Sam Bankman-Fried Considered Attempt At Paying Trump To Withdraw
Recent revelations depict a riveting tableau of political machinations and monetary negotiations, positioning Sam Bankman-Fried, the embattled founder of the failed cryptocurrency exchange FTX, in a clandestine negotiation. He contemplated a deal involving a staggering sum aimed at dissuading President Donald Trump from running for re-election in 2020, according to excerpts from Michael Lewis’s just-released book, “Going Infinite: The Rise and Fall of a New Tycoon,” published on Sunday.
Set against the backdrop of multiple criminal allegations and ensuing trial, this revelation raises questions concerning the intertwining of money, politics and influence. Bankman-Fried, once heralded as a financial wunderkind, stands amid the ruins of his creation, FTX, facing accusations of financial misconduct and a possible 110 years in federal prison. The former billionaire was recognized for his huge donations to Democratic candidates and causes until his financial empire crumbled.
The book excerpt unveils that Bankman-Fried intended to contribute between $15 million to $30 million to Senate Minority Leader Mitch McConnell (R-KY) to counterbalance the “Trumpier” candidates in the Senate races. “On a separate front, he explained to me, as the plane descended into Washington, he was exploring the legality of paying Donald Trump himself not to run for president,” wrote Lewis.
A backchannel into the Trump operation was allegedly established, with the proposition implying a possible acquiescence by Trump for payment of $5 billion. However, the excerpt remains silent on why the founder of the now-defunct FTX didn’t pursue this clandestine negotiation to its conclusion. Bankman-Fried’s spokesperson, Mark Botnick, has remained silent on the disclosures.
While Bankman-Fried maintains his innocence against the seven counts of fraud and conspiracy, his trial is expected to be replete with testimony from former associates turned witnesses for the prosecution. The battle lines are drawn as prosecutors attempt to depict him as a manipulator, misdirecting FTX customer deposits to fund ventures and illicit campaign donations to gain influence over cryptocurrency regulation in Washington, D.C.
The spectacular trial will unfold against the broader, turbulent backdrop of the cryptocurrency realm, still grappling with the repercussions of FTX’s collapse. The industry faces multiple challenges, with values plummeting and trading volumes dwindling, hinting at the undercurrents of instability coursing through the domain.
Bankman-Fried’s purported negotiation to discourage Trump from seeking re-election accentuates the pervasive impact of monetary influence in the political landscape. The unfolding narratives around these concealed dealings can have far-reaching implications, echoing across the political and financial worlds.
