Sam Bankman-Fried found guilty for fraud, but what about the federal government?

American Thinker ^ | 11/06/2023 | Jack Hellner

[SeekAndFind]

On Thursday, Sam Bankman-Fried was properly convicted for stealing $8 billion from customers. I wonder why brokers haven’t been punished for promoting FTX since they don’t appear to have properly researched the company?

For decades, the media, politicians, bureaucrats, the United Nations, scientists, educators, entertainers, and others have been running con games that dwarf the FTX scheme; so where’s their trial and conviction?

Most notably, they’ve indoctrinated the public with the lie that the science is settled that humans and our use of natural resources cause temperatures and sea levels to rise, which in turn cause storms to be more numerous and more severe. Instead of using actual scientific data to prove their case, they use computer models and predictions. There is no scientific data that shows a direct correlation between the variables. If there is no correlation, then you can’t assume causation. That is a simple and actually settled principle of science.

Then the Biden administration and bureaucrats commit fraud by claiming that they can control temperatures, sea levels, and storm activity if we commoners give up oil, gas, gas cars, and many other modern amenities and switch to “clean” energy sources like wind and solar, and electric cars.

The cost to society for this fraud is immeasurable, but runs into trillions.

They have slush funds for green pushers… which total hundreds of billions… that taxpayers have to pay.

Think of all the stocks in electric cars and solar, which have essentially been promoted by the government, that have lost hundreds of billions of dollars.

[SeekAndFind]

RE: what about the federal government?

Well, for one, they have the authority to PRINT MONEY. Men like Bankman-Fried and Bernie Madoff don’t.

[Taxman]

ping

[Dave Wright]

The only reason the FTX debacle was a fraud is because SBF didn’t have the federal government insurance like the FDIC banks do.

FTX investors deposited their BTC and ETH assets into FTX just like ordinary bank customers do with their paychecks. FTX turned around and pledged these deposits with dodgy high yield banks to get loans in dollars that SPF spent on political donations, luxury properties, and living large.

Ordinary banks take their deposits and make risky commercial loans and buy CMOs and bonds that lose value during inflationary periods. Both SBF and ordinary banks take people’s money to acquire loans and make stupid investment decisions that lose value and cause their lenders to call their loans and take ownership of the depositor’s assets.

The fraud is called fractional reserve banking. When you put your money or BTC in a bank it becomes the bank’s money. The antidote for this is to only deposit your assets into brokerage accounts that use independent custodians to hold your funds.
If the FTX investors understood what a custodian account was, they would still have their BTC and ETH.