“It is now clear that what happened at the FTX crypto exchange and the hedge fund Alameda Research involved a variety of conscious and intentional fraud intended to steal money from both users and investors. That’s why a recent New York Times interview was widely derided for seeming to frame FTX’s collapse as the result of mismanagement rather than malfeasance. A Wall Street Journal article bemoaned the loss of charitable donations from FTX, arguably propping up Bankman-Fried’s strategic philanthropic pose. Vox co-founder Matthew Yglesias, court chronicler of the neoliberal status quo, seemed to whitewash his own entanglements by crediting Bankman-Fried’s money with helping Democrats in the 2020 elections – sidestepping the likelihood that the money was effectively embezzled.”
Read more here.
Media News
How the media misunderstood the FTX scandal
November 30, 2022
Posted by Chris Roush
David Z. Morris of CoinDesk writes about how the mainstream media hasn’t reported the FTX scandal accurately.
Morris writes, “August institutions including the New York Times and Wall Street Journal have uncovered many key facts about the scandal, but they have also repeatedly seemed to downplay the facts in ways that soft-pedaled Bankman-Fried’s intent and culpability.
“It is now clear that what happened at the FTX crypto exchange and the hedge fund Alameda Research involved a variety of conscious and intentional fraud intended to steal money from both users and investors. That’s why a recent New York Times interview was widely derided for seeming to frame FTX’s collapse as the result of mismanagement rather than malfeasance. A Wall Street Journal article bemoaned the loss of charitable donations from FTX, arguably propping up Bankman-Fried’s strategic philanthropic pose. Vox co-founder Matthew Yglesias, court chronicler of the neoliberal status quo, seemed to whitewash his own entanglements by crediting Bankman-Fried’s money with helping Democrats in the 2020 elections – sidestepping the likelihood that the money was effectively embezzled.”
Read more here.
Media News
CNBC celebrates 35th anniversary
April 17, 2024
Full-Time
Dow Jones Newswires seeks reporter in Barcelona
April 17, 2024
Media News
Reuters hires Balaraman as editor on commodities and energy team
April 17, 2024
Media News
Fortune’s Robison departing for new opportunity
April 17, 2024
Media News
Cane named funds editor at Mergermarket
April 17, 2024
Subscribe to TBN
Receive updates about new stories in the industry daily or weekly.