The energetic host of CNBC’s Mad Money isn’t exactly known for making good calls. But with the disgraced FTX founder and former CEO Sam Bankman-Fried, it seems an Inverse Cramer exception is in order.
Jim Cramer blasted SBF in an interview with CNBC anchor Andrew Ross Sorkin and shared some unfiltered thoughts. SBF, who’s currently on an apology tour, told Sorkin in his interview at the New York Times’ DealBook Summit that he “didn’t try to commit fraud on anyone,” attempting to deny personal responsibility.
“…Just a total con artist, disgusting, makes me sick,” Cramer said. “I think Sam whatever — I don’t even want to dignify his full name anymore — is just a con artist, as many of the people who talk about crypto believe coming on the show.”
At the DealBook Summit interview with Sorkin, SBF claimed that he “unknowingly commingled funds” between FTX and its sister company Alameda Research. It’s been reported that the former billionaire had secretly transferred $10 billion in FTX client funds to help keep Alameda afloat after its exposure to the Terra LUNA collapse.
Cramer was unconvinced by SBF’s attempts to explain himself and unmoved by his endless and pointless apologies.
“The con artist was just wild, he’s fabulous. Commingled, stole, but he was sorry,” Cramer said. “Stealers never say you’re sorry. I don’t care about ‘alleged’ anymore. I’m dropping the whole ‘alleged’ nonsense. I’m not being a journalist anymore when it comes to that guy. I’m not being ‘alleged.’ Okay?”
In a separate interview also on CNBC, Cramer did not mince his words.
“That guy is a clueless idiot,” he said. “Intent means nothing. Saying sorry means nothing. If you commingle, if you had no record keeping, those are against the law.”
“You were sloppy, you didn’t keep records —illegal — alright, so if you’re admitting to illegality, even though you think that you had no intent, the U.S. attorney does not care one wit about intent, but what the U.S. attorney cares about is: did you break the law,” the Mad Money host stressed.
On Sunday, SBF announced on Twitter that he
is not done explaining and will testify before the US Congress, once he finishes “learning and reviewing what happened.”
Information for this briefing was found via Twitter, CNBC, and the sources and companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.