[mike_red5hift]

The bit about Alameda being the only account allowed to run a negative balance is in the book. There's a whole section on it. It's kind of waved away, though, as being needed for market-making in the early days when volume was thin. But, of course that was never "fixed."

The book really seems to go out of its way to paint the collapse as a bunch of super smart kids getting in way over their heads rather than fraud.

Meaning, it harps on there being "no adults in the room", how SBF played video games while talking to people and never seemed to be paying attention, how the guy in charge of figuring out what happened to the money after the collapse came off like an amateur archeologist getting everything wrong based on the accounting artifacts because he lacked the imagination to understand the ridiculous way things "really" went down. The list goes on.