Taken aback by how FTX met its demise

EDITOR, The Tribune.

Greetings and thank you yet again for the opportunity to address these several points of national importance, I appreciate it.

I am a follower of the local news. And especially this week in The Bahamas, what made news has left a bitter taste in the mouths of countless Bahamians. And I, for one, have been taken aback and trying to bring structure to how such a well intentioned and futuristic digital asset conglomerate met its demise so haphazardly, or was it?

Some economists have compared it to Enron, but, you know, it is still early in what could prove to be quite an Herculean task-to-garner-all, or most of the relevant pieces of evidence, the material dossier, the blueprint-of-sort, that would help to illuminate the story regarding the who, how, what, why, and perhaps when?

This financial debacle has drawn the attention and comments from all across the globe and with some negative statements being expressed by people who should know better, referring to the Bahamian authorities and, or banking institutions as crooks, why?

It seemed to me, and the last time I checked this American businessman Mr Sam Bankman-Fried in his initial news conference in Nassau, indicated that he has travelled the world looking for the right country to launch his main headquarters, but not until he found the Bahamas did he know that he had had found the right country.

But what did he mean by looking for the right country? To do what? When I heard it, it caused my antennas to be elevated because it pointed to garbage, I thought? There are many countries in the world where this kind of company could be successfully launched, even if it were to do it in a country dominated by vacation properties, etc, would be ideal for this kind of business. Or did he find that The Bahamas and its financial systems were not as updated as some other countries and so could be exploited?

And to the powers that be, perhaps it is time for the Hon Prime Minister and his Deputy, to recuse themselves from press conferences, where a foreign investor(s) was unveiling plans to do business in The Bahamas. And as the preponderance of what that objective had as its centre investments, falling under the remit of The Bahamas Investment Authority’s hierarchy, should be the ones on the podium, joint hosting the press conference, not the nation’s leaders.

Finally, while the FTX Digital Market Ltd, may be domiciled in the Commonwealth of the Bahamas, does not negate the fact that possible crimes were perpetrated in multi- jurisdictions that also have a legitimate and inherent right to pursue wrongs, or possible crimes committed against its citizens. Therefore, and while the local authorities have desires to take total charge, or authority over the FTX Digital Market Ltd, and Chief Executive Officer Sam Bankman-Fried-filed bankruptcy proceedings, but is suspected of possibly having committed a series of serious blue collar crimes? I entreat you and for you to have no authority over how, for instance, the United States may want to pursue their interests, for crimes possibly committed against Americans, which they are lawfully able to do?

The only difficulties I envision is how to share the same evidence?

Who will pursue that information and how will they marshal it?



November 19, 2022.


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