For a party that seems to absolutely loathe billionaires, Democrats and their friends in the media sure are taking it soft on Bankman-Fried.
You misunderstood. Democrats don’t loathe all billionaires, only the ones that aren’t democrats. It’s a similar to how democrats feel about racists or sexual predators.
I worked at Arthur Andersen till 1990 and had many friends that made partner right before it went under do to Enron. One thing George Bush’s Justice department did was prosecute Ken Lay CEO of Enron because he didn’t want to show that he was avoiding his duty to prosecute crimes regardless of Ken being a huge donor and bundler for his campaign. Look now at Obama and John Corzine who should have been prosecuted for stealing customer funds to save his firm MF Global. Crickets! He was a huge bundler and ex Governor of Jersey. Waiting for Democrats to prosecute their big donors and crooked brethren won’t happen unless it is too politically unbearable for them. Good Luck.
Effective altruism is part of the ESG/DEI industrial complex to entrench Democrat power. Media is treating SBF better than Elon, which is a farce. Sequoia must also be held accountable: https://yuribezmenov.substack.com/p/how-to-lose-214-million-in-one-year
Why would the government prosecute him? He’s done his job.
All our institutions are totally corrupt.
They still need time to bury a few metaphorical bodies, cut a few deals, create a false flag or two before they arrest Cousin It and his inbred girlfriend.
Long-time reader/listener. First-time leaving comments.
1. FDR, JFK, RFK, LBJ, AOC...SBF
What is it with aspirational Democrats and initials!??!!
2. Sam's parents as signatories on property in the Bahamas. These folks are Stanford Law Professors, correct? I believe one of them teaches about the intersection of law and morality. I also read they're now trying to return the property to FTX. Well sure now that they got found out. Where were their ethics when they were signing in the first place? Rules for thee but not for me, eh?
3. Sequoia Capital. I'm reminded of the saying, "How you do anything is how you do everything." Saying we take risks and it's a minute part of a portfolio would not cut it if that was my money. Their fawning profile says all you need to know - Sequoia's due diligence is light on metrics and primarily driven by narrative/founder worship. That they've generally killed it over the past decade doesn't prove otherwise. After all, they've had the tailwind of a generation.
4. I wonder if Sam knew things were on the verge of unraveling BEFORE he began making big donations to the Democrats. "I'd better try to curry some favor in case this comes crashing down." $40M is a small price to pay if it keeps a guy like him out of prison.
Thought provoking blog and podcast...thank you.
Is that headline a trick question? Even my dog knows why SBF is not in handcuffs.
How about Adam Naumann and WeWork?
""The fall of FTX has posed tremendous harm to over one million users, many of whom were everyday people who invested their hard-earned savings into the FTX cryptocurrency exchange, only to watch it all disappear within a matter of seconds."
Let's pray these are all woke Leftists.....
"I did not have sexual relations with that woman"
So the new maxim for investment should probably be: if the management of the firm are close friends with Democrats, run don’t walk, get you $$ the hell out ASAP.
I never understood crypto. The original concept when i first heard of bitcoin seemed intriguing - but never understood how it would be the world currency based on the number of coins that could ever be mined vs the population of the world. It was less than 1 coin per person for the entire planet. Then all these other coins came out - which totally confused me (felt like a giant ponzi scheme).
Last year when i was teaching 8th Grade Jr. Achievement - i have the kids do a stock market challenge for 2 months. They partner up and they get $1Mm to invest - wanted them to research and have rationale for their investments. All the kids wanted to buy Bitcoin - I kept asking them why....mostly do to advertising, they saw how fast it was going up and thought they we would be rich over night. I tried to explain to them it's being sold as a "digital" gold - which I tried to explain to them "currency" should not have that kind of volatility. Also if people wanted to buy it incase shit hits the fan. They are better off having guns and lots and lots of ammo versus a digital dollar.
Also another thing that made me very skeptical - i flew down to Miami and all over the airport was advertisements for crypto. I looked to my collogue and said - when did a currency need to advertise? Where does the advertising money come from? Again another point in life that made zero sense to me why anyone would own it.
I do feel bad for the people that lost a lot or ALL of their money. But I feel there were so many red flags over the years - you could have put 2-3% of your investments in it. If it became legit - you are good - however if it went to zero - you are not screwed.
I am no fan of these people but...
I think you might want to go check out the actual letter, in it’s entirety....
It’s written by Billy Evans, not Cory Booker.
The link to the letter was in this article. It appears they linked the wrong letter to the article because they mention it being a letter from Cory Booker so this is where the misinformation appears to start.
Bill Clinton, just like Klaus Schwab, are just public puppets. The real question is: who is behind Clinton and Schwab? Who is pulling their strings? Long before listening to Whitney Webb’s interview here on QTR, I was already convinced that our present world just consists of a bunch of intelligence agencies fighting turf wars. Just read Victor Ostrovsky’s “By Way of Deception” about how the Mossad operates and how the Mossad was fighting a turf war with the Chinese in Africa. Most interesting is how Ostrovsky describes how the Mossad is basically a state within a state. Why would the FBI/CIA, MI5/MI6, the Russian SVR/GRU/FSB or the Chinese Ministry of State Security be any different?