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

Watch live coverage of a House Financial Services Committee hearing with FTX Group CEO John Ray following the arrest of former CEO Sam Bankman-Fried in the Bahamas.
#WSJ #FTX

[@gynat5968]

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]

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]

a gaggle?

[@qilinwang5889]

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

[@knighttyme1976]

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

[@carlosoliveira-rc2xt]

Absolutely!

[@livesh684]

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]

lol

[@9000ck]

good point

[@dove1965]

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

[@Carbonx007]

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]

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

[@maximkravchuk2330]

@@venerable_nelson timestamp is 1:05:33

[@andrewmccoll1582]

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

[@gmcenroe]

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]

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

[@divinediva6320]

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

[@dimitrifake53]

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]

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.

[@ivanichiro7894]

SBF made loans to himself. That is crazy.

[@hw6271]

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]

His whole fortune was atleast 10xd

[@ericwhittington91]

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]

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

[@ericwhittington91]

@@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

[@kentnauman9863]

Testifying under oath means nothing to liars

[@horsepower33]

facts!!!!!

[@FizzleFX]

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

[@GSuii]

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

[@nygeek6471]

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

[@CaseNotesOnFile]

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

[@_gatsby]

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]

did those republican who refuse regulation also receive political contribution?

[@wupewakwalesa8014]

Did she receive?

[@davidallman418]

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

[@Americansikkunt]

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

[@crosstie417]

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]

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]

@@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)

[@gregvinson1]

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]

Depends on how long he lasts in club fed.

[@PapaDalbec]

*binance* revealing secrets. Perhaps foreign governments?

[@ritad452]

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

[@benjamindunn9404]

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

[@ritad452]

@@benjamindunn9404 omg. Why?

[@aleksbakman7562]

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]

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

[@mad2barxhst]

Sounds like a payoff to keep politicians off his back.

[@smiill9516]

Starts at 18:00

[@hw6271]

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

[@eenzturano]

Lol thank you

[@davidmiller1376]

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]

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]

Politics is theater.

[@e-rockmixtapes4073]

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

[@libelle8124]

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

[@videomakville]

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.

[@n00n1n]

She called her the "gentlewoman" 🤣🤣🤣

[@100percentreturns]

no question about politcal donations????

[@MRrealpolitik]

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

[@ram0666]

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.

[@klb097]

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

[@rd-cv4vm]

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

[@kenndjohnson]

All the politicians that took the money should step down.

[@jordandavid8653]

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

[@BeatTrump]

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

[@barbdwyer7001]

Maxine should talk.🤣

[@Mazalore]

“Quickbooks?!” 😂

[@tactileslut]

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

[@FizzleFX]

​@@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

[@thegreatbambino3358]

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

[@whatsgoodinthehood]

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]

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]

This aged well.

[@andymullarx6365]

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]

This ...and they were idiots.

[@player400_official]

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.

[@ZorroDaddy]

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]

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]

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]

Those politicians happily accepted SBF’s money…

[@ZorroDaddy]

Yes, nothing like OPENLY TAKING BRIBES @@player400_official

[@juliearcand2358]

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

[@TheDavidlloydjones]

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

[@j.c.4192]

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

[@forbesy33]

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

[@ALT-vz3jn]

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

[@KKOPPONG]

Then Move to North Korea.

[@j.c.4192]

@@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.

[@ruth2nice0769]

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]

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]

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]

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

[@calebyourmaster]

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

[@RemMossey]

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

[@deenibeeniable]

No kisses for SBF today, eh MadMax??

[@michaelashby9654]

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]

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]

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

[@bobbybrooks4826]

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

[@mimih23]

Just learned about the bank today!!

[@hitvish]

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]

Left hand lending to right hand.

[@_gatsby]

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]

It’s a big if, let’s see.

[@hexicanthegreat6859]

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

[@phillipwhitley6749]

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

[@gregchambers3365]

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

[@salsaandmulligans1492]

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

[@joeb6947]

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

[@markmeyers7184]

congressmen pulled out

[@mad2barxhst]

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

[@jazzy41265]

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

[@barbdwyer7001]

Is it unfortunate for pols who took campaign contributions from SBF that he couldn't testify, Maxine?? I don't thin so!🤣

[@orwellknew9112]

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]

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]

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

[@SenjiaMurtic]

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]

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?

[@CrocodileWhispers]

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]

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]

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]

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.

[@kathleenmiedema6894]

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?

[@lifeinsurancecareerfactsan808]

Love the pic of SBF and Maxine

[@anindyachakrabarty3710]

John Ray kinda gives DeNiro vibes

[@rustleinthebushes6065]

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

[@forbesy33]

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

[@MRrealpolitik]

There's already memes of that on twitter

[@forbesy33]

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

[@hajime2k]

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.

[@M.-.D]

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.

[@cheyennebodene2860]

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

[@pamelafranklin3452]

About5 times since I been alive

[@adamskinner5868]

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???

[@meetmonkey10]

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]

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

[@chrisfraser3435]

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

[@Ghostasm]

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]

Watching maxine waters try to explain crypto-fraud is hilarious

[@libelle8124]

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]

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

[@libelle8124]

@@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]

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]

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]

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

[@peterzinya407]

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

[@janierocampbell459]

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

[@rosscampbell1173]

Because “Bankman” is so on the nose.

[@hartdr8074]

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

[@emailuser8668]

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.

[@arjanv45]

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

[@moneypro85]

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

[@gottagift]

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]

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]

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]

@@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]

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

[@MuiKaHo]

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

[@brawny4485]

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

[@twinunicorns]

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]

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]

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]

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

[@mad2barxhst]

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.

[@mschroed99]

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

[@NBC_NCO]

I don't feel sorry for investors of crypto. You can't see it, touch it, smell it, hear it, taste it. Maxine didn't you get 3 million?

[@Nancie6290]

Yep it’s sad . I don’t understand how people could be so trusting . If I had money to invest I’d have bought gold and silver . Sounds so simple . A tried and true product you can even have the physical .

[@NBC_NCO]

@@Nancie6290 yes these cryptocurrencies still have to be converted back to some sort of currency.

[@dimitrifake53]

@@NBC_NCO And the basis of them are also to volatile to be a internet currency. One day it can be a dollar next it can be millions.

[@cateelisabethlsn6400]

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 🤢🤢🤮🤮🤮🤮

[@franquely748]

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]

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

[@PortsladeBySea]

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 🫢🤣👍

[@kathleenross4820]

How much money did Maxine Waters receive from SBF?

[@allottashit8118]

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]

They held both in exchange and cold wallets

[@mimih23]

".. 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.

[@Kevin-rs1uu]

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

[@MrHoneybeeScratcher]

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

[@masterandmargharita]

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]

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

[@hw6271]

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

[@JohnP538]

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

[@cryptochik7573]

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

[@theonlyconstantischange123]

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

[@borasolutions]

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

[@TreYay83]

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

[@eliara-thevoice8430]

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

[@FizzleFX]

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

[@louisehoff9467]

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?

[@BeatTrump]

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.

[@lukea.907]

How isn't that Maxine Waters hasn't recused herself.

[@markflolid5930]

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

[@tyronevincent1368]

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

[@Scheffie3]

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

[@rafalzxz]

can you timestamp ?

[@rafalzxz]

uh i see now :)

[@bradmyers7109]

@@rafalzxz 3:41:17. Enjoy.

[@_gatsby]

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

[@LinusWelt]

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

[@C-Rocks]

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

[@kathyandrew3357]

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.......

[@jppryer5982]

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 !

[@Jotwice7]

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

[@MrMattandy3]

Sam is going to jail for a long time.

[@elfonzo18]

So many of our political leaders made lots of money from this

[@KKOPPONG]

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!!!!!!!

[@wipple2156]

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

[@zenaidacamba3891]

Will the democrats & republican return the money given to them 🤔

[@MollyPitcher1778]

How much has Ms Waters' wealth increased as a "servant" of the people? You have to admit, her comment was funny, as though she & many of her colleagues are not enriching themselves while working for us. Why else do they stay too long in their "jobs"?

[@guysfinancex]

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.....

[@Josh1.8]

Vargas from CA, completely missed the point should mention how many Democrats benefited from Sam Batman Fried's donations.

[@bbsonjohn]

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

[@mad2barxhst]

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.

[@moormagic1]

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.

[@dizshiz]

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

[@hollowcostrefuter1304]

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

[@RealFeminineEnergy]

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

[@bidoofismyking8962]

Financial institutions can get away with anything?

[@gmajorspresents]

EZ come ez GO . Now you see it now you don't 😂 . You honor Sam Bankman Fried always loved magic tricks as a child . He was such a good boy in school.

[@karl-ericknicoueb8328]

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

[@johnconnor2572]

The halls of congress are the real garden of snakes

[@BeatTrump]

Crypto bros didn't want regulations. This is what comes from that kind of thinking.

[@cryptochik7573]

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]

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]

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]

@@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]

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

[@12labours59]

@@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.

[@jw9366]

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

[@trentonscism]

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

[@umarb7325]

already knew it was pointless. If he showed up he would run circles around these dinosaurs

[@NOLA-vv3sz]

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]

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

[@dertythegrower]

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

[@mb6913]

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

[@seanaldmcseansington]

Can we start calling it CreepyDough? LOL