The DARK Truth About Sam Bankman-Fried?• November 11, 2022 12:32 pm • Comments
Self-made man, or a tool of the Democratic Party?
In the wake of FTX’s collapse, the market has been reeling and plunged below $900 million in total market capitalization for the first time in months.
The crypto trading giant announced that it filed for Chapter 11 under the United States Bankruptcy Code early Friday morning after facing a twin liquidity and consumer confidence crisis.
In an effort to save the ailing Alameda, Bankman-Fried initiated a loan from FTX to bail out Alameda.
Soon, Investors and the wider public learned of the insolvency issues plaguing Alameda and began to withdraw their funds from Bankman-Fried associated projects.
Sensing weakness, and perhaps a golden opportunity, Binance announced that it planned to acquire FTX—further exacerbating worries among investors…
In response to this, FTX halted all customer withdrawals and since that time Binance has walked away from the deal following the discovery of a glaring hole in FTX’s balance sheet.
Sources are reporting a $9 billion imbalance in the assets of the now-bankrupt FTX. The FTX token—FTT was sent plummeting in response:
Press Release pic.twitter.com/rgxq3QSBqm
— FTX (@FTX_Official) November 11, 2022
The background information to the collapse of FTX is all too reminiscent of many crypto firms in the current bear market; however, what is not all too reminiscent is Bankman-Fried’s seemingly overnight success and the rise of FTX.
Bankman-Fried was hailed as the world’s youngest billionaire, with a staggering $16 billion net worth, and was a darling of the corporate, mainstream financial media.
What was not known at the time was that Bankman-Fried’s mother, Barbara Fried, a Stanford Law professor, and the co-founder of a Democrat Super PAC may have been the reason for his meteoric success.
Barbara Fried is the co-Founder of Mind The Gap, a Democrat PAC, and Get-Out-The-Vote—another left-leaning political organization.
Sam Bankman-Fried and FTX rank #3 on all federal donors to political campaigns for 2021-2022, only falling behind Uline and the notorious Soros group.
Bankman-Fried is alleged to have been one of Biden’s largest donors and the timing of his success seems to suggest that the overnight rise of FTX may not have been so organic…
To be fair, he has also donated over $20 million to GOP politicians; however, sources are claiming that donations to Democratic candidates make that amount pale by comparison:
— Patrick Macdowel Q.C.D (@tmax201220121) November 11, 2022
Influence Watch had this entry on Barbara Fried:
Barbara Fried is a Stanford Law School professor and a co-founder of Mind the Gap, a pro-Democratic super PAC. Hale’s academic work is focused on the intersection of business and economics, and she has written numerous critiques of political libertarianism.
🔸April 25, 2019: Biden announces his presidential campaign.
🔸 13 days later, Sam Bankman-Fried, son of Barbara Fried (co-founder of political fundraising organizations), launches #FTX crypto exchange.
🔸 The exchange is an overnight success. SBF becomes biggest donor to Biden. pic.twitter.com/Jj4HnGUlLD
— Mr. Whale 🐳 whalechart.org (@WhaleChart) November 11, 2022
Yahoo Finance had more on the Fried family:
Sam Bankman-Fried was born March 6, 1992, on the Stanford University campus. Both his parents were—and are—law professors there. Barbara Fried writes about the intersection of law, economics, and philosophy, while Joseph Bankman mainly teaches tax policy. (In conversations, Bankman-Fried will sometimes use the word quaere—the imperative of the Latin verb quaerere, meaning to inquire. It’s a term commonly used by law professors that means, essentially, “Ask yourself ….”)
In an interview, Barbara Fried says that while she herself has only been “inching toward” utilitarianism over her career, her husband and both of her sons have long been “take-no-prisoners utilitarians.”
“The ethical goal of utilitarians,” she explains in a followup email, “is to maximize the total well-being of the world’s people (and for some, animals as well). . . . That goal leads utilitarians to focus their efforts on helping people in the direst straits . . . and on policy interventions that will lower the risk of existential threats to present and future generations.”
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