The host of Mad Cash, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is a pathological liar and a conman. “That man is a clueless fool. Intent means nothing. Saying sorry means nothing,” Cramer harassed.
Jim Cramer on Sam Bankman-Fried and FTX Collapse
The host of CNBC’s Mad Cash present, Jim Cramer, shared his ideas in regards to the collapse of crypto trade FTX and its co-founder and former CEO Sam Bankman-Fried (SBF) in a few interviews on CNBC Thursday. Cramer is a former hedge fund supervisor who co-founded Thestreet.com, a monetary information and literacy web site.
Commenting on Bankman-Fried’s declare throughout an interview on the New York Occasions Dealbook Summit that he “didn’t attempt to commit fraud on anybody,” Cramer stated:
That man is a clueless fool. Intent means nothing. Saying sorry means nothing. If you happen to commingle, if you happen to had no document conserving, these are in opposition to the legislation.
“You have been sloppy, you didn’t maintain information —unlawful — alright, so if you happen to’re admitting to illegality, regardless that you suppose that you just had no intent, the U.S. legal professional doesn’t care one wit about intent, however what the U.S. legal professional cares about is: did you break the legislation,” Cramer harassed.
“Being a pleasant man, which he clearly is, is irrelevant … It means completely nothing. A number of the nicest individuals I do know have spent some severe time in jail,” the Mad Cash host shared.
Referring to Bankman-Fried, Cramer emphasised:
He’s a pathological liar. He’s a conman.
“He admitted to commingling accounts that shouldn’t be commingled however then he says, ‘it doesn’t actually matter I really feel dangerous,’” the Mad Cash host continued, including: “Then once more it doesn’t matter if he’s a pathological liar or essentially the most sincere man in America. The actual fact is he broke the legislation.” Cramer famous: “If you happen to commingle funds … you in all probability go to jail for that so don’t commingle.”
In a special interview on CBNC Thursday, Cramer opined: “I believe Sam no matter — I don’t even need to dignify his full title anymore — is only a con artist.” The Mad Cash host elaborated:
The con artist was simply wild, he’s fabulous. Commingled, stole, however he was sorry.
“Stealers by no means say you’re sorry. I don’t care about ‘alleged’ anymore. I’m dropping the entire ‘alleged’ nonsense. I’m not being a journalist anymore in relation to that man,” Cramer concluded.
FTX filed for Chapter 11 chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. An estimated a million clients and buyers misplaced billions of {dollars} from the trade collapse. The corporate is now being investigated for mishandling customer funds. FTX’s new CEO, John Ray, told the chapter court docket: “By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary data as occurred right here.”
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