March 2024
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March 5, 2024

Financials Matter

"It's Not Just About Finance"

Who Could’ve Foreseen This?

It was inevitable.  But when meltdowns occur – like the FTX crypto disaster – the perpetrators are the first ones to cry out:  “Who could’ve foreseen this happening?”

And it’s usually followed up with: “I’m Shocked, I tell you…Shocked.”

I hate to sound like a broken record but this is the same reaction we got during the meltdown in 2008, the tech bubble in 2000, the crash in 1987, and every other time that no one wants to be accountable for the mistakes THEY made that caused most of the problems.

READ: Who Could’ve Foreseen This Happening?  March 23, 2020

And when events like FTX happens, you can rest assured that those who cry the loudest are usually the guiltiest.

Cue up FTX CEO Sam Bankrun-Fraud (SBF).

Question:  Do you know the difference between Sam Bankman-Fried and Bernie Madoff?

Answer:  Madoff didn’t grease the politicos like this kid did and with the Ukraine grift loop included.

As a result, SBF won’t go to jail like Madoff.

However, he may never live to testify and/or be Epsteined.

And now Enron liquidation veteran John J. Ray III has entered the fray.

Ray, who oversaw the liquidation of Enron Corp., said last week in a sworn declaration that he’d never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information.”

LOL!

He even called the chaos around the sudden FTX collapse “unprecedented.”

And speaking of unprecedented, just days after FTX’s lawyers accused Bankman-Fried of undermining the bankruptcy case in their First Day Affidavit…

Paul, Weiss, the law firm hired by SBF, effectively fired him as a client, citing a conflict of interest.

Although he declined to describe the conflicts.

 

Translation: It’s a long legal way of saying that they haven’t been paid.

But Who Could’ve Foreseen This?

 Let’s do some math here compared to Enron:

  1. FTX $98.3 million cash left
  2. Enron victims LEGAL FEES*… $688 Million (* Bloomberg News Sept. 9, 2008)

But the FTX victims need not worry.

Why?

The Queen of Financial investigations, Maxine Waters is now in charge investigating all of this FTX business.

LMAO!

https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409920

Translation:  Victims – including a multitude of Superstar Athletes and Celebrities – are screwed.

All kidding aside, we’re confident Maxine will wrap this up quickly so she can get back to doing what she does best.

And that’s telling her constituents to push back against MAGA fans now that Donald Trump is back in the presidential race.

Bottom line:  FTX is in deep with Ukraine money laundering, major political kickbacks to Democrats (including Mitch McConnel), and a host of other high level crimes involving the banksters and Boyz in the “Club.”

And this will only add to the madness we’ll see as Political Chaos in 2023 erupts.

Read about it (HERE).

And share this with a friend…especially if they own Bitcoin.

They’ll thank YOU later.

We’re Not Just About Finance.

But we use finance to give you hope.

 P.S.  Today’s meme is for all of you Conspiracy Theorists out there.

******************************

 

Sincerely,
James Vincent
The Reverend of Finance
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