>The government created a lie to rob our farmers of their land.
Sarah Connor is Neo's mother
>GO WOKE GO BROKE
The judge presiding over Sam Bankman-Fried's fraud trial believes tighter tech restrictions wouldn't be enough to rein the very-online FTX founder in.
https://www.coindesk.com/consensus-magazine/2022/12/23/bankman-frieds-incredible-shrinking-250-million-bond/
Bankman-Fried's Incredible Shrinking ‘$250 Million Bond’
The FTX founder signs another remarkable deal.
Sam Bankman-Fried walked out of federal court on Thursday essentially a free man.
News outlets all around the globe reported that Bankman-Fried got out of jail by posting a gargantuan, unprecedented “$250 million bond.” In court, Assistant U.S. Attorney Nicholas Roos described it as the “largest ever” pretrial bond.
But, as it turns out, there is less than meets the eye in this “$250 million bond.” In fact, a lot less.
In the typical federal case, a bail bondsman would charge between 10%-15% of the amount in cash to issue a surety bond or “bail bond.” In the case of Bankman-Fried’s astronomical bond, 15% of $250 million would be $37.5 million. But Bankman-Fried did not pay $37.5 million for his bond. No, Bankman-Fried actually paid no cash at all for his “$250 million bond.” Nothing. Zero.
There is a second way to acquire a bail bond. A defendant, or someone on their behalf, may pledge collateral in the full amount of the bond. Then, if the defendant fails to appear in court, the pledged collateral is forfeit to the court. So, in Bankman-Fried’s case, that would mean he would need a benefactor to step up and pledge property worth $250 million to get the bond. But that did not happen either.
Instead, Bankman-Fried’s parents promised to pledge as collateral their Palo Alto, California, home, where he'll also be staying under house arrest. The Palo Alto home is rumored to be worth $4 million. And that is the full extent of the collateral pledged to guarantee the $250 million bond. No other collateral was posted or promised.
So where did that $250 million figure come from? Great question.
In this case, Bankman-Fried was not required to post a conventional bail bond. Instead, Bankman-Fried was simply released from custody on something called a personal recognizance bond. The personal recognizance bond contains Bankman-Fried’s solemn promise (and his parents’ promise) to pay the court $250 million if he fails to show up for trial at the appointed time.
Yes, you read that right. Bankman-Fried walked out of court essentially a free man by signing a piece of paper where he promised to pay the court $250 million if he decides to flee to another country with no extradition. This, of course, is totally absurd.
The attempt by the prosecutor’s office to sell this as some extraordinarily onerous bail condition would be laughable. Except the millions of customers who Bankman-Fried defrauded aren’t laughing.
Who could have imagined that the Bahamas would have stricter bail laws for financial fraud than the United States?
https://www.wsj.com/articles/where-were-the-regulators-as-svb-crashed-35827e1a
Where Were the Regulators as SVB Crashed?
Silicon Valley Bank grew too fast using borrowed money—and the risks were lurking in plain sight
In this Op-ed, Chairman Gensler congratulates himself on "recently bringing fraud charges against the CEO and other executives of FTX."
https://thehill.com/opinion/congress-blog/3891970-getting-crypto-firms-to-do-their-work-within-the-bounds-of-the-law/
Getting crypto firms to do their work within the bounds of the law
When I taught a course on blockchain and money at the Massachusetts Institute of Technology, I asked my students every semester who they thought Satoshi Nakamoto was.
To this day, no one knows. Nakamoto’s anonymous identity is part of the creation myth of finance without trusted third parties — a new way to move value on the internet, with the goal that there would be no government oversight or central intermediaries like banks.
Since antiquity, however, the financial world has been built on trust and the rule of law. Further, finance has tended toward centralization, concentration, and interconnectedness, from banks to stock exchanges.
The crypto market is no exception. It has many “trusted” — though non-compliant — intermediaries. Today, crypto is dominated by a handful of trading, lending, staking, and other financial intermediaries. The investing public is trusting these entities to be responsible with investors’ assets. According to some data, the three largest crypto trading platforms purportedly account for almost three quarters of all trading volume.
Crypto entrepreneurs might claim, in their own marketing materials, that they’re transparent and regulated. But make no mistake: Very few, if any, are actually registered with the SEC and fully compliant with the federal securities laws.
The lack of compliance puts investors’ hard-earned assets at risk. Investors lack fundamental disclosures about the crypto assets themselves and the firms who execute their trades and custody their assets: What are firms doing with customer assets? How are they funding their promised returns? Are they putting their hands in investors’ pockets? When you buy or sell a token, are you trading against the house? What are the rules to protect against manipulation and fraud? Without disclosure and other investor protections, we simply don’t know.
In essence, these firms are saying, “trust us.” What’s more, when firms go bankrupt (as many have of late), they turn to bankruptcy courts to sort out their mess. Given Nakamoto’s initial vision — in essence, that code is law — that’s somewhat ironic.
As chair of the Securities and Exchange Commission, I have one goal with regard to the crypto markets: to ensure that investors and the markets receive all the protections that they would in any other securities market. How?
https://twitter.com/Scaramucci/status/1634601539821092867
The Fed needs to announce by 6pm tomorrow night a buyer of the assets for the Silicon Valley bank. A failure to do that will unleash a domino effect that will cascade through the markets and the nation’s banking system. People have lost confidence in their competence. Need to act immediately.
FTX Debtors File Lawsuit Against Grayscale Investments, LLC and its CEO and Owners
https://www.prnewswire.com/news-releases/ftx-debtors-file-lawsuit-against-grayscale-investments-llc-and-its-ceo-and-owners-301763694.html
FTX Debtors Publish Second Presentation for Stakeholders
https://www.prnewswire.com/news-releases/ftx-debtors-publish-second-presentation-for-stakeholders-301761345.html
>Bankman-Fried was simply released from custody on something called a personal recognizance bond.
>The personal recognizance bond contains Bankman-Fried’s solemn promise (and his parents’ promise) to pay the court $250 million if he fails to show up for trial at the appointed time.
https://en.wikipedia.org/wiki/Recognizance
>Asa Saint Clair, a close Pelosi friend and self-identified business associate who has been charged by the Department of Justice for wire fraud. Asa Saint Clair is under house arrest facing twenty years in prison.
https://www.coindesk.com/business/2022/03/18/president-of-false-un-affiliate-convicted-of-fraud-in-crypto-scam/
President of Fake UN Affiliate Convicted of Fraud in Crypto Scam
A jury found Asa Saint Clair guilty of wire fraud for devising an investment scheme that swindled hundreds of thousands of dollars from more than 60 victims.
Mar 18, 2022
https://www.justice.gov/usao-sdny/pr/president-sham-united-nations-affiliate-convicted-cryptocurrency-scheme
President Of Sham United Nations Affiliate Convicted Of Cryptocurrency Scheme
Damian Williams, the United States Attorney for the Southern District of New York, announced the conviction today of ASA SAINT CLAIR, a/k/a “Asa Williams,” a/k/a “Asa Sinclair,” following a one-week trial before the Honorable P. Kevin Castel. SAINT CLAIR devised an investment scheme in which he defrauded more than 60 victims into providing loans to his organization, the World Sports Alliance, tied to a purported digital coin offering called IGObit. SAINT CLAIR falsely represented to investors that the World Sports Alliance was a close affiliate of the United Nations and that they would receive guaranteed returns on their investment, but instead diverted the investors’ funds for his personal expenses and benefit.
U.S. Attorney Damian Williams said: “As a jury has now found, Asa Saint Clair used lies to defraud everyday people out of their hard-earned money by promising them guaranteed returns if they invested in a IGObit, a digital currency he claimed the World Sports Alliance was developing. Saint Clair touted the WSA as working closely with the UN to promote the values of sports and peace for a better world, while in reality promoting only the balance of his bank accounts.”
The defendant was charged and convicted in one count with committing wire fraud, in violation of Title 18, United States Code, Section 1343, from in or around November 2017, through in or around September 2019. SAINT CLAIR solicited investors for the launch of IGObit through promised investment returns, representations that the World Sports Alliance, a purported intergovernmental organization, was a close affiliate and partner with the United Nations, and representations about the World Sport Alliance’s development projects around the world. World Sports Alliance did not in fact have any relationship with the United Nations and did not, and had not, participated in any international development projects.
>https://www.justice.gov/usao-sdny/pr/president-sham-united-nations-affiliate-convicted-cryptocurrency-scheme
https://www.justice.gov/usao-sdny/pr/president-purported-intergovernmental-organization-indicted-cryptocurrency-scheme
November 6, 2019
President Of Purported Intergovernmental Organization Indicted For Cryptocurrency Scheme
Geoffrey S. Berman, the United States Attorney for the Southern District of New York, and Peter C. Fitzhugh, Special Agent-in-Charge of the New York Field Office of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations (“HSI”), today announced charges against ASA SAINT CLAIR for his participation in an investment scheme tied to a purported digital coin offering called IGOBIT. SAINT CLAIR allegedly participated in a scheme to defraud victims into providing loans tied to the launch of IGOBIT by World Sports Alliance, a purported intergovernmental organization focused on promoting international development through sports, and falsely promised investors guaranteed returns and an ownership interest in IGOBIT.
The case has been assigned to U.S. District Judge P. Kevin Castel.
Manhattan U.S. Attorney Geoffrey S. Berman said: “As alleged, Asa Saint Clair used World Sports Alliance, a sham affiliate of the United Nations, as a vehicle to defraud lenders. Saint Clair allegedly defrauded investors in IGOBIT, a digital currency he claimed WSA was developing, but which turned out to be the fraudulent bait with which to lure victim investors. What’s real is the felony charge Saint Clair now faces.”
Special Agent-in-Charge Fitzhugh said: “Saint Claire allegedly touted his company as promoting the values of sports and peace for a better world, yet defrauded all those who invested in his sham company. As alleged, Saint Claire used the money he earned through deceit to fund a lavish lifestyle for him and his family. Through the HSI New York El Dorado Task Force and its strong partnerships, Saint Claire will face time for his actions, and it won’t be in the luxury or comfort he has grown accustomed to.”
According to the allegations in the Indictment unsealed late yesterday in Manhattan federal court[1]and the previously filed Complaint:
From 2017 through September 2019, SAINT CLAIR solicited investors for the launch of IGOBIT through promised investment returns and representations about World Sports Alliance’s development projects around the world. World Sports Alliance did not in fact participate in any international development projects and SAINT CLAIR did not dedicate investor funds to IGOBIT. Instead, SAINT CLAIR diverted those funds to other entities controlled by him and members of his family, as well as to pay his personal expenses, including dinners at Manhattan restaurants, airline tickets, and online shopping.
As a jury has now found, Asa Saint Clair used lies to defraud everyday people out of their hard-earned money by promising them guaranteed returns if they invested in a IGObit, a digital currency he claimed the World Sports Alliance was developing. Saint Clair touted the WSA as working closely with the UN to promote the values of sports and peace for a better world, while in reality promoting only the balance of his bank accounts.
https://www.prweb.com/releases/2016/12/prweb13948438.htm
CEO of the VO2 Group Asa St. Clair officially endorses the Corporate Governance Initiative calling for collaboration from the World Sports IGO and its 33 member nation
>IGObit, a digital currency World Sports Alliance was developing
https://twitter.com/officialigobit
https://web.archive.org/web/20070528170921/http://www.worldsportsalliance.org/site/
IGOBIT by World Sports Alliance
>IGOBIT by World Sports Alliance
https://web.archive.org/web/20191117161346/http://www.igobit.com/about-us/
About World Sports Alliance:
Sports and Development for Peace Platform
īGObit is the official digital token offering of World Sports Alliance, a Nonprofit Corporation , where īGObit is being fiscally sponsored by World Sports Alliance Intergovernmental Organization (WSAIGO). As an Intergovernmental Organization (IGO), WSAIGO is considered a legal person under international law and has diplomatic status in its 33 member-states which consists of over 530+ Million citizens. While the USA is NOT a member state of the IGO, World Sports Alliance, is a Nonprofit Corporation that was formed in the spring of 2017 and is recognized as an IRC 501(c)(3) entity with a near mirror image of WSAIGO.
World Sports Alliance IGO has a substantial net worth from its contractual entitlement to verifiable in ground assets (gold, diamonds and nickel amongst others) worth over USD $120 billion. The daily turnover of volume for the token shall be substantial, as īGObit shall act as the official medium of trade and store-of-vale for proposed banks, commodities exchanges and property rights registries in IGO Member States, to be owned by WSAIGO through its holding company, VO2 Global, and managed by its designated manager Commtrade International.
WSAIGO was formed as a result of a public-private partnership within the United Nations (UN-DESA) and now operates independently and in furtherance of the United Nations Sustainable Development Goals (UNSDG’s). WSAIGO was formed as a socio-economic mobility tool and executes its mission under the Sport for Development & Peace (SDP) platform. Many WSAIGO Member States are asset-rich with natural resources, but have been locked out of traditional banking and liquidity pools. This paradigm leads to widespread financial inequality, as well as other negative consequences of civil-society that are addressed by the UNSDG’s. IGObit is designed to create equality through sustainable development in order to finance youth sports and education programs; all in the name of developing the world’s most precious commodity, our children!
īGObit is a digital token that will be available with a full suite of FX and payment options, allowing WSAIGO Member States, its citizens and affiliates the means to participate in the world economy. īGObit will be freely traded in an open buy/sell manner and will allow for opportunities for miners to freely participate. WSAIGO’s underlying assets, as well as WSAIGO’s sponsorship of īGObit gives it true credibility as compared to other similar offerings. īGObit will be utilized as a store of value and means of trade finance, as well as traditional and micro payments globally within WSAIGO member-states, and shall seek to address economic inequality in furtherance of the UNSDG’s.
>https://web.archive.org/web/20191117161346/http://www.igobit.com/about-us/
>all in the name of developing the world’s most precious commodity, our children!
https://web.archive.org/web/20180208001109/http:/www.corpgovinit.com/
Corporate Governance Initiative
Meet the executive team of the Corporate Governance Initiative. Our staff takes pride in its community by providing quality service and stewardship and partnerships to our clients and the corporate community at large.
https://web.archive.org/web/20191004133706/https://corporategovernanceinitiative.blogspot.com/2018/02/brave-new-world-for-corporate.html
Brave New World For Corporate Governance - Paul Pelosi Jr
The Corporate Governance Initiative (CGI) combines free market capitalism practices and transparency as a sweet formula to improve value, to narrow the gap of income inequality for corporations served and to respect the laws and local customs in the countries in which we do business. As the CGI Executive Director, I encourage equitable and inclusive practices that balance the interests of all stakeholders.
My experience confirms that implementing well-defined governance strategy for corporations is good business. Well-defined governance means having an active Board of Directors enforcing self-governance practices while simultaneously focusing on fair dealings to maximize mutually beneficial transactions, increase transparency, and embrace tolerance of constructive criticism.
These observations regarding good governance seem logical and universally accepted; however, in practice, given human nature, those empowered with decision-making authority may depart from 'common sense' and act illogically. Illogical acts become more likely when the information used to make a decision is based exclusively on senior management's lens of experience and human tendency to act out of intuition, comfort, and emotion. Recent news present examples of the often illogical nature of corporate decision-making process and the disastrous consequences thereof. See Michael Bernoff of the Human Communications Institute: Common sense isn’t common practice.
In today's warp-speed world, there is an ever-narrowing margin of error in corporate governance as word of company missteps circulates like wildfire. Advances in automation loom, threatening worker security, coupled with a growing gap in employee compensation, the sense that governments, corporations, and the business elite ignore public concern has snowballed, and many people feel left behind by this technological change. We see this evidenced today by populist movements taking place worldwide demanding change. In response to this growing anti-corporate sentiment, it is imperative that corporations adopt specific practices and strategies protecting their organizations from easily avoided missteps thus ensuring their respective ability to maintain the value and address current challenges.
Rather than relying solely upon laws and regulations with the hope of eliciting good corporate behavior, CGI proposes voluntary practices that balance equities to satisfy concerns. Some leaders realize the pitfalls of current business trends and are implementing practices designed to restore confidence in capital markets and Main Street. For example, business leaders including Warren Buffett, Jamie Dimon, Jeff Immelt, and others, wrote an open letter in July 2016 entitled, “Common Sense Corporate Governance Principles.” Their letter emphasized that better a financial future for owners is dependent upon restoring public trust in corporations.
Specifically, the letter highlighted the importance of having a Board of Directors committed to the importance of long-term strategies over short-term quarterly concerns. This letter also stressed the vital importance of truly independent and diverse board members, a common accounting standard, and constructive engagement between companies and owners.
While CGI finds the letter and its recommendations as a first step toward promoting healthier relationships with company insiders and higher stock prices, for corporations to maintain the value and a good reputation on Main Street will require more; Meaning organizations need to take responsibility for improving transparency and actively cooperate with all stakeholders, not just shareholders. Moreover, the CGI path to prosperity begins when leaders voluntary restore balance among all employees, tolerate and incorporate opposing views, and follow laws and local customs.
Thank you for your consideration.
https://www.cbsnews.com/newyork/news/aaron-mostofsky-prison-capitol-riot/
https://www.cbsnews.com/newyork/news/aaron-mostofsky-arrested-u-s-capitol-riots/
>The entire system is getting bled out. Anon doesn't mind if the sector crumbles and short sellers have to find honest work.