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    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #1

    Nov 14, 2022, 04:06 PM
    SBF
    is he this generation's Bernie Madoff ? Crypto fake currency is dead
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #2

    Nov 14, 2022, 04:15 PM
    Don't forget NFTs.
    Although you know what they say about a fool and their money...
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #3

    Nov 14, 2022, 04:29 PM
    btw SBF (Sam Bankman-Fried,) was Clueless Joe's 2nd largest donor . He spent $40 million in Dem get out the vote schemes .

    He lived off shore in the Bahamas where he concocted his crypto schemes ; having polyamorous relations , ,popping bennies and ludes to control his sleep patterns .

    $1 -2 Billion in investor funds have vanished into the crypto -verse void . He planned a big escape to Dubai .But Bahamian officials got to him first .

    He practiced what is known as 'effective altruism which effectively means give away other people's money .....not much different than Progressives . His altruism of course had a heavy dose of progressive politics be it climate change ;wokism ,equity and even banning meat consumption.

    He of course was a big rent seeking donor. He gave a small fortune to Sen Kirsten Gillibrand, who was sponsoring a bill to lock the SEC out of regulating the crypto market. It was good for business . The administration that sees evil in almost every market was see no evil in crypto regulation.,

    Warren Buffett saw through the BS and declared crypto as junk.

    Don't forget NFTs.
    Although you know what they say about a fool and their money...
    yeah gotta get me a pair of phantom sneakers . or some Hunter Biden art work
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #4

    Nov 14, 2022, 05:03 PM
    This is bigger than Madoff . But since this affects Dem finances you will see a big yawn over this
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #5

    Nov 15, 2022, 12:50 AM
    Needs renaming from Crypto to Klepto
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #6

    Nov 15, 2022, 05:06 AM
    Yes and I would not be surprised to see other klepto black swan events in the coming months. The financial world does not need this news . The die is cast for possibly the mother of all recessions already .
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #7

    Nov 17, 2022, 02:34 PM
    Maxine Waters is chairing the committee investiation into FTX No conflict of interest there

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    Athos Posts: 1,108, Reputation: 55
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    #8

    Nov 17, 2022, 06:15 PM
    Quote Originally Posted by tomder55 View Post
    The die is cast for possibly the mother of all recessions already .
    Something you dearly hope for, I presume.
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
     
    #9

    Nov 18, 2022, 02:51 AM
    Bit of an eye opener: https://www.theregister.com/2022/11/...recedented_by/
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #10

    Nov 18, 2022, 03:43 AM
    Originally Posted by tomder55
    The die is cast for possibly the mother of all recessions already .



    Something you dearly hope for, I presume.

    I am retired on fixed income; watching the spending power of my money erode ;watching my retirement portfolio shrink . So actuallly no I hope and wish I were wrong . But instead of travelling and enjoying my retirement ,I am belt tightening and considering returning to the work force.

    This could be the mother of all corrections . This is not "Putin's inflation " or economy .This economy is caused by unprecedented printing of money and prolific government spending through debt to fund their crazy experiment of shutting down world economies for an extended period of time ;to cover their gimmies, and their failing experiment of gutting the energy supply needed to operate the economy .

    This FTX thing is just added to it because there is now uncertainty about liquidity of a whole section of the market . The ripple effects are unknown . But we have seen it before with Enron as Ben points to ;and the housing bubble of 2008 or even going back as far as the Dutch Tulips in the 17th century. Since politicians are front and center in this event ,you know they are going to come up with some convoluted bail out that we get to pay for . The smart move would be to let the whole cryptocurrency industry crash . But that won't happen.
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    tomder55 Posts: 1,742, Reputation: 346
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    #11

    Nov 18, 2022, 04:07 AM
    double post
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    tomder55 Posts: 1,742, Reputation: 346
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    #12

    Nov 18, 2022, 06:02 AM
    The 2 biggest donors to the Dems were George Soros ;a convicted felon ;and SBF ;a future convicted felon once he can be extradited from the Bahamas .

    Government policies of keeping interest rates at zero % or even in Europe at negative % encouraged investors to buy junk like cryptocurrency. Crypto values began to fall as central banks began raising interest rates .
    jlisenbe's Avatar
    jlisenbe Posts: 5,019, Reputation: 157
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    #13

    Nov 18, 2022, 06:59 AM
    that we get to pay for
    That is no longer fashionable. It will be done with borrowed money or monopoly money. It's like the story recently that Biden wants to borrow/print another 20 bil to send to Indonesia so they can go green. It's a national insanity.
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    tomder55 Posts: 1,742, Reputation: 346
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    #14

    Nov 19, 2022, 03:29 AM
    anyway ;when the tide goes out it shows who is wearing bathing suits and who is naked. FTX is a preview. It exposes a flaw in the system. Asset managers were putting their customers assets ,like pension funds ,at risk by not doing due diligence .They threw a fortune at a 30 year old weirdo .

    FTX cannot be the only one .If asset managers did not kick the tires of FTX where else did they park money in unsafe investments ? It also shows that the regulators were complacent . Just like in 2008 .
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #15

    Nov 20, 2022, 05:26 AM
    SBF in a recent interview texted that ethics is a "dumb game we woke westerners play."

    Interview: Fallen crypto CEO Sam Bankman-Fried opens up about FTX, Alameda Research, and his regrets - Vox

    yes woke capitalists ....screw their customers and make it sound altruistic.


    But as was written in The Atlantic by Caitlin Flanagan

    you cannot simultaneously dedicate yourself to making untold fortunes for a giant corporation and to championing a social good.

    Sheryl Sandberg and the Crackling Hellfire of Corporate America - The Atlantic

    That leads companies like Perdue Pharma to push opioids on the people claiming it is a non-addictive cure for chronic pain.

    SBF said he was a true believer in '"effective altruism" (the moral obligation to donate as much money as possible to "evidence-backed " charities,) He was going to make $billions for the purpose of giving it away .

    The mega-rich love the model . It allows them to justify being mega-rich ;keeping their fortunes in their life-times ;while promising to give it all away when they croak .

    SBF had a clear conscience as he lived modestly in a $40 million pent house in the Bahamas. (the same sum he gave the Dems in an act of "altrusim"</sarc> )

    His charitable giving was a great cover for his greed . Why would the press and his investors question his lifestyle while "doing well by doing good" [Ben Franklin])

    His employees and investors were hooked by his commitment to woke capitalism as he stole $ billions from them .
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #16

    Nov 20, 2022, 06:02 AM
    So 2 big doners for the Dems are Soros (convicted felon) and SBX future convicted felon)

    The Dems seem to attract them

    Elizabeth Holmes
    Elizabeth Holmes sentenced to more than 11 years in prison for fraud | CNN Business

    She was a major fund raiser for Evita .
    Theranos CEO Elizabeth Holmes Is Holding a Hillary Fundraiser With Chelsea Clinton - Vox

    Norman Hsu
    Democrat fundraiser guilty of illegal donations | Reuters

    Jurors convicted Hsu of violating four counts of federal election law between 2004 and 2007. During the trial, prosecutors said Hsu pressured some of the investors involved in his Ponzi scheme to make thousands of dollars in contributions to political candidates on his behalf.

    Hassan Nemazee was the finance chair of Evita's 2008 campaign.

    Hassan Nemazee, admitted in federal court today to a fraud scheme that bilked banks out of a staggering $292 million.

    Dem donor Nemazee admits staggering fraud - POLITICO





    What is the difference between the FTX coin and the US dollar ?

    The US dollar is backed by the people with a guarantee that the country will pay it's debts . We are getting to the point where that may no longer be possible. The Treasury now prints monopoly money to finance the debt . That is as much a ponzi scheme as the FTX model.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #17

    Dec 5, 2022, 06:59 AM
    Why isn't SBF extradited and in jail ? Why does the media treat him like a rock star ?

    Hint it may have something to do with who he was being patron to with his ponzi scheme .
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #18

    Dec 13, 2022, 04:04 PM
    how fortuitous SBF was arrested in the Bahamas on the day before he was scheduled to testify to Congress. Wondering what role Maxine Waters played in the decision to arrest and extradite .
    jlisenbe's Avatar
    jlisenbe Posts: 5,019, Reputation: 157
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    #19

    Dec 13, 2022, 04:07 PM
    Yet another wonderful break for the liberal dems.
    tomder55's Avatar
    tomder55 Posts: 1,742, Reputation: 346
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    #20

    Dec 15, 2022, 06:31 AM
    I think the fate of Jeffrey Epstein awaits SBF

    He is being held in Bahamas' only prison....Fox Hill. It is a human rights nightmare .

    From a 2021 Human Rights report :

    Conditions at the government’s only prison, the Bahamas Department of Correctional Services (BDCS) facility commonly known as Fox Hill Prison, were harsh due to overcrowding, poor nutrition, inadequate sanitation, and inadequate medical care
    Physical Conditions: Overcrowding, poor sanitation, and inadequate access to medical care were problems in the BDCS men’s maximum-security block. The facility was designed to accommodate 1,000 prisoners but was chronically overcrowded.
    Prisoners reported infrequent access to nutritious meals and long delays between daily meals. Maximum-security cells for men measured approximately six feet by 10 feet and held up to six persons with no mattresses or toilet facilities. Inmates removed human waste by bucket. Prisoners complained of the lack of beds and bedding. Some inmates developed bedsores from lying on bare ground. Sanitation was a general problem, and cells were infested with rats, maggots, and insects. The government claimed to provide access to toilets and showers one hour a day to prisoners in maximum-security areas Individuals detained in jails complained they were denied access to medical care and food. The availability of and access to medical and psychological care weresporadic. Prisoners consistently complained that prison authorities did not take their health concerns seriously. Sick male inmates and male inmates with disabilities had inadequate access to the medical center. Correctional officers and civil society accused prison management of contributing to COVID-19 outbreaks by failing to quarantine COVID-19-positive prisoners from the general populationand failing to provide prisoners with timely access to the vaccine

    BAHAMAS 2021 HUMAN RIGHTS REPORT (state.gov)

    He was arrested the day before he was going to testify to Congress. No doubt there would've been details about his contributions to American political campaigns and what he expected in return. Only Soros contributed more Of 31 contributions ,25 went to Dems . I will be surprised if his extradition to the US ever happens .

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