Peter Schiff explains the FTX Frat House Fund
Peter Schiff explains the FTX Frat House Fund
The King of Crypto SBF of FTX Had No Clothes and also kept no Accounting Records?
How can a $32 Billion Crypto Exchange not be following any accounting standards? Anybody realized that until the Ponzi scheme failed? Peter Schiff tries to explain the Frat House Fund known as FTX; start at 20 minute mark to skip ahead.
I don't believe that they didn't realize that what they were doing was theft. What they did, if you haven't already learned about it, they were taking the money that their customers were depositing into their FTX accounts. And they were taking that money.
And in many cases, it wasn't even money anymore. It was tokens. They were taking their tokens over to Alameda research, where they were speculating in crypto and losing because crypto currencies have collapsed. And so they were probably on the long side of that market, given what everybody believed for crypto.
And so they basically embezzled this money, which is really what it's doing because you don't have permission. In fact, they're representing to their customers that they're not doing that yet. That's exactly what they were doing. But then they took that money, and they gambled with it, and then lost it.
Peter Schiff
Nothing with the SBF and FTX Ponzi scheme is making any sense. Because how was such an obvious Fraud not have been detected by the Local Regulators or Auditors?
It was same story with Bernie Madoff, who was the Chairman of Nasdaq as he ran his Ponzi scheme as the Local Regulators at the SEC could not or would not do their jobs. Watch this scene from the Madoff film and see how close they came to catching the crook and his Ponzi scheme, but did not even bother to look up his DTCC account number 6594. He had no such number nor was he registered as an investment advisor.
They were submitting expense claims on chat messengers? This FTX operation is sounding more like a College Frat House than an $32 Billion Ponzi scheme?
No Board Meetings, No Accounting Records, Decisions made and Expenses approved over Disappearing Chat messenger services, and operating out of the Bahamas? Is that seriously the summary so far? Answer, Yes and it gets worse.
For example, who works at FTX? We have no idea. Imagine being on the payroll of FTX and you did not even have to do any work. Just be a pal of SBF or his girlfriend and they set you up with as a FTX Salaried Employee.
You may have heard of the problem of fake ghost Employees in developing nations. That practices see the a Bribe exchange hands for which the Donor then receives Paid Employment in a particular company and begins drawing a real Salary. Only problem is that Employee does no work, never comes to the office, or is even known to most of the other Employees because they are fake ghost Employees that only exist on paper. But they are drawing a real tangible Salary that is going into someone’s bank account.
You may have heard of company housing as a Perk? How about you get a Free House because you sleeping with SBF or Caroline or someone approved your name on the Title of the House and paid for it using Customer’s money deposited into FTX as a Crypto Exchange?
Again where were the famed Local Regulators and the Auditors? These are same Regulators that will be working hard to ensure all Digital transaction in the future with the Digital Dollar on the Regulated Liability Network are well Regulated.
This type of chaotic loosely organized consequence free Frat House lifestyle was the product of his Stanford upbringing and the influence of his parents both Stanford Law Professors, that must have heavily influenced the young SBF.
Because he is now acting that Nonconsequentialism, that Barbara Fried his mother must have taught him. She is teaching is at Stanford and publishing papers on it, why and how would she not have influenced the subsequent actions of SBF?
When your Law Professor mother practices Nonconsequentialism, no wonder you produce a man child so messed up and so divorced from reality and social norms or even financial accounting norms.
Nonconsequentialism is a type of normative ethical theory that denies that the rightness or wrongness of our conduct is determined solely by the goodness or badness of the consequences of our acts or of the rules to which those acts conform.
https://academic.oup.com/book/26256/chapter-abstract/194464056
That the important point to note from Peter Schiff’s podcast; “I don't believe that they didn't realize that what they were doing was theft.” No Peter he knew, but for SBF it was not theft or stealing or embezzlement or gambling or any of those things. In his mind it was doing Altruism. It was the Stanford Nonconsequentialism man child acting out.
The SBF FTX Ponzi scheme contagion as we reported on earlier is still active and the linkages to Tether are now getting more clear. This nightmare is far from over.
Yes the #3 coin Crypto Tether, looks to be the same type of Ponzi Scheme Fraud as FTX and SBF. Now imagine what happens to the Crypto and Stock Markets when the #3 coin blows up the same way as FTX just did. What will the price of BTC be then?
Even Joe Rogan can smell something fishy going on here.
Only a Comedy show sketch can explain such a fiasco in two minutes.
Endure till the End and take Care of Yourself. Remember on planes they always tell you put the mask on first, before helping others. Therefore, Take Care of Yourself First and then do what is in your control, and then leave the rest to the universe to solve.
We are 100 Percent Independent and Supported by Readers and Viewers like YOU! Digital Hugs appreciated and Subscribers are even more deeply appreciated.
Until we meet again.
For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places.
Ephesians 6:12
- Corona Times News
FAIR USE NOTICE
The views expressed by guests, subjects and speakers are their own and their appearance on this website does not imply if any way an endorsement of them or any entity they represent. Views and opinions expressed by the speakers do not necessarily reflect the views of Corona Times News.
DISCLAIMER
The content provided on The Corona Times News is for general information and entertainment purposes only. No information, materials, services, and other content provided in this post constitutes solicitation, recommendation, endorsement or any financial, investment, medical, health, educational, or other advice. Seek independent professional consultation in the form of legal, financial, and fiscal advice before making any investment decisions. Always perform your own due diligence. And don't forget to have a wonderful day.