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.
STUART VARNEY: 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.
Subscribe to Fox Business! https://bit.ly/2D9Cdse
Watch more Fox Business Video: https://video.foxbusiness.com
Watch Fox Business Network Live: http://www.foxnewsgo.com/
FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.
Follow Fox Business on Facebook: https://www.facebook.com/FoxBusiness
Follow Fox Business on Twitter: https://twitter.com/foxbusiness
Follow Fox Business on Instagram: https://www.instagram.com/foxbusiness/