London Daily

Focus on the big picture.
Sunday, May 11, 2025

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
Trump's Upcoming Visit to Gulf Nations: Investment and Security at the Forefront
Rodrigo Duterte Awaits Trial at The Hague. Next week he might be elected mayor of his hometown
Trump fires director of U.S. Copyright Office, sources say
Retired British police officer arrested over ‘thought crime’ tweet
Cardinal Robert Prevost Elected as Pope Leo XIV, Marking a Historic Papacy
Newark Mayor Ras Baraka Arrested at ICE Facility Amid Congressional Visit
India-Pakistan conflict may be first test for Chinese military tech
Bill Gates Announces Plan to Wind Down Philanthropic Foundation and Disperse Wealth
Historic Papal Conclave Set to Commence in Rome
Huge Copper, Gold, and Silver Discovery in Argentina and Chile — But the Profits Go Abroad
Prince Harry is pleading for reconciliation — but the royals are just as sick of his victimhood as everyone else
The Road to Freedom: She Protested Putin, Escaped House Arrest, and Survived a 2,800-Kilometer Journey
OpenAI's Flip-Flop: No Longer Going Commercial, Back to Nonprofit, After Musk Lawsuit and Backlash
“Trump Supporter” Aims to Bring a MAGA-Style Shift to Romania
First From China: Zhao Xintong Wins the Snooker World Championship
Nvidia Faces Billion-Dollar Losses – Warns: China Is on Its Way to Becoming an AI Superpower
Trump Rules Out Third Term, Names JD Vance and Marco Rubio as Potential Successors
Mexico Says ‘No’ to U.S. Troops: President Sheinbaum Rejects Trump’s Offer to Fight Cartels
Nigel Farage’s Reform UK Storms the Map, Wrecking the Two-Party Monopoly
DOGE: Reimagining Government Operations with AI
Common Sense Returns to Britain's Legal System: UK Supreme Court Declares a Woman Is… a Woman
Beijing Says U.S. Is ‘Reaching Out’ for Tariff Talks Amid Soaring Trade Tensions
U.K. Court Rejects Prince Harry’s Final Appeal Over Police Security
Prince Harry’s Heartfelt Outburst Rocks the Royal Family
Trump Shares AI-Generated Image of Himself as… Pope, Prompting Outrage Reaction
Transgender Swimmer Secures Five Gold Medals at U.S. Masters Championship
Prince Harry: “I Want Reconciliation with My Family”
Germany's Alternative für Deutschland (AfD) party has now been officially labeled “right-wing extremist” by the federal office for the so-called “protection of the constitution.”
Amazon Launches Satellite Internet Service Amidst Competition with SpaceX
Transformative Changes in Women's Wrestling: The Rise of WWE Superstars
The Rush to the White Gold: Global Investment Surge in Natural Hydrogen Exploration
This is a day in Spain without electricity and internet
Reform UK Surprises in British Elections, Challenging Traditional Two-Party System
180-Year-Old Christian University in South Carolina Announces Closure Due to Unmet $6 Million Fundraising Goal
Brazilian Woman Jailed for Fourteen Years for Writing “You Lost, Idiot” on Statue During Protest
Trump Administration Removes National Security Adviser Mike Waltz Amid Signal Chat Controversy
Dutch Politician Eva Vlaardingerbroek Receives Spyware Threat Alert from Apple
Paramount Board Considers Settlement in Trump’s $20 Billion Lawsuit Over "60 Minutes" Interview
U.S. Economy Shrink in Trump’s First Quarter as Tariff Policy Raises Questions
Deadline Looms for RTS Meter Replacement: Hundreds of Thousands at Risk of Heating Disruption
Sweden Grapples with Deadly Gun Violence: Suspect Arrested After Three Young Men Killed in Uppsala Hair Salon
Walz Reveals Why Harris Chose Him as Her Running Mate and Reflects on Democratic Losses
Spain Restores Power After Unprecedented Nationwide Blackout
Carney Secures Liberal Mandate in Canada’s Federal Election
Death Penalty Sought as Luigi Manion Pleads Not Guilty in CEO Murder Case
President Trump contacts Jeff Bezos after reports of Amazon considering listing tariff surcharges; company clarifies no such plan for main platform
Spain and Portugal Recover from Massive Blackout
Liverpool Clinches Record-Equalling 20th English League Title Under Arne Slot
Singapore Politicians Warn Against Foreign Interference in Election
Driver Ploughs into Vancouver Festival Crowd, Killing Nine
×