On (1): it’s very unclear how ownership could be compatible with no financial interest.
Maaaaaybe (2) explains it. That is: while ownership does legally entail financial interest, it was agreed that this was only a pragmatic stopgap measure, such that in practice Sam had no financial interest.
Obvious flag that this still seems very sketchy. “the easiest way to do that due to our structure was to put it in Sam’s name”? Given all the red flags that this drew, both publicly and within the board, it seems hard for me to believe that this was done solely “to make things go quickly and smoothly.”
I remember Sam Bankman-Fried used a similar argument around registering Alameda—in that case, I believe it later led to him later having a lot more power because of it.
On (1): it’s very unclear how ownership could be compatible with no financial interest.
Maaaaaybe (2) explains it. That is: while ownership does legally entail financial interest, it was agreed that this was only a pragmatic stopgap measure, such that in practice Sam had no financial interest.
Thanks for the context!
Obvious flag that this still seems very sketchy. “the easiest way to do that due to our structure was to put it in Sam’s name”? Given all the red flags that this drew, both publicly and within the board, it seems hard for me to believe that this was done solely “to make things go quickly and smoothly.”
I remember Sam Bankman-Fried used a similar argument around registering Alameda—in that case, I believe it later led to him later having a lot more power because of it.