Stuart Varney: Sam Bankman-Fried built a house of cards using customer funds like his personal piggy bank
FTX founder Sam Bankman-Fried arrested in the Bahamas
Stuart Varney: Sam Bankman-Fried built a house of cards, used customer funds like his own piggy bank
FOX Business host Stuart Varney argues Sam Bankman-Fried testimony would have revealed the true nature of a 30-year-old guy who ran a gigantic Ponzi scheme.
During his latest "My Take," "Varney & Co." host Stuart Varney discusses Sam Bankman-Fried's "house of cards" amid his arrest, arguing the FTX founder used customer funds like his "personal piggy bank."
STUART VARNEY: How convenient. Sam Bankman-Fried arrested, hours before he was due to testify before Congress.
Did someone get nervous about what he would reveal?
Congressman Lee Zeldin says House Republicans were going to "grill him six ways to Sunday."
Zeldin wanted to question him under oath, about his relationship with regulators, and his political donations to leftist causes.
The arrest and the cancelation of the hearing keeps things under wraps.
Too bad. Just when you need to let the sunlight in, transparency is shutdown.
FTX HOUSE HEARING: WHAT TO EXPECT
FOX Business' Stuart Varney discusses Sam Bankman-Fried's 'house of cards.' (Fox News)
Reuters obtained a copy of what Bankman-Fried would have said in his opening statement if the hearing had taken place.
The first line said: "I f’ed up."
He then goes on to blame his lawyers and the new CEO of the now-bankrupt FTX. In other words, the loss of $8 billion was not criminal.
The SEC thinks otherwise. They say Bankman-Fried built a house of cards, using customer funds like his own personal piggy bank. He spent lavishly on real estate and made political donations, again with customer funds.
Right now, he is being held in custody pending an extradition process.
He may be extradited to the United States. Eventually we'll find out what happened.
But I would have liked to see him, literally see him, under oath, grilled by the House Financial Services Committee.
That would have revealed the true nature of a 30-year-old guy who ran a gigantic Ponzi scheme.