Deep-Seated Fraud and Corruption
by Stephen Lendman
The dominant 4th estate ignored the FTX house of cards before its swift collapse this month.
It failed to report on how the now bankrupt firm laundered billions of cryptocurrency dollars in Nazi-infested Ukraine.
Then in similar fashion to how the Wall Street owned and controlled Fed operates, the firm returned to the US what it created electronically and got by trading in its own stock.
FTX supported the scourge of forever war by undemocratic Dems at home by kill shots.
It poured tens of millions of dollars into pandemic prevention when nothing of the sort existed.
By supporting Ukrainian Nazis wage war on Russia, the firm is complicit in its war crimes.
According to bitcoin entrepreneur/CoinPrices co-founder, Matt Odell:
The fall of FTX and lost billions of dollars overnight reflects "regulatory corruption…counter-party risk" and MSM failure to warn about inevitable disaster.
Wall Street on Parade (WSOP) explained the following about FTX co-founder/CEO, Sam Bankman-Fried, a Ponzi-like con man with friends in high places.
With help from those around him, he "creat(ed) magic money out of thin air."
"It was a crypto token called FTT and was backed by nothing more than the hyped reputation of FTX" and its co-founder.
In less than a year, FTX's FTT increased in value from under $4 to more than $84, "a 2,000 percent gain."
Its current value is about $1.38.
Founded in May 2019, the Bahamas-based cryptocurrency exchange — what's not the same as bitcoin — declared bankruptcy on Nov. 11.
Explaining how it operated, WSOP said the firm "us(ed) a technique deployed by Wall Street mega banks to trade their own bank stock – right under the nose of their comatose regulators – in what are called Dark Pools."
They're "effectively unregulated stock exchanges operated internally by trading units of mega banks."
FTX con artists "adopted the corrupt market structure of Wall Street and simply tweaked it for crypto."
Why didn't MSM investigate how FTX operated?
Built on a foundation of massive fraud, it was a house of cards certain to collapse, its investors losing billions of dollars.
Laundering billions through Ukraine, Bankman-Fried and complicit con artists gave tens of millions of dollars to Dems ahead of Nov. 8 midterms.
The fake Biden was Bankman-Fried's second biggest donor.
According to the Daily Caller on Nov, 12, FTX "funded campaigns of key (Dem) lawmakers overseeing the Commodity Futures Trading Commission (CFTC)."
The agency regulates the crypto industry.
"Bankman-Fried donated to the chair and ranking member of the Senate Agriculture Committee."
The committee "has jurisdiction over the CFTC, as well as numerous other members of Congress involved in CFTC oversight."
Bankman-Fried "also spent hundreds of thousands of dollars lobbying lawmakers and the CFTC on legislation that would expand the scope of the agency's role in regulating the crypto industry."
He was a "prolific…donor" to undemocratic Dems, including the (pro-Dem) Protect Our Future PAC.
His mother, Barbara Fried, "runs a (Dem)-linked…Mind the Gap…dark money group."
After Bankman-Fried reportedly shifted $10 billion in client assets from FTX to his Alameda Research trading firm, he's under investigation by the CFTC and SEC.
And by supporting Ukrainian Nazis, he's complicit in their war crimes.
At this time, it's unknown how much "magic money" was laundered through Ukraine back to undemocratic Dems, some RINO Republicans and for influence buying.
Last week, CoinDesk compared FTX's collapse to massive Enron fraud, saying:
The company and Alameda Research "were built on false asset values driven by deceptive self-dealing."
Con man Bankman-Fried and co-conspirators "pumped up…fictional valuations" — what swiftly collapsed once "falsely-inflated assets began to waver."
Examining NYT archives found nary a mention of FTX until its house of cards — built on a foundation of fraud — began to collapse.
The same reality applies to the WSJ — a broadsheet calling itself "the definitive source of news and information through the lens of business, finance, economics and money (sic)."
And the Financial Times, saying it's "one of the world's leading news organizations, recognized internationally for its authority, integrity and accuracy (sic)."
And Bloomberg News, calling itself "the leading provider of business and financial news content to publishers, broadcasters and other companies in more than 130 countries (sic)."
And so-called talking head experts on TV business shows.
Their best and brightest didn't sniff out a financial scandal of epic proportions.
Even though massive FTX fraud occurred in plain sight, it was sustained for over 3 three years with help from political, financial and celebrity sources.
Last August, Fortune magazine compared con man Bankman-Fried to billionaire investor Warren Buffet.
Regulatory agencies looked the other way.
So did Congress and MSM.
Yet last April, Bankman-Fried acknowledged on Bloomberg TV that FTX was a Ponzi scheme — what works as long as money kept pouring in.
And as long as he was able to buy pols and celebrities like toothpaste, notably undemocratic Dems and NFL star quarterback Tom Brady.
Will FTX's collapse improve financial scrutiny ahead?
Did exposure and bankruptcy of Enron in 2001 produce positive change?
How much current deep-seated corruption and fraud exist below the radar?
As long as privileged interests benefit, the public interest and rule of law be damned.
A Final Comment
Newly appointed FTX CEO, insolvency expert, attorney John J. Ray III, oversaw the liquidation of Enron after its 2001 bankruptcy.
Commenting on deep-seated fraud at FTX, he said the following:
What he uncovered so far was "a complete failure of corporate controls" — more egregious than anything he earlier saw.
Many FTX Group companies had no "appropriate corporate governance."
FTX kept no "appropriate books and records or security controls" for its digital assets.
As of Nov. 11, the date it filed for Chapter 11 bankruptcy, the firm cannot provide a list of employees.
It designed software to conceal "misuse of corporate funds."
They were used to buy real estate and other personal items for its management.
At this time, Bankman-Fried is either in the Bahamas or Argentina, flown to where he's located on his private jet aircraft — bought with "magic money."
Ray's task is to ferret out and expose massive fraud — what Bankman-Fried and his co-conspirators went all-out to conceal from public view in his extensive web of companies.