Not exactly the same thing, but let’s not forget that Jeffrey Epstein (aside form being a sex offender) handled huge amounts of money for the Left and it never seemed very clear Why he was the one doing that, where the money came from, went to, or how it grew. It was all dark and mysterious, and then he died.
Madoff didn't bend a few rules rules nor fake a few lines. He created entirely fictitious financial reports for non-existent transactions for years. The government was warned repeatedly and did nothing.
I think he is more like Elizabeth Holmes of Theranos than Bernie Madoff. A bright guy who is a faker, not so much a clever thief. This was not a Ponzi scheme so much as traditional securities fraud, wire fraud, standard financial crimes set in the shadow of the blended excitement and ignorance surrounding digital currency. It will be great fun to see this fully unraveled.
Or, did someone in the Dem party set him up to fund the election?
If the purpose was to launder money to the DNC via Zelensky and skim a few million for yourself, it was a success.
Did Kevin Bacon invest heavily in FTX?
To be clear, in banking liabilities means deposits and assets means money due to you on loans or investments. So they took in deposits and squandered it on ?
Sounds like the US government, except that the numbers are 3.9 trillion in assets to 73 trillion in liabilities.
About 1 year ago, November 2021, bitcoin peaked at about $61,500. Now at about $16,000. All the other cryptos follow bitcoin values. If it’s not a ponzi scheme it sure looks like one.
The FTX balance sheet is less worrisome to me than this balance sheet.
https://www.federalreserve.gov/releases/h41/current/
(1) Look for “8,255,992” on the “Securities held outright” line.
(2) Now search for “8,678,886”, “8,637,300”, and “41,586” to get the summary total Assets, Liabilities, and Capital amounts.
(3) Now consider how the “Securities held outright” line has taken at least a 10% cut this year & likely closer to 20%. This means that the “Total Capital” number should be “minus 784 billion” or even as low as “minus 1.6 trillion” if the present fair market value of the “Securities held outright”, “Unamortized premiums on securities held outright”, and “Unamortized discounts on securities held outright” lines were calculated accurately.
The Federal Reserve must be very insolvent right now.
https://www.dictionary.com/browse/insolvent
not solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature.
Bkmk laundry