{"id":50175,"date":"2022-12-15T03:00:35","date_gmt":"2022-12-15T08:00:35","guid":{"rendered":"https:\/\/cablemanpro.com\/wallstreetpr\/reverse-midas-touch-why-the-indicted-crypto-king-makes-everyone-look-awful-50175"},"modified":"2022-12-15T03:00:35","modified_gmt":"2022-12-15T08:00:35","slug":"reverse-midas-touch-why-the-indicted-crypto-king-makes-everyone-look-awful","status":"publish","type":"post","link":"https:\/\/cablemanpro.com\/wallstreetpr\/reverse-midas-touch-why-the-indicted-crypto-king-makes-everyone-look-awful-50175","title":{"rendered":"Reverse Midas touch: Why the indicted Crypto King makes everyone look awful"},"content":{"rendered":"
\n

There are no heroes in the Sam Bankman-Fried saga.<\/p>\n

Everybody looks bad.<\/p>\n

Both political parties took money from the fallen crypto king. Liberal causes took money from the fallen crypto king. Media organizations took money from the fallen crypto king.<\/p>\n

Federal regulators, while largely walled off from the insular cryptocurrency world \u2013 which was the point \u2013 nonetheless did little to keep an eye on the now-bankrupt FTX. Now that the company has cost unsuspecting investors billions in losses, the Justice Department, SEC and Commodites Futures Trading Commission have all rushed to bring charges. But if Bankman-Fried was playing with other people\u2019s money from the time he founded FTX in 2019, as the indictment alleges, then why couldn\u2019t they provide some scrutiny before the house of cards collapsed?<\/p>\n

TIMING OF FTX FOUNDER’S ARREST IS ‘SUSPICIOUS’ AHEAD OF CONGRESSIONAL HEARING: LEE ZELDIN | FOX NEWS VIDEO<\/strong><\/a><\/p>\n

Democrats and the Biden campaign<\/a> look bad because they took huge donations from Bankman-Fried, making him the second-largest donor of the last cycle. Republicans look bad because they got a comparable amount in “dark money” donations (which Bankman-Fried says he didn\u2019t want the liberal media to know because it would ruin his narrative). And some Republicans look especially bad because they wrote letters urging federal regulators to lay off crypto, then turned around and criticized the agencies after the FTX implosion.<\/p>\n

“Bankman-Fried was orchestrating a massive, years long fraud, diverting billions of dollars of the trading platform\u2019s customer funds for his own personal benefit and to help grow his crypto empire,”<\/p>\n

Celebrities like Tom Brady and Larry David look bad because they shilled for the Crypto King, though I don\u2019t think they should be held liable in a class-action suit that\u2019s named them.<\/p>\n

Journalists look bad because they lionized the guy. He was on the cover of Forbes and Fortune, which asked if he was “the next Warren Buffett.” There were Bahamas-based profiles in the New York Times (“he lives modestly for a billionaire\u2026a straight-talking Brainiac”) and Politico (“cooks for himself\u2026obsessed with doing the most good for humanity” \u2013 without asking many skeptical questions). Instead, he was portrayed as an awkward nebbish who happened to be a genius.<\/p>\n

KARINE-JEAN PIERRE DODGES QUESTION ON FTX FOUNDER’S DONATIONS TO DEMOCRATS | FOX NEWS VIDEO<\/strong><\/a><\/p>\n

And there is Bankman-Fried himself, who was on an apology tour saying yeah, he was sloppy, he couldn\u2019t be bothered to oversee the billions he had in two self-dealing companies, he feels bad, but he\u2019s certainly not a crook.<\/p>\n

Now he\u2019ll have to prove it.<\/p>\n

And he\u2019s being held without bail by Bahamian authorities, as he awaits extradition to the U.S.<\/p>\n

There\u2019s no question that federal prosecutors had him arrested on Monday night to stop him from testifying at the next day\u2019s Hill hearing. Why would they want to give him a forum to spout his self-justifying bull when they were about to bring criminal charges?\u00a0<\/p>\n

Some pundits said it was too bad we wouldn\u2019t get to hear from Bankman-Fried because his testimony would embarrass Democrats \u2013 ignoring the fact that he admits giving big bucks to the GOP as well.<\/p>\n

Besides, haven\u2019t we heard plenty from the guy? The previous day, he did a video interview with Forbes, saying: “I have reflected a lot of what happens when I become sh****, when I start to become less grounded, when I start to lose focus and lose concentration on a lot of important things.”<\/p>\n

But don\u2019t despair! Reporters “obtained” his planned opening statement for the committee \u2013 wonder who the source was? \u2013 and quickly published it anyway:\u00a0<\/p>\n

“I would like to start by formally stating, under oath: I f***** up. I know that it doesn\u2019t mean much to say that I\u2019m sorry. And so I\u2019m dedicating as much of myself as I can to doing right by customers.”\u00a0<\/p>\n

Of course, now that he\u2019s spent their money.<\/p>\n

SUBSCRIBE TO HOWIE’S MEDIA BUZZMETER PODCAST, A RIFF ON THE DAY’S HOTTEST STORIES<\/strong><\/a><\/p>\n

As for all the candidates, committees and media outlets (including Vox, Semafor and Pro Publica) that took money from the Crypto King, most of them \u2013 except for a few donations to charity \u2013 aren\u2019t offering to give the money back.<\/p>\n

CLICK HERE TO GET THE FOX NEWS APP<\/strong><\/a><\/p>\n

As I said, everyone looks bad.<\/p>\n<\/div>\n

Source – https:\/\/www.foxnews.com\/shows\/media-buzz\/reverse-midas-touch-why-indicted-crypto-king-everyone-look-awful <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

There are no heroes in the Sam Bankman-Fried saga. Everybody looks bad. Both political parties took money from the fallen crypto king. 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