Today I learned that TB also had a decent investment (about $130M) in FTX Trading, the crypto company that just declared bankruptcy with the most spectacularly bad financials one could possibly imagine.
Are these guys going to learn how to go about due diligence? Was there nothing gained when they found out RVBD's statements were all smoke and mirrors?
Ah well.
Follow-up lulz from Reuters:
"The U.S. Securities and Exchange Commission (SEC) is seeking details about FTX investors' due diligence, according to two sources familiar with the inquiry, as fallout from the crypto firm's collapse spreads.
...
The SEC is now asking financial firms what diligence policies and procedures they have in place, if any, and whether they followed them when choosing to invest in FTX, the sources said.
...
[S]ources said the SEC inquiries may mean the venture capital firms and investment funds that invested in FTX could face regulatory scrutiny even if they are considered victims of Bankman-Fried's alleged scheme. At issue would be whether the firms met their fiduciary duties to their own investors, they said."
https://www.reuters.com/technology/us-securities-regulator-probes-ftx-investors-due-diligence-sources-2023-01-05/
AHAHAHAHAHHAHAAHAH. I can’t blame TB for taking a little risk at crypto but for OTP to invest in it just is just plain poor decision making.
Prolly no coincidence that Ontario Teacher’s pension plan also invested $95M in FTX.
And they probably still think they're super geniuses.
You can be sure their LP's are screaming bloody mu---r over their FTX investment- re Riverbed, remember they had many ways to make money, management fees, interest, etc- they for sure got their money back. At least they dodged the Twitter bullet.....