'I fucked up.' An interview with Sam Bankman-Fried, by jenwieczner
It seems like at some point, you lose control of the budget. And you don’t know how much money you actually have?
These problems are problems which I believe happened over the last year or so. And I haven’t been running Alameda during that year. I was not deeply aware of what was going on. I was not running it day-to-day, and I was focusing on FTX and its finances and budget and strategic aims. But I wasn’t running Alameda. I wasn’t making decisions on the Alameda side in terms of, like, I wasn’t thinking about it in terms of, you know, borrowing assets or something like that. I was thinking about it in terms of — I wasn’t thinking about it at all nearly as much as I should have been. But in terms of, you know, occasionally glancing at the positions that the larger players had, to check the risk controls, to check that they were manageable positions on FTX.
I hear you. I totally hear what you’re saying. And like, it’s in the end, it’s just words and like your, your framing of it is — I don’t think it’s wrong, necessarily. It’s not how I saw it.That was like months earlier, right. The margin position grew over the months before that. And so, you know, by October, that position was, roughly speaking, in place.reported that Caroline Ellison told staff that customer funds from FTX were ported over to Alameda to fix the problem.
I hear you. Two things, first, the monitor that I was looking at was net customer balances, which includes the short positions as well as the long positions. And so it added up but only because there were large short positions, in addition to large long positions, and Alameda had a very large short USD position. And that like was something that I should have had a flag for and didn’t.
It sounds like you’re describing a degree of negligence. Are you concerned about your future? People are talking about things like prison.
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