Skip to comments.Liberal PACs and charities that got $260 million from FTX and its executives could be forced to give it all back
Posted on 11/23/2022 8:02:04 AM PST by Oldeconomybuyer
* FTX, Sam Bankman-Fried and Ryan Salame pumped millions into super PACs and campaigns.
* The company could deem the gifts "fraudulent transfers" and sue for refunds. It's happened before.
* It's also possible the money is gone. "You can't get blood from a turnip," an election lawyer said.
… But in bankruptcy, nothing is sacred. The same politicians and groups that happily received FTX's donations and welcomed SBF as an influencer in Washington, including Democratic PACs like the House Majority PAC and Women Vote and lawmakers like Debbie Stabenow, could soon find themselves forced to return those funds — and some are already lawyering up.
The law allows the company's new management or a bankruptcy trustee to claw money back even after it has changed hands, said Ilan Nieuchowicz, a lawyer at Carlton Fields.
"It's the trustee's duty to retrieve funds for the estate," he said.
Some political groups that Bankman-Fried and Salame supported are in a similar situation, with barely any money left. The Protect Our Future PAC, the top beneficiary of Bankman-Fried's giving, has just $570,000 on hand after receiving $28 million from FTX and its execs, and American Dream Federal Action, which Salame supported, has just $1.5 million left.
Michael Toner, a former member of the Federal Elections Commission, said trying to recover money from a pop-up super PAC could be harder than going after a party committee that is active each election cycle, which is what happened in the Stanford case.
"You can't get blood from a turnip," he said. "These political committees, absent any information to the contrary, they're victims in this just as much as anybody else."
(Excerpt) Read more at businessinsider.com ...
Now that would be a hoot. If I were a creditor, I would demand it.
Go for the clawback!
It’s called “clawback.”
Hilarious if it comes to be.
Would be interesting to $ee where that money went.
The democrats will just offer in kind services by votes and exec action to leave them alone.
This would the first time they didn’t consider Politics first…
He supposedly is holed up in his $40M penthouse in the Bahamas. That’s a good place to start looking
Sure would be nice if it opened up the charities and leftists up to unlimited liability. That way they could be made penniless.
I thought ‘ftx’ was just vapor. 🤔👍
“pop-up super PAC” — they pop up, grab all the illegal cash, funnel it to Dem candidates, and then they disappear. Then money was spent on the Dem candidates and is gone.
This is election theft on a MASSIVE scale, pure and simple.
If the Dems can create a PAC, flood it with ill-gotten gains, and then let it dissolve after an election, then there is no accountability.
Liberal PACs and charities that got $260 million from FTX and its executives could be forced to give it all back
I guess the best way to prevent the government from taking money that you received in good faith is to spend it on something, really fast. Maybe a ton of gold or real estate.
ill-gotten gains ill-gotten votes & ill-gotten democratic wins!
Wasn’t just liberals though that was the bulk of it.
Congressional Leadership Fund(Think McCarthy) $750,000
That money was likely used for RINOs and against MAGA candidates.
Fox in the hen house:
McCarthy Used FTX Cash to Defeat Conservatives in 2022
“GOP establishment leader and Speaker of the House pretender, Kevin McCarthy used FTX cash to defeat conservatives in 2022, as the corrupt, globalist-tied crypto exchange funded the establishment wings of both parties. Now, McCarthy is feeling the heat, as conservative members of Congress, and the voters they’re accountable to, are demanding answers for the GOP’s failed “red wave,” which looked more like a pink trickle.“
We need to get more information on the $260 million.
The lazy media journalists are only focusing on FTX $40 million political contributions.
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