By Lee Cary ——Bio and Archives--December 11, 2022
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"The pension giant said that the FTX investment was made through its Teachers’ Venture Growth platform, which was established in 2019 to ‘invest in emerging technology companies raising late-stage venture and growth capital.’ While the speculative bet didn’t pay off — venture capital firm Sequoia Capital recently marked its investment in FTX down to $0 — it’s not the end of the world for the pension plan. "‘While there is uncertainty about the future of FTX, any financial loss on this investment will have limited impact on the plan, given this investment represents less than 0.05 per cent of our total net assets,’ OTPP said in a statement.”It’s be nice to ask the OTPP spokesperson, “How about giving me 5% of your total net worth?” According to the Intelligencer Sam Bankman-Fried (SBF) was first attracted to “affective altruism” (EA) about ten years ago when Scottish philosopher William MacAskill visited M.I.T.
“In 2012, MacAskill believed that many idealistic young people had misconceptions about how they could best improve the world. Specifically, such individuals had a tendency to seek low-paying jobs at philanthropies and progressive nonprofits even though, in many cases, such institutions had no great need for their labor. To the contrary, such jobs often attracted a superabundance of qualified applicants. Therefore, a young idealist would make virtually no positive contribution to the world by taking such a position; in their absence, another similarly skilled person would perform the same role roughly as well.”So SBF decided to study finance at M.I.T. and practice the notion that “earning to give” was the path to success that enabled service to humanity. Back then he was particularly interest in “animal welfare”. Somewhere along the line, SBF realized that really big success would be worth more than wasting time on saving stray dogs from death kennels and chimps from fatal lab experimentation. So, he set up two organizations, that pretended to be separate but actually worked in tandem, to traffic in Crypto coins that eventually became worthless. Billions of dollars evaporated in a very short period of time. When, in the New Year, the politicians pretend to conduct “hearings” on what happened, no one will ask the Democrat Party what they plan to do with the money – allegedly several tens of millions – that made Sam their second biggest donor to the midterm elections.
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“Bankman-Fried was among the biggest donors to Democrats this past election cycle, distributing more than $40 million through direct contributions and super PACs. But Bankman-Fried said he gave to more than Democrats. He said in an interview released Tuesday on YouTube that he donated “about the same amount of money” to Republicans. That $40 million went unnoticed because all his Republican donations were “dark money,” he said. And there’s another key figure at FTX, executive Ryan Salame, who gave roughly $24 million to Republicans this past cycle and who has, so far, largely avoided being a face of the FTX debacle.” (Bold added)The cash register just keeps going #-#. The D.C. firing squad will form up in the New Year and the pols and regulators will either:
“FTX was riddled with dysfunction and mismanagement. It didn’t even have a real auditor and totally lacked controls. Its assets were either stolen or missing and there were no books or records. Much of its data was deleted. With a prior valuation of $42 billion, any thinking person would have to say this was absurd. Yet in fact, the valuation was never independently verified. The scheme was robbery from the get-go and was invented by a hip, woke 30-year-old con man-child with the help of his two parents, law school professors at Stanford, and housed in the off-shore, less than regulated, Bahamas for a reason—and not just to avoid paying taxes. CNBC’s Jim Cramer referred to SBF (as he was known) as the millennial J. P. Morgan. In fact, he was more like the newest Bernie Madoff. “Along the merry band of 30-something thieves who shacked-up together with their loot, with Sam Bankman-Fried (AKA: SBF) as their faux Robin Hood, culpability belongs to some federal government officials and incumbent politicians. A few are Republicans. Most are Democrats., along with the useful idiot celebrities featured in pro-FTX ads during the Super Bowl (e.g., Tom Brady and his former wife). Think any of them will be held accountable? Naw. Their consequences are their exposed gullibility.
“It also has been disclosed that FTX was used to fund the Democratic Party, as over $40 million was donated by the founder to their chosen candidates in the recent midterm elections. The money was laundered through the corrupt country, Ukraine, and given to left-wing Democrats either directly or through a shielded PAC. It certainly helped that the same Democrats greased the wheels for FTX to do business and thwart regulations. Hell, the head of the Securities and Exchange Commission (SEC) who is supposed to have oversight, Gary Gensler, was also the finance chair for the DNC and Hillary Clinton’s finance chief (who funded the Russian collusion hoax). Sweet.”Right. Sweet for Robin Hood’s merry band. Bitter for their victims. If we had a lucid, coherent, and virtuous President, he or she would order that all of the $40 million dollars that their party received for midterm election campaigns be returned to those who were robbed. Whatever it would take to accomplish that action. Unfortunately, Biden does not function as a sentient being. He’s a pitiful sock puppet. Not unlike Woodrow Wilson in his post-stroke days. So, what do you think the chances are that all, or even much of, that $40 million being returned to the FTX fraud victims?
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