Bloomberg reported:
No name tags and by invitation only, an exclusive cryptocurrency crowd gathered behind closed doors at the Waldorf Astoria’s Jean-Georges restaurant in Beverly Hills.
It was Medici LA 22, an event set up to connect crypto entrepreneurs and institutional investors amid the ballooning popularity of digital assets.
A few hundred meters away, a separate confab was in full swing but some participants at the Milken Global Institute Conference -- a mainstay event for the U.S. investing world-- were wondering how they could get access to the parallel cryptocurrency gig.
That’s even as Milken hosted its own digital asset offering -- perhaps its most expanded yet -- with several crypto-related panels.
The Milken crowd wants to solve world problems while profiting grotesquely. Their solutions make their way into legislation, government budgets and federal policy.
Commodity Futures Trading Commission Chairman Rostin Behnam shared views from Washington, saying partnerships are being formed in the Senate and the House of Representatives over the crypto industry’s future.The greed and leverage boys effectively own the regulators, sponsor elected officials and have outsized influence on government policy. Consider Peter Thiel, a Red Team supporter and private equity underwriter (PEU). Thiel supported his former private equity employee in an Ohio Senate primary.
Billionaire Peter Thiel jump-started J.D. Vance’s candidacy and kept it afloat with $13.5 million in funding through a super-PAC.
Politicians Red and Blue love PEU and increasingly, more are one. Those who've grotesquely profited want to distort the system further for even more grotesque gains.
Update 5-7-22: FT has a summary of Milk'em Global Conference. The greed and leverage boys are having a sphincter moment as fellow PEU Jay Powell stopped spiking their punch-bowl and is purported to be administering doses of Narcan.
Update 5-18-22: The cryptocurrency unwind came quickly after financial whores Bill Clinton and Tony Blair were in the Bahamas pushing crypto.
If you don’t see that the crypto “industry” has become just as blindingly corrupt, just as oozingly fatuous, just as profoundly captured by the Nudging Oligarchy as the traditional financial services industry it was supposed to replace … well, you’re just not paying attention.
Update 6-20-22: Clinton and Blair's crypto buddy gave $16 million to U.S. Super PACs in April.
Update 6-21-22: “Sam Bankman-Fried is the new John Pierpont Morgan -- he is bailing out cryptocurrency markets the way the original J.P. Morgan did after the crisis of 1907,” Anthony Scaramucci, founder of SkyBridge Capital, said in an interview, referring to that year’s banking panic, which led to the creation of the Federal Reserve System.
Update 8-2-22: A number of FDIC insured banks ran with the crypto devils and may go under as a result. How this is remotely OK is a question one should ask David Rubenstein and his former employee Jerome Powell.
Update 11-10-22: Bloomberg reported FTX with an $8 billion hole is careening toward bankruptcy.
Update 2-15-23: Famed investor Charlie Munger said of cryptocurrencies:
"It isn't even slightly stupid, it's massively stupid, and of course it's very dangerous, and of course the governments were totally wrong to permit it."
Update 2-4-24: Senator and former PEU JD Vance said the President (Donald Trump) would not have to follow Supreme Court decisions on This Week with George Stephanopoulos. Everything is disruptable to these wankers.
Update 2-6-24: Former Red Team Rep. Liz Cheney called JD Vance "unfit to serve." Vance is there to pull levers for his PEU brethren and facilitate their excessive greed.
