‘This Company Was Uniquely Positioned to Fail:’ FTX Group CEO John Ray Testimony | WSJ

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  • Опубликовано: 22 дек 2024

Комментарии • 905

  • @gynat5968
    @gynat5968 2 года назад +50

    Poor Old Johnnie Ray - had to sit through a goggle of sundowning geriatrics asking the same questions over and over. The man has the patience of a saint.

    • @FizzleFX
      @FizzleFX Год назад +5

      Hey they tried to understand. Id explain happily if it means to lock up those scammers. A 100 times if I have to!

    • @lug.5329
      @lug.5329 Год назад

      a gaggle?

  • @knighttyme1976
    @knighttyme1976 2 года назад +98

    Amazing how fast they move when rich people are ripped off.

    • @carlosoliveira-rc2xt
      @carlosoliveira-rc2xt 2 года назад +8

      Absolutely!

    • @livesh684
      @livesh684 Год назад +2

      because they are accountable for themselves and efficient at doing so. we rely on a system that is purely meant to improve economy and the rest are just consequence of it

    • @keithpressley1642
      @keithpressley1642 Год назад

      lol

    • @9000ck
      @9000ck Год назад

      good point

  • @Carbonx007
    @Carbonx007 2 года назад +109

    When your sitting in front of congress answering questions not related to you and knowing anything you say can't and won't be used against you... has this homeboy chillin like a boss! Lol 😆

    • @venerable_nelson
      @venerable_nelson 2 года назад +13

      The way he brushed off that "How old are you?" question, like a boss.

    • @maximkravchuk2330
      @maximkravchuk2330 Год назад

      @@venerable_nelson timestamp is 1:05:33

  • @andrewmccoll1582
    @andrewmccoll1582 2 года назад +32

    None of this should have surprised anyone. People say SBF looked friendly and trustworthy - he always looked like a total fraud to me.

    • @gmcenroe
      @gmcenroe 2 года назад +5

      Many are willing to look the other way as to whether a fraud might be in place as long as they can get in and out with their own profits intact.

    • @maggiemoonpie2168
      @maggiemoonpie2168 Год назад +3

      When the president of the bank closes the account of his own bank two weeks prior... 🤔

    • @divinediva6320
      @divinediva6320 Год назад

      The smart elite from MIT and Stanford Tax Attorney parents are the real Crypto Villains in this Crypto Universe!

    • @dimitrifake53
      @dimitrifake53 Год назад

      Welcome to crypto.
      There was a coin that stated that it was scam and people still put thousands of dollars to it and guess what? They stole it as they stated they would.

    • @mad2barxhst
      @mad2barxhst Год назад

      His saintly look, simple attire of T-shirt and beach shorts, drove an inexpensive car, desire to give all to charity fooled everyone. Behind the scene he lived a lavish life in multimillion dollar home in the Bahamas,lavish dinners with friends and the list goes on.

  • @qilinwang5889
    @qilinwang5889 2 года назад +21

    "Crypto is just a garden of snakes", what a wonderful quote that is.

  • @kentnauman9863
    @kentnauman9863 2 года назад +36

    Testifying under oath means nothing to liars

    • @horsepower33
      @horsepower33 Год назад +1

      facts!!!!!

    • @FizzleFX
      @FizzleFX Год назад +2

      The punishment does increase though
      Let em lie.let em rot

  • @davidallman418
    @davidallman418 2 года назад +14

    When does this hearing expose which one of the people conducting this hearing received donations from FTX?

  • @ivanichiro7894
    @ivanichiro7894 2 года назад +114

    SBF made loans to himself. That is crazy.

    • @hw6271
      @hw6271 2 года назад

      Look at the guy. All it was was a schtick that people SHOULD have been able to see a billion miles away but silicone valley loves dirty, homeless looking snowflakes who pretend to live at their computer while playing league of legends.
      Truly pathetic. 🤷🏾‍♂️

    • @WeeSmokey
      @WeeSmokey 2 года назад +4

      His whole fortune was atleast 10xd

    • @ericwhittington91
      @ericwhittington91 2 года назад +22

      It's common practice for a business you create to make loans to you and for you to make loans to that business... the business is it's own entity unless its not treated as a separate entity. All loans are supposed to be accounted for though, on written record. This is an aspect for why they brought up resolutions, to see how the company is supposed to do this, but there was no resolution. So he took the loans without company approval and no resolution process which equates to fraud because he acted as the company without company approval, and took the money without company approval, which is also embezzlement

    • @yourmommashouse
      @yourmommashouse 2 года назад +3

      @@ericwhittington91 this isn’t your average business. The type of business matters. In this case, it’s completely unethical and illegal.

    • @ericwhittington91
      @ericwhittington91 2 года назад +6

      @@yourmommashouse it wasn't any type of business because it wasn't structured. You structure it with segregated bank accounts or wallets and create resolutions for how each account will be resolved. You make up the rules with : who, when, where, why and how money will be transferred into and out of each of them. This never happened. The only resolution found was the terms of service agreement that was never enacted or applied.
      The 'type' of business, is just however the business creator wants it to be taxed and which laws they want to govern their company.
      In this case, so far, it's only been mentioned that it was treated like a bank... a bank is only required to have 10% of customer funds and they are allowed to give out loans that are 10 times more value than the money they actually have... the money you put in your bank account, only 10% is kind of there... They're actually investing it themselves and loaning it out.
      The issue is, FTX was treated as a personal bank account with no segregation or resolutions... at the start of any business, the first thing done is to separate the business funds from your personal funds, this shows there is actually a business. This never happened and so it was never a legit business or any type of business

  • @GSuii
    @GSuii 2 года назад +77

    I wonder when the honorable chairwoman will give back FTX political contributions.

    • @nygeek6471
      @nygeek6471 2 года назад +7

      I wouldn’t have believed this comment until I saw the pictures of them hanging out together

    • @CaseNotesOnFile
      @CaseNotesOnFile 2 года назад +6

      @@nygeek6471 She was blowing him kisses last year like she’s number one FTX fangirl.

    • @_gatsby
      @_gatsby 2 года назад

      she couldn't even sit the whole time without going out for a nap.. she looks like a disgrace to be in that leadership position .. America has completely fallen apart from what i can see
      she will never give any money back.. politicians are known criminals and they never get in trouble or face consequences

    • @meklavier4664
      @meklavier4664 2 года назад +2

      did those republican who refuse regulation also receive political contribution?

    • @wupewakwalesa8014
      @wupewakwalesa8014 2 года назад +1

      Did she receive?

  • @smiill9516
    @smiill9516 2 года назад +98

    Starts at 18:00

    • @hw6271
      @hw6271 2 года назад +9

      Thanks. Only so much 10 second tapping one could do lol

    • @eenzturano
      @eenzturano 2 года назад +2

      Lol thank you

  • @gregvinson1
    @gregvinson1 2 года назад +119

    Sam not keeping records is not a sign of naivete or lack of business knowledge. It was deliberate to obfuscate details of their crimes. He is gonna continue with the "aw shucks , I'm no criminal. I thought I was smart but I'm just an idiot" narrative he has been crafting in interviews. The one thing he may have been dumb about was the possibility of market conditions going too far south and revealing his secrets.

    • @farmerjohn6526
      @farmerjohn6526 2 года назад +2

      Depends on how long he lasts in club fed.

    • @PapaDalbec
      @PapaDalbec 2 года назад +2

      *binance* revealing secrets. Perhaps foreign governments?

    • @ritad452
      @ritad452 2 года назад +3

      I don't get it. Weren't they auditted yearly. Don't companies get auditted yearly?

    • @benjamindunn9404
      @benjamindunn9404 2 года назад +5

      @@ritad452 lol not any in the 🇧🇸 Bahamas 🇧🇸

    • @ritad452
      @ritad452 2 года назад +2

      @@benjamindunn9404 omg. Why?

  • @davidmiller1376
    @davidmiller1376 2 года назад +40

    Some of these questions are utterly unfocused and have been answered multiple times prior to committee members asking them again. Some of these people, the chair included, read like primary school kids.

    • @hamzaabdirahman9606
      @hamzaabdirahman9606 2 года назад +5

      Bro I’m glad you noticed that too, how easily they turn a serious topic into a repetitive show for them to dial into us what they want us to hear and know 😂

    • @djpangburn7505
      @djpangburn7505 2 года назад +6

      Politics is theater.

    • @e-rockmixtapes4073
      @e-rockmixtapes4073 2 года назад +4

      Questions are read slowly as so everyone can understand. Not everyone has the same comprehension. Also, same questions, different people testifying.

    • @libelle8124
      @libelle8124 2 года назад

      Could it be due embarrassment, because all these parties happily donations from SBF?

    • @videomakville
      @videomakville 2 года назад +6

      It's unfortunately the nature of these hearings.
      The questions have to be read in such a way that people can't claim to misunderstand them after the fact. They also have to pose the questions to several individuals who may have different roles in the same issue. Then there is the part of asking exploratory questions, the answers to which may provide knowledge that no one had before hand.
      It's probably as grueling to participate in as it is to watch.

  • @Americansikkunt
    @Americansikkunt 2 года назад +33

    Maxine is like, “I lost a big portion of my savings in that scam!”

    • @crosstie417
      @crosstie417 2 года назад

      Maxine got paid. Ironic if she was an investor as well I mean it would make sense since ya know tax dollars go to Ukraine and Ukraine filters the tax dollars through ftx and the value of ftx goes up everytime it happens and they all get paid from the increase and get donations from titsmcgee fried over there and I know I know tell me she's a savvy investor with her finger on the pulse of the crypto market and had no idea what was happening she just happened to lose her life savings boosheeeeit buuusheeeit booosheeeuh. Beach got paid son. Millions of times over like they all did.

    • @tracyjohnson737
      @tracyjohnson737 2 года назад

      you could Tell those people in that courtroom were passionate. I heard a lot of politicians lost a lot of money in there. Blows my mind how he got so much trust and had so much going and then just f***** it all up from being an idiot. Greed greed the devil's tool.... Look at all the troubles stirred up and all the negative vibes...it's caused. People's wives are freaking out cuz they lost all their savings "got dammit, I told you not to buy that Tom!.. now what are we going to do? you gambled away all our money, Who knows what all evil or bad things happened, are happening and will happen, because of this scandle... What an a******. Dude will probably end up like that Epstein dude.

    • @Americansikkunt
      @Americansikkunt 2 года назад

      @@tracyjohnson737 normal people lose their savings on bad investments ALL THE TIME.
      The Elite only care because it’s THEIR money (and their agenda depends on it).
      AND, Sam Bankman Fried got his bail of $250 million posted! Largest bail posted in history!
      Clearly, this guy was a sweetheart facilitator for The Elite:
      Democrats,
      Hollywood,
      Military-industrial complex (think Ukraine)….
      I really think The Elite were all so heavily invested,
      and SBF was a crucial facilitator (of currency, via his scam),
      that it’s will greatly affect global socio-economic issues (again, like Ukraine).
      (I wish I could be more specific, but I don’t know who invested what,
      which companies is funding what, etc,
      so I’m JUST speculating)

  • @klb097
    @klb097 2 года назад +7

    Some of these people asking questions just to hear their own voices

  • @100percentreturns
    @100percentreturns 2 года назад +8

    no question about politcal donations????

  • @juliearcand2358
    @juliearcand2358 2 года назад +19

    I've been watching all day. Poor Mr Ray looks exhausted by now!!!!

  • @dove1965
    @dove1965 2 года назад +4

    Maxine give the money back you received …. Tell Joe to give his back too.

  • @thegreatbambino3358
    @thegreatbambino3358 2 года назад +9

    His arrest wasn't unfortunate, it was to keep him from testifying. He'll be denied bail as well

    • @whatsgoodinthehood
      @whatsgoodinthehood 2 года назад +1

      Wrong! As unbelievable as that seems he is out on bond. He was flown by private jet to stay in his parents home awaiting his judicial proceedings.

    • @orwellknew9112
      @orwellknew9112 2 года назад

      He is charged with committing criminal acts, which it looks very much like he did. His arrest had nothing to do with not testifying to this committee.

    • @mimih23
      @mimih23 Год назад

      This aged well.

  • @ZorroDaddy
    @ZorroDaddy 2 года назад +15

    If politicians done their jobs and regulated it, all this wouldn't have happened, but sadly Regulators, decided to play head in sand, harming millions of Americans and many are Veterans and seniors. Regulators should have been as the main source of all this debacle.

    • @whalehunter3214
      @whalehunter3214 2 года назад +1

      Poor Americans, they obviously deserve precedence in this matter, since there's little mention of the most likely 10x more 'foreigners' who won't recieve a penny!

    • @burgsymalone8269
      @burgsymalone8269 Год назад

      They didn't play head in sand, they planned this and even took money from SBF. They aren't here to talk about regulation, they are here as a formality bcos they have to.
      The capitalist way. School massacres and they come out to talk about sensible gun laws for a minute but never do it, until the next shoot out and the cycle continues.
      Same thing with drug cost and big pharma. When politicians donors are threatened, they act in the interest of their donors and not in the interest of those been killed or those losing money or those who can't afford drugs (insulin) etc. Suffice it to say, half the people in this room are evil.

    • @player400_official
      @player400_official Год назад +2

      Those politicians happily accepted SBF’s money…

    • @ZorroDaddy
      @ZorroDaddy Год назад

      Yes, nothing like OPENLY TAKING BRIBES @@player400_official

  • @kenndjohnson
    @kenndjohnson 2 года назад +3

    All the politicians that took the money should step down.

  • @j.c.4192
    @j.c.4192 2 года назад +17

    Let's haul all of them to jail. Including their parents. There is no way they were not involved in someway or another.

    • @forbesy33
      @forbesy33 2 года назад +2

      If SBFs parents received illicit funds then that's money laundering

    • @ALT-vz3jn
      @ALT-vz3jn 2 года назад

      I’m sure you’re right. They were way too involved with their little angel’s scam.

    • @KKOPPONG
      @KKOPPONG 2 года назад

      Then Move to North Korea.

    • @j.c.4192
      @j.c.4192 2 года назад

      @@ALT-vz3jn now it explains why he said the beach houses under their parents name were meant for employees. Now it is discovered the parents were employees on the payroll for a year.

  • @n00n1n
    @n00n1n 2 года назад +8

    She called her the "gentlewoman" 🤣🤣🤣

  • @hitvish
    @hitvish 2 года назад +35

    Wow. This is crazy. "He signed as the issuer and the recipient of the same loan" lolll SBF is gonna go in for a while. If our justice system still works.

    • @nulnoh219
      @nulnoh219 2 года назад +2

      Left hand lending to right hand.

    • @_gatsby
      @_gatsby 2 года назад

      he def is, Caroline might get a great deal.. but i just hope SBF doesn't end up in minimum security country club prison.. that would make the whole system look like a joke set up for the elites with money

    • @1b0o0
      @1b0o0 2 года назад

      It’s a big if, let’s see.

    • @hexicanthegreat6859
      @hexicanthegreat6859 2 года назад

      This is standard practice if your an officer of both entities - not a big deal as long it's an "Arms length transaction."

  • @rd-cv4vm
    @rd-cv4vm 2 года назад +18

    Sbf was presented as a genius,now he is presented as some casual doing mistakes😂

  • @jordandavid8653
    @jordandavid8653 2 года назад +13

    When they say “creditors,” they’re worrying about their rich brethren; if you lost your $15,000 nest egg, you’re screwed.

    • @NoDJT
      @NoDJT 2 года назад +4

      It is a common financial term. Don't get involved in investing if you are financially illiterate.

  • @michaelashby9654
    @michaelashby9654 2 года назад +45

    Moonstone bank is a fascinating rabbit hole. A tiny rural bank has ties that are rather surprising. But nobody in the US government paid attention. But try to pass $600 to a friend for a BBQ and the IRS is all over it. Priorities of the US government...

    • @michaelfinger6303
      @michaelfinger6303 2 года назад

      its going to get worse the whole thing here is a sham they let this go on purpose, soon they will regulate it and make a digital dollar and then bammm full government control over every aspect of your life, if you behave you might eat, if you dont you wont eat for sure...

    • @ALT-vz3jn
      @ALT-vz3jn 2 года назад +3

      Yeah I will never understand how they’re able to get away with so much.

    • @bobbybrooks4826
      @bobbybrooks4826 2 года назад +1

      @@ALT-vz3jn it's CALLED crime....you just don't understand How big crime is and who ALL ARE involved

    • @mimih23
      @mimih23 Год назад +1

      Just learned about the bank today!!

  • @C-Rocks
    @C-Rocks Год назад +1

    Why don't they agree on a set of questions beforehand like regular people, instead of individually pontificating --it's such a waste of time! the system is so antiquated

  • @joeb6947
    @joeb6947 2 года назад +14

    love to see a list of congressmen and senators who invested then pulled out made profits before the collapse

    • @markmeyers7184
      @markmeyers7184 2 года назад +1

      congressmen pulled out

    • @mad2barxhst
      @mad2barxhst Год назад

      Interesting thought. Could these politicians profiting from such investment be a form of payoff. Others who had no political clouts lost thousands or millions.

  • @aleksbakman7562
    @aleksbakman7562 2 года назад +5

    Sam Bankman Fried had donated millions to the election campaigns of both Republican and Democratic party representatives and senators.
    Can we have the list please?!

    • @FizzleFX
      @FizzleFX Год назад

      Not important
      Compared to the bribery by the NRA it's a drop in the water

    • @mad2barxhst
      @mad2barxhst Год назад

      Sounds like a payoff to keep politicians off his back.

  • @kathleenmiedema6894
    @kathleenmiedema6894 2 года назад +6

    Why do I feel those same allegations should be leveled against the very people involved in this hearing?. Could it be the complete failure of accountability from these same folks with respect to their fiduciary responsibility to the American taxpayers?

  • @andymullarx6365
    @andymullarx6365 2 года назад +8

    Just cut to the chase. FTX was like everyone else in the financial sector. It's a group of unscrupulous people determined to make the most money they can while doing the least amount of work. Others labor to enrich them and they're just fine with it.

    • @FizzleFX
      @FizzleFX Год назад

      This ...and they were idiots.

    • @player400_official
      @player400_official Год назад

      SBF didn’t make the money. He stole it.
      He used a backdoor to access money that wasn’t his and just took it. That’s plain old theft.

  • @libelle8124
    @libelle8124 2 года назад +44

    I find it so strange and also totally out of order, that some members of this committee treat Mr Ray as if he was the culprit. Seems to me that they are not very well informed about the whole thing, but even they're not totally on the ball, they should know that Mr Ray is trying to help to unravel this whole mess SBF has created, from whom some political parties happily accepted donations, btw, and therefore Mr Ray deserves respect and not being treated like dirt.

    • @zedzed5276
      @zedzed5276 2 года назад +8

      Wonder if the same thing happened when he was sorting through Enron.

    • @libelle8124
      @libelle8124 2 года назад +5

      @@zedzed5276 No idea, would be interesting to see that footage to compare, though. Glad it wasn't just me who noticed their strange behaviours, so thanks for your comment. I was even wondering, if some of them are sweating in case they had accounts there themselves lol

    • @ALT-vz3jn
      @ALT-vz3jn 2 года назад +9

      I didn’t find this. It’s perfectly normal for the lawmakers to grill Mr. Ray in order to validate that he’s the correct person to try to unravel the scam and get whatever is left of the company properly structured. Maybe you need to dial down your sensitivity.

    • @sskoog
      @sskoog 2 года назад

      Many of these committee-members did not write their own questions -- they are surrounded by aides (and, yes, special interests), and only rubber-stamp approved their speaking documents beforehand. They're also piggybacking some of the aggressive questions they intended for Sam Bankman-Fried, just so as to get it out "on air" -- in effect, performance art.

    • @credulousmaister5530
      @credulousmaister5530 2 года назад +3

      I think they did know that, but they just wanted to get as much information out of him as possible.

  • @CrocodileWhispers
    @CrocodileWhispers 2 года назад +11

    Just incredible how much money this "Exchange" raised in such a small amount of time. Started in 2019? And not to track anything? Wow... and this is the new financial world we are expected to look forward to...

    • @moneypro85
      @moneypro85 2 года назад

      Don't worry. Only a man of his color, education, and lineage can get away with this. That cuts down the possibility to literally every one on wall street and silicone valley 🫠

    • @johnconnor2572
      @johnconnor2572 2 года назад

      SBF doesn't represent the broader crypto space in the slightest. He represents the same traditional finance fraudsters that have been robbing people blind for decades already

    • @burgsymalone8269
      @burgsymalone8269 Год назад +2

      It is not a new financial world. It is a consequence of how we vote. Innovation is too fast for regulators, and these are side effects of non clarity or no regulations.

  • @phillipwhitley6749
    @phillipwhitley6749 2 года назад +2

    wow when it rain it pours greed can destroy anyone this is a teachable moment

  • @meetmonkey10
    @meetmonkey10 2 года назад +19

    It’s nice watching a non-partisan process for a change, but I expected members of that committee to be more knowledgeable and be able to ask another question when the one in front of them had been answered thoroughly.

    • @ALT-vz3jn
      @ALT-vz3jn 2 года назад +1

      You’re not wrong. A few hours of watching some very detailed videos made by great finance RUclipsrs and they would be up to speed. Just shows that certain of these lawmakers aren’t familiar at all with high tech businesses.

    • @chrisfraser3435
      @chrisfraser3435 2 года назад +11

      They don't want to know the answers or they already know the answers. They all took FTX money.

    • @Ghostasm
      @Ghostasm 2 года назад +1

      Non-partisan? SBF donated large sums to most of the people on that committee. The chair of the committee received six figures from him in the lead up to elections. They're moving quickly to avoid it being covered by the next committee when the House changes hands. If a light ruling is meted out now, then a heavier one is avoided later.

    • @SNOwyte
      @SNOwyte Год назад +1

      Watching maxine waters try to explain crypto-fraud is hilarious

  • @MRrealpolitik
    @MRrealpolitik 2 года назад +13

    The honorable charwoman actually took campaign contributions from Sam Bankman Fried. Isn't that a conflict of interest ?

    • @ram0666
      @ram0666 2 года назад

      Im sure she didnt know the guy was a thief but whar im also sure is that money somehow is long gone and wont be given back to victims. I would be surprised if the dems put him in business just to fund their campaigns not caring about the crime and setting him up to fail. These people are control starved and will stop at nothing to control the most powerful country/empire ever. Surprising what people have done to their own people or others in the past to control the world. This just a tax if you really look at it and would be low on the scale of the worst things controllers of the world have ever done.Patsy is a Patsy whether he was intended to be or not.

  • @ruth2nice0769
    @ruth2nice0769 2 года назад +41

    We have a bunch of idiots in Congress. They keep asking Mr. Ray the SAME thing. They think that if they ask the question another way he is going to divulge information he doesn't want to, cannot , or is not qualified to divulge. SMH!🤔

    • @RemMossey
      @RemMossey 2 года назад +9

      I agree, it's infuriating. They just dont get what they're even asking half the time and can't alter the pre-made questions they were given. I imagine someone on their team with a basic but still stronger understranding gives them a bunch of questions that maybe make sense at the time, if they're the only set of questions being asked, except when you have that process repeated 9 times you get the same 9 generic questions that are immutable because the person asking isn't smart enough to adapt

    • @phoebejl
      @phoebejl 2 года назад +4

      Rephrasing previous questions to segue or getting another perspective is pretty normal. These congressman are also here to give their opinion and will use previous statements and make sure they are in the mind of their colleagues when they speak. Government is always a tug of war so pushing certain ideas and making sure they have the most power is how you actually get change to happen.

    • @PFULMTL
      @PFULMTL 2 года назад +1

      @@phoebejl yep, I've been a witness in a trail. Repeated questions are normal shakeout.

    • @calebyourmaster
      @calebyourmaster 2 года назад +3

      Then you have no idea how this works. You rephrase questions to see if there’s any change in the story.

    • @RemMossey
      @RemMossey 2 года назад

      @@calebyourmaster you get that the guy being questioned is on their side, right? They aren't trying to poke holes in his story.

  • @moormagic1
    @moormagic1 2 года назад +1

    Wait a minute, I saw a video of Maxine blowing a kiss at Bankman-Fried. Now she gonna act like she don't know him...lol.

  • @orwellknew9112
    @orwellknew9112 2 года назад +36

    A committee chaired by Mad Max? That alone is a frightening thought. So far I’m impressed by how dumb this committee is.
    On a more serious note, it seems to me that all parties who received donations from SBF should be considered in possession of stolen property, until proven otherwise. They should all be required to return everything they received from SBF. I hope no one on this committee was either an investor in FTX or a recipient of donations from SBF as that would be a potential conflict of interest.

    • @player400_official
      @player400_official Год назад +1

      Pretty much everyone in the House was a recipient of SBF donations. How else do you think he managed to run the con so long?

    • @69weed.420
      @69weed.420 Год назад +1

      ​@@player400_officialyeah that's um actually, I'm sorry to say, is FACTS 💯

    • @SenjiaMurtic
      @SenjiaMurtic Год назад

      Same old school fraud and same old school investigation held by the same old committee reps.. I mean how else do they get away lol

    • @Ryan_Christopher
      @Ryan_Christopher Год назад

      So basically discard the Right to Presumption of Innocence and Right to Due Process then?
      Let’s trash the rest of the Constitution while we’re at it, no?

  • @twinunicorns
    @twinunicorns 2 года назад +7

    I'm confused on why SBF is unable to testify now that he had been arrested. Shouldn't it be easier to get him to testify now?

    • @nameofthegame9664
      @nameofthegame9664 2 года назад +5

      He is now under legal jurisdiction accused of committing crimes. The only legal way to force him to testify is in a court of law. He could of course do it willingly but he now have a legitimate reason to decline because it could further incriminate him and I’m pretty sure his lawyers would advise against it.

    • @gmcenroe
      @gmcenroe 2 года назад

      My guess and opinion is that they are warming up Epstein's jail cell for SBF so that when he is gone no corrupt politician who received funds from FTX will be held accountable for their gains and the end result is that we will learn no lesson from this fiasco.

    • @ram0666
      @ram0666 2 года назад +3

      @@nameofthegame9664 There is no way to force him to testify. He has the right to stay silent.

    • @mad2barxhst
      @mad2barxhst Год назад

      He has the right to remain silent and give you that saintly look that he did nothing wrong. Meanwhile he’s laughing at all the fools who poured money into his crypto exchange and be able to treat himself and/or his parents with multimillion dollar homes in the Bahamas and live a life of luxury. All the choreographed interviews fooled a lot of investors of their hard earned cash or lifetime savings. Cryptocurrency investing is another get rich quick scheme.

  • @hartdr8074
    @hartdr8074 2 года назад +28

    I like John Ray's voice. He's so calm. He can sleep beside me and whisper nonesense until I doze off.

    • @emailuser8668
      @emailuser8668 Год назад +1

      The problem is he's also a crook billing the bankruptcy proceeding for FTX at $1,300 an hour for the so called restructuring work he's leading. That money is coming from FTX's remaining assets that should instead go to customers who currently have nothing in their accounts. The idea that he's a hero is false, this guy has become extremely wealthy restructuring firms that not only went bankrupt, but liquidated out of business permanently.

  • @gottagift
    @gottagift 2 года назад +138

    Thank you Wall Street Journal for this coverage. Considering how many people who were injured by FTX, it is good to know that a simplified understanding of what happened can be delivered to the public.

    • @e-cuauhtemoc
      @e-cuauhtemoc 2 года назад

      All part of their plan to force CBDC's upon us. And please don't ask me what CBDC's are...look it up. It's the antithesis of good crypto like Bitcoin.

    • @andrewpipitone1572
      @andrewpipitone1572 2 года назад +10

      How about all the millions paid to stars and wealthy people to promote FTX return the monies. It's an idea. I'm not sure it be right or wrong.

    • @gottagift
      @gottagift 2 года назад +3

      @@e-cuauhtemoc I have a feeling too many in Congress would be opposed to Crypto Based Digital Currencies. As one spokesman put it during this hearing, "They are no better than pet-rocks."

    • @gottagift
      @gottagift 2 года назад +2

      @@andrewpipitone1572 Where they were paid in the form of FTX tokens?

    • @MuiKaHo
      @MuiKaHo 2 года назад +1

      @@andrewpipitone1572 you would need to sue them for it.

  • @cheyennebodene2860
    @cheyennebodene2860 Год назад +6

    How many times have they claimed we can’t let this happen again ?

  • @danielwoodel8402
    @danielwoodel8402 Год назад +1

    Wait a second... isnt the Chair envolved in all this. Didnt she receive donations directly from FTX?

  • @M.-.D
    @M.-.D 2 года назад +5

    Nothing more than grandstanding and signalling.
    Few questions were interested in understanding and challenging their previously held ideologies.
    SBF clearly demonstrated a level of disregard that has rarely seen parallel. He is charged under existing laws, suggesting it is not a lack of laws that allowed it to occur.

  • @salsaandmulligans1492
    @salsaandmulligans1492 2 года назад +2

    It’s unfortunate that California’s representatives are so ignorant.

  • @gregchambers3365
    @gregchambers3365 2 года назад +5

    Like to see the flow charts showing the location of all the money 💰.

  • @mimih23
    @mimih23 Год назад +1

    ".. rest assured that this committee will not stop until we uncover the full truth behind the collapse of FTX." Ummm y'all completely missed it and may in fact be complicit.

  • @forbesy33
    @forbesy33 2 года назад +17

    SBF we run a sophisticated risk management system
    Also SBF we run QuickBooks

    • @MRrealpolitik
      @MRrealpolitik 2 года назад +3

      There's already memes of that on twitter

    • @forbesy33
      @forbesy33 2 года назад +1

      @@MRrealpolitik show me the memes I need them in my life right now

    • @hajime2k
      @hajime2k Год назад

      QuickBooks Enterprise probably would have worked for entities like Alameda Research.
      To be honest no accounting system would work when foxes have keys to the hen house.
      I would hate for folks to lose money, but as the saying goes, buyer beware. SBF likely has a list of his cold wallets stored somewhere. He surely has much more than 100k to his name.

  • @jppryer5982
    @jppryer5982 Год назад +2

    Is everybody paying attention ? Every one of these individuals is wasted . This is getting obnoxious and embarrassing. This isn’t acceptable . You are all witnessing them running us off a cliff . Geronimo !

    • @Jotkickz
      @Jotkickz 8 месяцев назад

      do you really think they are all drunk/on some drgs?? I assume they are but i really want to study/prove this but im genuinely curious if its that “obvious” to others

  • @allottashit8118
    @allottashit8118 2 года назад +7

    It is BEYOND me why you would hold assets of ANY substance on the exchange rather than in a cold wallet... I’m assuming SBF and his cronies did not hold their assets on the exchange

    • @sethmacomber3497
      @sethmacomber3497 2 года назад +2

      They held both in exchange and cold wallets

  • @mschroed99
    @mschroed99 Год назад +1

    Steal from the cookie jar? Exactly what the hypocritical politicians do.

  • @Mazalore
    @Mazalore 2 года назад +6

    “Quickbooks?!” 😂

    • @tactileslut
      @tactileslut 2 года назад +1

      Where incredulity was expected I heard confusion, as if she didn't know what it was.

    • @FizzleFX
      @FizzleFX Год назад

      ​@@tactileslutI also think she doesn't but I think the implications by Mr Ray says it all.
      He talks about QB like an adult looking at a toy telephone or easy bake oven for kids.
      It's kinda fun and kinda works to some degree but an adult wouldn't know what to do with it.
      I suppose it's possible she knew all to well what QB is so her stunned reaction makes sense. It's kinda hard to tell...
      There also is a chance fridge magnets were used

  • @adamskinner5868
    @adamskinner5868 Год назад +2

    I wonder why they decided to arrest SBF the day before he was to give evidence in front of the public? Perhaps they didn't like the things he might have said???

  • @Scheffie3
    @Scheffie3 2 года назад +96

    I am so glad that I sat through the whole 4 hours. The exchange between the last congressperson and the speaker was hilarious.

    • @rafalzxz
      @rafalzxz 2 года назад +4

      can you timestamp ?

    • @rafalzxz
      @rafalzxz 2 года назад +2

      uh i see now :)

    • @bradmyers7109
      @bradmyers7109 2 года назад +17

      @@rafalzxz 3:41:17. Enjoy.

    • @_gatsby
      @_gatsby 2 года назад +10

      i just scrolled the comments looking for that to be mentioned.. that was wild..

    • @LinusWelt
      @LinusWelt 2 года назад +11

      I don't trust any of them, especially the ones from the Donkey party.

  • @TheDavidlloydjones
    @TheDavidlloydjones Год назад +1

    Am I alone in thinking there is something uniquely stupid about a committee chair saying "I'd like to now recognise myself..."?

  • @peterzinya407
    @peterzinya407 2 года назад +8

    Hey Maxine, how much did Sam give you? Are you gonna give it back?

  • @rustleinthebushes6065
    @rustleinthebushes6065 2 года назад +2

    FACT : if FTX only had investors from us civilians and not the elite then no action would of taken place

  • @masterandmargharita
    @masterandmargharita 2 года назад +30

    So this chair woman created a group to look at crypto technology last year, precisely for the issues that caused FTX collapse ? Well what a waste of time that group was, as it did nothing. In fact it actually predicted the actions that happened, and knew it was going to happen, and then watched it happen, and now expects us to be impressed by that ?

    • @JohnP538
      @JohnP538 2 года назад +10

      When you donate millions of dollars to both political parties they don't care if your accounting is done in crayon.

    • @hw6271
      @hw6271 2 года назад +4

      @@JohnP538 bingo! He spread the money and everyone looked away

    • @JohnP538
      @JohnP538 2 года назад +3

      @@hw6271 If any of them had a soul they would be scrambling to return the money.

    • @cryptochik7573
      @cryptochik7573 2 года назад

      @@JohnP538 more 1B of customer’s funds to democrats. Republicans got the short end of that stick

    • @theonlyconstantischange123
      @theonlyconstantischange123 2 года назад

      @@JohnP538 provably millions to Democrats, allegedly millions to Republicans via "dark" pathways

  • @eliara-thevoice8430
    @eliara-thevoice8430 2 года назад +2

    It's all a game...by design. No one will go to jail. The justice system is beyond broken.

    • @FizzleFX
      @FizzleFX Год назад

      This only holds true for rich people. Sam is out of cash. It's time for the blame game.

  • @kathyandrew3357
    @kathyandrew3357 2 года назад +1

    YOU WORK FOR 40YRS TO HAVE $1M IN YOUR
    RETIREMENT, MEANWHILE SOME PEOPLE ARE PUTTING JUST $10K IN A MEME COIN FOR JUST FEW MONTHS AND NOW THEY ARE MULTIMILLIONAIRES.......

  • @katestevenson9563
    @katestevenson9563 2 года назад +2

    Why was waters attempting to block the Farmington bank info not the record

  • @arjanv45
    @arjanv45 2 года назад +8

    "Did FTX have sufficient risk management systems?" Brilliant question.

    • @moneypro85
      @moneypro85 2 года назад +3

      He literally started off the conversation saying it didn't. These questions are laughable

  • @cateelisabethlsn6400
    @cateelisabethlsn6400 2 года назад +2

    What do they say? We should send a message to everyone out there that these scams will not be tolerated....
    We take scammers out of prison and send them home for Christmas 🤢🤢🤮🤮🤮🤮

  • @anindyachakrabarty3710
    @anindyachakrabarty3710 2 года назад +7

    John Ray kinda gives DeNiro vibes

  • @jw9366
    @jw9366 2 года назад +1

    Who ever gave him money deserved to lose it. Just look at him. A cross between George Castanza and aQ-Tip

  • @louisehoff9467
    @louisehoff9467 2 года назад +3

    Should House financial committee meeting chairman be taking such large "donations" from guys like Sam B.F.? Was he counting on favorable treatment/protection by the high ranking, well-positioned democrats like Biden and Waters?

    • @NoDJT
      @NoDJT 2 года назад +1

      No, they should not. It is unethical. Neither party should accept donations from companies that would influence their decisions to the advantage of those firms. We have to get big money out of politics. The Supreme Court made an unethical decision regarding Citizens United. It doesn't even have a Code of Ethics.

  • @kelleydennis2817
    @kelleydennis2817 2 года назад +1

    Didn't this woman take money from FTX and Mr Sam man?

  • @cryptochik7573
    @cryptochik7573 2 года назад +42

    Rep Emmer excellent points!!!! Must be difficult to have to work with such levels of ignorance from your fellow senators. Failure occurred due to the centralized authority in the case not the asset.

    • @Galworld761
      @Galworld761 2 года назад +7

      Assets are only worth the price someone is willing to pay. And 99% of people are willing to pay nothing for a coin. Why? Because you can’t be a currency and an investment simultaneously. Ridiculous and worthless at the moment.

    • @12labours59
      @12labours59 2 года назад +4

      People speculate, arbitrage, trade in and hold currency world wide as investment opportunities correct? 🤷‍♂️
      But to your point, you aren’t wrong either. The biggest problem with most people who speak to blockchain and the wider sector is that they don’t actually understand how it all works.
      That was so obvious with several of the speakers.
      We need people that criticize to understand what the sentences that come out of their mouths mean.

    • @ericwhittington91
      @ericwhittington91 2 года назад +2

      @@Galworld761 well, not until blockchain technology... the design allows for simultaneous use depending on how one decides to program it. It holds the ability to be more than two things at once, just as your phone is also a computer, a recorder, a streaming device, an investment, a commodity, and use to transact currencies... it's not a phone but a plethora of things, depending on how it's coded and designed

    • @12345langham
      @12345langham 2 года назад +1

      @@12labours59 I'm sure most people who used FTX would have told you they were 'informed', but here we are.

    • @12labours59
      @12labours59 2 года назад +2

      @@ericwhittington91 well said. The tech is really hard to wrap your head around at first. Especially if you aren’t willing to give it honest effort.

  • @brawny4485
    @brawny4485 2 года назад +1

    Now give back all the money he donated to all politicians to the people who lost it

  • @jazzy41265
    @jazzy41265 2 года назад +3

    Miissing dollars?? Yeah its in your campaign funds!!!

  • @lifeinsurancecareerfactsan808
    @lifeinsurancecareerfactsan808 2 года назад +2

    Love the pic of SBF and Maxine

  • @guysfinancex
    @guysfinancex Год назад +5

    This hearing is crucial to uncover the truth about the collapse of FTX and the harm caused to customers. We need to prevent this from happening again.....

  • @davidnorth3411
    @davidnorth3411 2 года назад +2

    Starting At 1:34:50 pay careful attention to these questions for people in control positions leading a crypto marketplace , “it’s important to understand what happened in this FTX collapse “ . This should be paramount over all . Uncloak the marketplace for all to understand the fraud .

  • @bbsonjohn
    @bbsonjohn 2 года назад +6

    "Are users engaged in simple exchange of assets? Or are users engaged in leveraged complex transaction?"
    "YES"

    • @mad2barxhst
      @mad2barxhst Год назад

      They leverage on the hype that increases/decreases erases the value of their crypto currency investment. Some days the cryptocurrency has more ones and zeros, other days fewer ones and zeros. Nothing of tangible value.

  • @hollowcostrefuter1304
    @hollowcostrefuter1304 2 года назад +1

    I think Maxine is still angry from that house landing on her sister from the east

  • @RealFeminineEnergy
    @RealFeminineEnergy 2 года назад +9

    How can they get away with this??? Why aren’t they held accountable???

  • @MrHoneybeeScratcher
    @MrHoneybeeScratcher 2 года назад +2

    This is what happens when RICH people get GREEDIER...I'm laughing at all the money rich people lost!

  • @markflolid5930
    @markflolid5930 Год назад +5

    It would be helpful if our law makers knew something about taking excessive financial risk vs financial fraud.

  • @ReallyGoodBadBoy
    @ReallyGoodBadBoy 2 года назад +1

    A bunch of crooks investigating a bunch of crooks. I don’t see the difference between Sam typing numbers into a computer, and these people signing a funding bill to print fiat currency. It’s real rich these people think they have the moral high ground, and give their little speeches of righteousness.

  • @franquely748
    @franquely748 2 года назад +5

    I guess Waters is not going to expand on how much of the billions of dollars that were donated to the Democrat party by FTX. The Last time we saw Waters with SBF she was blowing him kisses from the house floor. I can only imagine what THAT was all about???

    • @ram0666
      @ram0666 2 года назад

      You would thing the Dems would have to give the money back. Reality says what money.

    • @PortsladeBySea
      @PortsladeBySea 2 года назад +1

      I’ve heard that $40 million was donated to the Democrat Party and another $40 million to the Republican Party. That way any discussion about investigation, or regulation, was stifled. Questions put forward we’re complex and would have required a vast amount of time, and therefore money, to reply to. The FTX Group were cunning , clever and knew how to work they system 🫢🤣👍

  • @wipple2156
    @wipple2156 2 года назад +2

    That's right Waters investigate yourself ... investigate yourself hahahahhahaha

  • @Kevin-rs1uu
    @Kevin-rs1uu 2 года назад +4

    She has some nerve chairing g this, she got $$$$

  • @janierocampbell459
    @janierocampbell459 2 года назад +2

    SBF is their scapegoat. Why do guys like this always have 3 names?

  • @barbdwyer7001
    @barbdwyer7001 2 года назад +3

    Maxine should talk.🤣

  • @borasolutions
    @borasolutions 2 года назад +1

    If Trump was involved with this would Maxine waters be this cordial? I have never seen her this cordial.

  • @KKOPPONG
    @KKOPPONG 2 года назад +9

    If Mr Ray is the current CEO of FTX and is digging up the activity then who’s the current CEO of Alameda Research digging there as well?
    We need to know what they did with the money, what trades were they drowning from? Who’s responsible what trades and what amount. BRING CAROLINE!!!!!!!

  • @FizzleFX
    @FizzleFX Год назад +1

    I bet Ray would love to talk free from the hip. At times you feel like he wants to ramble on whats wrong with those kids but just cant. A shame, really... he seems like a fun guy

  • @deenibeeniable
    @deenibeeniable 2 года назад +3

    No kisses for SBF today, eh MadMax??

  • @tyronevincent1368
    @tyronevincent1368 2 года назад +1

    Congress should return the millions in campaigns funding paid with probably investors 🤑. Then DOJ should question the father Stanford law prof who helped his son start up ftx

  • @TreYay83
    @TreYay83 2 года назад +5

    This is all scripted. Weren't all these people just hanging out with each other. Including fried?

  • @MrMattandy3
    @MrMattandy3 2 года назад +3

    Sam is going to jail for a long time.

  • @keithshowell6688
    @keithshowell6688 2 года назад +2

    More evidence that when selling a dream, the public often fails to wake up in time to read the fine print as they once did as children by reading the side and backs of cereal boxes. Marshmellow charms and leprechauns but without a pot of gold at the end. I always recommend reading "Extraordinary Popular Delusions and the Madness of Crowds" by Charles Mackay before invested in anything that sounds too good to be factually true.

  • @karl-ericknicoueb8328
    @karl-ericknicoueb8328 2 года назад +9

    36:07 "Crypto is a garden of Snake" That's kill me!!!!

    • @johnconnor2572
      @johnconnor2572 2 года назад +2

      The halls of congress are the real garden of snakes

  • @athena_the_hun1097
    @athena_the_hun1097 Год назад +1

    Polithan having to cover for their scam donor and look tough at the same time - awful acting

  • @trentonscism
    @trentonscism 2 года назад +19

    Well this was a whole lot of effort to answer very few questions.

    • @NOLA-vv3sz
      @NOLA-vv3sz 2 года назад +5

      This guy could never really answer much. He is trying to figure out what assets, if any, are left. He is the forensics guy coming in after the fact. It is more to establish the case on SBF (that is if he ever actually makes it to trial).

    • @dertythegrower
      @dertythegrower 2 года назад

      Maxine is LINKED to Sam! That is why this happened but Wsj has no idea

    • @dertythegrower
      @dertythegrower 2 года назад

      It's a cover up, pretend.. just like their j6 coverage.. bias and laughable nonsense

    • @mb6913
      @mb6913 2 года назад

      The one who ask "Quickbooks?" probably doesnt even know what quickbooks is😂😂😂 They are dinosaurs alright😂😂

  • @rob8823
    @rob8823 2 года назад +2

    This is a failure of regulators. Result: They will add more regulations to put down whoever they decide while letting the connected donators ride.

  • @12labours59
    @12labours59 2 года назад +41

    First, thank you for the work everyone has done to bring this to the front line.
    Second, and respectfully, some of the responders are so illiterate concerning this new technology that it was hard to watch.
    Anyone who says that crypto “generalized” aims to be a new currency in competition with the dollar, or that the only use for blockchain is for money laundering or “generalized” criminal actions have with those statements lost the right to have an opinion on the matter.
    Clearly, they haven’t spent a second of intellectually honest time trying to understand what’s going on in the sector.
    It reminded me of my father telling me not to waste my time with those computers because they were clearly a fad that would die out like bell bottom jeans, and that they would not help anyone do anything in life except waste time.
    You guys are our law makers. We deserve better. We expect better.

    • @weazel4945
      @weazel4945 2 года назад +12

      In the sector? And what sector would that be? Please tell me you're not saying that crypto is a "sector". You people are just like the executives at Alameda and FTX. You are all just LARPing. You are not serious people accusing other people of not being serious.

    • @phoebejl
      @phoebejl 2 года назад +3

      Pretty sure they bring up the words that many large crypto companies use to push their services. There are people who want it to stand next to the dollar and the congress are eager to call them out as they say later on they do it to also make a point to their colleagues which were against them before the FTX collapse in regulation of crypto.

    • @12labours59
      @12labours59 2 года назад

      @@weazel4945 The fact that you question that crypto is a sector shows that you aren’t objectively educated on the matter. It 100% needs regulation. It’s been BEGGING for regulatory guidance.
      Here are some more facts,
      -blockchain tech is a sector.
      -it’s not going away, it’s world wide.
      -At just under 1T dollars, it’s in its infancy.
      -there will always be bad actors / crooks.
      -it’s STILL 100% a bubble.
      -the bubble will pop, just like the internet.
      -the world is still trying to find product fit.
      -only a few will survive with product fit.
      -the old guard won’t willingly accept it.
      -there will be years of push back, but they’ll come around.
      Just like social media
      Just like the internet
      Just like the computer
      Just like cell phones
      Just like the Model T
      It’s an old tale.

    • @lzl3lol
      @lzl3lol 2 года назад

      I mean come on, they are biased towards the dollar and protecting their wealth, if the dollar falls so do they. They are also old, so naturally ignorant and don't want to learn about crypto anyway, people like Mr Sherman and ole Weasel above (baring in mind being called a weasel isn't a good thing so not sure why you would want to call yourself a weasel) have made their minds up that it's a scam and a criminals dream (baring in mind it's far easier to trace criminals unless using privacy chains with crypto than it is with fiat)
      People said the exact same thing about the stock markets, the digitisation of the stock market, the Internet, the car, the phone, etc because close minded (especially old) people always reject new technologies.

    • @lzl3lol
      @lzl3lol 2 года назад +2

      @@weazel4945 why wouldn't it be it's own sector?
      Someone is just biased and has a personal dislike for crypto. Every other "sector" started somewhere and grew into what they are today.

  • @kathleenross4820
    @kathleenross4820 2 года назад +2

    How much money did Maxine Waters receive from SBF?

  • @dizshiz
    @dizshiz 2 года назад +3

    Sammy owes some big bucks to some very unsavoury players … He might not make it to trial 😂