Believe me when I say that within the confines of a sensible set of economic or trading policies this is insane:
FTX evidently lent large amounts–$16 billion!–of customer assets to Alameda Research. Apparently to prop it up after huge losses in the first blizzards of Crypto Winter. (In retrospect, SBF’s buying binge earlier this year looks like gambling for resurrection.)
SBF described this as “a poor judgment call.”
No, it’s insane.
You don’t say! I hear that’s what Napoleon said while trudging back from Russia in November 1812.
Also probably an illegal judgment call.
Could well be.
(I further note that SBF is a huge Democrat donor. Like Corzine, his political connections may save him from the pokey, though by all appearances he should spend a very long stretch there.)