0 when i realized the severity of his injuries, i knew that he would never be the same . when the word project has given me the help and support that i truly needed. there's somebody else outtle up there, a phone call awaybe that is ready and willing to help when you really, really need it. i the real oh, you in the free state of florida here forear. the picture awards, a highlightt of the year. good evening and welcome to tucker carlson. tonight,f th the collapse of the crypto currency exchange fauci ex is even if you're notor interested in cryptocurrency history, changing event, it mayest si turn out to beng the biggestset single day loss of assets in the history of money. itllions of dollars evaporated in just moments, and it's stilln not clear what happened to a lot of that money.t it just disappeared. and as it did, it sparked t a growing financial crisis across entire sectors oft very the economy, a disaster that quite possibly could get very, s worse very soon.oo bu t the story of the fauci implosion is bigger even than rs the global recession. siont mait may cause. it is the story of the complete and utter corruption ofwh the people who run our country. the very people who should have been covering and regulating and reining in fauci x and its 30 year old founder, sam banks and friede were instead profiting from this scam, notsc. just a few of them, nearly all of them from the news media. paid off by sam banks and freed to the leadership of the democratic party, also paidt off by sam bank, been freed tohe the chairman of the securitiesml and exchange commission. the commissioner himself, gary gensler. they all knew that was notdn't a real company and that sam bakeman freed was a fraudn that and if they didn't know that, they certainly should have known that because it was very obvious to anyone who bothered to pay attention. ca the fone of the few who did y attention was a short seller called marc cohodas. >> who took one look at sam bank and freed sbf for short and recognized. here is a con artist, obviously. watch this tape, which aired on hedgie tv, a small investment advice channel back in october when anyone tries to pin sbf down on where he made his money, you can't get a cogent answer. then you take into account that sbf is bailing out known ponzi is afrauds in the crypto space . everyone who's gone bankrupt ore is a proven fraud. but nothing here fits everyone. everything reads like this thing is a complete scam and iat think this thing is dirty and rotten. to the core. so if that guy on a small audience investment channel tell that sandbank winfried freed was a fraud, where was was gary gensler of the s.e.c.? bankhe way, the tell in the sentence you just hearde he is that sandbank winfried couldn't explain where he got his money. here you are, a thirty year old billionaire. er, how how'd you do that if you can't tell us that, maybeg n that's a red flag and you would think most investors would have, recognized it, but for the mosto part they didn't. know nor do they seem to notice the obvious incompetence of sam bank, manfred's business partner slash girlfriend, caroline ellyson ellison was totally and obviously unqualifie d for the job she claimed to have. she had no track record of success at anything she reportedly wrote online about her drug usewe and then on a podcast back in may months before the collapse, carolinea t ellison just came out w and admitted that she had no idea what she was doing.is >> watch this. do you think that you have beenr able to pull this thing off without your mathematics? or i degree or it has been the pillar of your tradingy activity? d uh, yeah, absolutely. staruld pull it off without my math degree. >> use very little math whend you start out like an intern loa and you do something and accidentally lose maybe decm a thousand dollars orbe your desk, you're like, oh, god , like everyone's going now to hate me now.'s t like, thiserri is terrible. and yeah, over time you have to sort. yeah. get comfortable with larger and larger. uh, swings of money. >> um, yeah. a g trying to think of a goodhere wellple of a trade where i've lost a ton of money.. >> um, well i don't know. about >> i probably don't want to go into specifics too much about. o oh, i've lost a ton of money. no, it's not mine.t th and no, there's no math here. the cryptocurrency exchange, let's send her billionslost a l more dollars. invest lotot of money, a lot of money that invest, including institutional investors, including individualudin foolsb who are hoping to retire with that money all gone because we don't do math . oh, it's so outdated. thing but here's the amazing thing. none of this seem to faze the biggest institutional investors. sequoia their entire job is totl what, assess risk?k but it wasn't really about year, risk. micha and reward was about something else. earlier this year, michael grimes, a formerr bill spokesmar bill clinton, who seemed to be making an awful lot of moneyawfu somehow in the financial world ,approached elon musk,lo the world's richest man with an investment offer on behalf of sbf. sam bakeman freed wants yoheu to invest. he elon musk didn't get to be the richest man on the planet by investing in things liking ip that. so he apparently smelled bees ad and turned grymes down. but in their exchange, which has since become public, grymes multiplec, grime times told mus, by the way, sandbanks winfriedoh is a huge donor to the democratic party, quote, major democratic donor grimes wrote to musk, second to bloomberg and donations to biden campaigc donor"n. what does that have to doe to with the investment? it shoul dd be irrelevant, but that was the substance off the pitch. what is this exactly? nt to th doesn't quite sound like a business. it sounds like a hybrid of some kind and not in a reassuring way. suring waynow, some of this wase in secret, but a lot of it of is happening right out in public. right in front of the news media. and of course, a lot of themndi knew sam banks and freed because he was sending a lot of the money. and when he wasn't, he was desperate for the publicity they can provide. sam bank, ber thn freed wasprove on the cover more magazinesthan than madonna, so they probablyau should have been asking questions about his business, but none of them did. they promote bud him. e jp >> watch. morga they call hin m the jp morgan oy crypto , right? yeah, the michael jordan of crypto , if you will . so why should you care about a floppy haired degan vejare tha spinning crypto billionaire occasionally sleeps on a beanbag chair during the so-called crypto winter. the thirty year old ceo has been referred to as crypto white knight jp morgan of this generation, sam banks and freed's ftf.s ft is he the jake of our era or mor is he the jp morgan of our . i think it's yet to be determined. yet to be decided. is herbilt? is he vanderbilt? he could be .. harryman possibly is credit mobilier scandal c carnegie. >> if he gives a lot ofhe libraries, he is .jp he's a morgan of finance ofypto crypto . he's the michael jordan of crypto . but wait a second..m ba michael jordan's not inkman-n crypto . he played basketball. wellly i, sam bakeman, he's not really a crypto either. how are we getting rich. who knows. don't ask questions. he's a jp morgan. he'll be a billionaire.e so why were all these people pushing a scam that any normal person, even a person with nogrd background i in finance and is sort of an elementaryt lo understanding ofss profit loss equations could have seen was probably going to collapse in the now we're not sure. whupidity clearly plays a role . so does the herd instinct.o so all wise can ask really is wo is benefiting from all of this? well, we know that the democratic party benefited, as we told you, sam embankmentes freed donated forty million dollars to democrats. toe. ycl that's more than any other donor apart from soros. then he pledged another billione for the next election, a billion dollars in one election, because that's democracy. i he wasn't doing this inut private. he was braggin it g about it. and then he was going on inpolii public about how politicians, democratic politicians were begging him for money. watch this. >> howu findhow do you find political fundraisers? they come to you directly. is it eas to get to you and and say we need this money fordo this candidate? and what type of candidates do you tend you sup to support? a >> oh, yeah.ex well, if you if i pulled out my phone here and just looked at my last ten text messages, about half of them are going to be people asking for politicians asking forri contributionbutions. telling >> suso why were you telling us this in public?g and by the way, if you're shaking like a naked man in a snowstorm in the middle of anh intervieerw, maybe there's something wrong with you. send that boy another billionllr dollars.s. so how substantial weartisan overstating this? we're making a partisapo andn pn that things collapse was clearly a ponzi. are wehe tryin democg to attack the democratic party now? no, it's actually justifieju d. this guy was a major, major literaaccording to how a citadel defeating donald trump was literally on the balance sheet of fauci x. >> watch this fauci crosses into a into a zone that all of us are worried about. you know, on the balance sheetxa of his line,s called trump lose . >> and sam was the secondc cand biggest donor to democratic candidates. own >> i'm going to leave itwhat th' to everybody else to draw their own conclusions about what you're saying. here. then there is more.says we' we're out of time. we can't go too deeply into that. really. let's go more deeply into ite dy is pretty sick. so, of course, politicians love the guy because he was justt an a cash bigot and that's what they want most. but where were the regulators? t because there is a government in that's supposed to be officesdent of office holderde regulatory state that keeps pansy's from happening. where were they ? well, sandbank, when freed was himself, invited to washington to consult on crypto regulations. ? and then he posed for a picture with maxine waters, who's the head financial regulator in the congress, and then portin "the washington post" is the hometown newspaper of government, did no reporting s.t th on his actual business.with they just wrote a puff piece about how cool is it that a guy with funky hair can't sit stills and sleeps on a beanbag? his super .did he how do you pull the scam? how did he do that? r well, he did it with religion. that the quickest way they th to blind people if they thinkinn you share a common faith, maybe they'll ignore it and that e religion is effective. altruismve. there are a lot of effective altruists. maybe you haven't heard of that. it's k it is a kind of religious movement. it's very popular in the tech world. movementpopular inand the finann throughout silicon valley and parts of new york . th is that you make money not because you're greedy, not because you have a bottomless pit inside you if need. can never be filled, butpeople because you want to help othereo people and you want to help themwa in the most efficient wa. you want to benefit the greatest numbers of peopleef infi the most efficient way. so that means effective altruists gets you underpaye their housekeepers. they get to stiff the waiter on the tip. and of course, they needlesstebo to say, they do. tr but that's okay because they're deeply concerned about abstract tragedies like global warming. so if nothing else, effective altruism gives you a moralcove cover as you rip off investors in order to live tax free in splendor in some beachfront paradise, as sam blankman freef didid. god to this day continues to do you still in albany, in the bahamas, so it goes without saying the same bank fauci talked a lot about effective altruism . in return, fdx enjoyed a very hg high score higher than exxon,n which gets your ambulancemb to theulance to hospital and ye in the air to see your kids and heats your home. sandbank freed was considered ri a moral leader even as hnge was ripping off millions of people. >> but no one benefited long term from his collapse or will benefit more than government regulators. they are pointing to fdxer and demanding more control over cryptocurrencycy a and ultimatey see end of the cash economy. why do we think they're going to do that? because they're already working on it. sec commissioner hester pearce guy said this week the demise of xts could be a, quote, catalysti for more regulation. why why should you worry about that? well, because as we saw in i canada last year, crypto is a huge problem for governments.o governments can't control ideally cryptocurrency. like what freeze someone's personal cold wallet with crypto in it if you don't like what they say. f so what does this have to do with the collapse of tech fdx? well, it turns out that sam bakeman, freed's girlfriend, carolynkman-fried'n ellyson, haf connections to regulars. in fact, the biggest regulator of all in this country. mit her father, glen, is an mit professor who worked at university alongside drumroll, please, gary gensler, the headli of the scc, which is in charge of cryptocurrency regulation. fdx is general counsel used on h to work with gensler on the commodities futures tradin. more powone now gensler is about to get a lot more power. so thi s thing swells to unsustainable size and inevitably implodes. it collapsesevitably. they've and that collapse is used for a pretext to do what they've been planning to do along. eve so probably shouldn't shock you that right after this collapse, everyy major bank in thisto country announced a new partnership with the new york fed to establisestablih new digital currency. oh, digital currency, the one they can regulate and control. citigroup, wells fargo, mastercard, hsbc, all working on a twelve week digital dollar pilot. the fed describes this project as a regulated liability network. so what does this mean, the long term? they haveif control ofd can' your money because it's digital, you can't stash itas under your bed. h unde ke wif they don't like what you say, they can turn it off in thur impoverished. in other words, this wholer thing is a bigger scam. even that it seems. and it was made possible by political sloganeeringd know and sandbank been freed if nothing else is not stupid. put and he knows that well, as he put it in a message to a reporter the other day from his hideout in the bahamas bahamas,s the woke posturing is the most effective possible business ploy. and we're quotinsinessg, i feeld for those who get fired. he wrote by this dumb game, we will questioners play where we all say the right shibboleths and everyoney an likes us .ed al in t other words, if you suspected all of this was a scam, all the moral get about posturing, all the lectures you tot abouyou'ret there, great in your bad, this was all the way to blind you to the fact that. there was a massive rip off going on . you might be on the right track . jo max ferris is the founder of max funds. he joins us tonight. of there's max ferris. thanks so much for coming su this this story. it's almost impossiblescript to summarize in a tv script because it seems to have ths that lead to almostto mak everybody in authority on the planet. it's enough to make you into yot a conspiracy nut. can you summarize what you think this means? yeah, it's so big that the guy who was in charge of the enron collapse, which is very complicated, lots of pieces. this is much bigger and muchulous an more absurd. and ridiculous than enron, says the guy who is now running thisy company, who was the former enro broughtn who was brought ix that mess. it's very, verit'sy simple. finy you kind of touched on it.y wh it's basically a giant affinityh fraud. you want to stay who he is .e th he's the bernie madoff ofwith t crypto . he pretendhe to be this world with the donations, giving money to certainc poli specific politicians. it was to create an imag e of trust kind like bernie madoff had a foundation that gave money to hospitals and charity so you wouldn'ff hadt think it ' a fraud. and then regulators who already exist need nt, we don't need new regulators who would have had authority over some of these preposterous yield products that they had wouldn't do anything. in fact, he waprs tryingepostert to direcryint the regulators tos competitor by finance, who then saw that he was doing that. and he's the one who took outwit this company by causing a ruhine on the bank, knowing that this guy never really had this money left because they were losing, gambling it away to nothing. c and it wasn't really there.or he started the panic and crushed his competitor. >> that's basically whatened happened. . it's just i mean, i'm not really qualified to assessn some of the business portions of the story, but i cana port certainly assess t the medialion portions. so he was oubut there constantl. saying, yes, i'm making billions, but not for me.er peo i'm an effective altruist.pl r peopledoin.g oothe i'm doing because i'm a good person. and that seemed to deflect any real media scrutiny, media and regulatory scrutiny. o>> af the customer base liked his vibe that his what you know, who's appealing to a lot of different peopleato regulators, politicians, e customers, and makinverybog evey feel like your money must be safe because why is he on the cover of all these magazines? cover othere's a lot of faith o in crypto because there was a lot of frauds. this a l year.. a lot of them collapsed. he doesn't want to be thatcallyn one . the best way to do this, hd verh his own pr agent. basically, he was veryving the effective at it by bribingf th the right people, giving the right donations, creating the right image of d it the geniusn a altruist. e and it was all really to wantknh to swindleow, it seems like. and i don't know how much of it was just gambling with the client money that went to nothing and then some looting at the end ord how much was all looted. we'll never to , but we'll hopefully we'll know the full percentages when this is all done. >> it's an amazing story.l we're going to obviously itke just gets worse. thank you sor: tha much. >> thanks.>> tha so we've been telling you for the past fifteen minutes that this was all very obviousy in and any investor paid attentions or to know that there was something amiss here very clearly. dave portnoy is a sports guy, p is obviously the founder of barstool sports sports media giant, online gambling giant, also an investor who joins us on set now to assess. so that's really quick. for coming. h, that's really the question youoy are i don't know how to describe your investing. a tr it's something you do. on the side, but you're into it. so you're not like ftx w a traid expert was an advertiser of ours. exactly. but you're enthusiast. d goin what i mean, wasg this obviouswo to you that there's something weired going on ? see no, i don't know how it could be obvious to anybody, a normal citizen. i meang, if you see tom bradytol pitching fdx on the super bowl, you're probably going to believe it's a legitimate thing. i mean, i don't know why s youts want it as the stories have come out in crypto and i'm not paying a ton attention. there wahere artics i think quii wrote it. the thing that's shocking to mad and i'm in the gambling field ad where rigorously regulated like they know what i did thing twenty years ago. yes, everything.l if i do one thing weird, i heart about it. there's companies writing articles we knew this guy was in the bahamas. why? because unregulated living in basically a polymorphous penthouse with like twenty people. e we're all having with each other running this. and it was well, known. i mean, if somebody did that, the united states and meanwhilea ,he's cavorting with politicians at the highest level of governmenthe hi govt, t he wasn't investigated to me just shows what this a lot ofd n this country is all about.d sayi thinle areng just trying to make money. they're beings to mag dishonest. they're saying the right things to make money. and he's lining everybody's pocket s. it wasn't obvious to me.h but if you're meeting with gensler, and you're meeting with politicians, i don't know how in a million pe years they didn't know that. it was pretty obvious.king it wasn't welcome . i mean, i wasn't looking for it. but once you start going back , it's like, holy cow, how didat they not know this again?like contrast that with , like what i go through because people don't like me in night and daytk . i mean, it really is quite stark. so no, not not a normal person who is investing whatever . no. steph curry, tom brady, it's the miami arena down here. is fdx a normal person got taken advantage of basically. where's the government, for example? an offshore casino. they can't advertise in the super bowl. we can't take money from them. that's all illegal. why was fdx legal? why could they advertise? who's regulating that? that's amies with a real big problem is it's because the guy is spending millions and millionse guy , millions of dollars to grease the wheels. >> it alsoe ri seemsgh now thats failed in this spectacular wayaa that failure will be used as afs justification for massive regulation. he0%, if you mention it, he was the guy supposedly helpingtion r craft the regulation for futuren crypto , which is saying you have are you looking at his background at all to do that? it will be because what you said, money wants to control the money. and if you do crypto , right, i think in the long term, this will be good for bitcoin, but it's hard to control. so i think a lot people, politicians, whatever , looked at this guy, hey, if we partner up with him, we can make sure we have our hands in the pierol and kind of control. what's going on .ns also side note, thesedeleting politicians are deleting t photo with them. that's like the dumbest thingr i've ever seen. what do you think?them people don't know? you took a photo with them. you delete them. it's out there.ker: i don't you could. how hard is it to control liste, photos once you're n kn on the internet? they're gone. ows more ti listen. know, nobody knows more than me. but that's part of it.and i wa i looked at what this guy was d dointhg. girl's it's lik he i can't walk down. the street if i hold a girl d hand . it's a story.av what's daving? the? this guy's it's like an x rated movie. the bahamas. care and nobody cared. it's like, wha judt argee you dl and i'm not even i don't care about judge, but nobody looked into it. they're just looking the other way. taking pictures, taking his money. he's , like you said, the number two donor for democrats, not one word, not one peep. and to be honest, if this didn't fall apart, if the finance guy who's a savage do this rumor and probablythis,o create the run, nobodybo woulds ever know he'd be the altruistic guy. nobody's altruistic. nobody th all the .he everybody says whetherpeople wan a politician is for power, money, most of the time peoplee want to get rich. and i trust the guys weirdlyo me like me. it is me.. i've always i want to make hav money. i want spend money. i want to have a great life. this guy, i want to make money.e give it away. loa no, you weren't. he took a loan for himself. he was paying for the penthouse he through the company money. he wasdy doing whatever he want. and nobody took two seconds to look to say. d it i talked to him, by the way,t s, when they advertise, it was. always a weird guy like this charm and all that stuff. no way. no, t hehe was the least charming guy i've ever spoke. no, there wasn't like, oh, my god, this guy's some sort ofe genius . >> maybe he he arbitrages likete with an mit degree to makey some money, but he was he some charming guy. you charm the pants ofchf peoplw . he could charm anybody. you knowle, het, charmed him with his wallet, money, i'm tions, and they look the other way. there is n co othehar explanatin for that. one-r more charming in a onep at on one sit down than he is . >> and you know what? i end up at the front end ofan a hit piece every two weeks. that's becausebecaus i'm not wrg checks. do you think i mean, i guesstr it's noble, but just havingttomo watched this for a while, will we ever reallf y get to the bottom of what happened? no, no. i mean, listen, they say thatth he had this research firm. they loan all the moneye and then the finance guy bonus,w whatever his name, they were competitoreretitors in it's all crypto . some of it's magic.t buwet i don't know thatlo will truly know what happened because there's a lot of big the players who probably lost a lot of money. i mean, the bankruptcy today, what they release is crazy, what they were spending money on . but who knows? i never think we'll knowow anything. eleased i albeit some conspiracy when there's big money involved. i never think ofget it in a straight shake. like, i mean, honestlyh , how cn gensler sit down with a guyamas who is living in a penthouse inp the bahamas? with fifteen people?n we're all having with each other, spending money on everything. >> and he's like, yeah, we're ta going to write the legislation with you. i mean, honestly, how is thatnga possible? i can't tie my shoe.ay with this guy's doing that and getsoe away with it's like, come on to. the white house. let's sit down and , you know,> maketo s some legislation. it's insane. dav you need to spread some donations around. d yo portnoy that's my call, maxine waters, and fund your next campaign. dave portnoy, what a great explanation. thank you. thank you. so it's nancy pelosi day.of her dominion over the house ofht representatives has come to an end. and we're going to mark the occasion. the specia speciall one major cy giving away twelve hundred qua dollars a month. do you qualify for this stipend? well, well, depends what kind of clothes you air.'ll be b we'll be back with florida'sac tokuko lesson tonight at the patriot awards is sponsored by bass pro shops. your adventure starts here. i'm general retired bob brown, president and ceo of the association of the united states . and first, let me congratulate johnny morris dance perusia for receiving the national service award from the association of highest award. we give organizations who selflessly serve those in uniform in our military and johnny and team did an amazing job supporting wounded warriors, housing, supporting soldiers and their families and veterans. >> johnny gets headset's service, no doubt from his father, who was part of the greatest generation u.s. army soldier in world war two, who fought the battle of the bulge. let me also say happy fiftieth anniversary. pretty incredible to see. fifty years for bass pro shops and continues and has for fifty years supported our military who are out there defending our freedom. >> hi, i'm martha lee, founder ,ceo and inventor of life back , simple rescue device that could save a child's life in tokyo and learn see all these people were saved with life that people may not realize that on average, 14 people a day die from smoking related incidents every five days. >> one of those is a child. this simple is place. >> push, pull. to learn more , please visit fact that you deserve that feeling here. relief you put in the work, whether you're training for a marathon or just living one . the power boost move from sharper image. it's time to power your potential. the power boost move from sharper image not only want you to face your fear, we want you to smash these days, our households depend on the internet more and more. families grow, houses get smarter, and our demands on the internet increase. that's why we just boosted speeds for over 20 million xfinity customers, on us. so you get more of the speed you need for day and night streaming. more speed you need when you're work from homeing. and more speed you need as your family keeps growing. check in on your current speed through the xfinity app today.