The Chair of the House Financial Services Committee announced that she would be launching an investigation into the collapse of FTX to “explore exactly what has taken place.” We reported on the collapse and the funny business that had allegedly gone on with the funds, estimated at over $1 billion that went missing.
Except that the only problem with that is that the Chair of the Committee is Maxine Waters. If you ever wanted an open and honest transparent investigation of anything, Waters would probably be the last person you would choose to be in charge of it–particularly given the involvement of the Democrats with FTX.
How do we know that this isn’t going to go well already?
Fox Business reporter Hillary Vaughn asked Waters if Democrats who got campaign cash from FTX should give it back. Waters’ response?
— The Free Speech Forum (@TFSF_) November 17, 2022
“Well, I don’t want to get into that. As a matter of fact, both sides, Democrats and Republicans, have received donations. So thank you.” In other words, she’s going to try to “both sides” this and not look into the Democratic issues here. Okay, even if both sides are involved (and obviously there’s a much greater involvement of the Democrats), investigate everyone; that’s not an excuse not to “get into that.” Indeed, it should be more of a reason to “get into that.”
Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, was a major contributor to Democratic candidates during the midterm election cycle, funneling most of his donations through a little-known political action committee (PAC).
Overall, in 2021 and 2022, Bankman-Fried donated nearly $38 million to various candidates and PACs, mainly giving his cash to Democratic candidates and left-wing groups, according to Federal Election Commission filings (FEC). The majority of his political givings, though, went to the Protect Our Future PAC, a group founded in January that is dedicated to boosting candidates committed to preventing future pandemics.
Bankman-Fried wired an initial $9 million in February to the PAC shortly after it was created, FEC records showed. He then made three additional donations worth $18 million between March and June, increasing his total contribution to Protect Our Future PAC to $27 million.
The Daily Beast reached out to more than 25 lawmakers that received money and reported that some said they’ll give the money to charity. Other congressmen said they spent it to boost other Democratic candidates, and some didn’t reply at all.
Among the Democrats who got money from FTX were:
Rep. Jesus Garcia, D-Ill., and Reps.-elect Morgan McGarvey of Kentucky, Maxwell Frost of Florida, Sydney Kamlager of California, Jonathan Jackson of Illinois, Nikki Budzinski of Illinois, Jared Moskowitz of Florida and Rob Menendez Jr. of New Jersey.
Bankman-Fried also gave approximately $5.2 million to Joe Biden’s 2020 presidential campaign.
Waters said FTX had caused harm to over a million users. Instead of talking about the Democratic involvement, she attacked crypto, “Unfortunately, this event is just one out of many examples of cryptocurrency platforms that have collapsed just this past year.”
Hopefully, the ranking member, Rep. Patrick McHenry (R-NC) will also look to the Democratic accountability here, and presumably, Waters will not be in charge come January.
But Sam Bankman-Fried was close to a lot of lawmakers, and people immediately began posting pictures on Twitter of Waters with him, including a video of her even blowing him a kiss.
🚨🚨Rep. Maxine Waters announces a HEARING scheduled for December about the collapse of FTX.
Also pictured: Maxine Waters being buddy-ol’-pals with Sam Bankman-Fried pic.twitter.com/Z7l24OwtGY
— Crab Man (@crabcrawler1) November 16, 2022
Maxine Waters to hold hearing Into FTX collapse pic.twitter.com/s2Gt37DJfx
— Clown World ™ 🤡 (@ClownWorld_) November 17, 2022
At a previous Congressional hearing last year, Rep. Maxine Waters blew Sam Bankman-Fried a kiss. SBF is now set to appear before her next month to answer questions about FTX. pic.twitter.com/XqiV0t7oDm
— Ian Miles Cheong (@stillgray) November 17, 2022
The Democratic connections here are a big issue.
So, are we going to get a fair look into this all? What’s the relationship here,and should she be recusing herself? It’s a tough thing, ordinarily, with congressional hearings to get results, but given the Democratic involvement, it raises an even bigger question.