Caroline Ellison Spreadsheet Manipulation - SBF on Trial Day 6

Overpriced JPEGs - Courthouse Edition!
I was in court all day at SBF's trial and Caroline Ellison was in the house!! It's happening!! Here's what you need to know...
#sambankmanfried #sambankmanfriednews #sbf #crypto #cryptocurrency
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[@billbo9761]

Sam blaming Caroline for not hedging isn't going to help his case, because not hedging your bets isn't illegal. What is illegal is using customer funds from FTX to make those bets.

[@808v1]

He may actually believe it though - obv he is a little dense, to have thought at any time any of this was okay and he'd get away with it indicates a less-than-reasonable grip on reality..

[@halColombo]

"She didn't hedge theb itch." -Scam Bankster Fraud

[@justwatching1980]

7 horcruxes

[@halColombo]

@@justwatching1980 omg DOBBY! I'm completely totally Dead now 🤣 AYFKM!?! 🤦🏼

[@scposeur]

Also him running both companies is illegal, which he is admitting to there

[@cristiancampos7807]

I've been watching at all of your videos regarding the SBF coverage and, by far, you're the best at it. Thanks for taking the time to go every day and then spend a bunch of time doing good material :)

[@jo1948]

agreed. great recall

[@Nover_young]

Agree

[@rivianado8430]

Agreed! Thank you Carly 👏🏽

[@halColombo]

YEAH

[@Marisol1711]

I cannot tell you how much i love these recaps. You are so attentive to important details and it shows

[@janesmith9628]

WHOA!!! They had SEVEN different balance sheets to choose from?! And the one originally leaked was one of the fakes?! (One thing I’ve wondered is whether her parents are in the courtroom.) Great coverage all in all and thanks for getting this out tonight even though you had another event! Can’t wait to hear your report, tomorrow!!

[@sleepwell-cj8vr]

Thanks for the update..

[@nicolasdominickk]

Citizen journalism at its finest - thank you for remembering so much - you’re doing a great job - please continue 🙏🏼

[@fw5532]

You’re delivering the best coverage 🙏

[@beambreaker]

Wow I am so glad that I found you! You showed up first on my feed today and so I clicked and wow, this is exactly what I have been looking for! This is the best coverage of the trial there is!!! I reviewed a lot of your channel and I don’t know really know anything about NFTS, I was searching for SBF, but as a new subscriber I’m excited to watch more of your content because you are AN EPIC storyteller and omg talk about the cliff notes version! Thank you so much for laying this trial out for me to understand!! I get it now lol !! Awesome!!

[@JohnAdorjan]

You rocked this. No need for, “forgive the different situation” on this video. Even in a rush before a big event you put so much in this nutshell that I feel like I was there in that courtroom. For the record on a personal level, I’ve spent a decade and a half in courtrooms 2 to three times a month. I know what it is like to be there..

[@mohamedsalama5729]

Thanks for your work.

[@FrankSouza-ss7cz]

Great coverage and narration of the trial. You mention about feeling empathy for Caroline, because she shed some tears on the stand. Did she feel empathy for her subordinate co-workers who lost their life savings as they were coaxed by Caroline and Sam to invest heavily into buying equity. Did you know that there were workers in Hong Kong that could not pay for their rent or food because they lost everything. She is as guilty as Sam, the only difference is she ran to get the plea deal.

[@MikesFutureRetro]

It amazes me how Sam and Caroline come from very privileged and well connected rich academic families yet both of these two brain trusts can’t get past the idea that you don’t spend other people’s money if you can not repay it. Their only hope is that their well connected parents can buy their way out of this. No matter what comes out of the trial they are gonna get off easy because of their parents financial and political connections. If they would have ran their companies in the parameters of reality vs Sam’s reality perhaps they would not find themselves where they are today.

[@juliandenet4236]

“You don’t spend customer money if you can’t repay it” No, you don’t spend customer money, period.

[@casucasueq4479]

Sam's father was part of the legal council for FTX that came up with all these shufflingof funds scams. Sam's mother instructed Sam on how FTX employees could skirt campaign finance laws to fund her own pet project company. Sam's parents instructed Sam and helped engineer ways to transfer FTX funds into millions of dollars of cash gifts & real estate directly to themselves. I hope and pray they not only are held accountable for their own roles but are also forced to forfeit these items to help heal investors & receive prison sentences of their own.

[@user-ow1bc4sx2r]

it's gambling. they “borrowed” the money because they thought they could pay it back with their “genius” investing. This is the story in so many of these cases. The people justify it to themselves as borrowing the money temporarily and when it goes to shit they realize that this is not something that they can possibly fix

[@lloydthurstondinwiddieakag297]

Best coverage out of all the coverage. Especially between than cnbc

[@mojevalka]

this is becoming my favourite reality show :D

[@davidboreham]

So...adult people with loads of money gave it to some children who had no board, no adult supervision, no auditor, no regulator...and they smoked it. Surprising.

[@ranjithpowell6791]

What about Sam’s parents? Weren’t they the adult supervision?

[@TheZandrag]

Great coverage.

[@StephenAKatz]

Dear Ms. Reilly: Excellent presentation. Much better than the coverage of the Times and the Wall Street Journal.

[@babelouis6150]

i’ve been listening to all kinfs of coverage- all of it. Yours is the most detailed, complete and the best. Awesome!

[@EthicalAI]

Great content Carly! I just found your channel looking for updates on this trial. I was a supporter of Yang in 2020, loved his ideas and still think many are relevant solutions today. Looking forward to more of your content!

[@alisonalexander8461]

This is a really excellent session - thank you. Love your style and the content you bring together.

[@jonathan_ayala]

Amazing!!! Thank you!

[@StephenAKatz]

Your presentation is much better than Fong's. She either doesn't understand, or does not want to explain, the spreadsheets and the hedging, whereas, you explain those things.

[@gijbuis]

Caroline Ellison and Sam Trabucco ran Alameda Research until the debt crisis started to explode in June 2022. In Augustus 2022 Sam Trabucco mysteriously left the company!!! Just 3 months later FTX declared bankruptcy. Since November 2022 Trabucco seems to have disappeared from the face of the earth. Without his testimony, the court and the FTX customers will only have been told part of the story. Where is Sam Trabucco?

[@kurtsenser]

You are very good at what you do! Great job explaining!

[@jcam42]

Thanks for covering it.

[@grantwilcox330]

Great reporting!

[@WaverevaW]

Really enjoyed the deep dive on how exactly they were manipulating the balance sheets. So glad you've been able to attend and share with all of us!

[@Freedomlifethree]

Hey, hope you had a great event. No worrries on hurrying through the info today. It still was detailed and great. Keep it up.

[@samuraifis]

Your energy is awesome, subscribed. 👍

[@magdydawod2546]

Best KZbinr talking about the subject by faaaar

[@dwaynejones1555]

I'm glad you gave us your feeling in regard to the candor of the witness, as the transcripts won't capture this. Keep it up!

[@nicolasbourbaki8896]

Amazing Job!!

[@progressforward96]

Great recap!

[@helpyourcattodrive]

Thanks, Carly. Much appreciation. I’m sad, too. Regarding her crying.

[@skipklauber1162]

You’re quite infectious with your enthusiasm and unique style. An excellent job!

[@franciscoramos7391]

Excellent report. You just got a new subscriber. Keep up the great work

[@TheCPRshow]

thanks so much!!

[@pimpingkek4947]

I remember CZ freaking out, I think someone told him the truth about the actual numbers, and immediately rennegged on the deal. Story checks out. When it came time to deliver the crypto, they didn't have it. Of course they sold the FTT token.

[@DailyProg]

Great coverage

[@holodeckdragon8876]

Best coverage. thnx

[@orihoola]

excellent. love the B/S analysis

[@glenegrant]

Informitive and well recieved.

[@spapp3]

Great explanation…Rock On …

[@mehmet24a]

very good summary

[@mbshawaii]

My favorite content provider by far!

[@davidkess2405]

🎉🎉nice data...thank you for posting so fast...in a side room. Trial update #Data

[@HardstylePete]

the detail of the financial positions are very interesting.

[@MsCardio1]

Your summary s absolutely amazing. You make complex terms easy to understand. Please keep it up.

[@chillphil967]

good energy 🎉 keep it up 👏

[@KLyon61]

Once again amazing coverage! So happy your still in the crypto NFT space! This series shows your talents as a reporter/podcaster are second to none. Thanks again!

[@TheCPRshow]

thank you so much!!

[@casucasueq4479]

​@@TheCPRshow Have SBFs parents been brought up in the trial? Have you seen/heard any evidence that they were involved in the plundering of FTX funds and committed crimes that they could be held accountable for?

[@spirro-eg1yl]

Great work and great series. How are you not on CNBC, CNN, etc.?

[@josephhuman7390]

EXCELLENT Reporting!!!! I am new to your channel, so far your content is five stars. Is Caroline parents in the court room ?

[@blockchainfork]

I bet going to school with you would be a hoot🤣

[@CaryInVictoria]

You have us hanging on every word...

[@gregcapella5941]

i like your energy !!!!

[@ericerven5456]

Nice presentation -

[@syntekz317]

Will the actual transcripts from trial be released to the public?

[@b0rme]

You are amazing

[@benardpatrick9482]

*Forex/Crypto is bringing a different revolution to the World's Economy, people are so optimistic, Investors earn constantly while some just sit and watch rather than to Invest and make Profits...*

[@taintofcartman8064]

Any predictions of whether Sam will be testifying?

[@laowai2000]

Bad risk management at Alameda is not fraud. Defence will have a tough time pinning this on Alameda as the fraud was committed by FTX by using customer funds.

[@CashKingMarcus]

I bet they cannot play that tape because everyone wasn’t informed that they were being recorded. I personally have a tape of damning evidence against someone but when I tried to play it to the police, they told me if I played it, I could be arrested for illegally, recording a private conversation.

[@318ishonk]

Curious to hear what the defense will ask Caroline in cross examination. They might ask her for any hard evidence corroborating her testimony (and then prosecution might deliver one or more smoking guns). Or they might ostentatiously not ask for such evidence (because they know/expect it exists). All the questions about how smart some of the alameda investments were (including Anthropic) is more relevant for the later phase of sentencing, I suppose. Thanks for reporting your observations!

[@brettwilde3982]

Ah the classic "I was just following orders" defence....where have I heard that before hmmm

[@neom0nk]

Take a shot every time she refers to a sponsoy as a "one stop shop" 😳

[@alexmccoy2156]

both of them are guilty as heck and should be in jail for life defrauding so many gullible people who lost their life savings is beyond evil

[@flexmasterson4297]

Liquid in accounting mean coming due within one year or less.

[@wendymiller3364]

....so she cooked the books

[@thomasnook118]

This girl rocks

[@TonyEmond]

It would be a good idea to correctly order the videos in the playlist so that everything plays in the right order, just a suggestion.

[@TheCPRshow]

Oh! Good suggestion, thank you!

[@janissaulitis6142]

why camera is so bad? content is great! keep it up!

[@TheCPRshow]

I wasn't in my usual studio set up because I was throwing an event at the same time so I had to use my computer camera, unfortunately. And believe it or not that is the camera that comes with my Macbook LOL

[@janissaulitis6142]

love the content! keep it up!@@TheCPRshow

[@blockchainbreakdown2009]

comment for the algo! will comment more after watching!

[@northerngirl4666]

This is one best explanations of the trajectory of the downfall for someone completely unknowledgeable about bitcoin. At the end, when you acknowledged her guilt, but were sympathetic, would you have felt the same way if you had lost your life savings? Or had to sell your home? Just curious.

[@neilwani1178]

Of course Sam wanted to invest. All this looks like Carolins' fault if everything collapses. Sam wanted to gamble with billions of dollars. Did Caroline have any real estate on her families name? Did Caroline make decisions as to where billions of dollars were spent or her job was mainly to make fake balance sheets.

[@jtp0711]

Poor Caroline anxiety for a whole week!

[@AiBall09]

Follow the money…. Who was taking the bets and who ended up with all money

[@roc7880]

thanks for the coloured reporting, I am always impressed how fast women can speak, I had to reduce the play speed to be able to follow. I wish you had a full podcast with guests and documentaries. and Sam likes to eat Thai, who knew? plus, whenever you work for a company that even looks non-standard, without CFOs and accountants, ALWAYS save every electronic communication and write a diary of every discussion and events that are not recorded. as there is a saying, if you are at a poker table and you cannot see the fool, then it is you.

[@zgraumann]

Carl is in her bag rn

[@MaZe741]

You have too much sympathy for her. "She was following orders" does not make her non-complicit, you are talking like she was a poor innocent victim in all of this, it's getting quite ridiculous. She could have just gone to the police, but she didn't (for years). None of this would have happened if she stopped doing what she was doing early. She KNEW it was illegal.

[@debasishraychawdhuri]

The first day of testimony: Caroline smiles all along. In the evening, her lawyer: What are you doing? You have to stop smiling, look sad. Next day: Caroline cries on the stand.

[@billbo9761]

Makes sense now why CZ was interested in buying FTX (based on the fake circulating balance sheet) and then did a 180 after looking at the real balance sheet.

[@helpyourcattodrive]

It’s all horrible still. I feel bad for the whole thing. I don’t get why he’d do it in front of the whole world bc there is no way it was sustainable. Why, Sam? Why?

[@bonadventureconyers2015]

It is strange how no one is talking about the people who got fired at FTX.

[@euniceng_glorytohk]

I am sorry. But why did your thumbnail image look like Elizabeth Holmes... I am really sorry ... 😅 I followed your update daily and I only commented this after 3 days because I asked my partner and he said the same thing 😂😂

[@kalbogwapo1536]

that's accounting "black magic" :)

[@keeperofcheese]

Not surprising the tape was not allowed - it would be a prior consistent statement of the witness. These are generally considered oath-helping and ruled inadmissible.

[@helpyourcattodrive]

I wonder who leaked the balance sheets …

[@stevenhorne5089]

Incredibly, important question here? What the "F" is up with that monitor behind you? Shit like this keeps me up at night.

[@Seriouspatt]

Good recaps but I don't really like the ads about buying and selling NFTs - I mean it's kind of counterintuitive to be named "overpriced JPEGs" and then... I don't have to explain it, right?!

[@tdsora]

its 2023 and everyone has 48megapixel smartphones and grainy videos are still being published 🧐

[@rustybot4279]

So Caroline made the balance sheet, ,It's the "creation of the balance sheet and sending it, that is the crime, she chould just say NO.. (you drive a car, your boss gives you a call, on the phone with the boss, and the boss tell u to drive faster to make the meeting in time, the driver get cought)

[@slovokia]

One wonders to what degree such accounting shenanigans permeate the rest of the crypto industry. If there is a lesson to this story it is this: beware of any industry primarily driven by the urge to get rich quick. Such industries are likely to attract greedy and dishonest people. If the industry is unregulated, those people are likely to cause great damage before being held to account. This is especially true of anything related to finance / or involving holding customer assets in custody.

[@supersat]

Forgive my ignorance, but why are banks allowed to use/loan customer funds, but FTX could not? Were they fraudulently claiming they didn't? (e.g., the doctored balance sheets)

[@chroniqa]

Because FTX explicit said clearly it in their terms and conditions that, they will not use customer funds.. And moreover the funds were handed over to Alameda Research, a separate company which is also owned by SBF

[@dat_crit_combo7039]

FTx wasn’t using customer funds, alemda was. Also banks are subject to tough regulations are are insured against default.

[@pyap9779]

Alameda is just a convenient vehicle for SBF to steal FTX customers' money (or borrow without permission) to spend on his pet investments and campaign contributions. If FTX did not create that backdoor themselves, Alameda wouldn't be able to use any customer fund. The same main guys in FTX were the same people who used the stolen FTX customers fund stashed in Alameda. SBF used majority of them.

[@dat_crit_combo7039]

@@pyap9779 oh absolutely, I just find it funny how crypto peeps always complain about traditional banks and then side with the worse possible version of a financial institution.

[@fmo94jos8v3]

They called it a "liquid liability" when in reality it's an "illiquid liability". Illiquid means it is hard to convert back into cash. So because it would be hard to get them their cash back, it is "illiquid" not "liquid".

[@carterrennerfeldt1607]

Thanks for pulling your hair back today! It gets really distracting when you repeatedly futz with it. 🙂 Btw, tho, great work on this coverage!!

[@patpeifer7871]

I suspect that Caroline is basically a decent person and would not be in this predicament had she not know SBF. Just my opinion.

[@OddWoz]

Bankboy-Fried

[@bonbonjovi4836]

Hey, y'all, wonderin' if it was that SBF fella slidin' dollars to them celebrities, or if them FTX folks was payin' them celebs without even knowin' it?

[@tezzo55]

What are you on, girl, and where can I get some?

[@erinreilly5401]

This is who she is for real. Processes information soooo fast it’s incredible.

[@troy8231]

I bet the females on the jury sympathized with Caroline, especially when she talked about their relationship. Which is a win for the prosecution.

[@ticani2]

If Sam told Caroline to go into a nuclear leak site without a suit , would she do it?

[@justwatching1980]

Yes. Haven’t you seen Chernobyl?