Written Dec. 15 11:59 pm EST
Updated Dec. 21 4:15 pm EST
Again there is far more to this financial scandal, than is currently being revealed to the general public. The Crypto currency market is nothing more than another get rich pump and dump scheme with a new twist. Exactly how can a person under a corporation back a worldwide currency that is valid in the financial markets when they are poor (not a billionaire at first)? The Perpetrators (criminals under the guise of Corporate Execs) create value out of nothing and then sell it to the general public. They have control of the bid and ask pricing and the number of units for sale and that is the key. So what did FTX have that others did not?
Political funds were invested at first boosting the value of the currency quickly. This was a mutual agreement, as both parties would win. The PACs saw a new source of funds to shore up weak candidates without draining the coffers to offset Bidenís bad numbers. For FTX a new large inflow of new customers to offset their wild spending. Did it work? Again look at results with lower projected losses in key states in House and senate races. FTX owners and staff spent billions. How did some of the others competitors in Crypto currency financial sector take this? They didnít, knowing the greed and resultant collapse of FTX, would affect their fortunes. They were going to go public, but never made it one by one. They are dead (as three was the charm) and a lesson for others (Bitcoin) who may choose the same path. Did the SEC look the other way on recommendations from people in high places in the Administration? What do you think?
So how did this escape early scrutiny. The gains for certain investors were disguised as political donations and some proceeds skimmed from the top for personal gain. One only has to trace the bank records from the DNC or other political PACs transfers to and from, as the funds were replaced. To find those behind this. Those in power were also advised, as the public funds buying the currency dried up, they need to exit their positions securing great profits. This is a federal violation of the SEC, as it is inside trading. Evaded Federal income tax on ill gotten gains. Well for those new 87000 IRS agents, you can start here. This why there is little coming out on the scandal and the trading company that co-mingled the funds. It is suppose to take the hit for all the missing money, but is only a diversion from pointing to many leaders in this country. A federal prosecutor should have been assign, seal all business records and account ledgers instead of an interim CEO who could scrub the financial records leading to those in power. This calculated move was shady, but now time is a factor. They did not see, these insights coming.
How did those who run the company profit? That was easy, they created new units out of thin air and then sell off into a rising market. This no different than how the Fed prints money. The general public was blanketed with celebrity endorsements and none the wiser, while the leader plays dumb. All of top leaders in FTX allegedly had full knowledge and approved the company decisions on all levels of corruption. The greedy watches all of the money and where it goes. Now exposed, they are just trying to evade fines and jail time. His soft ass needs to go to hard jail time with his nerdy 15 year old looking girl, where money canĎt buy you love. They will make someone happy. The media will not touch this, but should. The Almighty will reveal all, and heads will roll ending in jail sentences. The ill gotten gains need to returned to the investors starting with the DNC and other candidates of both parties.
Some will say, this shows a need for socialism. No, in socialism the workers only do what is needed to get by and the connected do nothing but take. Everyone loses in the end. Capitalism only works if Political leaders are taken out (hard time) when greed becomes a factor and stock options removed from corporate leaders who push for short term gains (for their own greed) over corporate long term objectives, which benefit all. No exec is worth a golden parachute if they fail. Find someone else. Remember what a certain CEO said before she went to jail? Fake it, until you make it. Those were wise words to all in the old boys network live and die by, Heed This.
For those wondering why the CEO reversed his decision on extradition, because those being bribed to protect him in the Bahamian jails, ask for more money out of greed in this end game. He could not provide this, so for his safety he opted to be extradited to the United States.
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