Posted on 11/27/2022 7:40:18 AM PST by Oldeconomybuyer
WASHINGTON—Sam Bankman-Fried’s multimillion-dollar Washington charm offensive revolved around a small financial regulator and a group of senators with whom the purported crypto billionaire found common cause in a bid for light-touch regulation of digital assets.
For FTX, the crypto exchange Mr. Bankman-Fried founded, the goal was to steer oversight of crypto into the hands of what was perceived to be a friendlier regulator than the Securities and Exchange Commission, which has been promising a more stringent approach.
His effort dovetailed with desires of other regulators and legislators to hold sway over a new, fast-growing industry. The Commodity Futures Trading Commission, which has had periodic turf battles with the SEC, wanted to expand its regulatory purview, while the Senate committee that oversees it saw a rare chance to carve out an expanded role for itself.
Mr. Bankman-Fried’s ascent in Washington shows how, by doling out enough cash to politicians and interest groups, even a 30-year-old in cargo shorts can win a seat at the table for critical policy debates.
As momentum built for the bill, Mr. Bankman-Fried donated the individual maximum of $5,800 to Sens. Debbie Stabenow (D., Mich.) and John Boozman (R., Ark.), the chairwoman and ranking member of the Senate Agriculture Committee, which oversees the CFTC. FTX officials also donated $3 million to a political committee affiliated with Senate Majority Leader Chuck Schumer (D., N.Y.) and $6 million to a committee affiliated with House Speaker Nancy Pelosi (D., Calif.). Another FTX executive contributed $2.5 million to the Senate Leadership Fund, associated with Republican leader Sen. Mitch McConnell of Kentucky.
In the spring, FTX also hired a lobbyist, former Republican Senate staffer Eliora Katz, whom it paid $270,000 per quarter to push for the Stabenow-Boozman bill in Congress and regulatory agencies, according to official disclosures.
(Excerpt) Read more at wsj.com ...
To get around the WSJ paywall I searched “FTX” using Duck Duck Go.
No honor among thieves, many of which “serve” as public servants, and many others “serve” to support them.
Smart move.
But nothing will happen to Spam Bankfraud. DC and NYC are lawless cities if you are a Democrat.
A prime example of just how effed our government has become. It’s way beyond time to reign in the lobbyists and fraudsters in all levels of government. Both parties are merely profiteers, not representatives of the voters. They choose their party affiliations on how much money they can make from donations. (McConnell is an excellent example of this.)
We pay for it, let’s start demanding full accountability and transparency from ALL OF THEM.. Yeah, that’s gonna happen….
by doling out enough cash to politicians and interest groups, even a 30-year-old in cargo shorts can win a seat at the table for critical policy debates.
The whole promotional crypto world is “upended”. Bitcoins excepted.
According to her LinkedIn, she was a staffer to the U.S. Senate Committee on Banking (Since WSJ points out Republican, I'm assuming it was Toomey). Further down her bio, she previously worked at the Brookings Institute. I bring this up because honestly, the more I look into the backgrounds of the people in and around D.C., the more I appreciate the Founder's vision that Congress should not be sitting in D.C. but should only convene there for the purpose of doing business. They really should be made to face their constituents at home and be made uncomfortable by the choices they make that are not in the best interests of those who put them in office. Think of all the overreach and legislation they pass that really is a result of “idle hands”. It's easy to see that the more time the opposing sides spend together, the less opposing they become.
We can wish to drain the swamp all we want but it would seem to me that the first step would be to “rezone” it.
Well, the politicians aren’t giving the money back. The citizens get screwed again
https://www.politico.com/news/2022/11/15/lawmakers-return-ftx-money-00067009
Campaigns for Reps. Chuy García (D-Ill.) and Kevin Hern (R-Okla.) have given local charities money equal to the amount they received from FTX leaders, according to their spokespeople.
Laundered, not returned. Your are right.
The Madoff case was notable in that attorney Irving Picard has been able to claw back more than 75% of the approved claims, or roughly $17.5 billion. An appeals court ruled in 2020 that investors who profited off of the scheme without knowledge that it was a Ponzi scheme still have to pay back their profits.
https://www.msn.com/en-us/money/markets/politicians-face-public-and-legal-pressure-to-return-bankman-fried-donations/ar-AA14k55D
The best think is for a hungry attorney to get ahold of this.
https://www.bakerlaw.com/IrvingHPicard
Granny’s stolen money is used to help fund election cheating, yes this is the Democrat Party way.
And there you have it.
They commit a crime, and when they get caught they use it as an excuse to punish the people who didn't do it.
Fried’s ascent in Washington shows how, even a scroungy mop haired 30-year-old in cargo shorts...by doling out enough of OPM to greedy politicians and interest groups, can bribe and steal and win a seat at the table for critical policy debates.
I can remember when FTX stood for Field Training Exercise.
I would hope it not just upends Washington, but capsizes it, you know, like Guam.
He’s got MILLIONS OFF SHORE....ALL THAT MONEY DIDN’T JUST DISAPPEAR!
The charm was the bid which was multimillions in campaign cash.
So... what other cryptocurrencies are the globalists using to pay off politicians, the propaganda media, and rioters?
As momentum built for Frieds coverup bill, Fried bribed the chairwoman and ranking member of the Senate Agriculture Committee, which oversees the CFTC.
<><> the individual maximum of $5,800 to Sens. Debbie Stabenow (D., Mich.)
<><>and John Boozman (R., Ark.),
FTX officials also donated $3 million to
<><>a political committee affiliated with Senate Majority Leader Chuck Schumer (D., N.Y.)
<><>and $6 million to a committee affiliated with House Speaker Nancy Pelosi (D., Calif.).
Another FTX executive contributed $2.5 million to the Senate Leadership Fund, associated with Republican leader Sen. Mitch McConnell of Kentucky.
In the spring, FTX also hired a lobbyist, former Republican Senate staffer Eliora Katz, whom it paid $270,000 per quarter to push for the Stabenow-Boozman bill in Congress and regulatory agencies, according to official disclosures.
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