Canada News

CNBC’s Jim Cramer eviscerates FTX’s Sam Bankman-Fried: ‘Total con artist’

CNBC personality Jim Cramer blasted disgraced FTX founder Sam Bankman-Fried as a “total con artist” on Thursday in a scathing critique of the fallen crypto king’s ongoing media apology tour.

Cramer shredded Bankman-Fried in response to a query from CNBC anchor Andrew Ross Sorkin, who asked him to weigh in on recent remarks from the ex-billionaire as well as unrelated comments from Federal Reserve Chair Jerome Powell.

“One’s just a total con artist, disgusting, makes me sick,” Cramer said. “The other guy did a good job.”

“I think Sam whatever – I don’t even want to dignify his full name anymore – is just a con artist, as many of the people who talk about crypto believe coming on the show,” Cramer added.

Sorkin interviewed the ex-billionaire at the New York Times’ DealBook conference a day earlier. During the virtual appearance, Bankman-Fried denied personal responsibility for FTX’s collapse and said he “didn’t ever try to commit fraud.”

At one point during the DealBook interview, Bankman-Fried claimed that he had “unknowingly commingled funds” between FTX and its sister cryptocurrency trading firm Alameda Research. Reuters reported last month that Bankman-Fried had secretly transferred $10 billion in FTX client funds to help prop up Alameda, which has since winded down operations.

Sam Bankman-Fried
Sam Bankman-Fried’s net worth was valued at nearly $16 billion earlier this month.
CQ-Roll Call, Inc via Getty Images

Cramer was unconvinced by Bankman-Fried’s efforts to distance himself from the escalating scandal.

“The con artist was just wild, he’s fabulous. Commingled, stole, but he was sorry,” Cramer said. “Stealers never say you’re sorry. I don’t care about ‘alleged’ anymore. I’m dropping the whole ‘alleged’ nonsense. I’m not being a journalist anymore when it comes to that guy. I’m not being ‘alleged.’ Okay?”

Sam Bankman-Fried
Bankman-Fried is attempting to explain what went wrong at FTX.

Bankman-Fried is scrambling to explain his handling of FTX’s finances in the days prior to its collapse. FTX’s new caretakers said the company owes its top 50 creditors alone a whopping $3 billion.

In a separate interview with ABC’s “Good Morning America,” Bankman-Fried rejected comparisons between himself and the infamous late Ponzi schemer Bernie Madoff.  

“I don’t think that’s who I am at all, but I understand why they’re saying that,” Bankman-Fried said. “People lost money and people lost a lot of money. At the end of the day, look, there’s a question of what happened and why and who did what, what caused the meltdown. I think that reads very differently.”

“When you look at the classic Bernie Madoff story, there was no real business there,” Bankman-Fried added. “The whole thing, as I understand it, I think, was one big Ponzi scheme. FTX, that was a real business.”

Source link

Denial of responsibility! Today is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – The content will be deleted within 24 hours.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button