Posts Tagged ‘FTX’

By John Ruberry

Okay, Republicans, you have an easy lay-up shot at the basket. But of course, sure things, such as Red Wave midterm blowouts, can end up as air balls. 

America’s worst big city mayor, Chicago’s Lori Lightfoot, is running for reelection. She has eight opponents, a couple of whom, such as Ja’Mal Green and the Chicago Teachers Union-endorsed Brandon Johnson, are extreme leftists who provide answers to the question, “Can Chicago have a worse mayor than Lori Lightfoot?

Chicago’s elections are non-partisan. In the likely scenario that no candidate achieves 50 percent of the vote in the first round of voting, which is February 28, the top two candidates face off in an April 4 runoff. As with the congressional midterms, polling has been all over the place in the mayoral race, but the top four candidates in terms of popularity appear to be Lightfoot, former Chicago Public Schools CEO Paul Vallas, businessman and vote-buyer Willie Wilson, and US Rep. Jesus “Chuy” Garcia. 

The Chicago mayoral race is the first major election, unless you count December’s Georgia Senate runoff race, since the collapse of cryptocurrency firm FTX.

By most accounts Garcia, who endorsed Bernie Sanders over Hillary Clinton in the 2016 presidential campaign, was the early frontrunner in the contest. But then Lightfoot went on the attack. 

You see, Garcia’s congressional campaign fund accepted $2,900 from former FTX CEO Sam Bankman-Fried, who was indicted last year for charges surrounding the collapse of the crypto currency firm. Worse, SBF’s PAC, Protect our Futures, spent over $150,000 on glossy mailers sent to Chuy’s remapped and gerrymandered 4th congressional district to introduce him to new voters for the 2022 Democratic primary. Only Garcia was running unopposed in that race. Chuy is a member of the House Financial Services Committee, which oversees cryptocurrency. The $2,900 Bankman-Fried contribution to Garcia has since been donated to charity.

And Lighfoot’s attack appears to be a solid blow against Garcia in a TV spot where she connects Garcia not only to SBF, but also to former Illinois Democratic Party chairman and state House speaker, Boss Michael Madigan, who was indicted last year, as well as Chicago’s deservedly unpopular red-light cameras. 

Most of the Lightfoot attack ad against Garcia begins at the 1:22 mark in this Fox Chicago video.

The upshot? In the two most recent polls, one that you should look at with suspicion comes from an internal survey from the Lightfoot campaign, and the other one from a suburban Republican pollster, Garcia has dropped to third place. Lighfoot’s poll has her on in the lead, the other poll has Vallas in the lead with Lighfoot close behind–but both surveys have the top two in a statistical tie. 

Garcia, although he did force Rahm Emanuel into a runoff in the 2015 mayoral race, is accustomed to comfortable elections, so it might be a struggle for Chuy to fight back.

Back to the GOP.  

Republicans, you know, or should know, what to do. Target every Democrat who has taken Sam Bankman-Fried cash so hard that voters will believe that these Dems have SBF as a running mate.

Even if it means following Lori Lightfoot’s lead.

John Ruberry regularly blogs just north off Chicago at Marathon Pundit.

Lori Lightfoot

 By John Ruberry

A poll with surprising findings was released on Thursday by Fox Chicago about Chicago’s mayoral election on Friday. Yeah, yeah, I know, many political polls about the recently concluded congressional elections were wrong, and there were serious polling errors in 2016 and 2018 as well. But stick with me here.

The mayoral poll, conducted by M3 Strategies, shows that US Rep. Jesus “Chuy” Garcia is favored by 28 percent of respondents, followed by former Chicago Public Schools CEO Paul Vallas at 19 percent, incumbent Lori Lightfoot at 15 percent, and Willie Wilson, a businessman and philanthropist, at 13 percent. 

There are eleven candidates for mayor of America’s third-largest–for now–city, although petition challenges might winnow the field. The first round of voting, along with races for alderpersons in each of Chicago’s 50 wards, as well as for city clerk and treasurer, will be held on February 28, if no candidates achieve a majority in their races, the top two candidates are matched in an April runoff. 

So, if the poll is correct, that means that Lori Lightfoot, who in my opinion is America’s worst big city mayor, she won’t make it to the second round. Lightfoot’s term in mayor has been disastrous on many levels–too many to list here.

On the latest episode Fox Chicago Flannery Fired Up show, host Mike Flannery said about crime, “nearly three-fourths of Chicago voters now say is their number one issue.” Lightfoot, as a candidate said that the crime levels of 2019 were “unacceptable.” Flannery then fact checked Lightfoot’s recent statement that “we are down 15 percent in homicides, 20 percent in shootings.” But those are numbers looking back to last year. Flannery did the right thing, scolding Lightfoot.

“When she took office in 2019,” Flannery said, “she inherited a dramatically declining rate of bloody street violence, but the medical examiner reports that homicides this year are 41 percent higher than in 2019.”

It’s easy to understand why Lightfoot is polling so terribly. M3 Strategy’s Matt Podgorski was a guest on that Flannery Fired Up installment, of the incumbent he said, “You’re looking at a situation where [there is] a negative view of 74 percent of likely voters and about 70 percent of them think she does not deserve another term. Only two percent of Chicago voters haven’t formed an opinion of Mayor Lightfoot.”

“Those are unprecedently bad numbers,” Podgorski concluded.

I can’t see a way out for Lightfoot. Apparently, Chicago voters, up to a point, aren’t completely stupid. 

Besides her inability to stem Chicago’s rise in violence–which her apologists point out is part of a national increase in mayhem while failing to mention that Los Angeles and New York, which are more populous, have lower murder totals–Lightfoot’s petulant and overbearing COVID-19 lockdown policy produced a tragic irony. After she spotted a large group of males congregating on a beach, the next day she ordered Chicago police officers to enforce the closure of that beach. Later that day, cops did next to nothing as rioters tore up and looted Chicago’s North Michigan Avenue shopping district. 

Lightfoot has acted bizarrely, once allegedly told an Italian-American group who supports the return of Chicago’s Christopher Columbus statues to public view, “I have the biggest d*ck in Chicago.” She once went full-Jack Nicholson in The Shining in a repetitive email rant. 

Chicago voters, as I alluded earlier, still have much room for improvement. Chuy Garcia, then a Cook County commissioner, surprisingly forced incumbent Rahm Emanuel into a runoff in the 2015 mayoral race, running to the left of Emanuel. In 2016 Garcia endorsed Bernie Sanders for president. Last year the leftist magazine In These Times, in a collaboration with the Chicago Reader, gushingly wrote of Garcia’s working with the Squad in Washington, “It’s not surprising that García has taken up with Congress’ left rebels.” 

Garcia enjoys a sizeable lead in the Fox Chicago poll. Garcia collected $2,900 from indicted FTX CEO Sam Bankman-Fried. Worse, the Protect our Futures PAC spent over $150,000 on glossy mailers to introduce Garcia to new voters in his redrawn congressional district, even though Chuy was running unopposed in the November election.

Buying something, SBF?

What about the other two top contenders to replace Lightfoot? Willie Wilson, a gadfly candidate who somehow has convinced some Chicago conservatives he is one of them, can arguably–because of his regular grocery and gasoline giveaways--be called a vote buyer. Paul Vallas, another perennial candidate, is the only mayoral candidate talking real sense about crime. Unless I missed something, he’s the only mayoral candidate who is explicitly critical of Cook County’s catch-and-release prosecutor, Kim Foxx. 

Whoever is Chicago’s next mayor, the, ahem, winner faces a monumental series of challenges. Besides crime, the mayor will have to cope with a declining tax base, as businesses are fleeing. And Chicago’s pension bomb looms–eventually it will explode. Chicago is the most corrupt city in America. And what about the lead in Chicago’s water pipes?

John Ruberry regularly blogs at Marathon Pundit.

By John Ruberry

While increasingly irrelevant, the mainstream media is still a force to be reckoned with in regard to shaping opinion. Despite paywalls at many newspaper and magazine sites, revenue is down, and layoffs are up. The paywalls of course limit readership, and usually, considering what is produced by the MSM, that’s a good thing.

You probably that FTX, a Bahamas-based cryptocurrency firm that is incorporated in Antigua and Barbuda, filed for bankruptcy protection a few days after Election Day.

Oh, Election Day, is that a non-sequitur? 

Nope.

The co-founder, and until November 11, the CEO of FTX, Sam Bankman-Fried, was the second-largest contributor to Democrats in the 2022 midterms. Nearly $40 million in SBF funds went to the Dems, most of that money ended up in three Democrat-PACs. Only George Soros, who made his fortune in currency trading, donated more to the Dems during the midterm cycle.

Bankman-Fried, often referred to as SBF, has not been charged with any crimes. Still, there are comparisons being made between SBF and Ponzi-schemer Bernie Madoff, as well as the collapse of Enron. Bankman-Fried’s successor at FTC, John Ray III, who did the best he could in cleaning up Enron, had this to say about his new employer, “Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.” Larry Summers, alluded to the Enron debacle too. “The smartest guys in the room. Not just financial error but — certainly from the reports — whiffs of fraud,” the former Treasury secretary under Barack Obama said. “Vast explosion of wealth that nobody quite understands where it comes from.”

And I believe there is a bit of the Fyre Fest hoaxster, Billy McFarland, embedded in Bankman-Fried’s mental DNA.

Notwithstanding Summers remark, there have been few if any screams of anger from prominent Democrats about the FTX ruination. I wonder why. Not!

The mainstream media coverage of Bankman-Fried has largely avoided this word–megadonor. Which is of course how the MSM reflexively labels major Republican campaign contributors such as Ken Griffin, Andy Sabin, Ronald Lauder and so many more. When I entered “megadonor” into the Google News site this morning and their names popped up. Not so much with SBF–and most of those mentions came from conservative-leaning sites such as Fox Business and the Washington Free Beacon. NBC News managed to use the word “megadonor” in an article about SBF–but take a look at the mournful headline that accompanied that story: Crypto billionaire Sam Bankman-Fried’s downfall could deprive Democrats of key donor.

We used to see similar media malpractice–until bloggers and conservative journalists repeatedly called the MSM out on it–with the phrase “mass shooting” only being used when the evil perpetrator was a white male. 

You know who else is almost never called a megadonor by the media? 

George Soros. 

Media bias is like the Hydra, a beast from Greek mythology. There are so many heads that need to be sliced off. 

John Ruberry regularly blogs at Marathon Pundit.

Update: Welcome HOTAIR Headline readers John is one of our original magnificent seven writers. He writes here every Sunday.