{"id":1770806,"date":"2022-12-09T15:32:54","date_gmt":"2022-12-09T20:32:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1770806"},"modified":"2022-12-09T15:32:55","modified_gmt":"2022-12-09T20:32:55","slug":"sam-bankman-fried-agrees-to-testify-before-congress-i-had-thought-of-myself-as-a-model-ceo","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-agrees-to-testify-before-congress-i-had-thought-of-myself-as-a-model-ceo\/","title":{"rendered":"Sam Bankman-Fried Agrees To Testify Before Congress: \u2018I Had Thought Of Myself As A Model CEO\u2019"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><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%2Fsam-bankman-fried-agrees-to-testify-before-congress-i-had-thought-of-myself-as-a-model-ceo%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=1770806&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>Former FTX CEO <a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a> agreed on Friday to testify before the House Financial Services Committee next week.<\/p>\n<p>FTX 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> last month after users discovered that the cryptocurrency exchange was likely fraudulently intertwined with Alameda Research; both were controlled by Bankman-Fried and a close-knit group of amateur executives. The disgraced entrepreneur announced his intention to appear before lawmakers on December 13 during a social media <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1601186246990401537\" target=\"_blank\" rel=\"noopener\">exchange<\/a> with House Financial Services Committee Chairwoman <a href=\"http:\/\/dailywire.com\/topic\/maxine-waters\" target=\"_blank\" rel=\"noopener\">Maxine Waters<\/a> (D-CA).<\/p>\n<p>\u201cI still do not have access to much of my data \u2014 professional or personal. So there is a limit to what I will be able to say, and I won\u2019t be as helpful as I\u2019d like,\u201d he remarked. \u201cBut as the committee still thinks it would be useful, I am willing to testify.\u201d<\/p>\n<p>Bankman-Fried expressed willingness to discuss solvency for customers with funds in FTX US, what he believes led to the liquidity crisis, and his \u201cown failings.\u201d<\/p>\n<p>\u201cI had thought of myself as a model CEO, who wouldn\u2019t become lazy or disconnected,\u201d he added. \u201cWhich made it that much more destructive when I did. I\u2019m sorry. Hopefully people can learn from the difference between who I was and who I could have been.\u201d<\/p>\n<p>The now-broke entrepreneur was initially hesitant to appear before lawmakers, as he <a href=\"https:\/\/twitter.com\/SBF_FTX\/status\/1599511560384225281\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that he first needed to finish \u201clearning and reviewing what happened.\u201d Waters had been <a href=\"https:\/\/www.dailywire.com\/news\/maxine-waters-blasted-for-gentle-tweet-politely-asking-possible-financial-criminal-sam-bankman-fried-to-testify\" target=\"_blank\" rel=\"noopener\">criticized<\/a> for being extraordinarily polite in her invitation to Bankman-Fried; she told the would-be cryptocurrency wunderkind, who may have lost untold billions in customers\u2019 funds, that lawmakers \u201cappreciate that you\u2019ve been candid in your discussions about what happened.\u201d<\/p>\n<p>Despite the rosy characterization of Bankman-Fried\u2019s talent, current FTX CEO John Ray III, a lawyer who succeeded Bankman-Fried to manage the company\u2019s bankruptcy proceedings, remarked in a <a href=\"https:\/\/www.dailywire.com\/news\/lawyer-overseeing-ftx-fallout-never-in-my-career-have-i-seen-such-a-complete-failure\" target=\"_blank\" rel=\"noopener\">court filing<\/a> that the team overseeing the company was utterly inept. \u201cNever in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here,\u201d he wrote.<\/p>\n<p>Bankman-Fried, a prolific <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\">campaign donor<\/a>, has denied accusations of criminality. New York Times financial columnist Andrew Ross Sorkin <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-denies-wrongdoing-in-ftx-implosion-during-live-streamed-new-york-times-interview\" target=\"_blank\" rel=\"noopener\">told<\/a> the entrepreneur that he received multiple letters from FTX customers who accused Bankman-Fried of stealing their life savings, prompting him to say that he was \u201cdeeply sorry about what happened.\u201d After Sorkin pressed him on the alleged intertwining of funds between his companies, Bankman-Fried claimed that a \u201cfailure of oversight\u201d on his part resulted in confusion rather than any desire to defraud investors for his own profit.<\/p>\n<p>The New York Times had previously run a <a href=\"https:\/\/www.dailywire.com\/news\/new-york-times-runs-puff-piece-about-disgraced-billionaire-sam-bankman-fried-leaves-out-connections-to-democrats\" target=\"_blank\" rel=\"noopener\">puff piece<\/a> claiming that the potential fraudster\u2019s \u201cambitions exceeded his grasp.\u201d Other media outlets had <a href=\"https:\/\/www.dailywire.com\/news\/left-of-center-media-accepted-millions-from-democrat-donor-and-disgraced-crypto-wunderkind-sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">portrayed<\/a> Bankman-Fried as a generous \u201ceffective altruist\u201d who donated his fortune to causes such as \u201cpandemic prevention.\u201d<\/p>\n<p>Beyond the scheduled hearing for the House Financial Services Committee, members of the Senate Agriculture Committee <a href=\"https:\/\/www.dailywire.com\/news\/top-commodities-regulator-tells-senators-he-met-with-sam-bankman-fried-10-times\" target=\"_blank\" rel=\"noopener\">held a hearing<\/a> last week with Commodity Futures Trading Commission Chairman Rostin Behnam on increasing federal oversight of the cryptocurrency sector. Officials at the Securities and Exchange Commission have opened a criminal investigation into Bankman-Fried to determine whether he broke the law by transferring FTX customer funds to Alameda Research, according to a <a href=\"https:\/\/www.dailywire.com\/news\/federal-prosecutors-open-criminal-investigation-into-disgraced-ftx-founder-sam-bankman-fried-report-says\" target=\"_blank\" rel=\"noopener\">report<\/a> from The New York Times.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former FTX CEO Sam Bankman-Fried agreed on Friday to testify before the House Financial Services Committee next week. FTX filed for bankruptcy last month after users discovered that the cryptocurrency exchange was likely fraudulently intertwined with Alameda Research; both were controlled by Bankman-Fried and a close-knit group of amateur executives. The disgraced entrepreneur announced his &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1890673,"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":[7156,7174,7176,3850,4402,6202,7390,6912,5308,6195],"class_list":["post-1770806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-i","tag-agrees","tag-bankman-fried","tag-ceo","tag-congress","tag-daily","tag-model","tag-sam","tag-testify","tag-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\/1770806","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=1770806"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1770806\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1890673"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1770806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1770806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1770806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}