Former FTX CEO Sam Bankman-Fried said he only had $100,000 remaining. How did he post $250 million bail on Thursday? See analysis and perspectives across the spectrum from Reuters, AndrewCMcCarthy, and business:
after the collapse of his company. Bankman-Fried listed his parent’s Palo Alto home as collateral for the bond, meaning if he violates the terms of his bond, the house is forfeited to the government. In addition to signatures from his parents, Bankman-Fried must find two additional individuals to sign the terms of his bond, holding them liable for the $250 million bond should he flee. Bankman-Fried’s is also required to wear an ankle monitor and surrender his passport.
Bankman-Fried’s parents' house is not worth $250 million. An analysis in Bloomberg explained the logic of lofty bond numbers, writing, “outsized bonds are more a means of establishing harsh financial consequences for bail-jumping and are often backed by assets worth only around 10 percent of the stated amount.” This logic was questioned by Andrew C.
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