SBF asks for 5-year prison sentence, calls 100-year recommendation "grotesque"
arstechnica.com
arstechnica.com
[1] https://digitalcommons.du.edu/cgi/viewcontent.cgi?article=10...
Also, Shkreli should have gotten far longer.
E- context->comparable
For defrauding investors who got their money back?
You don’t need to put someone behind bars to deny them access to markets - you just need to give sentencing judges the power to ban them from engaging in certain activities (e.g. owning stock, being a corporate director or officer, trading on financial markets, etc)
Maybe sentencing judges don’t have that power - in which case, why doesn’t the legislative branch give it to them?
Not sure granting the judiciary carte blanche to make up their own punishments is the best idea.
I suppose the problem is the sentencing guidelines and societal expectations are for custodial sentences. But I think many people who oppose lengthy prison terms for nonviolent offenders when the offender is the neighbourhood drug dealer or some petty thief are suddenly no longer opposed when it is a (formerly wealthy) white collar criminal
Up to 7 years is what people get for grand larceny, for instance stealing a $1200 TV. 5 to 15 years you get for grand larceny in the second degree, for instance stealing a $50,000 car.
I don't know what the right punishment for SBF is, but I'm pretty sure what he did is worse than stealing a car, by several orders of magnitude.
Mandatory sentencing is grotesque, as would judges be who unjustifiably hand out maximums because they are having a bad day. But the ranges are there for a reason, allowing a judge to apply judgement.
I agree that 5 years is soft but regardless of the scale of the finances involved 100 years is an incredibly severe sentence for what is ultimately a nonviolent crime.
Most people who have actually killed a human being with their own hands get a chance at parole after 20-35 years.
Imagine this scenario:
1. Scammer defrauds a person for $$$
2. Scammer is caught
3. Scammer goes to jail
4. Scammer gets out
5. Scammer goes back to step 1
vs 1. Scammer defrauds 5 people
<repeat the same sequence as above and then return to defrauding 5 people>
vs 1. Scammer defrauds 50 people
until you get to thousands of people and companies a la SBFThe first case of one scam at a time will end up spending more time in jail than SBF despite defrauding far fewer people. Is that fair/just? We have plenty of other crimes where we consider the penalty for many crimes at once to be the same (if not worse) than count * penalty, so it's not just.
I'm in favor of a criminal justice system that is less about retribution and more about rehabilitation. But SBF isn't anywhere near the top of the list of people who got unfairly harsh punishments, not even if he gets that 100 year sentence. In a different -- and better -- criminal justice system SBF wouldn't have to spend the rest of his life behind bars. But in the current system he should, or it would be yet another exception for a rich and highly connected guy, which is also a type of injustice.
To me I feel you could make a strong argument for that being at least manslaughter if not murder (as I understand it, any death that occurs as the result of a criminal act is considered murder, and suicide as a result of fraud seems to fit that bill to me).
Framing this kind of crime as "non-violent" and so not deserving of a severe penalty is not far removed from "saying stealing that cars brake lines was non-violent so it's unfair to severely penalize the criminal just because of the later outcome"
It's not just stealing some money and the other people who steal even more should also get similar sentences.
Don’t get me wrong, I’m pretty much the opposite of an SBF sympathizer, but still, it is my opinion that stealing money should not get one a life sentence.
We should continue to try and catch and give consequences to the people we can, else how many more people will join the ranks of those who already do pilfer.
Can someone explain how this would be? Didn't they loose billions of dollars through Alameda?
So if you had 1 BTC on ftx, your claim is for $16,871.63. The team responsible to managing the FTX bankruptcy sold at some higher price, and today BTC is trading at $61,766.40.
Understandably people are not thrilled about "being made whole" under these circumstances.
Constance nevertheless sensed that he didn't really register the damage hed caused to other people in the way that, say, she might have. He has absolutely zero empathy, she said. That's what I learned that I didn't know. He can't feel anything.
Sam didn't care about real animals. It had been an expected value calculation, rather than emotion, that had led him to go vegan.
Other people felt emotions; he did not.
Maybe most alarmingly, more than a few Jane Streeters were disturbed by Sam's indifference to other peoples feelings. As an example, the Jane Street executives cited what Sam had done to a fellow intern, here called Asher Mellman.
He'd long since realized that his inability to convey emotion created a distance between himself and others. Just because he didn't feel the emotion didn't mean he couldn't convey it. He'd started with his facial expressions. He practiced forcing his mouth and eyes to move in ways they didn't naturally. It's not totally trivial to fake things, he said. It was physically painful. It felt unnatural. And I wasn't good at it. It didnt look right.
I don't feel pleasure, he wrote one day, late in his Jane Street career. I don't feel happiness. Somehow my reward system never clicked. My highest highs, my proudest moments, come and pass and I feel nothing but the aching hole in my brain where happiness should be.
To truly be thankful, you have to have felt it in your heart, in your stomach, in your head the rush of pleasure, of kinship, of gratitude, he wrote. And I don't feel those things. But I don't feel anything, or at least anything good. I don't feel pleasure, or love, or pride, or devotion. I feel the awkwardness of the moment enclosing on me. The pressure to react appropriately, to show that I love them back. And I don't, because I can't.
He thought of himself as a thinking machine rather than a feeling one. He thought of himself as a person who thought his way to action.
And yet somehow Sam had committed his life to maximizing happiness on earth without feeling any of his own. [Somehow indeed. Why would there be any reason to believe these unhappy "EA" proponents would know anything about how to manage the happiness of others.]
Even if the VCs didn't all realize that Sam was playing a video game at the same time that he was talking to them, most sensed that he didn't care what they had to say. Ramnik came to think that Sam's indifference to their feelings actually heightened their interest in him.
In a lot of ways I don't really have a soul. This is a lot more obvious in some contexts than others. But in the end there's a pretty decent argument that my empathy is fake, my feelings are fake, my facial reactions are fake. I don't feel happiness.
As a group, they eased a worry George [FTX's psychiatrist] had about himself: the limits to his powers of empathy. When ordinary people came to him with their ordinary feelings, he often found himself faking an understanding. [Sam and other EA followers at FTX used a shrink who himself could not feel emotions.]
What he liked about George was that George simply took him as he was and actually didn't seem all that interested in engaging in pointless conversations about his feelings.
One day some historian of effective altruism will marvel at how easily it transformed itself. It turned its back on living people without bloodshed or even, really, much shouting. You might think that people who had sacrificed fame and fortune to save poor children in Africa would rebel at the idea of moving on from poor children in Africa to future children in another galaxy. They didn't, not really, which tells you something about the role of ordinary human feeling in the movement. It didn't matter. What mattered was the math. Effective altruism never got its emotional charge from the places that charged ordinary philanthropy. It was always fueled by a cool lust for the most logical way to lead a good life.
[How many people would want to live in an EA "utopia" where emotional states are incomprehensible to the self-appointed experts responsible for managing the world's "happiness". To these people emotions have zero utility. How many people want to live in that world. There is no sense of humour. Nothing. Will anyone be given an opportunity to "opt-out". SBF will provide for our happiness. What an interesting idea. Not.]
Do lawyers get embarrassed when writing stuff like this? He made no shortage of public appearances. He is also going to most likely serve in a lower security facility.
It's the equivalent of getting DOOM to run on stuff that barely counts as a computer. It's an exercise of bending the law as much as logically possible without being outright illegal.
What "we" think we know isn't really relevant here, it's the court that decides the sentence with a process a lot more convoluted than 'this sounds like bs to me'.
The 100-year recommendation is appropriate, IMO. It gives Kaplan more support to set the number wherever he pleases. Whether it's 5 years or 50 years.