{"id":1774110,"date":"2022-12-13T15:48:18","date_gmt":"2022-12-13T20:48:18","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1774110"},"modified":"2022-12-13T15:48:24","modified_gmt":"2022-12-13T20:48:24","slug":"sam-bankman-fried-would-have-told-congress-i-fed-up-draft-testimony-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/sam-bankman-fried-would-have-told-congress-i-fed-up-draft-testimony-says\/","title":{"rendered":"Sam Bankman-Fried Would Have Told Congress \u2018I \u2018F***ed Up,\u2019 Draft Testimony Says"},"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\">24<\/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-would-have-told-congress-i-fed-up-draft-testimony-says%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=1774110&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>Had he not been locked away in some Bahamian jail on Tuesday morning, former FTX CEO <a href=\"http:\/\/dailywire.com\/topic\/sam-bankman-fried\" target=\"_blank\" rel=\"noopener\">Sam Bankman-Fried<\/a> could have been testifying before Congress. That testimony would have likely involved a lot of complaining about his lack of access to personal financial accounts and a substantial amount of blame-shifting.<\/p>\n<p>FTX recently 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> after users discovered that the platform\u2019s assets were commingled with those from sister trading firm Alameda Research; both were controlled by Bankman-Fried and a group of amateur executives working from a luxury penthouse in the Bahamas. The former billionaire entrepreneur was <a href=\"https:\/\/www.dailywire.com\/news\/breaking-democrat-megadonor-sam-bankman-fried-arrested-in-bahamas-faces-criminal-charges-in-u-s\" target=\"_blank\" rel=\"noopener\">arrested<\/a> on Monday afternoon by authorities in the island nation, where his companies were headquartered, under the expectation that American officials would soon request his extradition.<\/p>\n<p>Bankman-Fried had <a href=\"https:\/\/www.dailywire.com\/news\/sam-bankman-fried-agrees-to-testify-before-congress-i-had-thought-of-myself-as-a-model-ceo\" target=\"_blank\" rel=\"noopener\">previously promised<\/a> to testify on Tuesday during a hearing for the House Financial Services Committee. Although he was never able to present before lawmakers, the <a href=\"https:\/\/www.forbes.com\/sites\/stevenehrlich\/2022\/12\/13\/exclusive-transcript-the-full-testimony-sbf-planned-to-give-to-congress\/?sh=3c5d7f263c47\" target=\"_blank\" rel=\"noopener\">transcript<\/a> of the testimony Bankman-Fried would have delivered was obtained by Forbes.<\/p>\n<p>The lengthy document is a whirlwind of laments about the company\u2019s current bankruptcy proceedings, complaints regarding his lack of access to personal financial information, and a stunning degree of blame-shifting. The document lacked admissions of his own alleged criminal behavior, even though the Securities and Exchange Commission has now officially <a href=\"https:\/\/www.dailywire.com\/news\/officials-charge-sam-bankman-fried-of-using-customer-funds-for-lavish-real-estate-and-large-political-donations\" target=\"_blank\" rel=\"noopener\">accused<\/a> the entrepreneur of money laundering, but was filled with dirty laundry and personal grievances.<\/p>\n<p>\u201cI would like to start by formally stating, under oath: I f***ed up,\u201d the failed would-be wunderkind wrote. \u201cI know that it doesn\u2019t mean much to say that I\u2019m sorry. And so I\u2019m dedicating as much of myself as I can to doing right by customers. When all is said and done, I\u2019ll judge myself primarily by one metric: whether I have eventually been able to make customers whole. If I fail our customers in this regard, I have failed myself.\u201d<\/p>\n<p>The possible financial criminal also complained that John Ray III, an attorney overseeing the bankruptcy proceedings of FTX, would not give him access to his accounts or accept his other overtures. Ray <a href=\"https:\/\/www.dailywire.com\/news\/attorney-overseeing-ftx-bankruptcy-testifies-before-congress-grossly-inexperienced-people-ran-company-went-on-5-billion-spending-binge\" target=\"_blank\" rel=\"noopener\">told<\/a> the House Financial Services Committee that the collapse \u201cappears to stem from the absolute concentration of control in the hands of a very small group of grossly inexperienced and unsophisticated individuals.\u201d<\/p>\n<p>Bankman-Fried seemed to attribute some degree of public criticism to his Jewish identity. \u201cMy ancestors mostly arrived at Ellis Island,\u201d he said. \u201cI\u2019ll leave it to the reader to guess why they came. But I don\u2019t think I need to spell out the implications being made.\u201d<\/p>\n<p>Various reports <a href=\"https:\/\/www.dailywire.com\/news\/amphetamine-fueled-polycule-or-undersexed-group-of-nerds-inside-ftxs-bahamas-culture\" target=\"_blank\" rel=\"noopener\">claimed<\/a> that Bankman-Fried and his fellow executives, like the companies they ran, were personally and intimately intertwined. He said that rumors of a \u201chard-partying culture\u201d at FTX were spurious, as he apparently did not have his first drink until he reached 21 years old and has \u201cnever been drunk.\u201d<\/p>\n<p>Bankman-Fried <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\">contributed<\/a> roughly $39 million to Democratic nominees during the recent midterm election cycle, according to <a href=\"https:\/\/www.opensecrets.org\/outside-spending\/top_donors\/2022?disp=D&#038;type=V&#038;superonly=N\" target=\"_blank\" rel=\"noopener\">data<\/a> from Open Secrets, which ranked him as the country\u2019s sixth-largest individual midterm donor. He also insisted that his only links to Ukraine involved <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\">opening pathways<\/a> for users to make cryptocurrency donations to the embattled nation\u2019s central bank, calling any allegations of further entanglement between the foreign country and Democratic officials \u201ccategorically false and offensive.\u201d<\/p>\n<p>Media outlets had painted Bankman-Fried as an \u201ceffective altruist\u201d devoted to giving away his entire fortune. Though he admitted that such an image was <a href=\"https:\/\/www.dailywire.com\/news\/how-sam-bankman-fried-weaponized-wokeness-to-dupe-progressive-investors\" target=\"_blank\" rel=\"noopener\">largely a ruse<\/a>, the transcript doubled down on the charitable endeavors he participated in with other people\u2019s money. \u201cMy primary goal has never been personal enrichment; I\u2019m motivated by a commitment to help bring happiness and alleviate suffering for others,\u201d he said, noting that his contributions \u201cvastly outstring what\u2019s left in my bank account.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Had he not been locked away in some Bahamian jail on Tuesday morning, former FTX CEO Sam Bankman-Fried could have been testifying before Congress. That testimony would have likely involved a lot of complaining about his lack of access to personal financial accounts and a substantial amount of blame-shifting. FTX recently filed for bankruptcy after &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1774113,"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":[7156,7176,4402,6202,7730,7498,6912,8676,3737,7552,6195],"class_list":["post-1774110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-i","tag-bankman-fried","tag-congress","tag-daily","tag-draft","tag-fed","tag-sam","tag-testimony","tag-told","tag-up","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\/1774110","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=1774110"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1774110\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1774113"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1774110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1774110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1774110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}