And now we have Sam Bankman-Fried and his FTX crypto-currency bankruptcy.
How Massachusetts is it?
Well, this unfolding multi-billion-dollar scandal features, among other local Beautiful People and woke institutions, MIT, Harvard, the second largest Democrat fat cat (after George Soros), the fake Indian, Tom Brady, Big Papi, Newton North High School, multiple hyphenated last names and that’s just for starters.
In fact, this could be the biggest Massachusetts-connected fraud scheme since Charles Ponzi opened his first office on School Street back in the summer of 1919.
If you’re not into cryptocurrency, you may not be closely following the Chap. 11 bankruptcy of FTX, which was run by a disheveled 30-year-old fat slob named Sam Bankman-Fried, now better known on-line as “Scam Bankrun-Fraud.”
Before the mid-term elections, SBF was supposedly worth upwards of $16 billion. After funneling $5 million to Joe Biden in 2020, he virtue-signaled that in 2024 he would donate $1 billion to the Democrats’ fundamental transformation of America.
Now that the mid-terms are over, and his checks to Democrat super PACs for $40 million have cleared, SBF may be in for his own fundamental transformation, a la Michael Avenatti and the late Bernie Madoff and Jeffrey Epstein, among other Democrat immortals
The new court-appointed CEO of FTX is a $1300-an-hour lawyer named John Ray III, who earlier supervised the dissolution of Enron. So he knows something about financial scams. This is what Ray told the bankruptcy judge about this latest made-in-Massachusetts scam:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here… In the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”
Ray told the court that the crypto assets held by FTX International Exchange as of Sept. 30 were $659,000 – not the $5.5 billion SBF was bragging about before the elections.
Here are some recent headlines from the Wall Street Journal:
“FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or Missing.”
“FTX Says Top 50 Creditors Are Owed $3.1 Billion.”
“FTX Auditors Double as Crypto Cheerleaders.”
Try not to let this destroy your faith in the integrity of either higher education or the Democrat party, but SBF is the son of two rabidly Democrat professors at Stanford University Law School.
His uber-woke mom, Barbara Fried, has three degrees from Harvard University. Three! His daddy (the Bankman part of his last name) went to Yale Law. He’s written legislation for (and donated big bucks to) the fake Indian.
SBF recruited most of his crew of millennial marauders from MIT, where he went to college. Others came from Fidelity and UMass. His sometime girlfriend and closest associate is a 28-year-old woman named Caroline Ellison. Both of her parents are professors at… MIT!
Before the beautiful Caroline went to Stanford as an undergraduate, she graduated from that incubator of trust-funded teenagers, Newton North High School.
For those of you trying to keep score on this latest Democrat scandal at home, Newton North is the alma mater of Jake Auchincloss, now the boy Congressman from the Newton-Brookline district, before he was accepted at Harvard after the traditional nationwide search.
According to campaign-finance reports, Rep. Auchincloss has collected $11,600 from various entities connected to the FTX cabal.
How much of a Beautiful Person is Auchincloss? Well, his daddy is Dr. Hugh Auchincloss, a very close associate of Dr. Anthony Fauci at the National Institute of Health. The old man was recently featured in a recent Wall Street Journal expose headlined: “As Covid Hit, Washington Officials Traded Stocks With Exquisite Timing.”
It’s great to be a Democrat, isn’t it?
Given his background, not to mention his exemplary service to The Party, Scam Bankrun-Fraud got one slobbering puff piece after another from state-run media. Even after his company’s post-midterm collapse, the New York Times tried to back stop the Democrat of the Year by sending another hyphenated-name to fluff him up.
Sam Bankman-Fried, interviewed by one David Yaffe-Bellany. Doesn’t it sound like something out of the Babylon Bee?
The Times, in fact, worships SBF so fervently that they booked him into a $2499-a-head Beautiful People conference in Manhattan later this month along with two more Deep State deities, Voloymyr Zelensky of Ukraine proxy war fame and Janet Yellen, from Berkeley, where Prof. Bankman got his undergraduate degree.
Beyond the big greed heads SBF took to the cleaners – Sequoia Capital wrote its $210 million investment down to zero — at least a million smaller investors may now be left holding the bag.
And no doubt many of them were sucked in by the FTX ads or puff pieces on TV and social media involving the likes of Tom Brady, his then-wife Giselle Bundchen, NBA star Steph Curry and David Ortiz, among so many others. Larry David (he has a place on Martha’s Vineyard, naturally) made a Super Bowl ad.
Bill Clinton and Tony Blair were paid to fly to the Bahamas, where SBF squandered millions on luxury real estate and didn’t have to worry about not-very-onerous regulations in the US. (The chairman of the SEC is Gary Gensler, who used to teach at MIT with… Caroline Ellison’s father. It’s a small world, isn’t it, and it’s even smaller if the only people you hang out with are from Massachusetts.)
In April, SBF did an interview with Bloomberg, in which he tried to explain what is now widely regarded as his grift. The reporter was stunned, and told him, “Well, you’re just like, well, I’m in the Ponzi business and it’s pretty good.”
To which the lardy limousine liberal replied: “I think that’s a pretty reasonable response.”
The first Ponzi, of course, had a defense for his… Ponzi scheme. As he told a reporter at the end of his life about his crimes in Massachusetts:
“I gave them the best show that was every staged in their territory since the landing of the Pilgrims.”
This one is going to be a good show too. Sadly, you’ll be reading and hearing next to nothing about it, because everybody mixed up in this Ponzi scheme is a Democrat.
And being a Democrat means never having to say you’re sorry, or even, “Not guilty, Your Honor.”