- Sam Bankman-Fried has been told in no uncertain terms that he is duty bound to testify at a U.S. Financial Services Committee hearing next week
- Bankman-Fried tried to turn down House chair Maxine Walters’ invitation, saying he didn’t have all the information about the collapse of FTX
- Walters pointed to his series of interviews as an example of how happy he was to talk to others
FTX founder and former CEO Sam Bankman-Fried has been told that it is “imperative” that he testify before a U.S. House of Representatives Financial Services Committee on December 13. Bankman-Fried said on Sunday that he didn’t think he would be in a position to do so, but committee chair Maxine Waters highlighted his recent spate of interviews when telling him in no uncertain terms that he had an obligation to do so.
Bankman-Fried Says ‘Thanks, But No Thanks’
Waters tweeted on Friday that the committee would welcome Bankman-Fried’s side of the FTX story, saying that his “willingness to talk to the public will help the company’s customers, investors, and others”, adding that the committee would “welcome your participation in our hearing on the 13th.”
Bankman-Fried replied on Sunday that, ordinarily, he would love to attend, but he just didn’t have all the information to hand yet, and so he would have to turn down Waters’ kind invitation:
Rep. Waters, and the House Committee on Financial Services:
Once I have finished learning and reviewing what happened, I would feel like it was my duty to appear before the committee and explain.
I’m not sure that will happen by the 13th. But when it does, I will testify. https://t.co/c0P8yKlyQt
— SBF (@SBF_FTX) December 4, 2022
This response, which was reminiscent of a child telling his teacher that under normal circumstances he would love to have done his homework, but he just didn’t have all the knowledge to hand at that moment, and he would do it when the information became available. Waters reacted as one might expect – with something approaching withering scorn:
Based on your role as CEO and your media interviews over the past few weeks, it’s clear to us that the information you have thus far is sufficient for testimony. (1/3) https://t.co/YUVVjOkC40
— Maxine Waters (@RepMaxineWaters) December 5, 2022
Bankman-Fried’s argument that he would testify once he had “finished learning and reviewing what happened” is immediately undermined by the series of interviews he has undertaken on various platforms, in which he has denied any direct involvement in the mismanagement of the funds on FTX.
Of course, he is not under any obligation to tell the truth in interviews, whereas a House testimony is a different matter altogether.
Ah, that would explain it.