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THE MORNING RANT: Red States Can’t Vote Any Harder to Save Blue States | Main | Suspect Captured After Manhunt, But Three Dead, Two Injured After Gunman Opens Fire On Bus at the University of Virginia
November 14, 2022

Huge Democrat Donor Loses All of His Clients' Money, Media Pretends The Story Is About Crypto

Miranda Divine:

Amid all the jubilation and gloating by Joe Biden, Chuck Schumer and pals over the Democrats' better-than-expected showing in the midterms comes a disturbing story that may explain something about how they won such a curious election.

Biden's second-biggest donor, cryptocurrency billionaire wunderkind Sam Bankman-Fried, a k a SBF, saw his business file for bankruptcy days after the election, but not before pumping $40 million into the Democratic Party to spend on "get-out-the-vote" and other shadowy ballot-harvesting mechanics for the midterms.

The shambolic 30-year-old whiz kid, once said to have been worth $16 billion, had spent $10 million helping get Biden elected in 2020.

SBF's mother, Stanford law professor Barbara Fried, also is co-founder of left-wing political action committee Mind The Gap, which has raised a reported $140 million to help Democrats win elections through the same "get-out-the-vote" grift.

A more unlikely billionaire you could not find -- and of course his money was built on thin air. A math genius with poor social skills, SBF reportedly lived in a "polycule" -- a polyamorous relationship with multiple people -- in a luxury penthouse with about 10 co-workers in the tax haven of the Bahamas, where his collapsed crypto exchange FTX was headquartered.

...

Now Reuters is reporting that between $1 billion and $2 billion of customer funds have vanished from FTX, conveniently after the Democrats safely spent his money.

At last report, SBF and his mysterious co-founder, Gary Wang, were being held "under supervision" by Bahamian authorities after reportedly planning to flee to Dubai, according to fintech publication Cointelegraph.

Reuters is reporting that between $1 billion and $2 billion of customer funds have vanished from FTX.

Tucker Carlson briefly mentioned this story last week, and pointed out that while Joe Biden is calling for the politicized DOJ/SEC harassment of his political opponent Elon Musk, he refuses to mention the name of the man who once promised to donate a billion dollars to the Democrat Party.

...

SBF certainly "impacted" the midterms, funneling his millions into the Democratic National Committee and Democrat-friendly PACs such as Protect Our Future and Guarding Against Pandemics.

He donated to committees aligned with Nancy Pelosi and Chuck Schumer to help Democrats win races.

He lavished his largesse on "pro-crypto Democrats" like New York Sen. Kirsten Gillibrand, who was sponsoring a bill to lock the Securities and Exchange Commission out of regulating the crypto market.

He also visited the White House, meeting with top Biden adviser Steve Ricchetti on April 22 and May 12, according to the Washington Free Beacon.

No wonder the Biden administration has been weak on regulating the crypto market. It was the goose that laid the golden egg.

Meanwhile, the media massaged his profile.

Given that this involves Democrats and money, of course there's a Ukraine connection.

...

Another "altruistic" venture by SBF was having FTX back a cryptocurrency donation website launched by the Ukrainian government. There wasn't a woke cause he didn't hit.

The sinister neo-socialists at the World Economic Forum (WEF) loved SBF so much, they made FTX a "corporate partner" -- but that page on the WEF website has vanished in the last 48 hours, leaving an error message.

Miranda Divine makes a suggestion that will be ignored:

The very least the Democratic Party should do is refund the $40 million to the people who were ripped off by their crypto benefactor.


But that's not what the Democrats or media want to talk about -- they want to talk about regulating crypto, not their fugitive donor.

After the company declared bankruptcy, their assets were supposed to be frozen so that the bankruptcy court could decide how to apportion what remains of the money to its creditors and investors.

But hundreds of millions of dollars "suspiciously" vanished from the company's accounts after the declaration of bankruptcy.

Just a day after FTX Trading announced it was filing for bankruptcy, the company's CEO said Saturday that "unauthorized access to certain assets has occurred."

"An active fact review and mitigation exercise was initiated immediately in response," John Ray said in a statement, tweeted by the company's general counsel. "We have been in contact with, and are coordinating with law enforcement and relevant regulators."

Reuters reported earlier Saturday that analysts had noticed "hundreds of millions of dollars of assets" were moved from the platform in "suspicious circumstances."

Below, a video which explains the fall of FTX. If I understand what he's saying, the problem wasn't the crypto per se -- it was the leveraged investing, which could only continue so long as everyone was willing to park their money with FTX. If they ever asked for their money all at once, the company wouldn't have anything close to enough to pay them off, and they'd go bankrupt.

Which is what happened.

So of course the Democrats want to regulate crypto, the Scary Black Guns of currency.



digg this
posted by Ace at 12:11 PM

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