There's quite a bit of interest in the FTX (Sam Bankman-Fried) trial just starting. One thing you hear a lot is how complex everything is, how convoluted and intricate it all is. The more I think of it, it seems really simple and increasingly clear...

They funneled money into the exchange, then, against the user agreement I assume, used it to buy huge things and used it to recklessly make terrible investments. Hence, they lost the money and the house of cards came crashing down.

Bankman-Fried will claim a lot of things, namely incompetence and ignorance and good intentions. The good intentions will likely be a key one...without intent, even a criminal act is not a crime. That's true, but negligence (i.e. incompetence and ignorance) does fulfill the intent qualification for a crime. You can't say you robbed the bank with the intent of giving the money away and expect that to fly.

So, what will happen is illustrated in the image I drew last month. Caroline evidently has already said, "Blame Sam," because it seems she's to testify against him. Sam will have nothing else to do but try to pin the misuse of funds on Alameda/Caroline. Sad, all the way around.