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Who Will Return the Money?

December 19, 2022 By Debbie Young

By Sean Locke Photography @ Shutterstock.com

Only George Soros Gave More

According to the SEC, FTX customer funds were diverted to Alameda to the extent that there was “no meaningful distinction.” Sam Bankman-Fried (SBF) then used these “commingled FTX customers’ funds” to make “large political donations.”

Stolen Money Fuels Politics

Put simply, reports Kimberley Strassel in the WSJ, SBF stands accused of using stolen money to fuel politics. And there’s nothing meager about the donations.

According to OpenSecrets, SBF came in as the sixth-largest donor overall in this midterm cycle, and the second-largest donor to Democrats. Only George Soros gave more. SBF dumped close to $40 million into political-action committees, outside groups and individuals.

The complaint suggests that donations were made at the expense of thousands of FTX customers—including smaller investors—who are now at risk of not getting their money back. The SEC says that among other things it wants a “disgorgement” of SBF’s “ill-gotten gains.”

The natural follow-on question: When will political outfits return their ill-gotten donations to aid in compensation?

Some of the money, reports Ms. Strassel, “is gone forever.”

Happily, Washington Obsessed with Russian Election Meddling

Some $28 million of SBF’s political spending went into Bankman-Fried’s hybrid committee, the Protect Our Future PAC, which played in Democratic primaries. KS then wonders, “how different the political landscape might look now if these funds hadn’t been tipping the scales in races.”

SBF gave money to 50 Democratic House and Senate candidates and eight Republicans, and several have already announced they’ll direct their donations to charity. But dumping cash into a lefty charity hardly helps to make FTX customers whole.

SBF donated $6 million to the House Majority PAC, an outside group affiliated with Speaker Nancy Pelosi. That was one of the largest donations this cycle to that entity—which, according its most recent federal disclosure report, has $490,000 in cash on hand.

Republicans Also Got the Loot

While SBF’s declared donations are primarily to Democrats, Mr. Salame turned up this cycle as a GOP megadonor. Much of his money (at least $13 million) also went into his own vehicle—American Dream Federal Action—which engaged in GOP primaries. Again, that’s gone.

There’s also $2 million to the GOP’s Congressional Leadership Fund, $2.5 million to its Senate Leadership Fund, and additional money to GOP candidates, state parties and outside groups. SBF recently suggested he made his own sizable, undeclared donations to Republican-affiliated groups.

What About Political Liability

Remarkably, remarks Ms. Strassel, “top political outfits are stonewalling.”

Washington already has egg on its face, given revelations about FTX lobbying on potential crypto regulation.

Who Will Make It Right

Political outfits can fairly claim they didn’t know about FTX indiscretions when they accepted the donations (even if there may be a lesson here in the wisdom of banking sums from overnight billionaires).

Still, they know now.

Time to explain how they plan to make it right.

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Debbie Young
Debbie, editor-in-chief of Richardcyoung.com, has been associate editor of Dick Young’s investment strategy reports for over three decades. When not in Key West, Debbie spends her free time researching and writing in and about Paris and Burgundy, France, cooking on her AGA Cooker, driving her Porsche Boxter S through Vermont and Maine, and practicing yoga.
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