Saudi Press

Saudi Arabia and the world
Wednesday, Feb 25, 2026

Corruption works: House Financial Services Chair Waters doesn't plan to subpoena her donor, Sam Bankman-Fried, to testify at hearing on FTX collapse

House Financial Services Chair Maxine Waters tells members there are no current plans to subpoena FTX founder Sam Bankman-Fried for his testimony. Sam Bankman-Fried disappeared from United States, along with $ 30 billion investors money, and hiding in the Bahamas, after “donating” $ 40 million to the Democrats Party and the House Financial Services Chair Maxine Waters that now protecting him.

Conclusion:

Anyone who claims that bribery is not good, cannot really distinguish between good and evil.

Anyone who claims that corruption is not good business, does not understand how politics and the real business world works.

Anyone who thinks that stealing investors  money is not ok, does not understand the real business model of the capital market.

Anyone who believe that being a decent citizen who obey the rule of law is the right thing to do for your life, your family and friends, is on the wrong side of the business world. 

Being fair, obeying the rule of law, working hard and honest  really does a lot of good, but it does good not to the people who obey the law but to those on the other side, to those who can violate the law, and have the right connections with the authorities to let it go. 

And last conclusion from this FTX and the law makers corruption is: anyone who think that stealing  investor’s savings is not profitable, probably never got rich from investors.



Background:

Rep. Maxine Waters (D-CA) participates in a House Financial Services Committee hearing in Washington, October 23, 2019.

House Financial Services Committee Chair Maxine Waters told Democrats she doesn't plan to subpoena her dear and generous friend, former FTX CEO Sam Bankman-Fried, to testify at Tuesday's hearing about the crypto exchange's rapid demise, according to people with direct knowledge of the conversation.

Waters informed committee members of her decision secretly, at a private meeting Tuesday with Securities and Exchange Commission Chair Gary Gensler on Capitol Hill.

Those at the meeting say Waters said she wants committee staff to try to convince Bankman-Fried to voluntarily testify. As of late Wednesday, Bankman-Fried has obviously not yet to agree to voluntarily testify to the House committee. Why should he, with $30 billion dollars?

Waters, who will lose the chair title when Republicans take control of the House on Jan. 3, could end up deferring to Rep. Patrick McHenry, R-N.C., the panel's top Republican and likely next chair, to decide whether to subpoena Bankman-Fried in the next congressional session if the FTX founder declines to voluntarily testify under oath next week.

Bankman-Fried has been under scrutiny by federal investigators and lawmakers on Capitol Hill since his cryptocurrency exchange “suddenly collapsed” last month, bringing to light a host of questionable transactions.

Senate Banking Committee Chair Sherrod Brown, D-Ohio, announced that his committee will hold a hearing on FTX's implosion on Dec. 14. The company's crash arrived after FTX reportedly transferred billions of dollars in client funds to Bankman-Fried's trading firm, Alameda Research.

Waters invited Bankman-Fried to voluntarily testify before the panel and could always change her mind and subpoena him before Tuesday. A committee spokeswoman declined to comment.

Bankman-Fried tweeted his answer to Waters, saying he felt it was his "duty" to explain what happened, although it might not happen next week. John Jay Ray III, the new FTX CEO, is scheduled to testify at next week's House hearing.

"Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain," Bankman-Fried said. "I'm not sure that will happen by the 13th. But when it does, I will testify."

Bankman-Fried's fall from grace was swift and unforgiving after spending years as the crypto "darling" on Capitol Hill. He donated almost $40 million toward the 2022 congressional midterm elections, with much of it going to Democrats.

Nishad Singh, who became FTX's lead engineer in 2019 following a stint at Bankman-Fried's trading firm Alameda Research, has donated more than $13 million to Democratic Party causes since the start of the 2020 presidential election.

Ryan Salame, the co-CEO of FTX Digital Markets, donated another $23 million, with most of his contributions benefiting Republicans.

Bottom line: maybe my conclusions above are not 100% right. But definitely all what I was brainwashed in my life to believe about honesty, dignity, fairness and  law obsidians is absolutely wrong.    

The people who enriched slavery, wars, discrimination bribery and racism overall we convince us to keep the law that protects them from justice to us. They force us to have a brainwashing that will convince us not to testify what made them rich.

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
USS Gerald R Ford Arrives in Souda, Crete
Saudi Sovereign Wealth Fund Unit Expands Push Into Global Private Credit
Saudi Arabia Eases Headquarters Rules to Attract More Foreign Firms
Saipem Secures Major Offshore Pipeline Contract in Saudi Arabia
Saudi Arabia’s Targeted Oil Export Cuts to the US Seen as Strategic Signal Amid Global Supply Glut
Nemetschek Arabia Signs Strategic MoU with Saudi Facility Management Association
Gulf Markets Close Mixed as Saudi Shares Slip on Budget Deficit Concerns
Saudi Arabia Posts Largest Quarterly Budget Deficit in Years Amid Weaker Oil Revenues and Higher Spending
U.S. Lawmaker Urges Safeguards on Saudi Civil Nuclear Deal as Trump Administration Advances Agreement
Saudi Arabia and Gulf Allies Rally Behind Kuwait in Escalating Maritime Border Dispute with Iraq
Universal Aviation Secures License to Operate and Manage New General Aviation Terminal in Dammam
Tucker Carlson’s Saudi Arabia Remarks Spark Debate Over Israel Stance
GCC Secretary-General Holds Talks with EU Ambassador in Riyadh
Gulf States’ AI Investment Drive Seen as Strategic Bet on Technology and U.S. Security Ties
African Union Commission Chair Meets Saudi Vice Foreign Minister to Deepen Strategic Cooperation
President El-Sisi Holds Strategic Talks with Saudi Crown Prince in Riyadh
Lucid Unveils Up to $12,000 Incentive for Air and Gravity Models in Saudi Arabia
Saudi Arabia Enters Global AI Partnership, Expanding Its Role in International Technology Governance
Saudi Arabia’s Landmark U.S. LNG Agreement Signals Major Strategic Shift
Saudi Arabia Accelerates Global Gaming Push with Billion-Dollar Deals and Expanded PIF Mandate
Saudi Arabia Reports $25.28 Billion Budget Deficit in Fourth Quarter of 2025
Alvarez & Marsal Tax Establishes Dedicated Pillar Two and Transfer Pricing Team in Saudi Arabia
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
Saudi Arabia Joins Global Artificial Intelligence Alliance to Strengthen International Collaboration
Shura Island Positioned as Flagship of Saudi Arabia’s Ambitious Red Sea Tourism Drive
Saudi Arabia Rebukes Mike Huckabee Over Remarks in Tucker Carlson Interview
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia’s Strategic Minerals Drive Offers Lessons for Europe’s Supply Chain Ambitions
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
×