Posted on 11/30/2022 8:27:00 PM PST by DoodleBob
As October turned to November, Sam Bankman-Fried had an estimated net worth of $16 billion. Better known as SBF, the founder of the FTX crypto exchange was predicted by some to become the world's first trillionaire. But he's now worth "close to nothing," he said in a live interview Wednesday with Andrew Ross Sorkin at The News York Times' DealBook Summit.
SBF called in from the Bahamas, where he operated his FTX empire. When asked by Sorkin how much money Bankman-Fried now had at his disposal, the disgraced founder answered, "by my knowledge, close to nothing."
"I don't have any hidden funds here -- everything I have, I'm disclosing. I think I have one working credit card left, it might be $100,000 or something like that in that bank account. Everything I had, even all the loans I had, those were things I was reinvesting. I put everything I had in FTX."
...
In one stunning moment, Sorkin noted that reports about FTX and Alameda's workplace culture sounded like "a bunch of kids who were on Adderall having a sleepover party." Bankman-Fried could offer no meaningful defense.
"Look, I screwed up. I was the CEO of FTX, that means I was responsible," he said. "We messed up big."
(Excerpt) Read more at msn.com ...
That’s why he parked millions of dollars in a bank out in the middle of nowhere.
Oh, I think he is just being modest.....
He was actually worthless even before he got into his little ponzi scheme.
“I put everything I had in FTX”
No shortage of fools willing to bet the farm on the get rich scheme of the day.
Can anyone figure out why he was in jail?
I guess being the largest democrat donor in history might make a difference
i meant to say why he isn’t in jail
Yeah, this dude’s like, “OOOPS GUYS HEE HEE!” and chicks in the audience are clapping. 20 years ago and this kid’s head would be on a pike.
FTX attorney Bromley tells the bankruptcy judge that the
company was being “run as a personal fiefdom of Sam Bankman-Fried.”
<><>a “substantial amount” of FTX Group’s assets “have either been stolen or are missing.”
<><>unclear whether the “substantial amounts” were stolen or mishandled
<><>includes several billion in combined loans that GF-run Alameda Research reportedly made to SBF, two of his deputies, and a company majority-owned by him; or are separate from them.
<><>SBF also raised $420 million from investors on behalf of FTX —
<><>only he paid himself $300 million of that amount, claiming it as a personal reimbursement for re-purchasing the 15% stake in the exchange held by rival company Binance.
*************************************
The court has been told FTX has 36 banks and more than 200 bank accounts.....
....all that laundry........hmmmmmmm.
It’s in a little square building with 3 employees (now 5 employees), but I can’t identify it in the picture.
His PARENTS are worth a boatload, and they profited from the scheme, bit time. Plus they have a super-high income, so they can make a bit of restitution to the victims of their little brat.
Is there was way, aside from manually entering all posters' names, to ping everyone on a thread?
Especially when one considers that the late Bernard Madeoff was convicted and sentenced to something like 150 years in prison, and everyone thought that he got off easy.
Perhaps our new congress might look into this?
...I hope he has a taster for his food.
FTX bankruptcy lawyer outlined the main business entities of SBF’s family of affiliated companies:
<><>FTX.com, FTX US, FTX’s venture arm,
<><>trading firm Alameda Research holds the largest cash balance among the core four
The corporate governance in place for each of the main business verticals was minimal,
consisting primarily of SBF and a close coterie of intermingled deputies
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 was worth less than nothing BEFORE the FTX crash.
OpenSecrets ^ | November 15, 2022 | Taylor Giorno
Posted on 11/28/2022, 11:21:16 PM by DoodleBob
Sam Bankman-Fried, the founder of the cryptocurrency exchange platform FTX, was a darling in some Washington D.C. policy circles. He proselytized for digital assets in testimony on Capitol Hill and gave more than $990,000 to candidates plus an additional $38.8 million to outside groups this election cycle, making him the sixth biggest individual donor of the 2022 midterms.
Questions are being asked
<><> how FTX got fed approval to buy its stake in the Farmington mini bank w/ 3 employees.
<><>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
The bank with 3 employees that magically grew massively in size, and then posted big losses?...
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