Silicon Valley's Trials and Tribulations.

Boardroom Governance Newsletter #46 | Nov 1st, 2023.

Art by DALL·E 2

It has been almost a month since the start of Sam Bankman Fried’s criminal trial in the Southern District of New York. SBF wrapped up his testimony yesterday after taking the stand to testify in his own defense. Closing statements were delivered today.

Here’s just a snippet (as reported by Slate) from SBF’s cross-examination:

[US Assistant Attorney] Danielle Sassoon: Looking at the bottom, you were the only member of the board, correct?
SBF: It looks like it.
Sassoon: Well, were you in fact the only member of the board?
SBF: I’m not sure which board of directors this is referring to…
Sassoon: Do you see at the top where it says “Alameda Research, Unanimous Consent of Board of Directors, Stock Transfer”?
SBF: Yup.
Sassoon: And this is transferring the Robinhood stock to yourself, right?
SBF: Transferring it from one company that I was a partial owner of to another company I was a partial owner of. Sorry. I’m not sure it says it’s transferred to me.
Sassoon: This says, “Unanimous C…