But it has a nice lobby. /s
It likely would have been used a shell, perhaps to “transfer” certain SEC or Treasury rights and permissions more favorable to regular banks, to crypto-dealing FTX, while regulators looked the other way.
Or it could be used straight-up for money laundering.
So many possibilities.
Money laundering?
I wouldn’t be at all surprised if there’s some tie between this bank and one of his parents. The clear implication here is that this obscure bank was being used to funnel corporate funds outside the company. Would a bunch of 20-something kids have this connection? Seems unlikely.
Getting regulator approval to start a bank is hard, but once you are chartered banks are allowed to do many things other corporations cannot.
It makes sense for a firm like FTX to buy a small one and make use of those permissions.
hard to believe regulators would have knowingly allowed the crypto firm to do so.
???
BWA HA HA HA,,, good one.
Curiouser and curiouser…
84 million and there are thousands of such banks? We may be talking real money.
Branches in Davos, Kiev, Beijing and DNC headquarters.
It was in 1916 that J. J. Wagner first planted a small plot of lentils in the young orchard on his farm.
In 2022 Bankman Fried billionaire philanthropist vegetarian and lentil love society founder bought the towns only bank
This is outrageous, but Democrats won’t hold him accountable. He part of the elitist cabal in the US.
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.
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smells like mad maxine was in on it?
Wonder how many other small banks are filtering places for dark money?.
“3 staff”
Who are rich, unless they were paid in FTX.
MONEY LAUNDRY??
From the MoonStone Bank’s website: https://www.moonstonebank.com/farmington-state-bank
The bank does not offer a credit card. Customers cannot access their accounts over the Internet.
A few years ago it stopped making mortgage loans because the paperwork became too onerous, President John Widman said.
I want to buy a bank!!! I mean since anyone can do it why not me?
sounds more and more like they were into everything BUT crypto...
Used to launder money