The FTX scam, Sam Bankman-Fried, the Clintons and the Democrats

Apparently they sat on it because they didn't want to get on SBF's bad side.

Jail time if true.

I'm not surprised if there isn't vigilante justice if they don't.

 

Sam Bankman-Fried, Elon Musk, and a secret text
Updated Nov 22, 2022, 8:30am PST
Liz is Semafor’s Business & Finance Editor, joining us from The Wall Street Journal.


THE SCOOP
Elon Musk used Twitter, the platform he now owns, to gleefully mock the meltdown of the crypto exchange FTX. His “bullshit meter was redlining” when he met the crypto exchange’s founder, Sam Bankman-Fried, Musk has said.

But Musk was in a friendlier mood on May 5. Two weeks after clinching a deal to buy Twitter for $44 billion, he texted Bankman-Fried just after midnight and invited him to roll the $100 million stake he had owned for a few months into a privately held Twitter.

The previously unreported message, which was reviewed by Semafor, set in motion a chain of events that has bound the two men, whose companies are both in varying degrees of crisis. Bankman-Fried owns a sizable chunk of a now privately held and debt-laden Twitter. And Musk, who has publicly distanced himself from the crypto impresario since FTX failed earlier this month, now counts him as a financial partner in his effort to remake Twitter.


Semafor/Al Lucca
One snippet of the message surfaced this summer in a Delaware court, where Twitter was suing to force a cold-footed Musk to close the deal. “Sorry, who is sending this message?” Musk texted Bankman-Fried.

But sandwiching that comment are undisclosed messages between the two men that shed light on the two biggest business stories in the world. The timestamp on the message disclosed in court matched that of the one Semafor reviewed.

Musk’s question followed an upbeat note from Bankman-Fried, saying how enthusiastic he was about Musk’s plans for the platform. He said he was laying low ahead of an upcoming congressional hearing and wouldn’t be able to invest new money in Twitter, but had about $100 million of stock that he was interested in contributing toward the deal.

Bankman-Fried had started accumulating the stake early this year with an eye toward acquiring Twitter himself. (Bankman-Fried is also an investor in Semafor.)

Bankman-Fried’s philanthropic adviser, Will MacAskill, texted Musk on March 29 — a week before the Tesla boss made his stake public — to suggest “a possible joint effort” between the two billionaires, according to the Delaware court documents. It would “be easy,” he told Musk, for Bankman-Fried to commit up to $3 billion to such a bid.

Musk’s banker, Michael Grimes, later added that Bankman-Fried was in for $5 billion and possibly up to $10 billion. Bankman-Fried and Musk later spoke on the phone, Axios reported and Semafor has confirmed, and after that conversation, which was a few days before the text-message exchange in question, Bankman-Fried opted not to invest.

But he did, as Musk suggested, contribute his $100 million in stock toward the now-private Twitter. An FTX balance sheet prepared after the takeover closed on Oct. 28, and circulated to investors earlier this month, listed Twitter shares as an “illiquid” asset.

Since FTX’s collapse, Musk has publicly trashed his now-partner in owning Twitter. “Everyone was talking about him like he’s walking on water and has a zillion dollars,” he said in a Twitter Spaces conversation on Nov. 12, the day after FTX filed for bankruptcy. “And that [was] not my impression… there’s something wrong.”


LIZ'S VIEW
Musk may have had a more finely tuned B.S.-meter than investors and regulators — and reporters — but he was happy to take Bankman-Fried’s money. At the time, he was canvassing everyone from private equity investor Orlando Bravo to Oracle founder Larry Ellison, seeking contributions to the $21 billion equity check he’d need to write for Twitter. (That number ultimately rose to $33.5 billion after Musks’ camp nixed a loan secured by his stake in Tesla.)

Corporate mergers were once hammered out in boardrooms and papered over by an army of bankers and lawyers. But with wealth now concentrated in the hands of an elite few, individuals can act like companies all on their own. Musk acquired Twitter through sheer force of personality — ambition, hubris, and a refusal to negotiate — and bent Wall Street to his will, to the regret of both.

 

I can see why billionaires try to be as private as possible. All this back channel crap connects them enough for public suspicion when leaked.

Elon's antics pissed off whoever controlled regulators and stuff previously ignored (insider moon stonk) are now encouraged to be probed.

 

Where was it reported that his parents used stolen money?

Edit:
EXCLUSIVE-Bankman-Fried's FTX, parents bought Bahamas property worth $121 mln | Reuters

...
The documents for another home with beach access in Old Fort Bay -- a gated community that was once home to a British colonial fort built in the 1700s to protect against pirates -- show Bankman-Fried’s parents, Stanford University law professors Joseph Bankman and Barbara Fried, as signatories. The property, one of the documents dated June 15 said, is for use as a “vacation home.”

When asked by Reuters why the couple decided to buy a vacation home in the Bahamas and how it was paid for -- whether in cash, with a mortgage or by a third party such as FTX -- a spokesman for the professors said only that Bankman and Fried had been trying to return the property to FTX.

“Since before the bankruptcy proceedings, Mr. Bankman and Ms. Fried have been seeking to return the deed to the company and are awaiting further instructions,” the spokesperson said, declining to elaborate.

While it is known that FTX and its employees bought real estate in the Bahamas, where it established its headquarters in September last year, the property records seen by Reuters show for the first time the scale of their buying spree and the intended use of some of the real estate.

FTX, which filed for bankruptcy earlier this month after a rush of customer withdrawals, did not respond to a request for comment. Bankman-Fried did not respond to requests for comment.
...
​

 

Main stream media is dead.

 

Bloomberg's crypto branch in London didn't want to **** with a billionaire and the crazy ad money they threw at influencers so they passed on the story since March.

Lies by omission.

 

I honestly don't fully understand the full extent of wrongdoing that happened with FTX/Alameda or what specifically is the allegation of wrongdoing against his parents. SBF redirected FTX investment money to prop up his other company, right? Or was it the other way around?

If their name is on the deed, does it mean they bought it from FTX and wanted to return it? Or it was just gifted to them?

Even if his parents did nothing wrong, I can understand them wanting to financially distance themselves from their son and his company. The internet loves to mark people guilty by association.

 

CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company.

​

It is the world's largest financial derivatives exchange,[3] and trades in asset classes that include agricultural products, currencies, energy, interest rates, metals, stock indexes and cryptocurrencies futures.


Last March CME Group’s CEO, Terry Duffy, Called SBF a ‘Fraud’ and Says He Was the Only One Besides ICE to Call ‘BS on These Clowns’

 

Wait… How do you know his parents are deeply involved in the Democratic Party?

Also you are omitting that FTX senior executives also bought property using this scheme.

 

In not saying it’s not true, but Bloomberg had no trouble breaking the news a couple of years ago on the Malaysian fraud 1MDB that included powerful officials, billionaires, and Goldman Sachs.

 

What about Larry David? You can get the Zionist link to complete the Clinton conspiracy!

 

Not new news. In the bankruptcy declaration days ago, we already know that corporate funds (FTX) were used to purchase homes and other personal items in the name of employees and advisors to FTX. I have no idea if this is allowed in the corporate world.

 

And his parents would be "advisors to FTX" in this case?

 

I assume so

 

More venting as it's convenient for the press to mock 2nd hand sauces at Twitter but can't deliver when the news was handed to them on a platter (since June not March as I claimed)

I wanted to post about that guy so...

 

Also, who gets to play SBF for his movie... Jonah Hill?

He lost weight to look Oscar-worthy right?