Can you say conflict of interests?
Sam Bankman-Fried, the alleged crypto-scammer who lost a massive amount of money for innocent investors, is about to be investigated by House committee members who got hundreds of thousands of dollars in donations from his outfit.
This is a bigger scandal than Bernie Madoff. How are these House members going to be objective?
The Washington Free Beacon reports:
Sam Bankman-Fried and FTX Cronies Gave $300k to House Committee Members Investigating Him
Sam Bankman-Fried and executives at his cryptocurrency firm contributed hundreds of thousands of dollars to members of the House committee that will hold hearings next month on the company’s collapse.
Bankman-Fried and his co-founders at FTX contributed $300,351 to nine members of the House Financial Services Committee, according to Federal Election Commission records. Some of the largest contributions were to Democrats on the committee’s Digital Assets Working Group, which worked on regulation of the crypto industry.
Rep. Maxine Waters (D., Calif.), who chairs the committee, announced a probe this week into FTX’s collapse after the company declared bankruptcy, wiping out billions of dollars in customers’ portfolios. The Justice Department and Securities Exchange Commission are reportedly investigating Bankman-Fried for potential misuse of customer funds.
Bankman-Fried’s donations to committee members could raise concerns that the lawmakers will not adequately investigate the crypto kingpin, who spent millions on advertising, lobbying, and philanthropic causes to burnish his company’s image as an ethical crypto company in an industry rife with scam artists.
Maxine Waters blew kisses to this man.
She also posed for pictures with him.
This committee should be replaced with House members who are not conflicted.
Cross posted from American Lookout.