Maxine Waters Disappointed That Bankman-Fried Was Arrested Too Early
House Financial Services Committee Chair Maxine Waters, D-Calif., says she is “disappointed” by Sam Bankman-Fried’s arrest, which comes just days before his scheduled testimony before her committee.
“I am surprised to hear that Sam Bankman-Fried was arrested in the Bahamas at the direction of the United States Attorney for the Southern District of New York. It’s about time the process to bring Mr. Bankman-Fried to justice has begun. However, as the public knows, my staff and I have been working diligently for the past month to secure Mr. Bankman-Fried’s testimony before our Committee tomorrow morning. We received confirmation this afternoon from Mr. Bankman-Fried and his lawyers that he was still planning to appear before the Committee tomorrow, but then he was arrested.”
Waters said the timing of the arrest seemed unreasonable when the public deserved to know the truth after the collapse of the FTX empire and pledged “to get to the bottom of what happened.”
“Although Mr. Bankman-Fried must be held accountable, the American public deserves to hear directly from Mr. Bankman-Fried about the actions that’ve harmed over one million people, and wiped out the hard-earned life savings of so many. The public has been waiting eagerly to get these answers under oath before Congress, and the timing of this arrest denies the public this opportunity. While I am disappointed that we will not be able to hear from Mr. Bankman-Fried tomorrow, we remain committed to getting to the bottom of what happened, and the Committee looks forward to beginning our investigation by hearing from Mr. John Ray III tomorrow.”
The Financial Services Committee will continue to hear from current FTX CEO John Ray III on the company’s demise. Ray describes how FTX US did not genuinely function separately from the main corporate company, potentially breaking the legislation and opposing SBF’s view that the U.S. branch did not need to be brought into the bankruptcy process in written remarks that would open his evidence.
Bankman-Fried was detained last night in the Bahamas in anticipation of an indictment by the United States Attorney for the Southern District of New York and extradition back to the United States.
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