His only real hope of avoiding many years in prison is to convince people that he did not steal money from FTX’s customers, but rather that he ran a leveraged financial institution that ineptly but innocently ran into trouble. This will be very hard to do! But I am not sure it is impossible . The task, really, is to lay out a reasonable-seeming story of how FTX’s innocent choices led to its insolvency. Eventually he has to do that to a jury, but why not get some practice on Substack? Sam Bankman-Fried (SBF)

Money Stuff: JPMorgan Says Frank Was Fraud
from Matt Levine ✉️