correct and he should have. But MF customers eventually got all money back if I recall correct. And even Madoff got like 85c on a dollar. Here all is gone.
I want a daddy like their parent company: Corzine: 'Don't know' where MF Global customers' $1.2B went However, margin calls and credit downgrades by rating agencies beset the brokerage in 2011. MF Global officials tapped more than $1.6 billion in customer funds that were supposed to be held in secure accounts, and used the money to cover liquidity shortfalls in a failed attempt to head off the bankruptcy filing. MF Global's parent company helped free money to fund the customer repayments by agreeing to give up rights to its $1.16 billion unsecured claim against the brokerage.
Um, does nobody see it right here in this line? He is pushing for continuing the ponzi scheme IN HIS APOLOGY LETTER, right in everyone's face, and people are all googly-eyed for this dude? "...Maybe there still is a chance to save the company. I believe that there are billions of dollars of genuine interest from new investors that could go to making customers whole." That is the very definition of a ponzi! Taking new customer money to pay back old customers their due!
I've been waiting for a large drop event like this for quite some time. Am I the only one who likes SBF over this?
He seems to be saying 'new investor' money, which is very different from new customer money. But very hard to believe any investors would give him money now.
If investors want to give him more money to make customers whole, in return for equity, they are free to do that, but i cant see it happening now, he seems deluded..
Don't need to apologize. Those foolish gullible big and small investors are to be blamed too. It takes two hands to clap. No pity, no sympathy for those investors. Actually, those foolish gullible big and small investors should apologize. There were already lots of telltale signs showing the crypto world is a Ponzi scheme. They were the ones feeding the conman. They should have done much better homework. They should have known how conman works. They should better manage their emotions. Those investors (esp big investors) should be exposed so as to deter future would-be foolish gullible investors.
It's ok folks. FTX 2.0 is almost up and ready now. The head-office won't be in the sketchy Bahamas location anymore. They're moving it to the Cayman Islands.
Ok, this is a bit cringy to watch... Seems to be quite some 'dodging' of direct questions like the co-mingling of funds.