time in
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Mess with the bull (Score:4, Insightful)
Not that I feel bad for the guy or anything, since he clearly was born with a silver spoon and had every opportunity to better himself without becoming a parasite, but he clearly pissed off the wrong rich people. It's kind of funny actually, because the corporate overlords responsible for poisoning East Palestine will probably not see anywhere near the level of punishment this guy will likely receive.
Rip off rich people = "Off with his head!"
Poison a city full of average people = "They said they're sorry and I'm sure they didn't mean it. Go easy on them."
Re:Mess with the bull (Score:4, Insightful)
This is probably the most underpromoted message in recent modern history. Thank you for posting it, honestly.
SBF is (allegedly) a fucking scumbag that deserves what is coming to him, but Norfolk Southern executives won't get nearly the time they deserve for (allegedly) sacrificing safety above profits -- this sort of crap is deplorable beyond mention. Please DOJ, pierce the corporate bubble here, and CHARGE THESE PEOPLE. There will be no change in corporate behavior until we see some form of hard hitting repercussive justice.
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SBF is (allegedly) a fucking scumbag that deserves what is coming to him, but Norfolk Southern executives won't get nearly the time they deserve for (allegedly) sacrificing safety above profits
Alinsky would tell you that "what someone deserves" doesn't matter. What is the outcome you want?
I, for one, would like SBF to be beaten up by a giant on live TV, because I want people to understand that rich people behaving that way is . . . not ok.
"few consequences" (Score:3)
Yeah, yeah I get it... it truly was a good idea to let the internet grow mostly unregulated for several decades. It really did transform the world. But it's past the "diaper" and "child" stages. The internet is currently in the "rebellious teenager" years where it's gonna get away with whatever it can. And just like any troubled teenager, clear boundaries and firm consequences are the best way of dealing with it. Time to lock things down with laws and regulations, and start putting more of the bad players in prison cells.
If we don't, the next generation of internet-criminals will be even more damaging. Time to nip that in the bud.
Re:"few consequences" (Score:5)
The entire online world needs to come to terms that they matter now, and there can be real consequences for actions.
You do realize that Team America World Police was just a movie, right?
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But it's past the "diaper" and "child" stages.
You want to get past a perceived "diaper" and "child" stage by putting people and companies in diapers and treating them like children. I'll never understand how people like you can be so delusional. You're entire premise is wrong and then you build a whole narrative around it to try and sound smart. Its fucking pathetic.
Re: "few consequences" (Score:2)
Last time I checked rules and laws were quite useful things. They tend to prevent anarchy.
Re:"few consequences" (Score:4, Interesting)
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Hell no. I lived through the teenaged Internet era where people did whatever they wanted, information was truly accessible around the world, and trolling was the norm and the only way to deal with it was to grow a spine. Those were the glory days, and they were fucking amazing. My generation turned out just fine.
The Internet is now in the pot-bellied middle-age era where everything is being sanitized and censored to protect its image, trying desperately to rake in money to pay off its new BMW, all the wh
Better yet (Score:5, Funny)
On Friday, prosecutors proposed limiting Bankman-Fried to a flip-phone or "non-smartphone" that cannot access the internet, ...
A landline with a rotary phone, with the 3 not working so he has to toggle the cradle 3 times to dial that number -- like we had to do in late 70's high school to dial out on the CS lab phone that had no dial. :-)
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Also, he should have to stay in the basement.
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On Friday, prosecutors proposed limiting Bankman-Fried to a flip-phone or "non-smartphone" that cannot access the internet, ...
A landline with a rotary phone, with the 3 not working so he has to toggle the cradle 3 times to dial that number -- like we had to do in late 70's high school to dial out on the CS lab phone that had no dial. :-)
String and two cans, that's what I had.
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You got a string and -both- cans? I'm jealous....
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A landline with a rotary phone, with the 3 not working so he has to toggle the cradle 3 times to dial that number.
I remember that, it was an extra click though, so a 3 would be 4 clicks. I was so proud of myself the first time I was able to dial a friend that way. Brings me back to the days when a secret tone bellowed by ye ol’ trusty Cap’n Crunch treasure whistle enabled free long distance calls.
Re:Better yet (Score:4, Informative)
I remember that, it was an extra click though, so a 3 would be 4 clicks.
You're Swedish then? In the Bell System area it's 1 for 1, 2 for 2, ... 10 for 0.
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Meanwhile a lot of the folks he fucked over... (Score:5, Insightful)
well, that was their error... (Score:2)
None of them had the good sense to donate a billion dollars of stolen money to the Democrat party and its candidates leading up to a critical election.
You will eventually notice, if you have not already, that there's a huge difference between hot the DOJ and the FBI handle SBF and how they handled many other people recently, like Roger Stone, Michael Flynn, hundreds of grannies and grandpas who were invited into the capitol building and took selfies on Jan 6th (most of those arrested and jailed assaulted no
Of course the students are fascinated... (Score:5, Interesting)
I'm sure they've read about it before, but - now they get to see, first-hand, just how different the rich are treated when they are accused of a major crime.
The Stanford Prison Experiment (Score:2)
Come on Matrix (Score:2)
Oh how quaint, oh how nice! (Score:3)
How nice to have wealthy and well connected parents, then you can even reside in comfort after having screwed over half the working population and you get a nice little doggy on top!
But I am really worried he might not have enough access to polyamorous partners, could we please get an update on this? Is he allowed to have visits in house arrest, I hope? Otherwise his comfort would be diminished.
Meanwhile, his victims get screwed too but out of home and shelter and food.
Notice the warm and fuzzy tone of this article. (Score:2)