Sam Bankman-Fried ripped for ‘spilling his guts’ to media, not Congress: It's 'totally asinine,' GOP rep says
‘Totally asinine’ that Sam Bankman-Fried spilled ‘his guts’ to media, skipped hearing: Rep. Lance Gooden
Rep. Lance Gooden, R-Texas, says it ‘seems logical’ that disgraced FTX founder Sam Bankman-Fried embezzled money.
After Sam Bankman-Fried skipped his remote House testimony – and the current CEO dug the disgraced FTX founders' defense deeper into the ground – one Republican congressman called his actions and gross mismanagement "crazy" and "totally asinine."
"It is totally asinine, crazy to me that a prosecution team would not want their future defendant to come before our committee and continue spilling his guts to Congress, which he'd done in the media the last few weeks," Rep. Lance Gooden, R-Texas, said in an appearance on "Mornings with Maria" Wednesday.
FTX CEO John Ray III laid the blame for the cryptocurrency exchange's collapse on founder and former chief executive Sam Bankman-Fried and his top executives on Tuesday, telling Congress they gambled with customers' money without any safeguards to protect their investments.
"The FTX group's collapse appears to stem from absolute concentration of control in the hands of a small group of grossly inexperienced and unsophisticated individuals who failed to implement virtually any of the systems or controls that are necessary for a company entrusted with other people's money or assets," Ray said.
WHERE DID THE MONEY GO IN FTX CRYPTO COLLAPSE?
Also admitting "utter failure" on every level and "unacceptable management practices" that exposed consumers to significant losses, the current CEO noted the investigation into the exchange’s collapse is still ongoing. Rep. Gooden, who was at Tuesday’s hearing, expressed he looks forward to questioning FTX execs on Bankman-Fried’s donations to Democrats.