OT: Kraft lost a huge chunk of money in the FTX scam

[Rob0729]

Unless it affects how he spends in free agency, I could care less if a billionaire lost a few million dollars in a cyber Ponzi scheme.

 

[borg]

Guess the $5 cups of Gillette tap water will now cost $8

 

[SHOWTIME15]

Kraft had over 600k shares. Don't know when he got them but I hope he didn't go in with Brady back when Brady dove in. The Brady commercial was announced in Sept. 2021 when each FTX share was worth $73. Brady bought a huge stake around that time, 1.8m shares with Gisele, but part of it was his signing bonus for the commercials.

Hopefully, Kraft jumped in much sooner than that.

Because if he came in around the time that Brady bought in, that could be a loss of $44 million for Kraft.

I shouldn't have criticized Brady for only giving 10K to Damar's charity. I didn't realize he lost that much money.

 

[WinstonSmith]

He's having a bad year, I also heard that his Cryptozoo eggs wouldn't hatch.

 

[TinhWoodhead]

Can't wait for the Netflix documentary on that company. That weirdo kid fleeced tons of very smart people for billions of dollars.

Theranos 2.0?

 

[upstater1]

Can't wait for the Netflix documentary on that company. That weirdo kid fleeced tons of very smart people for billions of dollars.

You'll find me posting in the Pub several months ago (June) that the kid was a scammer and that it was obvious. I don't know why a teacher like me could figure that out, but these Masters of the Universe cannot. I think it's because money is PR these days and filled with ego inflating celebrity culture, while the companies themselves are vapor.

I knew FTX wasn't on the up and up last year when they accepted assets from a company trying to hide them from creditors as they were going belly up (Indonesian crypto guys). People thought taking on these assets was no big deal, but if you're helping someone hide another person's assets or helping them launder money, no matter if it's to the benefit also of your company, you are an unethical schemer. I guess if you're very rich you figure, Hey, that's how the rich do it!!!! So they thought nothing of it. They shouldn't be shocked that someone with scummy ethical practices stole their money.

 

[Patsgofor4]

When asked for a comment, Belichick replied
"Maybe we could have a bake sale, raise some money for Bob. We could do a car wash.”

 

[maust]

You didn't mention those early-bird specials at the Orchids of Asia?

Those don't factor in, they come off the top as a spunk cost

 

[Patsfanin Philly]

If you haven't seen the one on Bernie Madoff, I highly recommend it. Now those investors are ones I feel sorry for. Madoff wasn't some overnight sensation. The man's reputation was impeccable and he passed several investigations before the house of cards came crashing down.

But the SEC kept ignoring the potential whistleblower who told them Madoff's return was too good to be true.
Re FTX, Bankman-Fried or whatever his name is may take down his parents as well. They are Stanford Law professors and according to some reports were paid for legal advice to the company.....

 

[Stu Pidassle]

Does this tie into the 27th in spending comments by BB? The Kraft's have a lot in play with the stadium expansion and now this. Will this impact the ability to guarantee money in FA contracts?

 

[denverpatsfan]

Still confused about this. Were people sitting home eating bon bons and fecking day trading this crypto crap? Or was it more of a buy low sell high for the longer term? Did people quit their day jobs and make enough cash to live? Or was/is it a side hustle?

 

[Joker]

Does this tie into the 27th in spending comments by BB? The Kraft's have a lot in play with the stadium expansion and now this. Will this impact the ability to guarantee money in FA contracts?

poor billionaire...such horrifying decisions on the horizon...why, Krafty Bob's very existence could be at stake...

 

[XLIX]

But the SEC kept ignoring the potential whistleblower who told them Madoff's return was too good to be true.

That's correct, but the average investor who put some money in Madoff's (imaginary) fund didn't know that.

Re FTX, Bankman-Fried or whatever his name is may take down his parents as well. They are Stanford Law professors and according to some reports were paid for legal advice to the company.....

If he gave them money, they will have to give it back, even if they did nothing wrong. If they engaged in malfeasance then yes, they certainly could be in some trouble.

 

[XLIX]

Still confused about this. Were people sitting home eating bon bons and fecking day trading this crypto crap? Or was it more of a buy low sell high for the longer term? Did people quit their day jobs and make enough cash to live? Or was/is it a side hustle?

I am sure, like any other equity investment, there were those who were invested in it for the long haul and those who wanted the immediate returns of day trading. Of course with FTX it didn't really matter because anything anyone gave them is now gone. It would be like your 401(k) provider coming up to you and saying "I know we just sent you a statement saying you have $100,000 with us, but we just went bankrupt and that $100,000 existed only on paper and is now completely gone. Sorry!"

Did anyone get in and out early enough to have made a large profit? Like any pyramid scheme, probably...

 

[RobertWeathers]

Kraft had over 600k shares. Don't know when he got them but I hope he didn't go in with Brady back when Brady dove in. The Brady commercial was announced in Sept. 2021 when each FTX share was worth $73. Brady bought a huge stake around that time, 1.8m shares with Gisele, but part of it was his signing bonus for the commercials.

Hopefully, Kraft jumped in much sooner than that.

Because if he came in around the time that Brady bought in, that could be a loss of $44 million for Kraft.

Meh. Better investment than Jonnu Smith.

 

[All3Phases]

Curran said on the radio today that it’s closer to $30m

Nothing is funnier than the coach crying about the budget as he’s the highest paid player on the team

 

[Vindicate]

Can't wait for the Netflix documentary on that company. That weirdo kid fleeced tons of very smart people for billions of dollars.

I don't think anyone who got fleeced by this **** is smart.

 

[Schmo]

In more important news, I spent too much on car insurance this month.

 

[venecol]

Kraft had over 600k shares. Don't know when he got them but I hope he didn't go in with Brady back when Brady dove in. The Brady commercial was announced in Sept. 2021 when each FTX share was worth $73. Brady bought a huge stake around that time, 1.8m shares with Gisele, but part of it was his signing bonus for the commercials.

Hopefully, Kraft jumped in much sooner than that.

Because if he came in around the time that Brady bought in, that could be a loss of $44 million for Kraft.

Didn't he just spend $25M for a 5000 sf condo in Palm Beach? I think he's used to blowing away his money.

 

[venecol]

Nothing is funnier than the coach crying about the budget as he’s the highest paid player on the team

And he docks 2 weeks of pay from a rookie.