London Daily

Focus on the big picture.
Tuesday, Nov 03, 2026

Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse

House Financial Services Chair Maxine Waters tells members there are no current plans to subpoena FTX founder Sam Bankman-Fried for his testimony. Sam Bankman-Fried disappeared from United States, along with $ 30 billion investors money, and hiding in the Bahamas, after “donating” $ 40 million to the Democrats Party and the House Financial Services Chair Maxine Waters that now protecting him.

Conclusion:

Anyone who claims that bribery is not good, cannot really distinguish between good and evil.

Anyone who claims that corruption is not good business, does not understand how politics and the real business world works.

Anyone who thinks that stealing investors  money is not ok, does not understand the real business model of the capital market.

Anyone who believe that being a decent citizen who obey the rule of law is the right thing to do for your life, your family and friends, is on the wrong side of the business world. 

Being fair, obeying the rule of law, working hard and honest  really does a lot of good, but it does good not to the people who obey the law but to those on the other side, to those who can violate the law, and have the right connections with the authorities to let it go. 

And last conclusion from this FTX and the law makers corruption is: anyone who think that stealing  investor’s savings is not profitable, probably never got rich from investors.



Background:

Rep. Maxine Waters (D-CA) participates in a House Financial Services Committee hearing in Washington, October 23, 2019.

House Financial Services Committee Chair Maxine Waters told Democrats she doesn't plan to subpoena her dear and generous friend, former FTX CEO Sam Bankman-Fried, to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation.

Waters informed committee members of her decision secretly, at a private meeting Tuesday with Securities and Exchange Commission Chair Gary Gensler on Capitol Hill.

Those at the meeting say Waters said she wants committee staff to try to convince Bankman-Fried to voluntarily testify. As of late Wednesday, Bankman-Fried has obviously not yet to agree to voluntarily testify to the House committee. Why should he, with $30 billion dollars?

Waters, who will lose the chair title when Republicans take control of the House on Jan. 3, could end up deferring to Rep. Patrick McHenry, R-N.C., the panel's top Republican and likely next chair, to decide whether to subpoena Bankman-Fried in the next congressional session if the FTX founder declines to voluntarily testify under oath next week.

Bankman-Fried has been under scrutiny by federal investigators and lawmakers on Capitol Hill since his cryptocurrency exchange “suddenly collapsed” last month, bringing to light a host of questionable transactions.

Senate Banking Committee Chair Sherrod Brown, D-Ohio, announced that his committee will hold a hearing on FTX's implosion on Dec. 14. The company's crash arrived after FTX reportedly transferred billions of dollars in client funds to Bankman-Fried's trading firm, Alameda Research.

Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. A committee spokeswoman declined to comment.

Bankman-Fried tweeted his answer to Waters, saying he felt it was his "duty" to explain what happened, although it might not happen next week. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.

"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," Bankman-Fried said. "I'm not sure that will happen by the 13th. But when it does, I will testify."

Bankman-Fried's fall from grace was swift and unforgiving after spending years as the crypto "darling" on Capitol Hill. He donated almost $40 million toward the 2022 congressional midterm elections, with much of it going to Democrats.

Nishad Singh, who became FTX's lead engineer in 2019 following a stint at Bankman-Fried's trading firm Alameda Research, has donated more than $13 million to Democratic Party causes since the start of the 2020 presidential election.

Ryan Salame, the co-CEO of FTX Digital Markets, donated another $23 million, with most of his contributions benefiting Republicans.

Bottom line: maybe my conclusions above are not 100% right. But definitely all what I was brainwashed in my life to believe about honesty, dignity, fairness and  law obsidians is absolutely wrong.    

The people who enriched slavery, wars, discrimination bribery and racism overall we convince us to keep the law that protects them from justice to us. They force us to have a brainwashing that will convince us not to testify what made them rich.

Newsletter

Related Articles

0:00
0:00
Close
Northern Ireland Executive Agrees on Multi-Year Public Sector Pay Restructuring Framework at Stormont
Department for Transport Confirms Acceleration of Electric Vehicle Charging Infrastructure Rollout Along Strategic Motorways
Welsh Government Announces Emergency Funding Package to Support Agricultural Sector Facing Severe Weather Impacts
High Court Rules in Favor of Environmental Coalition Over Government Carbon Reduction Plan Deficiencies
Office for National Statistics Reports Stable Retail Sales Growth Supported by Strong Digital Commerce Volumes
Scottish First Minister John Swinney Secures Cross-Party Support for Renewable Energy Export Expansion
National Health Service Digital Reports Major Breakthrough in Reducing Elective Waiting Lists Across England
Chancellor Rachel Reeves Outlines Infrastructure Spending Reforms to Boost Regional Economic Growth Across Northern England
Bank of England Holds Baseline Interest Rate at Five Percent Amid Persistent Core Inflation Pressures
House of Lords Advances Representation of the People Bill to Modernize Electoral Law Ahead of General Election
Financial Markets and Private Equity Assess Tax and Corporate Realignment Following Recent Chancellor Budget Adjustments
Justice Committee Warns Legal Aid Is a Service in Managed Decline Due to Inadequate Government Funding Responses
Royal Navy Intercepts Russian Intelligence Vessel and Warships Across Intensive North Sea Operations
Business and Trade Committee Slams Government Policy on China as Fragmented and Lacking Strategic Direction
Home Secretary Shabana Mahmood Softens Immigration Plans Following Intensive Cabinet Backlash Over Settlement Timelines
Automotive Industry Data Reveals Continued Acceleration in Battery Electric Vehicle Registrations Across British Dealerships
High Court of England and Wales Rules on Landmark Legal Challenge Regarding Local Government Housing Mandates
Department for Energy Security and Net Zero Approves Expanded Offshore Wind Infrastructure Along Scottish Coastline
Competition and Markets Authority Launches Broad Investigation Into Artificial Intelligence Infrastructure and Cloud Partnerships
United Kingdom and European Union Launch High-Level Preparations for Bilateral Defense and Security Summit in Brussels
National Health Service England Unveils Emergency Workforce Reforms to Alleviate Winter Accident and Emergency Pressures
Chancellor Rachel Reeves Finalizes Autumn Budget Adjustments to Meet Fiscal Rules and Fund Public Services
Bank of England Prepares for Interest Rate Decision Amid Rising Bond Yields and Inflationary Pressures
House of Lords Begins Detailed Legislative Scrutiny of Representation of the People Bill and Cyber Security Laws
Metropolitan Police Detain More Than Three Hundred Individuals Following Large-Scale Demonstration Outside London Embassy
Home Office Prepares Stricter Residency Rules Requiring Vulnerable Migrants to Wait Decade for Settlement Rights
Professional Mental Health Bodies Demand Statutory Regulation for Counsellors and Psychotherapists
National Grid Confirms Construction of Britain's Largest Electrical Substation to Power Teesside Data Centre
Prime Minister Keir Starmer Travels to Samoa for Commonwealth Summit Amid Debates on Economic Cooperation and Reparations
Home Office Implements Enhanced Digital Border Controls and Visa Processing Systems at Major Airports
Office for National Statistics Reports Stable Employment Participation Rates Across Regional Labor Markets
Department for Business and Trade Announces Strategic Partnership to Secure Critical Mineral Supply Chains
Scottish Government Unveils Regional Economic Development Strategy to Boost Advanced Manufacturing in Glasgow and Dundee
Treasury Officials Review Taxation Frameworks and Capital Gains Rules Ahead of Autumn Budget Disclosures
National Health Service Leaders Warn of Winter Capacity Pressures Across Acute Care Facilities
Bank of England Prepares for Key Interest Rate Decision Amid Sticky Inflation and Fiscal Policy Pressures
Home Office Expands Border Security Operations and Intelligence Sharing With European Partners
Office for National Statistics Reports Modest Retail Sales Growth Ahead of Crucial Christmas Trading Season
Welsh Government Unveils Strategic Plan to Boost Regional Technology Innovation and Digital Skills Training
Department for Environment Food and Rural Affairs Implements New Agricultural Subsidies Framework for English Farmers
Scottish First Minister John Swinney Announces Major Regional Infrastructure and Green Energy Investment Strategy
National Health Service Leaders Warn of Severe Winter Pressures and Mounting Accident and Emergency Backlogs
Bank of England Monetary Policy Committee Signals Cautious Interest Rate Path Amid Persistent Services Inflation
Chancellor of the Exchequer Rachel Reeves Finalizes Autumn Budget Framework Aiming to Close Public Sector Fiscal Gap
Department for Science, Innovation and Technology Prepares Enhanced Artificial Intelligence Safety and Cyber Defense Frameworks
United Kingdom Government Expands International Sanctions Framework Against Russian Shadow Fleet and Financial Enablers
Institute of Directors Reports Sharp Post-Budget Drop in Business Confidence Despite Long-Term Investment Intention Shifts
Chancellor John Healey Defends Sweeping Fiscal Adjustments and Household Support Packages Following Autumn Budget
Parliamentary Petitions Committee Schedules Major Legislative Debates on Special Educational Needs and Non-Stun Meat Labelling
Regional Devolution and Good Growth Fund Frameworks Reshape Local Government Funding Across English Regions
×