{"id":1763501,"date":"2022-12-05T13:14:58","date_gmt":"2022-12-05T18:14:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1763501"},"modified":"2022-12-05T13:19:29","modified_gmt":"2022-12-05T18:19:29","slug":"disgraced-sam-bankman-fried-vows-to-testify-before-congress","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disgraced-sam-bankman-fried-vows-to-testify-before-congress\/","title":{"rendered":"Disgraced Sam Bankman-Fried Vows to Testify Before Congress"},"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\">16<\/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%2Fdisgraced-sam-bankman-fried-vows-to-testify-before-congress%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=1763501&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--><aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Discredited FTX founder Sam Bankman-Fried has pledged to testify before Congress about his cryptocurrency platform\u2019s meltdown \u2013 even as the top lawyer to the late Ponzi scheme mastermind Bernie Madoff advised him to keep his mouth shut.<\/p>\n<p>Bankman-Fried\u2019s vow to appear on Capitol Hill came as the 30-year-old ex-billionaire embarks on a media apology tour \u2013 during which he has attempted to distance himself from the scandal even as billions are still owed to investors. Rep. Maxine Waters (D-Calif.) had called on the former FTX CEO to testify on Dec. 13.<\/p>\n<p>\u201cOnce I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain,\u201d Bankman-Fried tweeted on Sunday. \u201cI\u2019m not sure that will happen by the 13th. But when it does, I will testify.\u201d<\/p>\n<p>Despite a looming legal crackdown and scathing public criticism, Bankman-Fried has given interviews with the New York Times, Bloomberg, ABC\u2019s \u201cGood Morning America\u201d and other outlets in recent days. <\/p>\n<p>While appearing at the New York Times\u2019 DealBook summit, Bankman-Fried admitted that he was speaking to the media against the advice of his legal team.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\">\n<div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-wrapper twitter\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Rep. Waters, and the House Committee on Financial Services:<\/p>\n<p>Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.<\/p>\n<p>I&#8217;m not sure that will happen by the 13th.  But when it does, I will testify. <a href=\"https:\/\/t.co\/c0P8yKlyQt\">https:\/\/t.co\/c0P8yKlyQt<\/a><\/p>\n<p>\u2014 SBF (@SBF_FTX) <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1599511560384225281?ref_src=twsrc%5Etfw\">December 4, 2022<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n<\/figure>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sbf-70.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/sbf-70.jpg\" alt=\"Sam Bankman-Fried\" class=\"wp-image-24898791\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sbf-70.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sbf-70.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/sbf-70.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Sam Bankman-Fried has given several high-profile interviews on FTX\u2019s collapse.<\/figcaption><figcaption><span class=\"credit\">Bloomberg via Getty Images<\/span><\/figcaption><\/figure>\n<p>Ira Sorkin, a lead defense attorney for the disgraced Madoff, said Bankman-Fried is making a mistake by being so outspoken in the press.<\/p>\n<p>\u201cThat\u2019s the first order of business: don\u2019t talk,\u201d <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-12-02\/sam-bankman-fried-should-shut-up-bernie-madoff-s-lawyer-says\" target=\"_blank\" rel=\"noreferrer noopener\">Sorkin told Bloomberg<\/a> on Friday. \u201cYou\u2019re not going to sway the public. The only people that are going to listen to what you have to say are regulators and prosecutors.\u201d<\/p>\n<p>\u201cSometimes clients believe they are smarter than their lawyers. This guy is 30 years old, and he is not smarter than his lawyers,\u201d Sorkin added. \u201cThey should be telling him every five minutes to shut up, but sometimes clients don\u2019t listen.\u201d<\/p>\n<p>According to Bloomberg, legal experts have proposed that Bankman-Fried \u201cmay simply be testing out an it-was-all-a-big-mistake defense\u201d to explain what went wrong at FTX.<\/p>\n<p>Reuters reported that Bankman-Fried secretly transferred $10 billion in FTX client funds to cover losses at Alameda Research, a sister cryptocurrency trading firm he also owned. At least $1 billion of those client funds is still missing.<\/p>\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Bernie-Madoff-67.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/12\/Bernie-Madoff-67.jpg\" alt=\"Bernie Madoff\" class=\"wp-image-24898789\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Bernie-Madoff-67.jpg?quality=75&#038;strip=all&#038;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Bernie-Madoff-67.jpg?quality=75&#038;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/Bernie-Madoff-67.jpg?quality=75&#038;strip=all&#038;w=512 512w\" \/><\/a><figcaption>Bernie Madoff\u2019s former defense attorney said SBF is making a major mistake.<\/figcaption><figcaption><span class=\"credit\">Getty Images<\/span><\/figcaption><\/figure>\n<p>Bankman-Fried has drawn sharp scrutiny over his public remarks since FTX imploded.<\/p>\n<p>In the last week alone, Bankman-Fried bizarrely claimed to have <a href=\"https:\/\/nypost.com\/2022\/12\/02\/sam-bankman-fried-claims-he-misaccounted-8-billion-in-ftx-funds\/\">\u201cmisaccounted\u201d a whopping $8 billion<\/a> in FTX funds just before the cryptocurrency platform\u2019s meltdown \u2013 telling Bloomberg he was \u201creal lazy about this mental math\u201d regarding FTX\u2019s balance sheet.<\/p>\n<p>Bankman-Fried also dodged a question about potentially facing jail time while speaking to \u201cGood Morning America\u201d \u2013 and <a href=\"https:\/\/nypost.com\/2022\/12\/01\/sam-bankman-fried-rejects-bernie-madoff-comparison-squirms-during-tense-interview\/\">dismissed comparisons<\/a> between his own mishandling of FTX client funds and Madoff\u2019s infamous scheme to bilk investors.<\/p>\n<p>\u201cWhen you look at the classic Bernie Madoff story, there was no real business there,\u201d Bankman-Fried said. \u201cThe whole thing, as I understand it, I think, was one big Ponzi scheme. FTX, that was a real business.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discredited FTX founder Sam Bankman-Fried has pledged to testify before Congress about his cryptocurrency platform\u2019s meltdown \u2013 even as the top lawyer to the late Ponzi scheme mastermind<\/p>\n","protected":false},"author":1,"featured_media":1763504,"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":[547],"tags":[],"class_list":["post-1763501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report"],"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\/1763501","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1763501"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1763501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1763504"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1763501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1763501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1763501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}