Sam Bankman-Fried tries to explain himself
It this real? Is he really THAT stupid? 
His defense against "you took user deposits and gambled the money" is "No, I took user deposits, loaned them to myself and then gambled the money".<p>I mean this is like nested layers of stupidity. You'd be stupid to do this, you'd be stupid to think it's not a major crime, you'd be stupid to think that this was in any way acts as a defense of your crime and you'd be stupid to actually tell people that this is what you did thinking that it's a defense for the crime you committed.<p>Guy literally though that Ponzi schemes would be legal if only the perpetrators on the way to court wrote on a document "I hereby lend myself all the money I misappropriated"?