In addition to missing his customers’ funds, SBF is also missing the point.
I know this is not the point of the article. But. The explanation of margin is totally bogus and misleading. It's because of articles like this that people get burnt on using margin.
All margin has maintenance requirements. And because of that you can get margin called by a 1% drop even if you just use less than 100% margin. So using an example like this misinforms people.
The reality of margin maintenance never gets addressed in the media which us a disservice to the public.
One has to wonder if his legal counsel is groaning. SBF ought to exercise his right to not discuss this, as everything I have read about his interviews, his verbal diarrhea to members of the press, and now his sub stack (that I will not subscribe to) seems to be leaving an easy to follow trail for the investigators.
Flooding the zone is not likely to help here.