The ultra-lib (Sam Bankman-Fried) who took the millions invested in crypto with him to become the second-largest Democrat donor goes bankrupt
Breitbart reports on the fawning adulation of Sam Bankman-Fried by the New York Times.
The New York Times appears to be treating disgraced crypto CEO and Democrat megadonor Sam Bankman-Fried, accused of mishandling FTX customer investments on a massive scale, with kid gloves.
With questions still swirling about the amount of customer money lost and potentially misused by Bankman-Fried, the New York Times obtained access to the crypto CEO for a one-on-one interview, only to deliver little but softball questions.
Throughout the article, the Times presented Bankman-Fried’s downfall not as the result of irresponsible and potentially criminal decisions, but as honest investment mistakes.
The Times switches between softball characterizations of the crypto CEO’s activities as “expand[ing] his business interests too quickly,” and highlighting his “ambitious philanthropic operation,” along with an inexplicable ending focused on his personal hobbies, such as playing the video game Storybook Brawl, without mentioning FTX owns the game’s developer.
(Read more at Breitbart)
Since the media has convinced so many that, with the FBI holding onto the Hunter laptop since before 2020, the FBI must surely have a case in waiting — surely starting on this would not cause problems for the Democrats
If those Democrats have problems with digging into the Biden’s money tree, surely now the Democrats will not have a problem with an investigation of their most recent money tree.
Beleaguered crypto billionaire was hobnobbing at White House just six months ago
Washington Free Beacon points out how Sam Bankman-Fried came to be a Democrat powerhouse.
A cryptocurrency billionaire facing federal investigation for mishandling customer funds had high-level White House meetings just months ago, as Congress was debating how to regulate his company—and just weeks before he pledged to donate up to $1 billion to Democrats ahead of the midterm campaign.
Sam Bankman-Fried, the owner of cryptocurrency exchange FTX, met on April 22 and May 12 with top Biden adviser Steve Ricchetti, according to White House visitor logs reviewed by the Washington Free Beacon. At the time, FTX was lobbying Congress and federal agencies to shape regulation of the crypto industry.
The meetings are likely to raise questions about the extent to which Bankman-Fried used the promise of political donations to nudge Democrats toward helping his firm. FTX is teetering on the brink of insolvency after announcing it could not fulfill its customers’ withdrawal request due to lack of funds. Bankman-Fried lost nearly all of his $16 billion fortune in the liquidity crunch. And his troubles might get worse. The Securities and Exchange Commission and Commodity Futures Trading Commission are investigating whether FTX mishandled customer deposits in order to prop up the 30-year-old entrepreneur’s hedge fund, Alameda Research, according to Bloomberg News.
It is a remarkable fall for Bankman-Fried, who has emerged as one of the Democratic Party’s biggest campaign donors. He gave more than $5 million to Biden’s 2020 presidential campaign, and has given millions more this cycle to the Democratic Party. In early May, between his first two visits to the White House, Bankman-Fried doled out $865,000 to the DNC, according to Federal Election Commission records. Earlier, in March, he cut three checks totalling $66,500 to the Democratic Senate Campaign Committee, and later in June he sent $250,000 to the Democratic Congressional Campaign Committee.
He said in June, weeks after his most recent White House meeting, that he might give up to $1 billion to support Democrats in the midterms, though he backed away from that pledge in September.
Amid the political spending, Bankman-Fried has led an aggressive lobbying campaign in Washington related to cryptocurrency regulation. He met with Ricchetti, the White House counselor, on April 22 and May 12, according to visitor logs. He met on May 13 with Charlotte Butash, a policy adviser to the White House deputy chief of staff.
Bankman-Fried was accompanied in some of the meetings by Mark Wetjen, the head of policy and regulatory strategy at FTX, who served as commissioner on the Commodity Futures Trading Commission under former president Barack Obama. Eliora Katz, FTX’s chief lobbyist, also attended the meetings but did not mention lobbying the White House in disclosures filed with Congress.
Bankman-Fried’s meetings came weeks after White House officials met with his brother, who directs the billionaire’s political operations. Gabe Bankman-Fried visited the White House on March 7 along with Jenna Narayanan, a Democratic strategist who once worked for Tom Steyer and the Democracy Alliance, a network of wealthy liberal donors who fund left-wing causes. Gabe also attended the May 13 meeting with his brother and FTX’s lobbyists.
Bankman-Fried has made no secret of his plans to influence policymakers. He told former White House communications director Anthony Scaramucci in an interview last month that he has traveled to Washington, D.C., “every two or three weeks for the last year” to lobby for cryptocurrency regulations. Omitting the fact that he had donated significant amounts of money to the lawmakers he lobbied, Bankman-Fried said he was pleasantly surprised at the progress he had made.
(Read more at the Washington Free Beacon)
Odd that Bankman-Fried only came to light once he ran out of money and after financing the last Democrat defense against the red wave
You would almost think that Democrats are more worried about retaining power than they are about protecting the wealth of common people who invest with guys like Bankman-Fried.
Oops. Sam Bankman-Fried’s implosion took down Democrats’ second-biggest donor with it as the party gears up to regulate crypto
Fortune Magazine lays out how Sam Bankman-Fried distributed money through the Democrat machine (to the loss of his investors).
Fewer names have been bigger in cryptocurrencies this year than Sam Bankman-Fried, CEO of crypto exchange FTX. So when it became clear this week that the curly-haired billionaire and his exchange faced a liquidity crunch, he was no longer a billionaire, and his exchange likely wasn’t solvent, it cast a shadow over the entire crypto space and sent digital currencies plummeting.
It cast a shadow in Washington, D.C., too.
The 30-year-old Bankman-Fried has been a major force in Democratic politics, ranking as the party’s second-biggest individual donor in the 2021–2022 election cycle, according to Open Secrets, with donations totaling $39.8 million. That ranks only behind George Soros (about $128 million) but ahead of many other big names, including Michael Bloomberg ($28.3 million). What’s more, he had promised to spend far more on Democrats moving forward, predicting in May that he’d fund “north of $100 million” and had a “soft ceiling” of $1 billion for the 2024 elections.
That doesn’t look nearly as likely now. He backed away from the prediction last month, describing it as “dumb” to Politico, and on Tuesday his net worth fell from $15.6 billion to potentially below $1 billion, which Bloomberg called the biggest one-day collapse it had ever seen among billionaires. Rumors are now flying in the cryptosphere that he may even go bankrupt.
Federal regulators are now reportedly investigating FTX to determine whether it harmed clients or broke financial regulations after FTX’s implosion, as it saw $5 billion of withdrawals on Sunday alone, many of them prompted by a tweet from the CEO of rival exchange Binance that he was dumping FTX-linked coins. Binance then seemed to come to FTX’s rescue on Tuesday before ditching its 11th-hour bid to buy FTX the very next day. Cryptocurrency prices fell amid concerns about FTX’s solvency and fears of a possible contagion. It’s a head-spinning turn of events for FTX, which was valued north of $30 billion at its peak; and for the crypto space, which has declined in value from $3 trillion to below $2 trillion during this year’s Crypto Winter.
(Read more at Fortune Magazine)
Therefore, as soon as the first bills come up, we need to be hyper-vigilant to make certain that crypto does not get deregulated
We already see the problems with crypto that has not been closely regulated.
We just need to make certain that this does not morph into a “Democrats release felons” story.