Crime and Police / Election Coverage / Politics

The FTX Dog That Didn’t Bark

In Sir Arthur Conan Doyle’s famous Sherlock Holmes tale, “Silver Blaze”, the detective investigates the case of a murder of a horse trainer. At first, investigators presume that the murderer of the trainer must have been a stranger to him. But Holmes cracks the case with the revelation that a watchdog remained silent the night of the murder — a “curious incident,” as Holmes puts it, if the watchdog had been confronted by a stranger. No, Holmes concludes, the murderer must have been known to the watchdog.

We would do well to keep Holmes’ “curious incident” in mind when discussing the complete meltdown of FTX, the cryptocurrency exchange run by Sam Bankman-Fried, a man who looks like he emerged from a laboratory dedicated to the manufacture of charlatans. Bankman-Fried was, at one point, worth some $26 billion; his exchange was the second largest in the world. But he also bragged about never reading books (“I think, if you wrote a book, you f—ed up, and it should have been a six-paragraph blog post”); he lived in a “polycule” — a polyamorous semi-colony — along with nine of his executives; he wore gym shorts and T-shirts to important company events with Bill Clinton and Tony Blair; he placed at the head of human resources the girlfriend of the director of engineering and as chief operating officer his own intermittent girlfriend and as head of his associated hedge fund yet another intermittent girlfriend.

The red flags were endless.

And yet the scam continued.

In the coverage of FTX’s meltdown, many in the media have been rather slow to ask a simple question: why didn’t anybody notice that SBF was one of the most obvious scam artists of all time? Perhaps it’s the insanity of the digital age, in which those fresh out of college can be assessed as billionaires without actually showing a balance sheet. But there’s something else going on here: SBF was a key cog in a political machine dedicated to the proposition that a coalition of like-minded Left-wingers can seize the reins of capitalist enterprise and then work with friends in government to reconstruct the world.

That, after all, was what SBF was publicly attempting to do. He dumped $40 million into the midterm elections in support of Democrats; he donated $5.2 million to then-candidate Joe Biden during the 2020 election cycle. He had pledged the FTX foundation to hand out $1 billion in 2022. He did all of this in the name of supposed “effective altruism,” a philosophy in which Left-wingers seek to use capitalism in order to enrich themselves, then dump the money into favored causes. “I wanted to get rich, not because I like money but because I wanted to give that money to charity,” SBF told one interviewer.

“Effective altruism” is just another iteration of the World Economic Forum-approved “stakeholder capitalism” idea — the idea that CEOs owe their shareholders nothing, but the world at large their time, money and resources. There is a reason that FTX had partnered with WEF — a fact that WEF has now obscured by cleaning its website.

How many scam artists are using such “bluewashing” in order to cover for malfeasance — all the while colluding with government figures to redraw regulations that benefit them? That, after all, was SBF’s biggest scam: He was an advocate of particular types of regulation that benefitted him and used both familial and business connections in order to protect his corporatism.

And that’s the dog that didn’t bark here: Where were the regulators with whom SBF was close? Where were the supposed advocates of “ethical capitalism,” who posit social responsibility but whose friends seem to repeatedly be caught with their fingers in the cookie jar, dating all the way back to Bernie Madoff?

Maybe, just maybe, the problem isn’t with capitalism per se, and its chief admonition caveat emptor, its belief that trust is to be earned rather than granted freely. Maybe the problem is with a cadre of supposed protectors of the public who aren’t out to protect the public at all, but to hobnob with other “change agents” from Bahamian estates while patting themselves on the back for all the good they’re doing.

Ben Shapiro, 38, is a graduate of UCLA and Harvard Law School, host of “The Ben Shapiro Show,” and co-founder of Daily Wire+. He is a three-time New York Times bestselling author; his latest book is “The Authoritarian Moment: How The Left Weaponized America’s Institutions Against Dissent.” To find out more about Ben Shapiro and read features by other Creators Syndicate writers and cartoonists, visit the Creators Syndicate website.


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2 months ago

if you like chasing financial “tails” with you money you’d love the Vancouver Stock Exchange.

2 months ago

Wake up and smell the coffee! They didn’t notice it because they were in on it! It was a money laundering operation with taxpayers’ dollars. Money was given to Ukraine. Ukraine invested in FTX. FTX gave it to the dirty politicians, primarily Joe Biden and other Democrats.

Joey Mize
2 months ago

Would be good ( NOT NICE ) if this SBF fellow managed to do some time. Then he might just see how bad off the prison system is and donate a couple billion to the States to upgrade rather than rent out the prisons. But then again it would be good ( NOT NICE ) if he were to just end up like Epstein one cold winter day. But then the evidence and guilty party would be forever lost if that really matters. Not real sure how Old George fits into this picture at the moment, but I bet he does.
you see he pulled the same scheme Scam in France a few years back and the French Hate his a** even today. The French Never Forget. I would guess HATE is a mild way of putting it. Old George hasn’t been back to town OVER THERE for awhile or I would have been informed of the visit.
Yes GRORGE we are still here and watching, one day pal we will tap you on the shoulder as you stroll along the River Walk. Just know it will happen. Ole George is behind a good number of real deep negative events in America and he really is a bad bad fellow. Wonder how many body parts ole George has had replaced now thanks to the CCP. That’s not a guess. Sleep well George.

Philip Hammersley
2 months ago

Just another DIMM conman! He joins Epstein, Weinstein, Ed Buck, Al Sharpton, et al. As long as he pays his “dues” to the DIMMs, he gets a pass!

2 months ago

Do I believe all or some of taxpayers money sent to Ukraine was laundered and eventually made its way back to the DNC and/or pockets and bank accounts of democrats…YES…

Stephen Russell
2 months ago

Tax Crypto OK

2 months ago

It already is taxed.

2 months ago

From a US State Department website:

U.S. Assistance to The Bahamas
U.S. foreign assistance to The Bahamas supports the key goals of improving maritime and border security; bolstering law enforcement and counternarcotics efforts; strengthening the criminal justice system; improving interdiction capabilities; enhancing transparency and the ease of doing business; and promoting energy security.”

The U.S. donated substantial funds to the Bahamas during Covid and assists the islands in other sectors. They import most of what they need from the U.S. Letting this counter-culture bizarro hole up there with other equally bizarre “roommates”, while playing with billions of dollars’ worth of investors’ money, makes no sense. There must be accountability for their actions, but they don’t have them in print, apparently. Unprincipled children.

Keeping our relationship with the Bahamas should come with certain strings attached, such as vomiting up this piece of refuse to face the music. “SBF” was born into a family of liberal university elites…little wonder…they must be so proud…

2 months ago
Reply to  Kim

As far as I know, no one from the Bahamian government is trying to stop any U.S. investigative or law enforcement agency from scooping SBF up and bringing him back to the United States for either questioning or to face criminal charges down the road. The apparent reluctance to do so appears to be strictly coming from Washington, D.C.. Is there really any wonder why? SBF have a lot of money to a lot of Democrats from 2020 through 2022. None of those Democrat politicians are rushing to go before TV cameras and state they will be returning any of those funds as a means to make the defrauded customers of FTX or Alameda whole. They’re all just hoping the MSM can bury the story in the next few weeks and things can go back to business as usual.

As for SBF’s family, yes they are all involved in pushing leftist causes, through various 501c3’s and other things and have been well known within the Democrat hierarchy for many years. The academic community is littered with these types that have burrowed their way deep into the system for decades. They stay just this side of the law, so they won’t be touched by anyone in Washington either.

2 months ago
Reply to  PaulE

The dems and other people’s money are rarely parted… What am I saying? Never parted. They love to pontificate on corporate (meaning Republican) greed, but they wrote the book on personal greed!

2 months ago

I’ve spent the last few days going through how SBF structured his “financial empire”, if you want to even call it that, and it is completely obvious FTX was created to be nothing more than a shell corporation (owned and controlled by SBF). From there he used his shell company to create and peddling worthless, home-grown monetary tokens that he controlled exclusively to order to inflate the price of those tokens to astronomical levels. All so he could subsequently leverage those worthless tokens as collateral for bank loans (a bank which he also owned by the way and which he personally approved said loans through) of in order to facilitate what is now a multi-billion dollar fraud. The icing on the fraudulent cake was as the house of cards was beginning to implode, SBF illegally transferred billions of dollars of his customers’ assets to his hedge fund and then declared the businesses bankrupt to attempt to hide the mess. He did say he was sorry though on the day he filed those bankruptcies. So I’m sure all of his customers are satisfied now. ;-))

All this went unnoticed or at least none of the many federal agencies tasked with supervision and regulation bothered to notice anything for one glaring reason. SBF was a major donor to Biden’s 2020 election campaign that saddled us with that dementia patient in the Oval Office. Up until the bubble burst, he was treated like a rock star in the Democrat circles and the MSM loved him. SBF then spread the money around lavishly within the Democrat party to the tune of approximately $40 million dollars this year for the midterms. SBF was the second largest campaign donor to the Democrat party and Democrat candidates behind only George Soros, who supplied the Democrats with $129 million dollars this year.

The only question really left to ask is will SBF face any criminal charges for fraud and theft or will he be given a free get out of jail card for all the financial assistance he’s provided to the Democrats over the last few years? If I was a betting man, I would bet the worst he ends up with is a slap on the wrist and maybe a small fine. Then its back to business as usual and the party continues.

2 months ago
Reply to  PaulE

I go with your last paragraph.

2 months ago
Reply to  Max

Well since $1-$2 billion of customer money has gone “missing” from FTX and his hedge fund Alameda Research, I think it’s safe to say that SBF has given himself a golden parachute with which to start up a new venture after things quiet down a bit. Anyone else, without ties to a slew of high-ranking Democrat politicians, would already be sitting in a jail cell as swarms of FBI, SEC, and FTC agents all poured over every aspect of all his companies dealings. Instead SBF is free as a bird and enjoying some quality down time.

anna hubert
2 months ago
Reply to  Max

Ditto and speaking of money and such whatever happened to the 5 bill.meant to help rebuild Haiti

2 months ago
Reply to  Max

I agree with the last paragraph also

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