Submitted by imhergod t3_106zoid in nottheonion
lemonadepeachy t1_j3k1840 wrote
SBF is no longer in charge of the business. Additionally, given that the donations were made fraudulently, they ought to request a refund. Moral organisations should find it simple to return funds that have been stolen.
NarrowSalvo t1_j3kmhij wrote
I was with you until the last sentence. Simple to return?
Even though it averages more than 1 million dollars per charity for more than 100 of them? And they seem to be likely be poorly funded ones like one that tutors in rural India and China? You think a charity like that has 1 million dollars on hand? Or hasn't already spent it a year ago.
It might be "moral" to do so, but that doesn't make it "simple".
Alkalinum t1_j3ov8ci wrote
Some of the charities were indeed those sorts of charities keeping orphanages in India open, and it does feel really sour to say they have to refund the money, but much of the donations were to political charities and consulting charities - SBFs mum runs a Democrat superPAC that got $1 million, his brother runs a lobbying charity that received $12.1 million. Democrat politicians got $40 million, and Democrat interest groups got $10s of millions on top of that. Sam's 'Mentor' the leader of the Effective Altruism movement runs several non profit consultancies that got about $30 million, and Oxford university where he works was given about $10 million. I reckon all those organisations won't have too much difficulty raising the funds back to repay the people whose money was stolen.
semtex94 t1_j3ko59m wrote
That's not how accounting works for non-profits, assuming they even have enough money in the first place.
[deleted] t1_j3l2cup wrote
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insideoutcognito t1_j3krxtc wrote
What if they already spent it?
[deleted] t1_j3kqi86 wrote
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vasya349 t1_j3l7sqf wrote
The money wasn’t stolen. The vast majority of company revenue wasn’t derived fraudulently. It is alameda that benefitted, rather than FTX. An FTX without fraud would still have been able to make those donations.
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