the question is, why did Wall Street fall for this scam, hook, line and stinker? #CoSoFinance https://www.marketwatch.com/story/sbf-and-ftx-peddled-a-crypto-fraud-that-makes-scammer-bernie-madoff-look-like-an-amateur-11673085722
They thought they'd get rich, and SBF told them they were right.
@RealSeanBrodrick --This is a great read, but I'm left to wonder why this POV wasn't articulated before the collapse of FTX & other Crypto firms.
There was low risk to the money to be made, and there was the perennial US strategy of bailing out the RICH when they f*ck up
@RealSeanBrodrick: I wager some of them figured they could rein it in so it would be more "serious" and/or "reputable", but my money is on most of them almost certainly didn't want to "miss the boat". Also, it was other people's money. Wall Street figured it'd collect fees and bonuses and such, and if things fell apart it wouldn't be on them. "Too Big To Fail" and all that. That philosophy's worked so well and profitably before.
That is a GOOD question. I guess no one wants to be first to say the emperor has no clothes.