His comments about Bernie Madoff are not on point. There is a comparison to be made between the FTX and Madoff schemes and how investors were duped. However, Madoff WAS NOT well respected on Wall Street. Meaning he was not respected by the actual investment banks in NYC as well as other institutional investment firms and hedge fund managers and the like. A lot of those folks thought he was fishy. 99% didn't think it was completely illegal or a ponzi scheme. But most regular wall street investors did not trust him and did not invest with him. The majority of his investors were one-offs, meaning individuals wealthy clients, individual pension funds, individual organizations, and individual celebrities, as well as individual foreign banks (and investment firms). If you look at his list of clients online (readily available online) – you will not see names like Bank of America, Vanguard, Black Rock, Goldman Sachs, etc. Yes, a few European banks – HBSC, RBS, invested some money, a few legit investment firms invested small amounts (usually the result of trades and moves where the money ended up with Madoff), but the majority of Wall Street did not invest with him. Again, the comparison of the investors of Madoff and FTX is useful to understand why/how these things happen. But I think it's important to be clear there was a difference between them in certain regards.
Is it possible that SBF actually believed he invented the Ponzi scheme and that no one would ever figure it out cuz he’s the only one smart enough to think of it? 😂
His comments about Bernie Madoff are not on point. There is a comparison to be made between the FTX and Madoff schemes and how investors were duped. However, Madoff WAS NOT well respected on Wall Street. Meaning he was not respected by the actual investment banks in NYC as well as other institutional investment firms and hedge fund managers and the like. A lot of those folks thought he was fishy. 99% didn't think it was completely illegal or a ponzi scheme. But most regular wall street investors did not trust him and did not invest with him. The majority of his investors were one-offs, meaning individuals wealthy clients, individual pension funds, individual organizations, and individual celebrities, as well as individual foreign banks (and investment firms). If you look at his list of clients online (readily available online) – you will not see names like Bank of America, Vanguard, Black Rock, Goldman Sachs, etc. Yes, a few European banks – HBSC, RBS, invested some money, a few legit investment firms invested small amounts (usually the result of trades and moves where the money ended up with Madoff), but the majority of Wall Street did not invest with him. Again, the comparison of the investors of Madoff and FTX is useful to understand why/how these things happen. But I think it's important to be clear there was a difference between them in certain regards.
Joe has no idea what this guy is talking about but still got a great interview out of him
Legalize deleting scammers
Is it possible that SBF actually believed he invented the Ponzi scheme and that no one would ever figure it out cuz he’s the only one smart enough to think of it? 😂
How is this different from what Epstien and Maxwell were doing?