A judge had previously denied Sam Bankman-Fried's motion be allowed out on bail awaiting trial. He appealed to the 2nd Circuit court of appeals, which just affirmed the lower court's ruling. No bail for Sammy.
Josh Gerstein
@joshgerstein
BREAKING: 2nd Circuit panel unanimously denies bail to Sam Bankman-Fried. 'We discern no error, much less clear error, in the district court's detention decision.'
A lawsuit now alleges that Bankman-Fried's father sat on the advisory board of dark money Toxic Superfund Arabella Advisors, and could access that group's billions.
The father of disgraced cryptocurrency kingpin Sam Bankman-Fried sat on the advisory board of the liberal dark money behemoth Arabella Advisors and likely had access to the group's funds, a federal lawsuit filed against Bankman-Fried's parents on Tuesday charged.
The lawsuit, filed by Bankman-Fried's defunct cryptocurrency exchange FTX, cites communications from the elder Bankman in which he discussed having access to Arabella funds. The suit also reveals that FTX had a special arrangement with the largest Arabella affiliate, the New Venture Fund, through which the crypto trading firm and its donors could contribute to "select charitable causes." Sam Bankman-Fried is accused of stealing billions of dollars from FTX customer funds to keep his hedge fund afloat and to donate to political causes.
Though the extent of Allan Joseph Bankman's involvement in the Arabella advisory board or the level of control he had over the consultancy is unclear, the lawsuit shows the elder Bankman discussing Arabella and its corresponding non-profit, New Venture Fund, as vehicles to move money around and obscure its origin.
Arabella's network of five nonprofit funds, which do not have to disclose their donors, have spent billions of dollars operating a vast array of left-wing advocacy groups that present themselves to the public as grassroots initiatives.
Arabella spokesman Steve Sampson told the Washington Free Beacon that Bankman "has never had any role at Arabella Advisors."
But the lawsuit cites communications from the elder Bankman in which he discussed routing Arabella funds through his son.
"We considered having funds made available by Sam through Arabella, through our own 501(c)(3), through a foreign entity with a 501(c)(3)-like charter, and through Alameda as a public benefit corporation," Bankman allegedly said in connection with a discussion surrounding gift taxes.
The FTX lawsuit alleges that Allan Joseph Bankman and his wife, Barbara Fried--both Stanford Law professors and major Democratic donors--played a direct role in FTX's downfall through breaches of fiduciary duties, fraudulent transfers, and unjust enrichment. The lawsuit cited Bankman's discussions of his son's partnership with Arabella as proof he had "unfettered access" to FTX's finances.
Speaking of leftwingers abusing their slush-funds: "Ibrahim Kendhi," the hustler who has profited the most, personally, from the BLM hoax, started a -- checks notes -- "charity" to promote "antiracism." He collected millions and millions of dollars to "fight racism" and to explain how to "be antiracist."
You'll never guess what happened next!
Well actually I'm pretty sure you can guess. His "research institute" failed to produce any research.
Ibram Kendi's Center for Antiracist Research Hasn't Produced Any Research
The group announced this month that it would slash a third of its workforce
That's so sad I'm crying.
Ibram X. Kendi's Center for Antiracist Research made headlines this month when it announced it would axe a third of its workforce. But those layoffs may not have much of an impact, considering the center has hardly produced any original research at all.
The Boston University-based center has produced just two original research papers since its founding in June 2020, according to a Washington Free Beacon review. Output from the center's scholars largely consists of op-eds or commentary posted on the center's website. The group's plans to "maintain the nation's largest online database of racial inequity data in the United States" quickly fizzled out, and the database has been dormant since 2021.
The Center for Antiracist Research is the latest left-wing group to fall on hard times. George Soros's Open Society Foundations, which gave $140,000 to Kendi's center, cut 40 percent of its staff in June. The Black Lives Matter Global Network Foundation's revenues fell 88 percent from 2021 to 2022, as support for the movement plummeted to an all-time low.
It is unclear how much money remains in the Center for Antiracist Research's coffers. Boston University did not respond to a request for comment.
But not Boston University is opening an "inquiry" to ask what everyone should ask of every leftwing huckster and hate-peddler: What did you do with all that money, Chester?
Actually Ibram's name isn't Chester. His real name is Henry Rodgers (and he hates being called by his Slave Name).
Boston University said Wednesday it would conduct an "inquiry" into Dr. Ibram X. Kendi's Center for Antiracist Research after complaints emerged about the center's culture and financial management.
The assessment comes the week after Kendi, a celebrity author, scholar of race, and antiracism advocate laid off more than half the center's staff.
The complaints, a BU spokesperson said, "focused on the center's culture and its grant management practices."
That means: We're focusing on him giving money to his cronies while getting no "research" in return.
The inquiry announced Wednesday represents a broadening of a previous "examination" of the center's grant management practices, according to the spokesperson, Rachel Lapal Cavallario.
Kendi "takes strong exception to the allegations made in recent complaints and media reports," she said.
Shut up, Hank.
Since its announced launch in June 2020, just days after the murder of George Floyd in Minneapolis, the center has raised tens of millions of dollars from tech entrepreneurs, Boston-area corporations, and thousands of small donors.
He waited "days" after George Floyd to start a grift.
Whole days.
What restraint.
At the time, Kendi, the author of the bestselling 2019 book "How to Be an Antiracist," said the center would "solve these intractable racial problems of our time."
Well now that everything's solved, we can stop giving money to Race Pirates, right?
Or no?
"I don't know where the money is," said Saida Grundy, a BU professor who worked at the center from fall 2020 to spring 2021.
In December 2021, Grundy sent an email to BU provost Jean Morrison alleging dysfunction in the organization and a "pattern of amassing grants without any commitment to producing the research obligated" by them.
I'm sure they threw some sick house parties, though.