Questions are being asked
<><> how FTX got federal approval to buy its stake in the Farmington mini bank.
<><>it’s hard to believe regulators would have knowingly allowed the crypto firm to do so.
Is the wigged mad Maxine, FTX campaign funds taker, Senate banking committee chair.....in on it?
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Here’s where it gets interesting. The bank, which had posted net income routinely with small quarterly losses over the years, started cranking out quarterly losses of $22k, $44k, then losses shot up to $558k, $576k, $1,085k, and finally a whopping $2.6MM loss in the most recent quarter. Meanwhile, there are equity injections commingled with the losses.
Pretty hefty losses.
<><>who was borrowing money that created the losses?
<><>were the losses in the bank’s securities trading account??
We demand a full accounting.
Contact Congress
U.S. House of Representatives:
* Telephone: 202-225-3121
* Website: http://www.house.gov/
U.S. Senate:
* Telephone: 202-224-3121
* Website: http://www.senate.gov/
What is the name of the fed regulator that signed off on the deal?
Quarterly salary and benefits was about $80k prior to 2020.
In the quarter ending June 30, 2022, that expense jumped to $1.2MM. And there was an unexplained $1.6MM in "Additional non interest expense." THAT is what drove that quarter's loss of $2.6MM.
Something is rotten in Farmington.