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E106: SBF's media strategy, FTX culpability, ChatGPT, SaaS slowdown & more
All-In with Chamath, Jason, Sacks & Friedberg
SBF's Explanation of a Margin Account
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SBF's explanation of how customer money was siphoned off for his own personal use is that Alameda had a margin account. SBFs actually have the legal right under certain conditions to take customer deposits and loan them out. Their terms of use did not allow that as Stephanopoulos pointed out. Most of the customers who lost money, the vast majority did not opt into that program.
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