Maxine Waters is on the banking committee....rec’d campaign bucks from FTX.....
and is seen on a Fox video blowing kisses to mop head Fried.
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FTX owned an $11.5 million stake in a tiny rural bank in
Washington state with just 3 employees, bankruptcy hearing shows
Business Insider via MSN ^ | November 24, 2022 | By Pete Syme
Posted on 11/24/2022, 9:21:19 AM by Oldeconomybuyer
* Farmington State Bank had 3 staff and was the 26th-smallest bank in America out of a total 4,800.
* Then FTX bought an $11.5 million stake in the bank, it has emerged during FTX’s bankruptcy case.
* That stake was more than twice the bank’s previous net worth.
The town of Farmington has just 146 residents, and is so small that Google Street View doesn’t cover the whole town.
For a decade, Farmington’s bank held around $10 million in deposits. In the third quarter this year, deposits jumped to $84 million – 85% of which came from just four accounts, according to FDIC data cited by the Times.
Online, the bank now appears as “Moonstone Bank,” a name which was trademarked a few days before FTX’s investment. Moonstone doesn’t mention cryptocurrency, but does say it wants to “support the evolution of next generation finance.”
Questions are being asked over how FTX got federal approval to buy its stake in Farmington. Banking veterans told the New York Times that it was hard to believe regulators would have knowingly allowed the crypto firm to do so.
(Excerpt) Read more at msn.com ...
Questions are being asked over how FTX got federal approval to buy its stake in Farmington. Banking veterans told the New York Times that it was hard to believe regulators would have knowingly allowed the crypto firm to do so.”
The company was designed to be a dem/leftist money generator. It worked well…until it didn’t. Right after the election. Interesting.