FTX - Multiple Choice Subject

Investment Analysis Clubs Macro Economic Trends and Risks
1

The facts emerging from the multi-billion dollar fraud perpetrated by FTX and its shell companies are not looking good for the gang of nerds who concocted the system and executed the embezzlement. But the facts are also not looking good for Congress and particularly not good for the elite universities that granted degrees and status to those committing the crimes and those in charge of properly regulating such firms to prevent billion dollar frauds from occurring.

The issues involved cover lots of ground so picking a title proved difficult. It will be left to the reader to pick their favorite.

Is THIS What an Elite Education Gets Us?

And the Congressional Chutzpah Prize for 2022 Goes To…

Will YOU Be My Regulator?

Beyond the damage caused by the specific FTX fraud, the fact it happened points out flaws that still impact financial markets that can still produce more corruption and failures in the future.

WTH

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Another way to look at it is that we have the best Congress money can buy. From the tax code to bank regulations, to the ability of hedge fund managers to call their wages capital gains, to the reluctance of the IRS to audit pugnacious ultra-rich, “our” representatives (of both parties) seem determined to drag their feet (at best) or simply ignore (at worse) to pass legislation which would negatively impact the finances of those who support their election campaigns.

Jeff

2 Likes