Although Sam Bankman-Fried is absent, the former chairman of the committee is seeking extradition back to his home in the United States after being criminally accused of fraud, there were still some fireworks during the FTX hearing before the House Financial Services Committee. You're almost guaranteed an entertaining sound clip — or an incredibly funny video clip, whenever Maxine Waters, who is the outgoing chairman of the committee, is present. And today's hearing was certainly no exception.
The current FTX Chief Executive Officer, John Ray, who's trying to tidy up the mess left by SBF, was in front of the committee on Tuesday and explained in the hearing that “FTX commingled customer funds with the FTX Foundation and affiliated nonprofits to advance SBF's vanity projects and progressive causes.” Ray also informed members that they had “absolutely no internal controls whatsoever” in the area of recording, noting:
“It's an example of one that is most difficult in terms of documentation. Even for the most failing companies, there is a reasonable timeline of what transpired. It's like a paperless bankruptcy and the way they came up with the company,” he told the committee. “It is very difficult to track and trace assets in particular in the crypto world. I've already said that in the world of crypto. It's truly unique in terms of the absence in documentation.”
The fun began the moment Waters tried to abruptly close the hearing without any of the committee members having the chance to ask questions. As Waters started the closing speech and acknowledged Ray to hear his story, Rep. Lance Gooden (R-TX) repeatedly attempted to make her pay attention and asked for his turn to speak to the witness. Waters had an aide whispering into her ear, carrying in her closing remarks, but did not listen to Gooden and resulted in Gooden being forced to shout once more and call for a “parliamentary inquiry.” A clearly angry Waters with an expression that resembled thunder, was snarling at Gooden's direction and then, surprisingly, and with a smile — some may even say reluctantly, gave him five minutes of questioning.
The last line, “You're certainly welcome, sir,” was spoken in sarcastic tones like a tense teenage girl who was not getting her way. It's not uncommon for people to keep voting for this deplorable woman who's well beyond her sell-by-date and is displaying the self-centered, bitter attitude that is a result of being in DC for many years. She is only able to smile when she is kissing Democrat megadonors, like SBF, according to reports.
In relation to SBF and the plethora of money he donated to Democrats in the midterm election (plus his millions of dollars he invested towards Biden's presidential campaign), Waters may have tried to put the hearing to an abrupt end in order to keep away questions on this particular subject. As RedState previously revealed, Democrats on the House Financial Services Committee received more than $300k in contributions by SBF along with his FTX co-founders, with Democrat Reps. Chuy Garcia, Ritchie Torres, Josh Gottheimer, Jim Himes, and Sean Casten being the primary beneficiaries of SBF's illicit gains.
Unfortunately for Maxine Waters (and fortunately for those who are sane) her time as the chairman of this influential committee are about to come to an end with Republican Patrick McHenry taking over in the next couple of weeks. Being a minority member won't be easy for uninvolved Waters but it's certain to bring new rants and scowling rebukes that we can enjoy.
Republicans will take over the House on January 3rd, 2023.