Now that the company has collapsed and billions of dollars of investor money have vanished into thin air, many people unwise enough to have put money into FTX have demanded that the same politicians and groups that benefited from Bankman-Fried’s largest return the money so that at least they can get some of their investments back.
According to the Post Millennial, a group called the Campaign Legal Center, which received $2.5 million from FTX, finds itself in an ironic position in the wake of the company’s demise. The Campaign Legal Center is a “watchdog” that examines campaign donations from dubious sources. Its stance is that anyone or any organization that finds itself in that position should give the money back.
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No more dubious source of contributions exists than Bankman-Fried and his company FTX. However, Brendan Quinn, a spokesperson for the Campaign Legal Center, suggests that his group has a problem giving the money back. He said his organization “cannot return or give away Bankman-Fried’s money because the money is already spent.”
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The problem with that statement is that the Campaign Legal Center can pay the money back if it chooses from cash. Its latest tax filing with the IRS stated that it has $26.5 million in net assets, including $12.5 million in cash.
Quinn suggested that the assets the Campaign Legal Center has do not matter. While a politician would undoubtedly be obliged to return contributions from a shady source, organizations are under no such obligation. He stated that refunding the FTX money is not something we’re considering or need to consider at this time.”
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According to Business Insider, Quinn added, “When a campaign is asked to disgorge an already-spent contribution, it generally does so by giving an equivalent amount to a charity. CLC is a charity.”
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Several public officeholders, however, are scrambling to distance themselves from Bankman-Fried and his dark money. John Boozman, R-Arkansas. and Debbie Stabenow, D-Michigan, each received $5,800 from Bankman-Fried and planned to donate the amount to charity.
Sen. Kirsten Gillibrand, D-New York, has also donated money from FTX to a charity. Beto O’Rourke, a recent Texas Governor candidate, said he would refund the $1 million he got from Bankman-Fried.
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