If he actually said it, then P.T. Barnum was absolutely correct. “There’s a sucker born every minute.”
If you haven’t heard about the sudden collapse of the multi-billion dollar corporation FTX and its chief subsidiary Alameda Research, then worry not. I’m about to explain it via multimedia reporting that should describe the collapse in ways even a layman can understand. Only the video briefly describes how politically connected Sam Bankman-Fried became as his fraud allowed him to toss around other people’s money toward causes and politicians he wanted to support.
Some of you may be thinking, “I don’t care about this crypto nonsense because I would never invest in it.” Think again. The failure of FTX is going to harm a lot of people who think like you. That’s because crypto investors aren’t just millennials seeking to avoid Uncle Sam’s prying eyes.
The Ontario (Canada) Teachers Pension Plan, BlackRock and Sequoia investment funds, and who know how many other institutional investors are in the aggregate looking at hundreds of millions of dollars, possibly billions, in losses that are likely never to be recovered. This failure is going to shake more than just crypto.
So, let’s get to it. First up is this excellent YouTube video that describes the whole mess.
Second up is an excellent, more detailed analogy of just how Bankman-Fried ran his scam.
Third, and finally, is an article about the initial findings reported by the new FTX CEO and liquidator, John Ray III, who served in the same capacity following Enron’s collapse.
And before you feel grateful that you weren’t caught up in this fraud, I’ll remind you that an estimated $163 billion of COVID relief funding is now estimated to have been fraudulently obtained. You will pay for that government malfeasance. I only wonder what, if any, of this government largess ended up at FTX. We do know, however, that Ukraine figured in the FTX fiasco.
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Gee, what a surprise! Financial corruption in America.
BTW, about $6,000,000,000 dedicated to the reconstruction of Iraq after the Second Gulf War has yet to be accounted for.
Hi ho. It’s only money. The FED can print more.