WTFTX?

It's Probably Nothing More Money Than Brains 36 Comments

The delicious fall of Sam Bankman-Fried;

As everybody who has brushed against big business in recent years will know, ESG stands for ‘Environmental, Social and Governance’ and it rules the corporate world. There was a time when a company might aim to make money for itself and/or its shareholders. If it wanted to do some good works, it might set up an almshouse, a school for urchins or the like.

Today when you want to show that you really care – as opposed to actually caring – then you talk of how concerned your company is about ESG. Firms are even rated by their ESG scores. It is a great medieval Vatican–style scam. And it is everywhere.

In any case, FTX was big on ESG. On a video from January this year the company’s founder Sam Bankman-Fried and the vlogger Nas Daily – the first a shyster, the second possibly a naif – claimed that FTX existed only to make money that could then be given away.

Well, they can’t say they weren’t warned.

New FTX CEO John Ray: Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.

Meanwhile, at the New York Times…

36 Replies to “WTFTX?”

  1. Bankman Fried is a proponent of effective altruism a philosophy that encourages giving away most if not all of your money for the greater good. What could possibly go wrong?
    That’s akin to having MAiD representatives manning the phones at suicide hotline.

    1. It reminds me of “Non-Profits” … that are filled with executives making $ million dollar salaries, perks, benefits, and bonuses … with Boards of Directors filled with numbskulls making Hunter Biden salaries for doing nothing. Non-profit … for other people … not the Executive suites. Plenty of profit for the Kings and Queens

      1. In fairness to SBF he is still young and already halfway toward achieving his life goal, which was to (1) get filthy rich, and (2) give a lot of his wealth to worthy causes.

        Now it’s looking like SBF is gonna need to lawyer up.

        I read that his parents are both lawyers so it looks like they are about to become worthy causes.

      2. Kenji

        Like Joe Biden’s cure cancer foundation ( or whatever it’s called)?

        I think it’s the employ/reward friends of Joe foundation.

    3. Granny;
      Somebody please tell me how in the fulk do you spend three billion ?dollars where could that kind of money ?go and what could it buy?
      DAMN,
      Tom Brady & spouse lost $650,000,000 million tokens, Uh dollars.
      If Brady tries to get a job with the worst football team in Canada, go ahead and give him a job.

  3. The leftist corporate media is desperately trying to soft-pedal this story, since it involves one of what they consider to be “the good guys”. Good luck with that.

    In the real world, the yield curve continues to sharply invert, signalling that a recession is all but upon us. One can expect the left to shortly embark on an all-out effort to redefine recession out of existence.

    1. Dennis
      Only dimwitts don’t understand that grocery store recession has been in play for a couple of months now.

  4. Though never fear, once the mass media cartel develops the meme, this guy will be set up as possibly the greatest genius, though misunderstood.

  6. “It is a great medieval Vatican–style scam.”
    That is the money line , as I said to a friend, who is from a communist country, communism is the natural out come of religion, most specifically, catholicism.
    Engels and Marx used the RCC as a model for their communistic BS. Complete, and absolute control!

  7. ESG will be taking a turn for the worse as shareholder lawsuits go after boards ignoring their fiduciary duties. Large oil companies are doing a 180 on Net-Zero as they cannot legally abandon the money to be made investing in oil & gas.
    Blackrock and Vanguard will eventually be cut down to size as shareholders revolt. Shareholders being pension funds, insurance, banks….
    Lawsuits incoming, lots of them.

  10. Article the other day about CPPIB being heavy on ESG, yes, that CPP that every worker stiff is taxed to pay into (except Quebec of course).

  11. That speaker line up is the vanguard for the new economic fascism which is, in Doug Casey’s words, “the hand in glove melding of the political power of the state with the economic power of corporations”. ESG, otherwise mindless epistemological mush, is the gold card membership of the new fascism. The end game is economic destruction for all but the elite, mostly Wefers.

    1. That speaker line up is the vanguard of the new economic fascism
      And a very diverse group of folks it is, too. But do go on about the pertinence of the Vatican in the Middle Ages….deflection of Clintonian proportions around here…

  12. You know what is great about this?
    How many Trump voters – either venture capitalists or ordinary investors gave this Schmuck money?
    Answer: ZERO

    Who got hurt? DEMOCRATS

  13. Yes, Kate … ESG is a medieval church-corporate styled … corrupt … governance. It trades on the fervent faiths of the godless leftists. “The earth” … “global warming” … “systemic racism” … “income inequality … Hallelujah!!! Sisters … and Non-Binary’s!!

    And let me add that Jim and Tammy Faye Baker never fleeced their parishioners out of as much coin as this darling leftist in a dirty T-shirt. Talk about your corrupt televangelists.

    1. Cryptovangelist?
      Demovangelist?
      ClimateChangelist?
      Ponzivangelist?
      ESGangelist?

      At least I’m glad to read that NME/GYM is put-off by secular religiosity as much as he is by Christian religiosity …

  14. A grift (crypto) on top of a grift (ESG) on top of a grift (political donations).

    Seems about right for 2022.

  15. Ukraine is corrupted to the core. This proxy war has been planned by Davos and the DC Deep State beginning all the way back to 2014. If you are incapable of seeing this, you no longer have any functioning brain cells. You’re a willing sheep of the NWO. Go get your booster now. And you might as well download the latest recipe for Klaus’ Cricket Casserole while you’re at it.

    1. Not to mention the WEF had a video gushing over SBF that they scrubbed.

      TEH INTERNETZ ARE 4-EVAH, SCHWABBY-BOY

  16. AoS’ Pixy Misa has an admirable solution for FTX:

    “Burn them to the ground, sow the ground with salt, load the salty dirt into a rocket, and launch it directly into the Sun.

    And then hit the Sun with a relativistic neutron star just to make sure.”

    https://ace.mu.nu/archives/401932.php

  17. The Enron reference is funny cause I remember when Enron was going to tokenize the weather and you could bet on sunny days versus rainy days.
    I’ve never bought into the crypto stuff cause it is pure speculation/gambling. Way more fun to go to Vegas for a weekend.

  19. What we are witnessing is a glimpse of the world run by Gen Whatever.
    Idiots.
    But they are ESG, DEI, BLM, LGBTQ+ Idiots.

  21. Who got hurt? DEMOCRATS

    Unfortunately, just about anyone with 401Ks, mutual funds, etc in their retirement portfolio is taking a bite of this $#’+ sandwich. No matter what party.
    And don’t think that the evaporation of $50B overnight won’t have a ripple effect hitting those who didn’t get directly scammed.
    And the ESG connection *( ! How does one find a retirement portfolio that isn’t buying into this crap?
    Long before I’d ever heard of ESG, I was attracted to Vanguard by their exceptional low management fees and long established funds with profitable track records. Here I sit, with currently depressed accounts funding the very undoing of our society.
    I wasn’t really planning on working until I was 75 ya know.

  22. I might not be able to recite pi to 19 decibels, but ESG will grow a company from the heart out.

    How much money did the Liberals get?

  23. Granny;
    Somebody please tell me how in the fulk do you spend three billion ?dollars where could that kind of money ?go and what could it buy?
    DAMN,
    Tom Brady & spouse lost $650,000,000 million tokens, Uh dollars.
    If he tries to get a job with the worst football team in Canada, go ahead and give him a job.

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