FTX and Trusting the Democrats' billionaires' scam-fraudery | Perception Matters
Trust the experts because "EVERYONE" fell for this but everything else they say is trustworthy
In the latest not always but all too often happenings, found a post from a friend about a Forbes article that sucked me in. I already don’t like to comment or share things on headlines without getting at least a basic understanding on the topic. Even in cases where the headline is worth mocking on its own, knowing about the article often adds to the inanity of the headline. In this case I was going to include this in the Come See This Thing daily series of posts so thought I should do some searching and jebus cripes have you heard of Sam Bankman-Fried and FTX? This is the Forbes article “‘The Devil In Nerd’s Clothes’: How Sam Bankman-Fried’s Cult Of Genius Fooled Everyone.”
I wanted to search for other stories about this crypto billionaire top democrat campaign donor fraud so typed "top dem donor" into Brave to see if this was being covered from the political angle. Turns out this isn't uncommon for top Democrat donors as ABC news reports about Norman Hsu “Top Dem donor charged in ‘massive’ scam.” Have seen some say oh this is yet again an example of Democrat and Republican machinations. Sure there may be similar issues like this with Republican donors but in current timeline the Democrats are as steeped in shady money as he Republicans ever have been. Keep this political aspect in mind as I get back to FTX and Sam Bankman-Fried
Here is the Washington Post one “Sam Bankman-Fried charmed Washington. Then his crypto empire imploded.” The regressives and eliterati lie constantly. Everyone was not fooled by this fraud, just like everyone did not go along with PANdemIC hysteria so do not need amnesty.Many people they know and care about were. They don’t care about other people or at least want to lessen scrutiny of people asking what else these people are fooled by or unaware of when ti comes to finances.
Here is a bit from the WaPo story:
“Sam Bankman-Fried, the 30-year-old wunderkind of cryptocurrency, spent tens of millions of dollars over the past year trying to reshape how Washington and the world think about finance.
The crypto exchange he founded, FTX, had become an industry-dominating business in just three years, valued at $32 billion as recently as January. He amassed political clout in an even bigger hurry, emerging from obscurity to become the second-biggest Democratic donor in the midterm elections.”
How much recent policy towards crypto is based on this scammer? How much of the recent Democrat wins were funded by money scammed by from people?
Shall go back to the Forbes article for another excerpt:
“His mystique was bolstered by his embrace of philosophies like effective altruism, which added a moral heft to his ruthless money making. The rare facade of a do-gooder billionaire was maintained by lavish donations to professional sports teams and charities—under the guise of effective altruism—and an unusually warm embrace of Washington lawmakers, with large sums of political donations and calls for more regulation of an industry he helped build. Along the way, he raised more than $2 billion from investors like Sequoia, NEA and Lightspeed Venture Partners–many of whom are now carving nine-figure losses into their balance sheets.”
Fraud scamster fools the eliterati and regressives. He is platformed and promoted by them enabling him to scam more people. He then donates millions for their campaigns. Then days after election it comes to light. And the SEC and other politicos then use their failure and collusion to claim they need more power because “EVERYONE” was fooled. Not just them.
These overly enthusiastic actors like Nas Daily put me off.
Article says “The collapse has also underscored the lack of diligence performed by investors like Temasek and Tiger Global to ensure appropriate financial controls: none were on FTX’s board. One investor told Forbes that they only had access to FTX’s balance sheets as part of due diligence, which “looked fine.” The investor said they had no visibility into Alameda’s operations, but saw no red flags because they saw large sums of tokens moving between the two firms “all the time.””
That's one Forbes article but then look at these titles of articles in the more from Forbes section than tipped me full on into the rabbit hole:
Includes a "The Red Flags on FTX We All Seemed To Miss" again with the "we all" when for many folk I know spouting about climate change, veganism, PANdemIC (does Bankman-Fried need amnesty from that too?) signifies some red flags of if not outright fraudulent behavior but at least the willingness to say platitudes for the sake of currying favor.
Hyphenated names already have me going hmmm but not an outright red flag because thats often something the parents choose for the child. Especially when it’s an unmarried person. Check out how many other supposedly in the know people were scammed with more from the initial article.
“Lavish donations to charities, not-for-profits, and sports sponsorships further crystallized the myth around Bankman-Fried. For one deal, he promised $17.5 million to UC Berkeley in cryptocurrency for the naming rights of their stadium. He gave a reported $10 million toward a partnership with the Golden State Warriors, plastering FTX signage throughout the team’s San Francisco arena. He then signed a 19-year deal to rename the Miami Heat’s home court FTX Arena. (UC Berkeley called FTX “a great partner for Cal Athletics,” but said it’s monitoring the situation and will “determine any next steps if they become warranted.” The Golden State Warriors said they have “no news to share” regarding the FTX partnership. The Miami Heat said Friday they are finding a new naming rights partner.)”
Nas says oh he drives a corolla but declines to mention that he also has his companies name emblazoned on professional sports arenas? Checking Bankman-Fried’s Wiki Bio:
Bankman-Fried was born in 1992 on the campus of Stanford University into a family of academics. Born and raised to an upper-middle-class Jewish family in California, he is the son of Barbara Fried and Joseph Bankman, both professors at Stanford Law School. His aunt Linda P. Fried is the current dean of Columbia University Mailman School of Public Health. His brother, Gabe Bankman-Fried, is a former Wall Street trader[19] and the director of the non-profit Guarding Against Pandemics. He attended Canada/USA Mathcamp, a summer program for mathematically talented high-school students.[2] He attended high school at Crystal Springs Uplands School in Hillsborough.
From 2010 to 2014, Bankman-Fried attended the Massachusetts Institute of Technology. There, he lived in a coeducational group house called Epsilon Theta. In 2014, he graduated with a degree in physics and a minor in mathematics.”
Along with being Stanford professors, his mother “She is a co-founder of the political fundraising organization Mind the Gap, which advocates for progressive political candidates and funds get-out-the-vote groups.” Not this mind the gap.
Should we be encouraged that it turns out Sam Bankman-Fried had a relatively diverse set of people running this FTX and Almeda boondoggle to show that its not just (I bet some will refer to him as white now) male thing but rather anyone can be a scammer. There is scant evidence that the sort of altruism that is virtue signaled by certain sort of people and approved by the eliterati and M$M has any correlation to actual financial success or generally positive governance of anything.
Check this excerpt from the Vox story “Inside the secretive Silicon Valley group that has funneled over $20 million to Democrats” with the sub heading “There’s a reason you haven’t heard of Mind the Gap: Its “raison d’être is stealth.”:
“”There are many middlemen on the left who have tried to take advantage of Silicon Valley’s new political energy. But few are proving to be as unusual as Mind the Gap, in both its message and its personnel.
The group operates in a cone of secrecy, often exhorting its donors to keep their information secure. It has no website or presence on social media, and its leaders don’t mention their involvement in their professional biographies on sites like LinkedIn. That’s not by accident.
“The raison d’être is stealth,” one person with ties to the organization told Recode.”
But don’t worry about this. It’s not because the Democrats can keep saying they want money out of politics to keep it pure and uncorrupted, so they don’t want their names known. No its because if the names are known then Republicans will also invest in the opponents and know their strategy! I am shocked, SHOCKED!!! SO shocked that the child of a parent involved in this, has been found to have been scamming people then giving donations to causes and Democrats to hide behind.
Good thing there are sites like Influence Watch that list people involved in this sort of thing.
Oh yay, that VOX article was from 2020. Mind The Gap was part of the Fortification of the election.
““Anything could happen between now and next November to change the picture significantly. But we have no control over most of the things that will happen,” the group told donors in its year-end memo last month. “As ever, the question for us is, what can we influence, and where will money make the biggest difference?””
This could even be an Op. Shall see what sort of punishment this son of well off and connected parents gets for this. Is it a siesta in club fed which also leads to more draconian control of the majority of crypto markets that are genuine?
Why should those get fooled by “Sam Bankman-Fried’s Cult Of Genius” still have power over decisions that affect millions if not billions of people? You know Bankman-Fried got them but no way Tedros Adhanom Ghebreyesus over at the World Health organization could have incentive to not be 100% on the up and up or even if he was be able to get anything over on anyone. Those organizations and people are totes legit. How dare you question anything about Ukraine. It’s not like the same orgs and people who said Ukraine was one of the most corrupt countries in Europe are now sure that despite billions unaccounted for, during a war it’s not something you should be concerned about. After all Hunter Biden is only the first son and not a politician. His father , the president of the United States of America that previously may have had a Ukrainian official fired with the carrot of aide dangling is a wise man. If he was aware of any dicey stuff his son was doing, then Joe from Scranton would have tossed the carrot and broken out the stick, just as he is now mentioning bad billionaire Elon Musk over at Twitter needs to be looked into because of Saudi Ownership. Because Saudi ownership that was there before was not bad before Elon bought it. And Biden admin did not ask the Saudi’s to slow roll changes on the oil markets. Also Elon Musk is not already in partnerships with the US government.
The very same people who are going to be in their same positions of power and influence with maybe a little less fiat currency to their net worth will still be considered part of the eliterati. Sure folk like Anthony Fauci may get toted out in congressional investigations over the next few years, but you think he will loose speaking gigs, be denied his pension, let alone docked anything from his multiple years of being the highest paid bureaucrat in the USA if not the world while his utterings and behavior resulted in the ending of tens of thousands of peoples livelihoods? At this point take it upon yourself to not be influenced by things they may be saying and doing. It’s on you as an individual to look into it and remain skeptical. There is no evidence that people need empirical evidence to believe they have empirical evidence, but you found yourself here to get the evidence others provided which already puts you in a position the vast majority of humanity has never been in and is not now.
More of that now as Nas Daily fluffed about the Bahamas crib this is one of those partners partners he was living with(?):
More on Ms. Ellison, “CEO of Alameda Research is a 28-year-old Harry Potter fan”:
“Before joining Alameda as a trader in March 2018, Ellison spent 19 months as a junior trader at Jane Street after graduating from Stanford University with a bachelor’s degree in mathematics in 2016. In a podcast two years ago, Ellison explained that Jane Street was her first job out of college. A diehard mathematician and Harry Potter fan born of two economists, Ellison she hadn’t wanted to go into trading but “just didn’t really know what to do” with her life. “
I am down a rabbit hole. This could just be wealthy kids effin around because they know they’ll never need to find out being as well connected as they are and not subject to the same sort of repercussions the peasantry are… but also could be an Op. In one of my lowest times, an outright mental crisis, I came to a realization that at first scared my but soon after turned into something that has helped me make more sense of the worlds my reality tunnel goes through. It was that worse than any conspiracy theory is that there is not conspiracy, this is just the best we can do as a species. But no shadowy people with relative omnipotence mucking things up in the background also means they are not there to thwart us from improving our lives on an individual level.
Can I see this just being hoomans doing hooman stuff and the right (or wrong) circumstances piling up to this mess, yeah. Look at the politics of some involved, the benefits of being involved, the basics of familial relationships on the personal level and social ones of the professional ones then yeah, In the mutated environment of this State ran, fiat currency fueled economy we found ourselves in then certainly this could ‘just happen’ by people who are truly convinced they are just doing what is best for them and the folk they care about.
That being said there is a contingent of people who will take advantage of happenings and try to harness chaotic energy to their benefit. I am certain some people I probably would not like are involved in managing this as it crumbles. Badly though. Because if this was some sort of advanced Op then how incompetent are the people involved in it because what in dafuquery was going on?
Those were the actual people and here is how it was being marketed:
Starting with that joke about playing, wonder if that was close to home or if the FTX thing had something to do with the breakup. By-the-by people. Stop listening to celebrities when it comes to advertising. Hell anyone not advertising their own product is immediately sus. Then again this is Bankman-Fried about his own company a day before it all came crashing down.
This hole is deep. I was gripped by this story and now 3 hours later I am still looking at posts and stories. Need to pull out.
A key thing to remember is watch out for claims that the SEC and others need to now have more power to regulate and control crypto. Things like this from the New York Times “Binance Pulls Out of Deal to Acquire Rival Crypto Exchange FTX : The rapid collapse of FTX, built by the billionaire Sam Bankman-Fried, suggests that no company in the freewheeling, loosely regulated crypto industry is safe.” or CNBC with “CNBC Transcript: SEC Chair Gary Gensler Speaks with CNBC’s “Squawk Box” Today” where Securities and Exchange Commission chair Gary Gensler says things like ” the laws are clear and and look the runway is running out. I mean, the American public and investors around the globe are getting hurt by a field that says, they put a lot of fancy talk around it, Andrew, and the technology is interesting. And I taught it at MIT and I think there’s some interest innovations here.”
Taught at Massachusetts Institute of Technology? Same place Sam Bankman-Fried graduated from…
Nothing to see here you conspiracy theorists! Trust the SEC they are working for the people and looking out for the people, from any one mucking with the money of the people. People are being hurt. Unlike when the state makes money printers go brrrrr. To the tune of trillions of dollars. After shutting down financial economies. That’s for the greater good. The SEC totes would also call out the state.
Far from everyone was fooled. Sam Bankman-Fried and his crew are the key culprits. Regardless of who was behind this or may have been interested, for the time being Bankman-Fried and his core group were willing agents. They built something, ran something, marketed something that would not have happened if not for their actions.
This does not happen in a vacuum though. I imagine this sort of thing happens in smaller groups, even at that high level without the general publics knowledge. Can involve state level global actors using moneys extorted, funneled, repurposed and otherwise redistributed from the general public, as that is the nature of states. But this sort of particular action that get's millions of people involved and rocks emerging markets like this cannot happen without a lot of help. Many people you should no longer trust to know better helped him. Some of this many are just misguided and misinformed. I don't think this means they should be blameless for their continued involvement in this sort of repeated scam-fraudery. Could be too lazy to care as they may not feel as much of a loss if this sort of thing falls through, they are just rolling over generational wealth into the next thing. Could be too incapable to check as they don't have the wherewithal and trust other people to manage that sort of thing for them. The following trends sort of herd mentality is not something exclusive to the peasantry. We are all still simply thinking apes after all. Having more bananas only shields you form the effects of being bananas. Can see why some of these people look at genuine hard work and project form their own lived experience that it's mostly just luck that some are wealthy.
Then there are the people who should by now be beyond suspicion that they actually do know better and choose to participate regardless by disinforming others or choosing to not publicize the scam fraudery they know of for their own calculations of what the greater good is, be it personal or universal.
Is Crypto over now? No. I do not think so. Op or not I expect there will be a push for more regulation that will cite this very scam without mentioning how many of the people pushing to be the regulators, gate keepers and trusted wardens of crypto currency were the very same that platformed and profited from Sam Bankman-Fried. At this point may as well make a list of all involved and generally avoid all things crypto related form them for at least a decade. There are still bright spots in the industry.
There are individuals like Jesse Powell, Co-founder & CEO @KrakenFX, Founder @Verge_Arts Former pro player @Wizards_Magic, seemingly one of the majority of decent people in the crypto industry, has a thread about this:
Were you invested in FTX? Do you know anyone who has taken losses or left early enough to profit? If you or anyone is effected negatively please consider that it may be a dark time but there are still positive things going on in the world that you can be a part of. Reach out to those who may be in need or speak to others who will listen to you. I struggle to think of how the actual thing may feel, having never invested or had much in the line of money to loose, but have had some very staring at the abyss all around me times. Made it out of mine through speaking with others and all too often some decisions are made after things like this that can not be undone.
May update this later or post another one. Please let me know of more info about it.
Update:
Here is a good breakdown of the scam-fraudery.
Look at the faces in this video holding him up.
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