Wednesday, November 16, 2022

Crypto scam

In 1989 Michael Milken was convicted of insider trading and fined $600 million dollars and sentenced to ten years but that was reduced to two years for cooperating with authorities. He earned his fortune selling junk bonds. These are high risk bonds that pay a high return. He got out of prison and had $4 billion in the bank. He then started to give away his money to various charities and in 2020 Trump pardoned him. The today's version of Milken is Sam Bankman Fried the young man who just bankrupted the crypto firm FTX and he may not go to jail since his business is offshore. If he hid billions in off shore accounts he may live the rest of his life as a wealthy former business man. He may even start giving some away like Milken and maybe earn a pardon from some future president especially if he gives a lot of money to campaigns as he has done in the past. Only in America.

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