Jim Cramer is a former hedge fund manager and at present time he is the host of the CNBC show “Mad Money”. He is also a co-anchor of CNBC’s “Squawk on the Street“, as well as a co-founder of the financial news website TheStreet. Cramer is a short-term crypto investor and he never suggests people invest in cryptocurrencies by taking loans. In his view, cryptocurrencies are totally speculative & highly volatile assets and people should invest only that amount of funds that they can effort to lose.
On 30 November, Sam Bankman-Fried (SBF) appeared in an interview during the DealBook Summit in New York City. Through the interview, he admitted that he made mistakes but said that he never tried to do fraud with any person.
“I made a lot of mistakes or things I would give anything to be able to do over again. I didn’t ever try to commit fraud on anyone… I didn’t knowingly commingle funds”, SBF said.
Further, on 1 November, Andrew Ross Sorkin asked his CNBC colleague Cramer what he thought about FTX co-founder statements at the DealBook Summit and also what is his personal opinion on the comments made by Federal Reserve Chair Jerome Powell.
Cramer replied and said that he is a fraudster and he told a good story but that made me sick.
“One’s just a total con artist, disgusting, makes me sick. The other guy did a good job. I thought he told a good story… I think that 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,” Cramer said.
This was not only Jim Cramer but also many people criticized the FTX founder and claimed that SBF was only a single person who is fully responsible for the downfall of the FTX exchange. It is a bitter reality that collapse of FTX exchange resulted into collapse of many other crypto projects because they were dependent on the services of FTX & each other.