FTX underwent a $16 billion implosion amid reports that co-founder Sam Bankman-Fried had been funneling money to a sister trading company.
“At this point it looks like Sam was doing all this virtue signaling to hide what he was really up to,” Pierce said. “His political contributions to the Democratic Party and all his philanthropy were about making himself look good and buying protection for what looks to pretty much everyone as a clear-cut case of fraud.”said nothing about the demise of FTX and Bankman-Fried’s alleged skulduggery was a shock to him.
“Everything that everyone finds surprising about this situation is not surprising at all, ands dates back to the 2008 financial crisis,” he told The Post on Saturday. “This is another case of self-interested actors using the appearance of virtue to deflect from things they’d rather not be questioned about. It’s about masquerading as this great moral person being a large donor to the so-called good guys and calling for greater regulation in the industry at the same time.
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