What Would Sam Bankman-Fried Say If He Testifies Before Congress?
Former FTX CEO Sam Bankman-Fried was detained on December 12, a day before he was scheduled to appear before Congress remotely. Forbes received a copy of his testimony, revealing what he was about to say before Congress.
The former FTX executive has stressed that his attitude doesn’t make much sense now, not knowing if he will make customers happy.
“I know that it doesn’t mean much to say that I’m sorry. And so I’m dedicating as much of myself as I can to do right by customers. When all is said and done, I’ll judge myself preeminent. by one metric: whether have eventually been able to make customers whole. If I fail our customers in this regard, have failed myself.
Last year, my net worth was valued at $20b.
Today, I would be wrong to say that I have nothing: I have a loving family, and food on my plate, and that’s more than life has given billions of people.”
He then blamed the inclusion of FTX US in the Chapter 11 bankruptcy on John J. Ray III, a restructuring lawyer who took over as FTX CEO following the bankruptcy filing.
“I have reached out to Mr. Ray and the Chapter 11 team numerous times. Sometimes I’ve been requesting access to my own data, but other times I’ve been attempting to alert them to potentially important information for their jobs and duties to bond and customers of FTX.
I have sent five emails to Mr. Ray. Mr. Ray has never responded, nor has he reached out to me to communicate in any other ways.”
Ray, on the other hand, has been harshly critical of the previous FTX CEO’s leadership abilities.
Ray stated in his testimony for the FTX investigation hearing that in his years of working as a restructuring lawyer, he has never seen such a complete failure of corporate controls at every level of an organization, from the lack of financial statements to the complete failure of any internal controls or governance whatever.
According to the testimony, the disgraced CEO intended to blame the phantom demise of his $32 billion enterprise on everyone but himself.
It can be seen that SBF’s apologetic attitude does not seem to go anywhere, Bankman-Fried is currently being targeted by many agencies and authorities.
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