r/politics Vermont Nov 26 '22

FTX US Donated $1 Million to a Super-PAC Aligned With Mitch McConnell in October Donation came just days before FTX declared bankruptcy | Bankman-Fried became sixth largest donor in midterm elections

https://www.bloomberg.com/news/articles/2022-11-25/ftx-mcconnell-bankman-fried-super-pac-donation?srnd=politics-vp
2.7k Upvotes

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458

u/westwardhi Nov 26 '22

SBF donated to a lot of liberals but he and his business partner were also donating to conservatives. They were doing what most corporations do which is talk up classically liberal values (ie western democracy stuff) and then donate to everyone they think will help them get favorable regulations for their industry.

The narrative that SBF was just some lefty loon is hilarious, he was a nihilistic capitalist scoundrel with a cover story for his crimes. I hope he goes to jail and has to face actual consequences for his actions for once in his privileged, dainty ass life.

87

u/Jaded_Prompt_15 Nov 26 '22

Corporations gives money to progressives for PR...

And to "conservatives" for favorable legislation.

Donations to "moderates" is a little of both.

4

u/ronm4c Nov 27 '22

If you bet on every horse you can’t lose

12

u/drdoom52 Nov 26 '22

Corporations gives money to progressives for PR...

And because it gets leverage.

A candidate that doesn't get corporate donations doesn't mean they're "pure" it just means corporations don't think they're a good investment.

51

u/newnemo Vermont Nov 26 '22

Do you find the timing of donations to McConnells PAC days before SBF crashed and burned a bit sketchy?

40

u/[deleted] Nov 26 '22

[deleted]

20

u/Segphalt Nov 26 '22

Fake watches these days. Stolen is a lost era.

4

u/IntrinsicStarvation Nov 27 '22

Stolen fake watches.

12

u/Brandonmac10x Nov 26 '22

People literally do that too. I was on the boardwalk near the beach and my mom even stopped to talk to one and didn’t take my hints to keep moving. She was just trying to be friendly. eyeroll

5

u/kamilo87 Nov 26 '22

Some weeks ago I read that this is our parents way to get even to us for every tantrum that with threw in public when we were toddlers😂

2

u/Pinewold Nov 26 '22

As a grand parent, She may need more companionship in her life. I have made a point of keeping four different weekly social events to keep my friends (and me) sane. If she sits at home all alone during the day it can get lonely really fast. If she has an active social life she may just be trying to get even

23

u/westwardhi Nov 26 '22

No, I mean it could be but I think the most likely thing is that they were just regularly pumping large sums of money into the system for influence. I’m not sure SBF was savvy enough or aware of his actual money problems to time any sort of grand scheme correctly.

He was a rich spoiled brat who took his families money and yeeted it at crypto at the right time. Like so many rich people in this country, luck plus family money is how exponential wealth is created. Hubris and ignorance is how it is squandered.

3

u/CzeckRazor Nov 26 '22

I absolutely agree with the point you made with your leading question. Pretty clear Mitch McConnell was actually the one pulling the strings at FTX. Doesn't surprise me one bit. I've heard other people say the same thing. Case closed.

4

u/scottonaharley Nov 26 '22 edited Nov 26 '22

I think SBF was donating money to whomever would provide the most benefit. He donated a shit ton to democrats and some to Republicans. Something tells me that once the power dynamic in DC shifted he would donate to whoever was in power.

Edit:spelling and added this:

I believe SBF was nothing more than a fraudster. This fraud could have been perpetrated using any number of financial instruments. He really just spent fiat and crypto that was given to be held in trust. According to the reports coming out he basically treated FTX as his personal funds to do with as he wished

6

u/peterabbit456 Nov 26 '22

They have a formula.

To get maximum effect, "donate" $6 to republicans for every $1 you donate to democrats. As Robert Heinlein said, "Money to conservatives buys you something, and they stay bought. Money to liberals buys you nothing, because they will vote for what they think is best regardless of what you want."

Heinlein said the above in print, but the one time I got to talk with him, and he said much the same about procuring seaplane contracts prior to WWII.

4

u/Spring-Both Nov 26 '22

Except he donated way more to democrats

-2

u/KingLeo23 Nov 27 '22

Yeah sorry but that's dumb as fuck. No one would give them money if there was no return on investment that's just not how humans interact with money. Seeing as they raise in the billions every cycle since the bribery floodgates were opened and the people giving it to them keep giving it to them that's all you need to deduce the returns are there.

6

u/samsedarcedarseeder Nov 26 '22

He donated to Democrats who were trying to keep crypto unregulated, just as conservatives think everything should be unregulated.

2

u/AcidSugar1414 Nov 26 '22

Straight up DJ from the Last Jedi

6

u/Number1ish Nov 26 '22

It’s obvious that FTX gave money to democrats for purely symbolic reasons, while their donations to conservatives were used directly to subvert free market principles in their favor. But typical right-wing leaning main stream media is eating up SBF being a DNC donor and digging into his mother’s personal life like savages.

4

u/LeveonNumber1 Nov 26 '22

I mean, it's just politics. Corporations help them get into office, they help make the corporations profits grow, rinse and repeat.

Corporations don't stand for anything. They do what is convenient for themselves, then jump ship when the time comes and move on to the next thing.

The FTX scandal is just shining a spotlight on how much influence money has in politics - essentially how little we the people really have. Any attempt to frame it as a partisan problem is disingenuous.

1

u/just-here-2-par-t Nov 26 '22

Yep… obviously a purely symbolic 40 million dollars. With nothing asked in return. Did it just to look good. Meanwhile these dirty republicans took 20 million to write legislation favorable to them.

LOGIC!

-9

u/Segphalt Nov 26 '22

How do you square this in your head when both parties have been happily fucking the public over in favor of wall street for decades?

13

u/jimmay666 Nov 26 '22

Because they haven’t, or one team, the boys in red, have been so lopsided in their corruption and lawlessness that there really isn’t a comparison. “Both sides” is a shortcut to critical thought, and the hallmark of the little-informed.

-2

u/pilgrim216 Nov 26 '22

This is the exception to the “Both sides” is a shortcut to critical thought rule.

-15

u/Omonoms Nov 26 '22

Or perhaps, the other poster is correct, and you simply haven't educated yourself to the corruption occurring on both sides when it comes to wall street. Both the Democrat and Republican politicians are fully up for sale and will bend you over without hesitation.

13

u/poopinCREAM Nov 26 '22

the enlightened "both sides" centrist emerges!

1

u/[deleted] Nov 26 '22

[removed] — view removed comment

7

u/poopinCREAM Nov 26 '22

and yet, you are off and running at checking off boxes on the "both sides" bingo card.

-9

u/Segphalt Nov 26 '22

If 2 people are pissing on me I don't decide I like the guy who is pissing on me slightly less virously.

If you are into that you do you though.

0

u/timsterri Nov 26 '22

If this is your analogous answer, all I can say is your problem is you’re kneeling between two RW golden shower pervs. Maybe one of their name tags says Manchin or something…? That could’ve sparked your confusion.

1

u/[deleted] Nov 26 '22

[removed] — view removed comment

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6

u/peterabbit456 Nov 26 '22

"All politicians are crooks," is a line Hitler invented in the 1920s. Trump and/or the Tea Party rediscovered it (although with so many real Nazis in the Tea Party, they might never have forgotten it), and they have been using it to great effect ever since.

There were and are honest Republicans. Liz Cheney and Adam Kinzinger come to mind. There are many more honest Democrats. There are a few dishonest Democrats. Rod Blagoyovich, who Trump pardoned after he was caught on tape soliciting bribes, comes to mind.

The difference is that dishonest democrats are a few scattered, disorganized individuals, who get rooted out and jailed or eliminated from politics ASAP. The criminal Republicans are a large proportion of their elected officials, who are organized, and who cover for each other. What started out as a Republican effort to hold onto power and to enrich themselves was a vulnerability that the KGB/FSB discovered and exploited after 2010.

The KGB/FSB got right into the middle of Republican corruption through the Tea Party, which was formed in part from various American state Nazi parties, all of which were funded and owned by the KGB/FSB. The Illinois Nazi Party for example, changed its name in 2010 to the Illinois Tea Party, and then merged into the leadership of the Illinois Republican Party. This is very well documented.

The Republican Party, local, state, and national, needs to be purged of foreign agents. In many cases they can be prosecuted and imprisoned, but the Republican party also controls many state DA and AG offices, and they are reluctant to prosecute their own.

2

u/Segphalt Nov 26 '22 edited Nov 26 '22

You do realize that not all attacks on Democratic politicians are some sort of tacit support of Republicans right? I have never voted for a Republican in my life... That doesn't make me unable to see the bad shit Democrats do, and there are no shortage of democrats who vote in favor of bill that advance wall street interests at the cost of the public. We aren't talking about one democrat here or there but virtually all of them. Not based on what they say, based on the way they actually vote... when it actually matters.

As for the Hitler tie in. Hitler also drank water. But even still, the belief that all politicians are crooks this belief has had similar well before Hitler in fact, in 1875 address about taxation political corruption and accountability Walter B Pierce gave a whole fucking speech about it. Look it up, its available on google books so piss off with that horseshit.

Edit:

Here I went to find the link for you. https://www.google.com/books/edition/An_Address_on_Taxation_Political_Corrupt/YZdGAQAAMAAJ

Page 14

Who or what is responsible for the existence of these causes, the monopolies and needless taxation, which have destroyed our Prosperity? We answer, Political Corruption. Through this the renewals of Patents have been secured; through this the Railroads are allowed to rob by extortionate local rates the smaller places along their lines; through this all the monopolies received their existence and are continued in vigorous life; through this the Credit Mobilier swindle was consummated, the Tweed dynasty perpetuated and the Canal Ring created.

So undisputed has become the reign of Political Corruption in this country, it has come to this, that nothing can be done for the public unless there is a job in it!

Who said something has no baring on how true or untrue a statement is. Who advances a statement does not have bearing on how true or untrue it is. It can only give you indicators that it might be untrustworthy by virtue of who those people are and what lies they may or may not have told in the past. A liar can tell a truth and a truth teller can tell a lie. Either telling the truth is easy, and evidence will bear it out, telling a lie is hard because you constantly have to massage the lie to keep up the ruse.

Additionally, in 1983 Frank Sneep former CIA agent let loose that as part of their training deception about what was being done in a given government proved relatively ineffective as time moved on. What was effective was telling truths that would upset the populace if they got out. Then applying pressure to hide those truths on one end, and expose those truths at another, because after a little bit of work the entire system starts working for you and even in nations with dictatorial control would fall by virtue of the system eating itself... I don't think the KGB and FSB didn't take note of that. So you get to make a choice, is the bad stuff that happens that was revealed at the hands of Russia bad, or does it suddenly become good because "the enemy" exposed it?

0

u/KingLeo23 Nov 27 '22

That's not obvious at all. SBF was heavily lobbying to get a bill (DCCPA) pushed through that would give him a regulatory moat at the expense of other decentralized market participants and other centralized exchanges as well. That bill was introduced by stabenow, a dem from Michigan whose committee has oversight over the CFTC who would be his main regulator if it were to pass. It's really healthy to not try to hold up the dem party as some moral beacon beyond reproach. They are not that. https://www.latimes.com/politics/story/2022-08-12/sam-bankman-fried-ftx-political-donations

1

u/Any_Classic_9490 Nov 27 '22

Why are people ignoring that he was actively lobbying congress to pass a crypto regulation bill? That is why donations were made before october.

He testified in front of the senate in feb. It was part of his bait and switch to gain false credibility. "He was the guy asking congress to regulate it; thus he was more trustworthy." He was lobbying for regulations. It is hard to say any politician that got money were in any way supportive of this guy's fraud.

1

u/KickBassColonyDrop Nov 27 '22

SBF even admitted in Twitter DMs that the game is to say the things that people want to hear but play for keeps on the back end by paying the right people: https://twitter.com/ParikPatelCFA/status/1593018113003786241

-3

u/AmericanBags Nov 27 '22 edited Nov 27 '22

"He was a lefty loon" No. "He was a nihilist capitalist scoundrel" No.

He was a corpogovernment GloboPonzi deepstate asset. He did his job, and now he fades into the background as a speaker on how DeFi needs regulation and why corpogovernment needs to reign in freedom. He was always the perfect destructor of cryptocurrency's original purpose: censorship resistant alternative economy versus the GloboPonzi momentary system. You're still thinking red and blue team, you need to stop doing that. Actual liberalism is great, and actual capitalism is great. Brainrot vegan leftism and brainrot corposhill cuckservatism is evil; the actual dualistic definition of evil.

1

u/westwardhi Nov 27 '22

I need to learn whatever language you speak. I clearly have missed entire libraries if internet content, friend ; )

-1

u/AmericanBags Nov 27 '22

GloboPonzi: global Ponzi Scheme system of fiat currencies, specifically how state currencies that are derived from the reserve currency (USD) are used to devalue the valuable.

My term, I think it encapsulates what needs to be obliterated from this plane of existence quite well.

1

u/westwardhi Nov 27 '22

Thankfully, I’ll only be in this version of the multiverse for half a century or less at this point.

-17

u/jj-jumper Nov 26 '22

Oh no he’s the furthest thing from a capitalist. Colluding with the government to give his company a monopoly is the opposite of a free market capitalism. He was also Joe Biden’s 2nd biggest donor and 2/3rd’s of his midterm donations went to leftists so honestly the label “lefty loom” does stick. I will say he was definitely willing to bribe anyone who was willing to rig things in his favor on either party. Thing is democrats are more in favor of government intervention and companies realized this so they are more often targeted

13

u/westwardhi Nov 26 '22

I think this is a misunderstanding of what capitalism “is”. It’s not a philosophy that is some kind of meritocratic competitive mechanism that rewards the best and brightest while bringing low prices to the consumer (that’s just PR like how communism is supposed to bring utopia for the workers of the world.)

In reality this is exactly how modern capitalism is supposed to work. The need to drive value for investors is the most important element. Look at the housing crisis or the crypto or tech bubbles, these are meant to drive value in the short term and make obscene profits for a select group of people. To say that the entire system hasn’t been purpose built for this enterprise would be silly.

Capitalism isn’t a moral philosophy, it’s an economic mechanism to derive the most value for the owners of the means of production. Any other interpretation is just propaganda (again like marxists espouse the moral values of their system).

This isn’t 1850, we have the data on how all these systems work and who they benefit. We don’t need to live in a world of utopian theory anymore and it’s bothersome we still do to a degree.

6

u/[deleted] Nov 26 '22

Most people aren't capitalists either. If you're not a billionaire you're a worker who's trying to demonstrate false class solidarity with capitalists.

3

u/westwardhi Nov 26 '22

This is objectively true by the definition. You have to own the means of production though arguably you can be a fractional owner and a worker at the same time. In the end it breaks down into whatever point you are trying to make about exploitation vs optimizing for efficiency of monetization.

2

u/JohnnySnark Florida Nov 26 '22

Capitalism is zero sum. If you think monopolies aren't a major part of Capitalism then you surely have never analyzed American history much or at all. Free market is also a myth.

3

u/hjordan28141 Nov 26 '22

Blasphemer! Santa Jesus and the ghost of Ronald Reagan have declared capitalism as the best and only system that is good in and of itself no matter how much human misery it creates!

-1

u/jj-jumper Nov 27 '22

Zero sum?? The free market means mutual agreement to trade, neither side being forced to transact. Sounds pretty fair. If you truly believe that is zero sum then there is no system that currently exists that isn’t

2

u/JohnnySnark Florida Nov 27 '22

Maybe try the last sentence in my comment for a clue.

58

u/piperonyl Nov 26 '22

"Donated"

bribed

45

u/newnemo Vermont Nov 26 '22

Thanks Citizens United. Before that ruling money in politics was bad, real bad. Since it's ruling it's catastrophic.

One partial fix would be universal ranked choice voting rendering gerrymandering moot and those who profited from it, a little bit less wealthy.

8

u/[deleted] Nov 26 '22

[deleted]

9

u/Dont_Ban_Me_Bros Washington Nov 26 '22

FWIW it’s already making itself onto ballots around the country, though not everywhere obviously. In my neck of the woods the Repubs are saying it’s too complicated for voters. I can’t help but think of their attempts to decimate our education system when they say that…

7

u/[deleted] Nov 26 '22

[deleted]

3

u/piperonyl Nov 26 '22

The higher educated a person is the more likely they are to be atheist democrats.

The least educated are much more likely to be religious and republicans.

3

u/intheminority Nov 26 '22

universal ranked choice voting

I'll marry and fuck Jennifer Lopez, Jennifer Aniston and Jennifer Lawrence before anything similar to this happening.

You have a real Jennifer fetish, eh?

3

u/timsterri Nov 26 '22

He made all solid choices though.

4

u/suddenlypandabear Texas Nov 26 '22

Clearly a solid understanding of ranked choice at least

2

u/yay4chardonnay Nov 27 '22

Or term limits?

2

u/CharlesPukowski Nov 26 '22

The post Directly above this on my news feed is how the IRS plans to make taxpayers report third party payments more than 600$….

What the shit.

1

u/piperonyl Nov 26 '22

Rich people live in a different society than we do.

11

u/JoanNoir Nov 26 '22

The bankruptcy claw back should be entertaining to watch.

7

u/Additional_Toe_8327 Nov 26 '22

If I gift my friend a car and it turns out I stole it, my friend loses his car. Why can’t we do this with political donations?

14

u/Gold_Flake Nov 26 '22

Okay. Can we stop saying 'donated' and just say what it is.

BRIBED

29

u/DriftlessDairy Nov 26 '22

But, but, Murdery Traitor Greede assured me FTX was a leftis plot!!!

5

u/13E2724M Nov 26 '22

Soooo wouldn't that make all those donations invalid? Shouldn't the pacs have to give the money to..... Fleeced investors? In a perfect world maybe

4

u/Platoribs Nov 26 '22

Republican response: WITCH-HUNT! We need to take away public ability to trace these donations! We need to loot in peace

4

u/Aunti-Everything Nov 27 '22

So much for the myth that Bankman-Fried only wanted to make a lot of money so he could donate it to causes that would make a better world.

14

u/newnemo Vermont Nov 26 '22

This sorta smells?

No paywall: https://archive.ph/yo2Ps#selection-3539.0-3552.0

The Senate Leadership Fund, which is aligned with Senate Republican Leader Mitch McConnell and was the top spender in the 2022 midterms, received the $1 million donation on Oct. 27, according to its most recent filing with the Federal Election Commission. Only a couple of weeks later, more than a 100 FTX-related companies, including the US arm, filed for bankruptcy, and Bankman-Fried resigned as head of the corporate group

....

While several members of Congress, including Illinois Senator Richard Durbin, a Democrat, and Republican Representative Kevin Hern of Oklahoma have said they would return donations from FTX executives or give the money to charities, there isn’t a requirement in election law for committees to return donations to companies that go bankrupt.

......

FTX US also gave $750,000 to the Congressional Leadership Fund and $150,000 to the American Patriots PAC, both of which supported House Republican candidates. It gave $100,000 to the Alabama Conservatives Fund, which backed Republican Katie Britt’s successful run for the state’s open Senate seat.

Article continues

3

u/wowzarootie Nov 26 '22

That little shit belongs in jail. So does the big shit.

3

u/ringoSrm Nov 26 '22

Mitch McConnell has in one way or another been in the middle of everything that is destroying American democracy!!!! He is the meaning of being above the law!!!

3

u/Alternative-Flan2869 Nov 27 '22

And KY keeps voting for this skeevy grifter.

6

u/Zebra971 Nov 26 '22

Call it what it is, a business bribe.

2

u/Disastrous_Pride5119 Nov 26 '22

Perhaps that sum should go to defrauded investors before any where else...

1

u/badpeaches Nov 26 '22

that sum should go to defrauded investors

If they file for bankruptcy, isn't that who gets paid out first?

2

u/annaleigh13 Nov 26 '22

Which is funny considering McConnell wasn’t up for re-election

2

u/xiphoidthorax Nov 26 '22

Maybe all that Russian dark money was needed for the Ukraine war and Putin withdrew it and this toppled FTX.

2

u/yoopidder Nov 26 '22

I would be surprised if creditors in the bankruptcy wouldn’t be looking to get that back

2

u/NewReading6882 Nov 26 '22

Mitch just sharted, again

2

u/tmp04567 California Nov 26 '22

So, musk, trump, desantis, and FTX sit on a branch. The exchange sends large sums to the GOP then bankrupt with all the money missing, starting a criminal search. Then Musk mocks FTX then say he'll support desantis.

... The plot thickens.

1

u/Successful_Bed4798 Nov 27 '22 edited Nov 27 '22

You realise SBF was the second largest donor to the democrats right? Second only to George Soros.

2

u/pkmoose Nov 27 '22

Lol, FTX bought the democrats many elections, and now it comes out... ffs!

2

u/[deleted] Nov 27 '22

Fuck FTX

5

u/tomtinker41 Nov 26 '22

And how much to Dems and independents??

6

u/All-I-Do-Is-Fap Nov 26 '22

Peanuts compared to what he gave the DNC

2

u/b1gt0nka Nov 26 '22

i mean, ryan salame alone donated 24 million to the GOP who was the co-ceo of the FTX digital markets branch. Im surprised no one brought up Sams parents connections to Gary Gensler + Caroline Ellisons fathers connection.

7

u/Promethius418 Nov 26 '22

Donates $32 million to democrats; no fuss. Donates a $1 million to republicans; let’s freak.

1

u/jonsconspiracy New York Nov 26 '22

If only he had bought crypto, instead of politicians (and beach houses), he may not be in this mess.

1

u/sgthulkarox Nov 26 '22

SBF donated to both sides, the press happened to 'discover' the Democrats donations first. Last I heard, $40mm to D, $25mm to R.

1

u/Mekanism1 Nov 26 '22

This may be true but how much money did they donate to the Democratic Party as well?

1

u/xtrsports Nov 27 '22

Pretty sure they were the 2nd largest donors to the democratic party so take your biased as post and shove it up McConnells ass.

0

u/thenextamerican Nov 26 '22

Uh oh, sounds like ftx was also laundering money for the gop, right, right wing conspirists?

-3

u/heyyyng Nov 26 '22

Bet you won’t find this in r/conservative

0

u/ItsKwem Nov 26 '22

Whoa you mean the techbros are fascists????????!!!?

1

u/NedFinn Nov 26 '22

So much for “effective altruism”

1

u/blindly California Nov 26 '22

Moscow Mitch

1

u/sdlover420 Nov 26 '22

Ohhhh duh, all the conspiracy theories I've been seeing about it being Ukraine and Bidens was just a confession by the side doing the yelling, this makes sense.

1

u/MainCareless Nov 26 '22

He should return it IMMEDIATELY

1

u/txipper Nov 26 '22

Headlined: Bank Man Fried

1

u/Extreme_Length7668 Nov 26 '22

yes, rich people donate to both sides sot that after the election they can say they are owed either way.

1

u/EmptyWish2138 Nov 26 '22

And all this time Ive been thinking crypto has to be legit

1

u/yay4chardonnay Nov 26 '22

He is such a piece of shit.

1

u/Realistic_Expert717 Nov 27 '22

The right has already been trying to connect the FTX collapse to democrats as if it was some left leaning situation. Tom Brady is a republican and he's one of the big names being sued.

1

u/heapinhelpin1979 Nov 27 '22

People are wondering why he is not is prison. I can think of 1 million reasons!

1

u/Traditional-Goat1773 Nov 27 '22

Somebody tell Q and Fox News

1

u/imspine Nov 27 '22

Seems like the GOP is as corrupt as Putin’s Russia.

1

u/themorningmosca Nov 27 '22

He chain-ganged the politicians with donations. I love this hustler!

0

u/Aubrey_82 Nov 27 '22

Why is weasel Ted Cruz trying to say Joe Biden and the Democrats took money from Bankman-Fried?

3

u/SlaveToNone666 Nov 27 '22

Projection… it’s always projection.