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Jim Cramer Calls FTX Co-Founder Sam Bankman-Fried a Pathological Liar, Conman, and Clueless Idiot – Featured Bitcoin News

The host of Mad Money, Jim Cramer, says former FTX CEO Sam Bankman-Fried (SBF) is a pathological liar and a conman. “That guy is a clueless idiot. Intent means nothing. Saying sorry means nothing,” Cramer confused.

Jim Cramer on Sam Bankman-Fried and FTX Collapse

The host of CNBC’s Mad Money present, Jim Cramer, shared his ideas in regards to the collapse of crypto change FTX and its co-founder and former CEO Sam Bankman-Fried (SBF) in a couple of interviews on CNBC Thursday. Cramer is a former hedge fund supervisor who co-founded, a monetary information and literacy web site.

Commenting on Bankman-Fried’s declare throughout an interview on the New York Times Dealbook Summit that he “didn’t try to commit fraud on anyone,” Cramer stated:

That man is a clueless fool. Intent means nothing. Saying sorry means nothing. If you commingle, if you happen to had no document conserving, these are towards the regulation.

“You were sloppy, you didn’t keep records —illegal — alright, so if you’re admitting to illegality, even though you think that you had no intent, the U.S. attorney does not care one wit about intent, but what the U.S. attorney cares about is: did you break the law,” Cramer confused.

“Being a nice guy, which he clearly is, is irrelevant … It means absolutely nothing. Some of the nicest people I know have spent some serious time in jail,” the Mad Money host shared.

Referring to Bankman-Fried, Cramer emphasised:

He’s a pathological liar. He’s a conman.

“He admitted to commingling accounts that shouldn’t be commingled but then he says, ‘it doesn’t really matter I feel bad,’” the Mad Money host continued, including: “Then again it doesn’t matter if he’s a pathological liar or the most honest man in America. The fact is he broke the law.” Cramer famous: “If you commingle funds … you probably go to jail for that so don’t commingle.”

In a completely different interview on CBNC Thursday, Cramer opined: “I think Sam whatever — I don’t even want to dignify his full name anymore — is just a con artist.” The Mad Money host elaborated:

The con artist was simply wild, he’s fabulous. Commingled, stole, however he was sorry.

“Stealers never say you’re sorry. I don’t care about ‘alleged’ anymore. I’m dropping the whole ‘alleged’ nonsense. I’m not being a journalist anymore when it comes to that guy,” Cramer concluded.

FTX filed for Chapter 11 chapter on Nov. 11 and Bankman-Fried stepped down because the CEO. An estimated a million clients and buyers lost billions of {dollars} from the change collapse. The company is now being investigated for mishandling buyer funds. FTX’s new CEO, John Ray, instructed the chapter court docket: “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”

What do you concentrate on the feedback by Mad Money’s Jim Cramer? Let us know within the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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