Has former Enron advisor Paul Krugman been asked to help?
Posted on 11/27/2022 8:17:45 AM PST by DoodleBob
Questions are being asked
<><> how FTX got federal approval to buy its stake in the Farmington mini bank.
<><>it’s hard to believe regulators would have knowingly allowed the crypto firm to do so.
Is the wigged mad Maxine, FTX campaign funds taker, House banking committee chair.....in on it?
***********************************************
Here’s where it gets interesting. The bank, which had posted net income routinely with small quarterly losses over the years, started cranking out quarterly losses of $22k, $44k, then losses shot up to $558k, $576k, $1,085k, and finally a whopping $2.6MM loss in the most recent quarter. Meanwhile, there are equity injections commingled with the losses.
Pretty hefty losses.
<><>who was borrowing money that created the losses?
<><>were the losses in the bank’s securities trading account??
We demand a full accounting.
Contact Congress
U.S. House of Representatives:
* Telephone: 202-225-3121
* Website: http://www.house.gov/
U.S. Senate:
* Telephone: 202-224-3121
* Website: http://www.senate.gov/
FTX founder Sam Bankman-Fried donated thousands
to House committee members who will investigate him
FOX Business ^ | November 19, 2022 | Timothy Nerozzi
Posted on 11/20/2022, 7:01:35 PM by george76
Nine members of House Financial Services Committee received donations from Bankman-Fried, other FTX employees
...
Members of the House Financial Services Committee have received hundreds of thousands of dollars from Sam Bankman-Fried and others at his now-bankrupt cryptocurrency company FTX.
...
Bankman-Fried was a major contributor to Democratic candidates during the midterm election cycle, funneling most of his donations through a political action committee called Protect Our Future PAC.
...
Bankman-Fried funneled an estimated $262,200 to Republicans throughout the 2021-2022 election cycle, according to FEC records. His contributions to Republicans paled in comparison to the nearly $40 million he contributed to Democratic campaigns but still represented a significant sum
...
When asked whether Democrats who received campaign cash from FTX should give it back, committee chairwoman Rep. Maxine Waters said, “Well, I don’t want to get into that. As a matter of fact, both sides, Democrats and Republicans, have received donations. So thank you.”
...
On Wednesday, Bankman-Fried was hit with a class action lawsuit filed by investors alleging that he and other high-profile celebrities – such as legendary NFL quarterback Tom Brady and NBA star Stephen Curry – violated Florida law and made consumers suffer more than $11 billion in damages.
(Excerpt) Read more at foxbusiness.com ...
He needs to go to jail — unless the democrats who received money from him decide they don’t want that made public and implement their own form of justice.
Secret deals, sounds like insider trading with political cover to me. And political cover ain’t free. Time may tell my friend.
Has former Enron advisor Paul Krugman been asked to help?
Crypto, all of it, is a fraudulent money laundering machine… period
An LLC is not a corporation.
Instead of giving info/help you just correct, Flash.
It's a limited liability company, EEGator.
Flash is just nitpicking, though he/she is right.
You’re correct. It’s even a higher percentage of Fortune 500 companies than LLCs.
I knew all, or near all, CC companies have a PO Box “main office” here in DE.
https://www.sundocumentfilings.com/article/llc-vs-corporation-what-are-differences
https://www.legalzoom.com/articles/incorporating-in-delaware-advantages-and-disadvantages
Thanks, I posted a couple links after your post to me.
Why, exactly, is SBF (and Ellison) not in jail yet?
Because the post said “for a reason”, but did not bother to give a reason. I figured I’d answer a post that sounds knowing, but fails to demonstrate any actual knowledge, with an argumentative response.
There is more than one reason I can think of off the top of my head. Delaware has the most business-friendly corporate laws. Delaware has the most highly developed corporate law. Meaning that when you read the applicable statutes, and ask yourself “How will this REALLY play out if I’m dragged into court”, or “how can I play the edges on these regulations”, there’s case history on what happened, which not only tells you the answer, but can be cited as precedent.
Also, Delaware has a sophisticated judiciary regarding corporate matters. That does not come directly into play in Bankruptcy court, which is Federal, but one might expect that the BR courts in Delaware are more knowledgeable about such matters than say, the BR court in Wyoming.
Has there ever been a bigger, more consistently wrong, overpaid idiot, anywhere?
I’m still pulling on that come-a-long. (inside story)
Somehow, that simply doesn't sound...ethical.
It's like a nasty taste in your mouth from just reading it.
JMO, YMMV
BTW, do you play the lawful or unlawful side on the edges of those regulations?
The law is the law. A judge can read the cases you spoke of earlier (case history/precedent) to help in their ruling no matter in which Federal District the case was held.
Why change from NY to DE?
My first thought is judge shopping.
But I'm betting that never came up in your mind.
Presided over by Judge John T. Dorsey of the U.S. Bankruptcy Court for the District of Delaware...
It doesn't matter how "sophisticated" Delaware is judicially.
That’s a bit off the topic of why companies incorporate in Delaware, to which I was responding, but the way Federal BR law works is that state law will come into play if and when there is what is called an “adversarial proceeding”.
Our Federal Court system is a bit complicated when it comes to what law the Federal Court will use. In a variety of circumstances, Federal Courts use state law, and are required to use state law, in deciding cases.
When a company declares bankruptcy they list their assets and creditors, and notice goes to all of the creditors. The Creditors have time to make a claim against discharge. If no one makes a claim, all debts are discharged unless they are by law not dischargeable, but most are, so it’s “Game Over”. Up to that point, it’s all federal law. However, there are various grounds by which a creditor can demand a judgment for money owed that will not discharge the debtor. Among these is FRAUD.
If someone brings an adversarial proceeding against BagMan’s gang of clowns (Yah think?) then some other law will come into play, but it will be the Federal BR judge applying it.
Which jurisdiction’s law regard fraud will be used depends on a number of things. By way of example, the parties may have a choice of law clause that the court might honor, or might refuse to honor. Choice of law is DIFFERENT from choice of forum. The forum is now Delaware, and any fraud action will be tried in Delaware, absent a successful motion for change of venue. It would be very unusual to have a first change of venue for the basic bankruptcy and then a motion to move it again for an adversariel proceeding, but the players are are after big stakes.
But assuming everything stays in Delaware, even then that does NOT mean that the Federal BR judge sitting in Delaware hearing the adversarial proceeding will use Delaware law. It could wind up being the laws of Antigua or the Bahamas.
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