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“It Felt Very Bernie Madoff-Like In That Way,” Ex-FDIC Chair On FTX Saga

On Friday, FTX declared bankruptcy, upsetting the cryptocurrency market. Like Madoff, SBF was good at using his background and connections to make informed investors and...
“It Felt Very Bernie Madoff-Like In That Way,” Ex-FDIC Chair On FTX Saga “It Felt Very Bernie Madoff-Like In That Way,” Ex-FDIC Chair On FTX Saga
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  • On Friday, FTX declared bankruptcy, upsetting the cryptocurrency market.
  • Like Madoff, SBF was good at using his background and connections to make informed investors and regulators miss “red flags” that were right in front of their eyes.
  • Madoff was the brains behind a $20 billion Ponzi scheme, which was the biggest financial scam in history.

Sheila Bair, a crucial regulator during the 2008 financial crisis, said in an interview with CNN that there are striking parallels between the meteoric rise and collapse of Sam Bankman-Fried and FTX and those of renowned Ponzi scheme architect Bernie Madoff.

Sam Bankman-Fried spent only three years growing the FTX cryptocurrency exchange into a $32 billion market behemoth backed by A-list investors. All of it collapsed in a massive bankruptcy case in a matter of days. On Friday, FTX declared bankruptcy, sparking upheaval in the cryptocurrency market and posing the risk of massive losses for the exchange’s users.

According to Bair, who served as the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC), 30-year-old Bankman-Fried exhibited mastery at luring smart investors and regulators into overlooking “red flags” that were lurking in plain sight by utilizing his connections and lineage, similarly to how Madoff did it.

Bernie Madoff and SBF Similarities

Madoff was hailed as a Wall Street genius for many years prior to the downfall of his ponzi scam. He oversaw the finances of the affluent and famous while serving as chairman of the Nasdaq stock exchange and on advisory panels for the Securities and Exchange Commission.

Bankman-Fried, on the other hand, donated generously to Democratic candidates in 2022. His parents are both professors at Stanford Law School, and he has hired a number of former US regulators to work in senior positions at FTX. According to The Wall Street Journal, FTX had an application waiting with federal agencies to clear up derivatives before the bankruptcy filing.

In a statement released on Monday, Better Markets CEO Dennis Kelleher stated that FTX had a strategy of making “revolving door hires” from the Commodities Futures Trading Commission (CFTC) and other organizations “to use their knowledge, influence, and access at the agency and in Washington to move FTX’s agenda.” During his phone interview with CNN, Bair stated:

"Charming regulators and investors can distract [them] from digging in and seeing what’s really going on. It felt very Bernie Madoff-like in that way."

On the Flipside

  • BlackRock (NYSE:BLK), SoftBank, Sequoia, and other prestigious investors helped FTX attain its $32 billion value. The Bahamas government is now looking into the possibility of criminal wrongdoing in connection with the FTX downfall.

Why You Should Care

The good news is that, unlike Lehman Brothers in 2008, the former FDIC chief is not frightened about the FTX catastrophe endangering the whole financial system. In terms of the overall economy and financial industry, cryptocurrencies are still a new and small component. The bad news is that the crypto industry is still mostly unregulated, making it the financial world’s Wild West. And when anything goes wrong, investors are exposed.

FTX’s failure has hurt a lot of crypto companies, including New Huo Technology. Investors should be cautious about where they store their digital assets and who they do business with. Especially in these uncertain times.

Read more on the SBF and FTX implosion:

BlockFi has “Significant Exposure” to FTX, Denies Holding Majority of Assets on Exchange

Institutional Investors Forgo Digital Assets Following FTX Crash

See original on DailyCoin

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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Adidas AG

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    EUR/USD 1.0658 ↑ Sell  
    GBP/USD 1.2475 ↑ Sell  
    USD/JPY 157.91 ↑ Buy  
    AUD/USD 0.6469 Neutral  
    USD/CAD 1.3780 ↑ Buy  
    EUR/JPY 168.32 ↑ Buy  
    EUR/CHF 0.9808 Neutral  
    Gold 2,295.80 ↑ Sell  
    Silver 26.677 ↑ Sell  
    Copper 4.5305 ↑ Buy  
    Crude Oil WTI 81.14 ↑ Sell  
    Brent Oil 85.62 ↑ Sell  
    Natural Gas 1.946 ↑ Sell  
    US Coffee C 213.73 ↑ Sell  
    Euro Stoxx 50 4,920.55 ↑ Sell  
    S&P 500 5,035.69 ↑ Sell  
    DAX 17,921.95 ↑ Sell  
    FTSE 100 8,144.13 Sell  
    Hang Seng 17,763.03 ↑ Sell  
    Small Cap 2000 1,973.05 ↑ Sell  
    IBEX 35 10,854.40 Neutral  
    BASF 49.155 ↑ Sell  
    Bayer 27.35 ↑ Sell  
    Allianz 266.60 ↑ Sell  
    Adidas 226.40 ↑ Sell  
    Lufthansa 6.714 Neutral  
    Siemens AG 175.90 ↑ Sell  
    Deutsche Bank AG 15.010 Neutral  
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# So hôm qua # Chênh TG
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