ARE YOU SICK AND TIRED OF ALL THE FTX TALK?
John Ray III defaming The Bahamas in the FTX litigation in the U S
All of a sudden the American politicians have found religion: trust is upper most in their minds and consciences. They are talking out of all sides of their mouths on this matter of FTX. When you examine the hearings at the Congress last week in front of the Committee headed by Congresswoman Maxine Waters, all that it demonstrated was the woeful ignorance of U S politicians about the world and how it works. They don’t understand other systems and it is clear that they make no attempt to understand other systems.
So the man who now heads FTX in the midst of the bankruptcy proceedings in Delaware testified in front of the U S Congress and he said that he does to trust The Bahamas government and he said that The Bahamas government facilitated the withdrawal of monies to the prejudice of other creditors in favour of Bahamian creditors.
There are two issues. Were Bahamian creditors or Bahaman based creditors favoured over others? Secondly, did The Bahamas government facilitate such a favour? The answer to the first is maybe. The answer to the second is definitely no. There is no evidence of it. The time line of the email they are relying on to say so will clearly show that one had nothing to do with the other.
However as with the Bahamian press, the mantra in America seems to be: don’t let the truth interfere with a good story.
The dissolution of FTX should be managed in the courts of The Bahamas. The two jurisdictions should follow the advice of Sir Franklin Wilson and seek to get together to resolve this. Punish those who committed crimes if any and reward those who are due compensation to the extent that the laws allow.
The finger wagging in the United States is simply silly in a country where there are countless business failures of ever expanding magnitude. So if you point a finger at us , we can point a finger at you.
Number of hits for the week ending Saturday, 17th December, 2022 up to midnight: 367,688;
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