re: FTX: No books, no employee rosters, FTX was piggy bank

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Everyone is a genius when you time a bubble perfectly (and don't realize it).

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In somewhat laymens terms, he built and sold several houses in Vegas in 2006 with record profits. He then got multimillion dollar investments for his next, much larger $100 million house building project. Instead of using the investments to fund the project, he loaned the money to his girlfriend (Chrissy Moneymaker) who made a ton of money by luckily winning a poker tournament and she convinced herself she’s the best poker player in the world. She donks off all of the loaned money in cash games, while at the same time the value of the $100 million dollar housing project tanks in 2008 and is only worth $25 million.