The unfolding of SBF's empire: A Rudderless ship led by a hedonistic captain where orgies and nepotism ran rampant in the Bahamas

In case you haven't heard already, SBF's empire was revealed to be run by himself and 10 of his flatmates in the Bahamas. (See: Link here) Yes, they ran TWO multi-billion dollar companies (FTX and Alameda) like a bunch of hedonistic kids and nobody publicly found out until this debacle unfolded.

What did that Rudderless Ship look like? 'The luxury penthouse in the Bahamas is where 30-year-old Bankman-Fried is roommates with the inner circle who ran FTX and Alameda Research. All 10 are, or used to be, paired up in romantic relationships with each other. That includes Alameda CEO Caroline Ellison.' So yes, all 10 of them, all key members of SBF's empire, were all literally screwing each other.

Who was the CEO of Alameda Research, who owned 15B of assets on paper? (Literally 'on paper' since it was inflated by imaginary FTT tokens, but still): SBF's ex-girlfriend, Caroline Ellison - a 28yo with little experience before being propelled to the CEO, an infamous Twitter video of the CEO looking and sounding absolutely clueless has been making its rounds.

The COO of FTX? Another 28yo lady leaving in the Bahamas, Constance Wang. 2 full years of experience at Credit Suisse, and hey that's enough for SBF to promote her to be COO of his multibillion-dollar company! I'm sure living in the Bahamas penthouse had nothing to do with it..

Turning the focus of the luxury ship now to the men living on it, if you thought it could not get worse it does. From the Coindesk link above:

'Among his nine housemates are FTX co-founder and Chief Technology Officer Gary Wang, FTX Director of Engineering Nishad Singh and Ellison of Alameda. “Gary, Nishad and Sam control the code, the exchange's matching engine and funds,” the first person familiar with the matter said. “If they moved them around or input their own numbers, I'm not sure who would notice."

Great, so 2 of SBF's lovers who he is still having orgies with are CEO and COO respectively, while his 3 FTX bros control the keys to all the customer's funds. Now it has been revealed that they were screwing around with customer's money playing shitcoins.

And this is my favourite SBF tweet of the entire debacle. 'Yes we might be headless monkeys, but all you stakeholders had the chance to look at our governance and do something about it before, but didn't until shit went south'

'Thanks for the blind trust in us running FTX to the ground, but now we're found out!'

It's astounding how NONE of the millions of retail customers with billions worth of funds, wall street, institutional funds did some basic research on how FTX/Alameda was actually being run, and it only all came out after shit went south and everyone got hurt. Well, I guess the moral of the story is everyone is too busy to give a shit about anything when they are making money - and perhaps next time we put our savings into something, we should try to make sure that the CEO of the company isn't having orgies in the Bahamas and promoting his lovers to look after all your assets.