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Nov 9 • 3 tweets • 2 min read
It's so weird that CFTC Commissioner Caroline Pham has deleted this tweet (along with every other chummy reference to FTX, apparently).

Meanwhile, somewhere a small RIA is being referred to Enforcement for not captioning an S&P500 chart as non-investable.

#BITFD Image
I mean, the regulatory capture and smiley-face corruption here is just breathtaking.
SBF hired former CFTC commissioners Mark Wetjen and Jill Sommers, ‘lobbied’ current ones like Caroline Pham, gave big $ to Dem Senators on Ag Committee (CFTC oversight), all to set up a crypto regulatory regime that would create a deep moat around FTX.

Burn. It. The. Fuck. Down.

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More from @EpsilonTheory

Ben Hunt Profile picture
Nov 11
LOL. @APompliano deleted this tweet where he shills BlockFi “interest accounts”, offering “$50 in free Bitcoin” for every new account.

Like CFTC commissioner Caroline Pham, looks like Pomp thinks you can just erase this stuff. But there’s always a screenshot. Always. Image
“Pomp’s got you … always.”
I’m just gonna leave this here.

Both Pomp and Yusko are major BlockFi players and were directly involved in the BlockFi reorg this August.

Someone should ask them if BlockFi was funding Alameda with loans from BlockFi client accounts and cash from FTX.US.
Read 4 tweets
Ben Hunt Profile picture
Nov 11
And now BlockFi is toast, which means that the FTX.US balance sheet has been blown up.

It is unfathomable to me that US regulators have not stepped in and taken over https://t.co/P55OKNfD6W.
This was just 3 months ago. So now the credit facility is $400 million and from FTX.US? My god.
If you lived through the Counterparty Oblivion of 2008, you know exactly what is happening here.
Read 4 tweets
Ben Hunt Profile picture
Nov 2
Stock Buybacks!™️

100% of Meta's $96 billion in stock buybacks went to sterilize new shares issued to employees.

90% of Google's $156 billion in stock buybacks went to sterilize new shares issued to employees.

None of this was 'returned to shareholders'.

ET note tomorrow.
Management is the rake.

epsilontheory.com/the-rake/
Publishing tomorrow so I can include Apple.
Read 4 tweets
Ben Hunt Profile picture
Oct 15
My fave item was Atlanta Fed prez Raphael Bostic valuing his two Cali rental properties at $500k-$1m when his wife valued the exact same properties at $1m+.

No doubt on the USVI dev grant application.
It’s so weird that Atlanta Fed prez Raphael Bostic forgot to report the investment LLCs through which he manages his Cali residential rental properties and Utah CRE holdings.

Original 2020 disclosure on left, revised on right.
It’s so weird that Atlanta Fed prez Raphael Bostic forgot to report his USVI land development projects.

Original 2020 disclosure on left, revised on right.
Read 4 tweets
Ben Hunt Profile picture
Oct 14
Your occasional reminder that Raphael Bostic has never held a job outside of the Fed and academia. Never.
wsj.com/articles/atlan…
Here's his updated 2021 disclosure form.
atlantafed.org/-/media/docume…
If Raphael Bostic were a junior vp at JP Morgan and told compliance that he "didn't understand" that he had to report his ownership of investment LLCs, he'd be fired on the spot.

That's his original 2020 disclosure on the left, and revised disclosure on the right.
Read 4 tweets
Ben Hunt Profile picture
Oct 5
What we saw happen in the UK last week is the first shock, not the last, and all the pension funds and asset owners who turned themselves into shadow hedge funds, full of leverage through the whispers of Wall Street Wormtongue, will be our undoing.
epsilontheory.com/a-brief-histor…
I wrote this note as a primer on monetary policy and what went horribly wrong with UK pension funds last week, because it's important that we ALL understand what's happening here, whether we're immersed in markets for our day job or not.
epsilontheory.com/a-brief-histor…
A bank/pension fund can be insolvent/underfunded forever, but it can’t be illiquid for a second.

We had a near-death experience in UK debt markets last week, and every bank and pension fund and asset manager is now scrambling to preserve cash.
Read 4 tweets

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