Tag: Sam Bankman-Fried is a criminal

The Hypocrisy of the Sam Bankman-Fried Conviction

Guest Post by Antonius Aquinus

Sam Bankman-Fried (SBF), the founder of FTX and Alameda Research hedge fund has been found guilty on all seven counts related to financial fraud and money laundering in a lower Manhattan court room.  The trial took a lot less time than expected as did the jury’s deliberation of the case which speaks to the overwhelming evidence against the onetime financial guru of entertainers, crypto enthusiasts, and politicians.  SBF could face up to 100 years behind bars.

Gary Gensler, chairman of the Securities and Exchange Commission, said that “Sam Bankman-Fried built a house of cards on a foundation of deception while telling investors that it was one of the safest buildings in crypto.”*  Manhattan U.S. Attorney Damian Williams concurred, calling Bankman-Fried’s actions “one of the biggest financial frauds in American history.”**

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The Money Trails of the Pandemic Planning Racket

Guest Post by Jeffrey Tucker

pandemic planning racket

The Justice Department has dismissed all charges related to campaign finance leveled against Sam Bankman-Fried (SBF), the founder and CEO of the Bahamas-based crypto exchange FTX. The grounds were a bit unusual. Officials in the Bahamas said that such charges were not the basis of the extradition. “The Bahamas did not intend to extradite the defendant on the campaign contributions count,” said the Justice Department. “Accordingly, in keeping with its treaty obligations to the Bahamas, the Government does not intend to proceed to trial on the campaign contributions count.”

And just like that, charges are gone. What’s strange is that this claim jumps out in the financial trail of FTX. Indeed, it seems obvious. It was an impressive caper. FTX said it practiced “effective altruism” and so intended to give away $1 billion to charity. It raised venture funding from many sources that wanted to pay off politicians but were restricted from doing so by law. FTX classified this as investment and then altruistically gave money to many charities involved in “pandemic planning” but many were not real charities. They were 501c4s that fund political campaigns. With just a few hops in the money trail, this mechanism allowed vast funding of mostly Democratic political interests in advance of the 2020 election.

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He’s Cooked…

Guest Post by Karl Denninger

Sam is done.

Two of his chief lieutenants, including his former lover, have turned on him, pled guilty to criminal offenses that will almost-certainly lead to a decade or more in prison, and are cooperating against him.

Among the offenses they pled guilty to are installing specific bypasses of the risk-control and auto-liquidation rules on certain accounts which were utterly essential to propagate the robbery of client funds.  Absent that most, if not all of the loss would not have occurred, with Alameda being forced into liquidation before the damage was severe enough to implicate customer money.

That’s an intentional act and the other two admitted to being involved in doing it so its perfectly legitimate to state it as fact rather than speculation.

How far down the rabbit hole this all goes is an open question, but the real underlying issue is that the sort of nonsense with so-called “stable coins” and similar games have repeatedly been exposed and the entire house of cryptocurrency “value” rests on said claims that this is not the case.  It is the case, however, and only an idiot after seeing it happen several times sequentially has any reason to believe its not present in every single one of these instances.

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IT’S NOT A LIE IF YOU BELIEVE IT

“The past was erased, the erasure was forgotten, the lie became the truth.” – George Orwell, 1984

It's not a lie if you believe it – Seinfeld Memes

“Great is truth, but still greater, from a practical point of view, is silence about truth.” ― Aldous Huxley, Brave New World

I wish I could go through a day without having to reference Orwell and Huxley when observing how the ruling class is able to manipulate, subjugate, and propagandize the willfully ignorant masses through lies, deceptions, disinformation, and fear. But here we are, living through a dystopian nightmare blending the worst aspects of Orwell’s 1984 and Huxley’s Brave New World.

It’s as if O’Brien and Mustapha Mond are running the show, using behavioral conditioning, restricting freedom of speech, adhering to a strict caste system, surveilling everything we say or do, using our fears to control us, utilizing propaganda to produce false narratives, and ultimately threatening to stomp a boot on our faces forever if we do not obey and conform. Virtually everything we are told by politicians, government bureaucrats, military brass, “esteemed” journalists, medical “experts”, bankers, and corporate executives is lies. They do not believe their lies, but they know it benefits themselves financially to lie, and as long as they work together, they know the ignorant masses will believe them.

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Two Antithetical Billionaires

Guest Post by Victor Davis Hanson

Before the midterm November elections, Sam Bankman-Fried was a left-wing billionaire heartthrob.
He properly grew up on the Stanford campus, where his parents were well-known left-wing activist law professors. He went to a tony prep school and on to MIT.

Bankman-Fried mocked society’s bourgeois capitalist conventions by dressing and looking like a slob in cut-offs and T-shirts.

Indeed, he bested the nose-ring, Charles Manson-esque appearance of former Twitter CEO Jack Dorsey. He outdid the all-black, Steve Jobs copy-cat get-up of another fallen leftist icon, the now-convicted felon Elizabeth Holmes of Theranos infamy.

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COVER HEADLINE OF THE DAY

His depression will surely lead to a suicide while in the same prison as Epstein, and those damned cameras will still not be working.

Click to visit the TBP Store for Great TBP Merchandise

Justice Department Faces Questions After Effectively Preventing Bankman-Fried From Testifying In Congress

Authored by Jonathan Turley,

The arrest of Sam Bankman-Fried yesterday was sudden and unexpected in light of Bankman-Fried’s plan to testify before Congress. As a criminal defense attorney, my reaction to the arrest last night remains unchanged: this is the first time that I can recall where prosecutors moved aggressively to stop a defendant from making self-incriminating statements.

His testimony would have been entirely admissible and likely devastating at trial.

I previously wrote how Bankman-Fried was doing harm to his case by speaking in the media and to Congress. So why would the Justice Department move to stop the self-inflicted damage? You have a major target who was about to voluntarily testify for hours.

That is ordinarily a dream for prosecutors, but the Justice Department moved quickly to prevent that from happening. At that stage, Bankman-Fried was not charged or in custody. He was not protected by Miranda or other constitutional rules from self-incriminating statements.

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PART 2: An interview with Marc Cohodes, the investor who called the FTX/Sam Bankman-Fried collapse BEFORE it happened

Guest Post by Alex Berenson

Cohodes explains why the media failed to cover FTX properly – and why SBF is STILL talking

(SECOND OF TWO PARTS)

Is FTX founder Sam Bankman-Fried a sociopath?

Marc Cohodes thinks so.

FTX is the cryptocurrency exchange that collapsed last month, costing investors billions. Bankman-Fried – sometimes called SBF – is the chubby 30-year-old who briefly had a fortune estimated at $26 billion and is now holed up in the Bahamas, where FTX was based.

Cohodes is a veteran Wall Street investor who was one of the few people to predict FTX’s failure.

Cohodes and I have known each other since the 1990s, so I asked him to explain FTX to Unreported Truths. In Part 1, he explained why he was so sure FTX was a fraud. Now he talks about the media’s failure on the story – and why Bankman-Fried still won’t shut up.

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(Come for the Covid, stay for the crypto!)

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FTX’s collapse was so sudden and complete that no one knows how much the company might owe its clients, lenders, and others, much less how much money it has.

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How to Save Your Skin, According to Bankman-Fried and Fauci

Guest Post by Jeffrey Tucker

saving their own skin

We are being gifted with a series of extremely impressive displays of accountability avoidance. They have been virtuosic acts, ones for the history books. I speak of the strange rhetorical symmetry between Anthony Fauci and Sam Bankman-Fried and their responses under questioning for bad actions that no one denies except themselves.

I’ve watched what feels like a hundred hours of interviews and read transcripts of many more. They are enormously frustrating. They both specialize in justifying the small things while systematically overlooking the big picture for which they are wholly responsible. They speak in a passive voice about mistakes made but bounce off that quickly to fob off the blame for the results on everyone but themselves.

What appears below is a kind of composite of them both. It’s written as farce but an oddly realistic one.

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