by now you've probably heard too much

Sam Bankman-Fried tries to explain The fallen crypto CEO on what went wrong, why he did lies he told along the way. By Kelsey Piper | Nov 16, 2022, 3:20pm EST f SHARE SPF was trying to explain himself to this journalist Kelsey Piper in some DMs last night contents of the DMs were fully revealed and we're gonna show them to you here for this guy's under investigation by the SEC and the DOJ simultaneously and it's surprising he's still willing to talk to a journalist journalist was asking about regulations and he said there's no one really out there making sure good things happen and bad things don't f regulators they don't protect customers at all seems like consumer protection would be good and you couldn't do it, and CZ sure isn't doing it, so...who? agreed on both it would be good but regulators can't do it but regulars can't do it they can't extinguish between good and bad they can't extinguish between good and bad and the FDA is messed up and the crackdown in big tech has no goal or philosophy ofc is undermining us interest so if you have to do sketchy stuff along the way everyone else is doing it there's plenty of them are worse and as long as you win you can decide what good is he says well there's some truth to it but I didn't want to do sketchy stuff because there's huge negative effects I didn't mean to this is the crux of each individual decision seemed fine but you didn't realize how big their sum was until the end it addresses his arch nemesis CZ who tanked his company now he's a hero is it because he's virtuous or because he had the bigger balance sheet and so he won the ethics the effective altruism mostly a front people will like you and you win and hate if you lose it goes on to point out the worst quadrant is sketchy and lose the best is win and something clean and lose is not is bad but not terrible this is where it gets down to the brass tacks of what was wrong you tweeted some stuff like We never invest your deposits it was factually accurate huh messy accounting margin exchange position built up over time this boy genius couldn't figure out the accounting So were you lending out customer funds of course it's complicated wasn't quite lending them out it was messier each step was in isolation rational and reasonable and then it added all up until it didn't work everybody else was kind of doing the same thing he everybody wants to think that they're more clever than the next guy can you raise 8 billion dollars in 2 weeks doubtful and like who wants to put money into best money in FTX so that he can pay out all the creditors and then what do you have exchange with no trust seriously this is some horrible stuff