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The whole thing that is bugging me is that they made big political donations to both D and R. They use the money they conjured out of thin air and backed politi

The whole thing that is bugging me is that they made big political donations to both D and R. They use the money they conjured out of thin air and backed politicians with it. They probably backed the politicians who were most friendly to them. Those politicians might have won and that dirty money might have done a difference. Does that sound moral to you? I think it’s absolutely terrifying. Every candidate that received that money should have their relation to Scam Bankman-Fraud investigated. It gets worse when you realize his mother and business partner are either related to certain political parties and the SEC chairman.

raverbashing 4y ago
Oh so maybe that's what "effective altruism" really means.
recuter 4y ago
Sounds like plain old moral hazard to me: https://en.wikipedia.org/wiki/Moral_hazard https://en.wikipedia.org/wiki/Moral_hazard Why people think that such things are limited to any one political party or that progressive liberals are somehow immune from it is beyond me. Used to be a time, about a decade ago, where these very same folks would lose their collective minds when Mitt Romney said stuff like "corporations are people my friend" and "money is speech". I guess if you can't beat them, join them. Heck, SBF even donated to Mitt: https://en.wikipedia.org/wiki/Sam_Bankman-Fried#Political_donations https://en.wikipedia.org/wiki/Sam_Bankman-Fried#Political_do... Instead of fighting to get money out of politics they decided they can just play this game better and their ends justify the means with very predictable results. The only surprising thing is they got caught. Although it remains to be seen whether anybody actually admits fault, goes to jail, or any actual changes are made.
- tossawayone23 4y ago
  The whole thing stinks to high heaven. https://cdn.discordapp.com/attachments/430493835265835021/1041059453899907072/unknown.png https://cdn.discordapp.com/attachments/430493835265835021/10...
- recuter 4y ago
  I don't know which discord the reply to me is supposed to be linking to but here it is in text form. A true scandal is opening for the Biden administration. April 25, 2019: Biden announces his presidential campaign. 13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization "Mind-the-Gap), launches #FTX crypto exchange. The exchange is magically an overnight success. SBF becomes biggest donor to Biden. Election day, FTX implodes completely. If you think this scandal is done, it goes even deeper. Gabe Bankman-Fried, brother to Sam (also a former Jane Street trader), is founder of "Guarding Against Pandemics" He was a Legislative Correspondent for the US House of Representatives and an advisor to large political donors in the Democrat party. The family Aunt Linda Fried is a WEF member on the Global Agenda Council on Aging. The father, Joseph Bankman is a Stanford professor who has lobbied on behalf of Hedge Fund managers before Congress before (film records exist). FTX' Head of Ventures & Commercial at FTX Ventures Amy Wu, started with the Clinton Foundation years ago. Nishad Singh FTX Director of Engineering has spent over 8 million for Dem candidates. And finally Obama's Commodity Futures Trading Commissioner, Mark Wetien was literally the head of FTX Policy & Regulation. Reports were the organization wanted to spend over a billion dollars on the Democratic party for 2024. A massive, massive money laundering operation has just been broken open. The tone is a bit conspiratorial and had this been posted before the FTX collapse my eyes would have glazed over. I happen to think guarding against pandemics is a good thing. Financing none-profits with crypto scams and donating to politicians who subsequently are reluctant to regulate you, less so. Regardless of who is in charge and their political affiliations, it simply should not work this way.
  - ealexhudson 4y ago
    But I thought the whole complaint about SBF was the enormous lengths he was going to in order to increase regulation, and effectively pull up the drawbridge behind him? I think the whole point about campaign financing is well made, but the idea (implied) that this was some massive Dem ruse feels incredibly far-fetched, given the various investors and others involved. If you scratch at the senior leadership of many companies you're going to find political people of all colours, because lots of people get involved in politics.
arminiusreturns 4y ago
Banksters have been doing it for much longer and people hardly bat an eye at it. Edit to add more substance and thought: I know it's uncomfortable to address but it's true. On top of the money pulled out of "thin air" via electronic means by the central bank (US Treasury asks for a billion, fed manifests it in exchange for bonds, w/ the US fed at a 6% profit rake scheme, not sure about BoE, etc), the normal everyday banks as part of the fractional reserve system pull money out of "thin air" by loaning out more than they have on deposit. Furthermore, the fractional reserve rate which used to be 10% has been busted down to 0 afaik currently. Literally they can loan out money they don't have and the regional fed will bail them out with liquidity if it gets too bad. I've known this for a while but in 2016 when I was considering running for congress and started digging into the funding sources of the incumbent, I started noticing a lot of NY banks donating to this random congressman, and pivoting out found that vast swaths of politicians have banks themselves donating money.
bmitc 4y ago
I think all political donations above a certain level should be scrutinized and audited and then banned at higher levels. But I don’t think the politicians care. They removed the limits to political donations and haven’t looked back, and it has been chaos ever since. I was disturbed by Robert Mercer’s dastardly part in the 2016 election, both his donations, his people placing, and his technical consulting. The guy is basically a real life Bond villain. When you look into the other top donors of the Republican Party, you start seeing some real Machiavellian characters. The Democratic donors are not far behind in terms of greed and power, but it sure seems like some of the Republican donors just want the world to burn if it means they can keep their wealth.
- kolbe 4y ago
- everybodyknows 4y ago
  > I don’t think the politicians care ... Of course they don't, taken collectively. Investigative journalists are our slender hope. They and those few politicos who didn't get a share of the loot, and may now see pushing for tighter regulation as a career opportunity.
  - therealdrag0 4y ago
    Iirc many do care; it’s tedious for them to spend so much time making phone calls sucking up and asking for money from donors. But apparently they don’t care enough or there is a coordination problem such that it doesn’t get fixed.
naijaboiler 4y ago
> Scam Bankman-Fraud no. Scam Bankrupt-Fraud
philippejara 4y ago
How is that any different from every other company/individual making political donations?
brchn 4y ago
Yes the US gov is corrupt, if that’s what you’re implying. Anonymous political donations from special interests are the primary driver of public policy.

raverbashing 4y ago

Oh so maybe that's what "effective altruism" really means.

recuter 4y ago

Sounds like plain old moral hazard to me: https://en.wikipedia.org/wiki/Moral_hazard https://en.wikipedia.org/wiki/Moral_hazard Why people think that such things are limited to any one political party or that progressive liberals are somehow immune from it is beyond me. Used to be a time, about a decade ago, where these very same folks would lose their collective minds when Mitt Romney said stuff like "corporations are people my friend" and "money is speech". I guess if you can't beat them, join them. Heck, SBF even donated to Mitt: https://en.wikipedia.org/wiki/Sam_Bankman-Fried#Political_donations https://en.wikipedia.org/wiki/Sam_Bankman-Fried#Political_do... Instead of fighting to get money out of politics they decided they can just play this game better and their ends justify the means with very predictable results. The only surprising thing is they got caught. Although it remains to be seen whether anybody actually admits fault, goes to jail, or any actual changes are made.

tossawayone23 4y ago
The whole thing stinks to high heaven. https://cdn.discordapp.com/attachments/430493835265835021/1041059453899907072/unknown.png https://cdn.discordapp.com/attachments/430493835265835021/10...
recuter 4y ago
I don't know which discord the reply to me is supposed to be linking to but here it is in text form. A true scandal is opening for the Biden administration. April 25, 2019: Biden announces his presidential campaign. 13 days later, Sam Bankman-Fried, son of Barbara Fried ( Stanford Professor and co-founder of political fundraising organization "Mind-the-Gap), launches #FTX crypto exchange. The exchange is magically an overnight success. SBF becomes biggest donor to Biden. Election day, FTX implodes completely. If you think this scandal is done, it goes even deeper. Gabe Bankman-Fried, brother to Sam (also a former Jane Street trader), is founder of "Guarding Against Pandemics" He was a Legislative Correspondent for the US House of Representatives and an advisor to large political donors in the Democrat party. The family Aunt Linda Fried is a WEF member on the Global Agenda Council on Aging. The father, Joseph Bankman is a Stanford professor who has lobbied on behalf of Hedge Fund managers before Congress before (film records exist). FTX' Head of Ventures & Commercial at FTX Ventures Amy Wu, started with the Clinton Foundation years ago. Nishad Singh FTX Director of Engineering has spent over 8 million for Dem candidates. And finally Obama's Commodity Futures Trading Commissioner, Mark Wetien was literally the head of FTX Policy & Regulation. Reports were the organization wanted to spend over a billion dollars on the Democratic party for 2024. A massive, massive money laundering operation has just been broken open. The tone is a bit conspiratorial and had this been posted before the FTX collapse my eyes would have glazed over. I happen to think guarding against pandemics is a good thing. Financing none-profits with crypto scams and donating to politicians who subsequently are reluctant to regulate you, less so. Regardless of who is in charge and their political affiliations, it simply should not work this way.
- ealexhudson 4y ago
  But I thought the whole complaint about SBF was the enormous lengths he was going to in order to increase regulation, and effectively pull up the drawbridge behind him? I think the whole point about campaign financing is well made, but the idea (implied) that this was some massive Dem ruse feels incredibly far-fetched, given the various investors and others involved. If you scratch at the senior leadership of many companies you're going to find political people of all colours, because lots of people get involved in politics.

arminiusreturns 4y ago

Banksters have been doing it for much longer and people hardly bat an eye at it. Edit to add more substance and thought: I know it's uncomfortable to address but it's true. On top of the money pulled out of "thin air" via electronic means by the central bank (US Treasury asks for a billion, fed manifests it in exchange for bonds, w/ the US fed at a 6% profit rake scheme, not sure about BoE, etc), the normal everyday banks as part of the fractional reserve system pull money out of "thin air" by loaning out more than they have on deposit. Furthermore, the fractional reserve rate which used to be 10% has been busted down to 0 afaik currently. Literally they can loan out money they don't have and the regional fed will bail them out with liquidity if it gets too bad. I've known this for a while but in 2016 when I was considering running for congress and started digging into the funding sources of the incumbent, I started noticing a lot of NY banks donating to this random congressman, and pivoting out found that vast swaths of politicians have banks themselves donating money.

bmitc 4y ago

I think all political donations above a certain level should be scrutinized and audited and then banned at higher levels. But I don’t think the politicians care. They removed the limits to political donations and haven’t looked back, and it has been chaos ever since. I was disturbed by Robert Mercer’s dastardly part in the 2016 election, both his donations, his people placing, and his technical consulting. The guy is basically a real life Bond villain. When you look into the other top donors of the Republican Party, you start seeing some real Machiavellian characters. The Democratic donors are not far behind in terms of greed and power, but it sure seems like some of the Republican donors just want the world to burn if it means they can keep their wealth.

kolbe 4y ago
everybodyknows 4y ago
> I don’t think the politicians care ... Of course they don't, taken collectively. Investigative journalists are our slender hope. They and those few politicos who didn't get a share of the loot, and may now see pushing for tighter regulation as a career opportunity.
- therealdrag0 4y ago
  Iirc many do care; it’s tedious for them to spend so much time making phone calls sucking up and asking for money from donors. But apparently they don’t care enough or there is a coordination problem such that it doesn’t get fixed.

naijaboiler 4y ago

> Scam Bankman-Fraud no. Scam Bankrupt-Fraud

philippejara 4y ago

How is that any different from every other company/individual making political donations?

brchn 4y ago

Yes the US gov is corrupt, if that’s what you’re implying. Anonymous political donations from special interests are the primary driver of public policy.