Posted on 11/25/2022 6:03:58 PM PST by TigerClaws
Funds from new investors? Aka, ponzi scheme.Government subsidies are a (legal) Ponzi/Madoff scheme.
Government subsidies helped propel Elon Musk to richest man in the world status.
Tax payers that maybe can't afford or don't want a EV are forced to contribute, through their taxes, to the wealth of the owner with no return on their "investment".
There is no end to the amount of money "invested"...No one gets a return on their investment...Except the owner.
Maybe Greenwald just figured out who needed whom.
https://www.foxbusiness.com/lifestyle/glenn-greenwald-is-raking-it-in-at-substack
FTX is a Ponzi scheme, stuffed into a fraud and wrapped in a scam.
Unexpected,
It’s also a money laundering operation.
Need to see ALL the records of all the transactions. See how got the $$$.
Need to see ALL the records of all the transactions. See how got the $$$.
—
I read that the liquidator who was bright in to examine the company said he’s never seen anything like this. Basically there are no records.
“The audit firm for the Dotcom Silo was Prager Metis, a firm with which I am not familiar and whose website indicates that they are the ‘first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.’”
https://www.abc.net.au/news/2022-11-18/ftx-bankruptcy-report-sam-bankman-fried/101671884
One site said that fried bankman used a self deleting transaction app. Dliberate fraud.
Yet anyone with a lick of sense would have known that as a bank operating without deposit insurance or effective US regulatory oversight, FTX was vulnerable to losses and potential failure due to bad investments, mismanagement, or fraud. This no doubt held back many cautious potential investors and depositors in FTX.
As losses mounted, a gusher of new money was needed by FTX, so having Alameda Research buy an existing small bank in the US makes sense as the opening move toward getting federal regulatory approval to invest FDIC insured bank deposits in crypto. Once granted, that approval would have permitted FTX and Alameda Research to channel deposits through the bank, thereby making them federally insured.
The fly in that ointment is that unless a political fix was imposed by the Biden administration or by new legislation enacted by Congress, the FDIC's career accountants and lawyers would not have approved such a scheme. In effect, it would have put the US taxpayers on the hook to make good much of the losses by FTX and Alameda.
As investigators, lawyers, and journalists pick over the FTX mess, we will eventually learn just what was going on with the bank purchase, but that is my guess.
“He did this with clients/customer’s funds? Where was the financial return for those customers supposed to come from?”
from new “customers” ... it was a Ponzi scam ...
“FTX is a Ponzi scheme, stuffed into a fraud and wrapped in a scam.”
i.e., the crypto version of a Turducken...
“‘first-ever CPA firm to officially open its Metaverse headquarters in the metaverse platform Decentraland.’””
do the accountants have legs yet?
Cryptomaniacs
Cryptomania
Steal other people’s money
Support the Democrats
Grab some cash on the side
Now that’s a Ponzi Scheme!!!
Why was your M!tch/Senate fund received $1M thread pulled?
Probably because it’s from Bloomberg.
FTX another dot in Biden’s resume
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