Dems will have to return FTX donations?

 DC Enquirer:

The Democrat candidates and political action committees that received funding from the doomed cryptocurrency exchange FTX will be required to return the money swindled from investors according to an attorney placed in charge of the firm’s finances.

According to The Daily Wire, Sam Bankman-Fried the Democrat mega-donor and former billionaire CEO of FTX is now facing charges that could send him to prison for the rest of his life. He was the second-largest donor in the 2022 election just behind George Soros, having spent approximately $40 million on various campaign contributions.

FTX collapsed over the course of a weekend, reducing Bankman-Fried’s personal net worth to near zero when he completed a massive transfer of $10 billion in assets to another firm owned by him: Alameda Research as reported by Reuters.

The new CEO of FTX John Jay Ray III, who had gained experience clawing back millions of dollars in funding for those defrauded in the Enron scandal of the early 2000s, has told reporters that he will be pursuing the funds to compensate the victims of FTX as well.

In a Dec. 19 statement, FTX told the public, “Recipients are cautioned that making a payment or donation to a third party (including a charity) in the amount of any payment received from an FTX Contributor does not prevent the FTX Debtors from seeking recovery from the recipient or any subsequent transferee.”
...

This is mainly a Democrat problem.  Bankman-Fried was the Dems' second-largest donor.  It is not clear how the Democrats who got this money will make up their losses for having to return the money, but it could impact their campaigns going forward.

Comments

Post a Comment

Popular posts from this blog

Should Republicans go ahead and add Supreme Court Justices to head off Democrats

Washington Post: Some Democrats eye adding more justices to the Supreme Court to change its ideological bent The once-remote idea has gained the attention of liberals angered by the GOP push to remake the federal courts. Probably the easy way to defeat this court-packing scheme is for Trump to propose doing the same thing now.  It would lead to Democrat denunciations and claims that it would be wrong, thereby blowing up any attempt by them in the unfortunate event of Democrats winning a presidential election.
Read more

Is the F-35 obsolete?

Headline USA: Pentagon Fires Back after Musk Calls Its Most Expensive Project ‘Obsolete’ 'Yeah, as I'm sure you can appreciate, Mr. Musk is, currently, a private citizen, I'm not going to make any comments about what a private citizen may have to say about the F-35....'   ... ... Drones appear to be replacing jets for many operations.  The Russia-Ukraine war is an example of that.  Drones are often hard to detect and can be used for intelligence operations as well as for attacking enemy targets.  It would not surprise me to see drones engaging other drones in combat.  They also cost much less than manned fighters.  
Read more

Apple's huge investment in US including Texas facility

Blaze: Apple announced a $500 billion commitment to infrastructure in the United States over four years, its largest commitment to domestic spending to date. Apple said it will expand teams and facilities in Arizona, California, Iowa, Michigan, Nevada, North Carolina, Oregon, Texas, and Washington as part of its new spending. With a new facility in Houston, Texas, Apple will reportedly double its investment in advanced manufacturing along with increasing investments in AI and silicon engineering. The company said in a press release that the Houston facility will produce servers to support Apple Intelligence, the "personal intelligence system that helps users write, express themselves, and get things done." ... The Texas facility will be for advanced technologies.   Texas has become a place that is very supportive of the tech industries.  Austin and Houston have seen much of the tech growth in the state.  Texas universities have been active in the AI field.
Read more