{"id":1740010,"date":"2022-11-15T16:47:44","date_gmt":"2022-11-15T21:47:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1740010"},"modified":"2022-11-15T16:47:47","modified_gmt":"2022-11-15T21:47:47","slug":"new-york-times-runs-puff-piece-about-disgraced-billionaire-sam-bankman-fried-leaves-out-connections-to-democrats","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-times-runs-puff-piece-about-disgraced-billionaire-sam-bankman-fried-leaves-out-connections-to-democrats\/","title":{"rendered":"New York Times Runs Puff Piece About Disgraced Billionaire Sam Bankman-Fried, Leaves Out Connections To Democrats"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">32<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fnew-york-times-runs-puff-piece-about-disgraced-billionaire-sam-bankman-fried-leaves-out-connections-to-democrats%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1740010&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>A post-mortem of cryptocurrency exchange FTX and founder Sam Bankman-Fried published on Monday in <a href=\"https:\/\/www.dailywire.com\/topic\/new-york-times\" target=\"_blank\" rel=\"noopener\">The New York Times<\/a> drew criticism for portraying the disgraced wunderkind through rose-colored glasses.<\/p>\n<p>The company filed for <a href=\"https:\/\/www.dailywire.com\/news\/30-year-old-billionaire-loses-entire-fortune-overnight-as-his-bahamas-based-cryptocurrency-empire-implodes\" target=\"_blank\" rel=\"noopener\">bankruptcy<\/a> on Friday after users discovered that firms controlled by Bankman-Fried were allegedly fraudulently intertwined, triggering a liquidity crisis from users who rushed to withdraw funds and causing the young entrepreneur\u2019s $15.6 billion fortune to disappear overnight. A number of individual customers and larger clients still have $8 billion stuck in frozen accounts as Bankman-Fried <a href=\"https:\/\/www.dailywire.com\/news\/former-crypto-billionaire-sam-bankman-fried-whose-entire-fortune-just-went-to-zero-is-calling-around-for-new-investors\" target=\"_blank\" rel=\"noopener\">asks investors<\/a> to help compensate users.<\/p>\n<p>Alameda Research, a trading firm launched by Bankman-Fried and led by Caroline Ellison, with whom he had been romantically intertwined, allegedly borrowed customer holdings from FTX to make trades, according to a <a href=\"https:\/\/www.cnbc.com\/2022\/11\/13\/sam-bankman-frieds-alameda-quietly-used-ftx-customer-funds-without-raising-alarm-bells-say-sources.html\" target=\"_blank\" rel=\"noopener\">report<\/a> from CNBC. The company underestimated the amount FTX needed to keep in reserves should customers want to remove their funds.<\/p>\n<p>However, the <a href=\"https:\/\/www.nytimes.com\/2022\/11\/14\/technology\/ftx-sam-bankman-fried-crypto-bankruptcy.html\" target=\"_blank\" rel=\"noopener\">article<\/a> from The New York Times minimized the fraud allegations and fixated on Bankman-Fried\u2019s personal life following his company\u2019s implosion. The piece\u2019s author, David Yaffe-Bellany, summarized that \u201chis ambitions exceeded his grasp.\u201d<\/p>\n<p>Bankman-Fried, who is now under investigation by the Securities and Exchange Commission and the Justice Department, told the outlet that he had simply overestimated the margin position held by Alameda. \u201cIt was substantially larger than I had thought it was,\u201d he claimed. \u201cAnd in fact the downside risk was very significant.\u201d<\/p>\n<p>Though his cryptocurrency empire was ultimately a house of cards, the article lauded Bankman-Fried for building \u201can ambitious philanthropic operation,\u201d investing in \u201cdozens of other crypto companies,\u201d giving \u201cmedia interviews,\u201d contributing to \u201cpolitical campaigns,\u201d and offering Elon Musk \u201cbillions of dollars to help finance the mogul\u2019s Twitter takeover.\u201d Bankman-Fried, a self-proclaimed \u201ceffective altruist,\u201d said he wished he had \u201cbitten off a lot less.\u201d<\/p>\n<p>Musk, however, never seriously considered Bankman-Fried\u2019s offer and <a href=\"https:\/\/www.dailywire.com\/news\/he-set-off-my-bs-detector-musk-wanted-nothing-to-do-with-now-bankrupt-crypto-billionaire-who-wanted-a-piece-of-twitter-buyout\" target=\"_blank\" rel=\"noopener\">doubted<\/a> that he truly had billions of dollars in liquid capital ready to deploy in the acquisition. The article also failed to specify that Bankman-Fried had <a href=\"https:\/\/www.dailywire.com\/news\/here-are-the-democrats-and-republicans-who-received-campaign-cash-linked-to-bankrupt-crypto-empire-ftx\" target=\"_blank\" rel=\"noopener\">donated<\/a> almost exclusively to Democrats ahead of the midterm elections and emerged as the second-largest contributor to the campaign which elected President Joe Biden two years ago.<\/p>\n<p>Bankman-Fried\u2019s parents, Stanford Law professors Joseph Bankman and Barbara Fried, are <a href=\"https:\/\/www.dailywire.com\/news\/biden-ukraine-and-a-30-year-old-crypto-billionaire-how-the-implosion-of-ftx-connects-to-the-global-elite\" target=\"_blank\" rel=\"noopener\">well-connected<\/a> within Democratic circles, while his aunt, Linda Fried, is the dean of Columbia University\u2019s Mailman School of Public Health and an affiliate of the World Economic Forum.<\/p>\n<p>FTX was founded a mere three years ago and became an overnight success. Even before the fraudulent investment practices were exposed, the company had offered bogus promises to potential investors shortly after launch, as shown by <a href=\"https:\/\/twitter.com\/mrjasonchoi\/status\/1592502790932156418\" target=\"_blank\" rel=\"noopener\">resurfaced<\/a> fundraising emails, one of which promised \u201chigh returns with no risk.\u201d<\/p>\n<p>The celebrities with whom Bankman-Fried had <a href=\"https:\/\/www.dailywire.com\/news\/from-brady-to-shaq-here-are-the-celebrities-who-lost-big-on-the-ftx-implosion\" target=\"_blank\" rel=\"noopener\">partnered<\/a> as ambassadors and shareholders, including Tampa Bay Buccaneers quarterback Tom Brady and supermodel Gisele B\u00fcndchen, Golden State Warriors player Steph Curry, Jacksonville Jaguars quarterback Trevor Lawrence, basketball legend Shaquille O\u2019Neal, celebrity investor Kevin O\u2019Leary, retired baseball player David Ortiz, and tennis star Naomi Osaka, could stand to lose significantly from the company\u2019s failure. It is not clear whether the celebrities paid in cryptocurrency continued to manage the digital coins in frozen FTX accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A post-mortem of cryptocurrency exchange FTX and founder Sam Bankman-Fried published on Monday in The New York Times drew criticism for portraying the disgraced wunderkind through rose-colored glasses. The company filed for bankruptcy on Friday after users discovered that firms controlled by Bankman-Fried were allegedly fraudulently intertwined, triggering a liquidity crisis from users who rushed &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1740013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1740010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1740010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1740010"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1740010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1740013"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1740010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1740010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1740010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}