Arab Press

بالشعب و للشعب
Saturday, Jul 05, 2025

Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse

House Financial Services Chair Maxine Waters tells members there are no current plans to subpoena FTX founder Sam Bankman-Fried for his testimony. Sam Bankman-Fried disappeared from United States, along with $ 30 billion investors money, and hiding in the Bahamas, after “donating” $ 40 million to the Democrats Party and the House Financial Services Chair Maxine Waters that now protecting him.

Conclusion:

Anyone who claims that bribery is not good, cannot really distinguish between good and evil.

Anyone who claims that corruption is not good business, does not understand how politics and the real business world works.

Anyone who thinks that stealing investors  money is not ok, does not understand the real business model of the capital market.

Anyone who believe that being a decent citizen who obey the rule of law is the right thing to do for your life, your family and friends, is on the wrong side of the business world. 

Being fair, obeying the rule of law, working hard and honest  really does a lot of good, but it does good not to the people who obey the law but to those on the other side, to those who can violate the law, and have the right connections with the authorities to let it go. 

And last conclusion from this FTX and the law makers corruption is: anyone who think that stealing  investor’s savings is not profitable, probably never got rich from investors.



Background:

Rep. Maxine Waters (D-CA) participates in a House Financial Services Committee hearing in Washington, October 23, 2019.

House Financial Services Committee Chair Maxine Waters told Democrats she doesn't plan to subpoena her dear and generous friend, former FTX CEO Sam Bankman-Fried, to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation.

Waters informed committee members of her decision secretly, at a private meeting Tuesday with Securities and Exchange Commission Chair Gary Gensler on Capitol Hill.

Those at the meeting say Waters said she wants committee staff to try to convince Bankman-Fried to voluntarily testify. As of late Wednesday, Bankman-Fried has obviously not yet to agree to voluntarily testify to the House committee. Why should he, with $30 billion dollars?

Waters, who will lose the chair title when Republicans take control of the House on Jan. 3, could end up deferring to Rep. Patrick McHenry, R-N.C., the panel's top Republican and likely next chair, to decide whether to subpoena Bankman-Fried in the next congressional session if the FTX founder declines to voluntarily testify under oath next week.

Bankman-Fried has been under scrutiny by federal investigators and lawmakers on Capitol Hill since his cryptocurrency exchange “suddenly collapsed” last month, bringing to light a host of questionable transactions.

Senate Banking Committee Chair Sherrod Brown, D-Ohio, announced that his committee will hold a hearing on FTX's implosion on Dec. 14. The company's crash arrived after FTX reportedly transferred billions of dollars in client funds to Bankman-Fried's trading firm, Alameda Research.

Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. A committee spokeswoman declined to comment.

Bankman-Fried tweeted his answer to Waters, saying he felt it was his "duty" to explain what happened, although it might not happen next week. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.

"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," Bankman-Fried said. "I'm not sure that will happen by the 13th. But when it does, I will testify."

Bankman-Fried's fall from grace was swift and unforgiving after spending years as the crypto "darling" on Capitol Hill. He donated almost $40 million toward the 2022 congressional midterm elections, with much of it going to Democrats.

Nishad Singh, who became FTX's lead engineer in 2019 following a stint at Bankman-Fried's trading firm Alameda Research, has donated more than $13 million to Democratic Party causes since the start of the 2020 presidential election.

Ryan Salame, the co-CEO of FTX Digital Markets, donated another $23 million, with most of his contributions benefiting Republicans.

Bottom line: maybe my conclusions above are not 100% right. But definitely all what I was brainwashed in my life to believe about honesty, dignity, fairness and  law obsidians is absolutely wrong.    

The people who enriched slavery, wars, discrimination bribery and racism overall we convince us to keep the law that protects them from justice to us. They force us to have a brainwashing that will convince us not to testify what made them rich.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
×