Jim Cramer, the host of CNBC’s Mad Money, spoke about Sam Bankman-Fried, the former CEO of FTX, earlier today. Due to his mishandling of the business, which caused clients to lose access to their cryptocurrency, Cramer called Bankman-Fried a “pathological liar” and “con man.” The remarks were made following one of Bankman-first Fried’s interviews since declaring FTX insolvent.
For those who don’t know, Jim Cramer graduated from Harvard Law School with a Juris Doctorate. He claimed that Bankman-attorneys Fried’s likely wanted him to keep quiet so that he wouldn’t acknowledge guilt, but with the interviews he has given today, he has admitted that he broke the law by failing to keep accurate records. He made this claim on CNBC’s Squawk on the Street programme. The legal system will only be concerned with the fact that Bankman-Fried hasn’t run FTX in an ethical manner, according to Cramer.
Now, being a kind guy—which he is, without a doubt—is unimportant. It means absolutely nothing that some of the nicest individuals I know—I’m talking about millionaires—have served significant prison sentences. During the interview, Cramer said. But once more, there are many people who think he is simply a pathological liar. I fit that. He is a chronic liar. He is a fraudster. He acknowledges combining two accounts that shouldn’t have been combined.
Cramer asserts that many attorneys will decline to represent defendants if they do not request Fifth Amendment safeguards. You cannot be forced to testify against yourself, which is one of the Fifth Amendment’s features. Of course, Bankman-Fried forfeits this defence by publicly apologising for her mistakes.
Jim Cramer’s commentary today might reassure individuals who still have cryptocurrency or even cash that FTX is holding onto. People who have money on the platform should eventually be able to file claims to get their money back, however due to the company’s insolvency, the value of the assets might not be able to be fully repaid.
On Wednesday, Bankman-Fried conducted one of the first interviews since the FTX catastrophe, lasting an hour. The New York Times has uploaded a video if you’d like to view. a full video of the event on YouTube.