More Connecticut Taxpayer Cryptocurrency Losses

 Cryptocurrency is unique.  From my view as an economist it is illogical to me.  Because why would I want to take my dollars and or Euros and convert them into an unknown virtual currency that is secured only by cryptography. This is what cryptocurrency really is.  It has no backing by any government, and has no oversight by any governing agencies.  It is unique in its difficulty to understand, and when you cash in cryptocurrency you apparently get your American dollars and or Euros back.  And you can just as easily lose money in your investment.  Just ask the Connecticut Taxpayer.   Because the taxpayer seems to have lost a great deal of money with Democrat Governor Ned Lamont's "unique" job creating indirect investment into the now bankrupt cryptocurrency giant, FTX.  How so? You may have read along the way that The State of Connecticut was very generous with Connecticut taxpayers monies by pledging $5 million dollars to Digital Currency Group ("DCG") to fictionally "move and grow" 300 jobs to Stamford, CT.  DCG now has had a great deal of its capital worth diminished to the implosion of FTX and its investments therein.  To further thicken the plot, the Lamont family Hedge Fund (Oak HC/FT) was an admitted "early investor" in Digital Currency Group  but Lamont maintains they divested of the investment before this sweetheart deal took place, even after trade-source verified multi-million dollar investments were uncovered by this fund, immediately after the election in November.  It is another episode of perfect timing for the Lamont family and the Connecticut Democrat Party. 

Once again in his weekly segment on the Lee Elci show on WJJF 94.9 this past Tuesday 1/24/23, Tony De Angelo has uncovered even more stunning Lamont connections to cryptocurrency.   The latest scandal again involves an even more complex connection between the the Lamont family Hedge Fund ("Oak HC/FT"), DCG, and its Genesis subsidiary's unregulated "Crypto" lending bank known as "Gemini Earn".  This lending bank is the latest casualty in the industry contagion caused by the collapse of FTX and a devastating blow to a business once at the heart of Barry Silbert’s DCG.  The company listed over 100,000 creditors in a massive  bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents.  How much money will Connecticut Taxpayers lose due to this bankruptcy?  Apparently, new and extremely questionable investments by Oak HC/FT were made right before the bankruptcy of Genesis in a major capital infusion of $25 million dollars to the bankrupted DCG on December 1, per reliable industry sources.  This happened one day after withdrawals were stopped from the Genesis "Crypto Bank" by DCG. Isn't limiting a depositor while using cash to benefit others a violation of what securities laws are supposed to be for?  Why was this done and how is this legal according to my limited understanding of SEC and banking laws?  Is there not a grave conflict of interest with a Democrat Governor who earned $54 million dollars in income (of which no one is allowed to see its source) having his family's hedge invest in companies that received Connecticut Taxpayer funding, especially at the onset of a bankruptcy?  

There is a huge ostensible disconnect in our political system.  Connecticut is a good example of the disconnect and reveals a gaping lack of transparency and any credibility in state government especially when looking at the finances of Democrat Governor Ned Lamont.  Connecticut taxpayers still have no clue how he made a mere $54 million dollars in income as Governor.  I truly wonder how much was made from companies that Connecticut Taxpayers were forced to invest in that are owned by his family's hedge fund?  I wonder how much was made by his investments in cryptocurrency during this FTX/Digital Currency debacle.  I also wonder how much money Connecticut Taxpayers have lost by investments made both in public and in secret by the Connecticut Department of Economic Community Development ("DECD"), Why isn't this information made public in a state as small as Connecticut that has over $150 billion dollars in short and long term debt along with unfunded liabilities? Why does no known political figure whatsoever call for dissolving DECD? In my opinion DECD is just as corrupt as Governor Ned Lamont, and should be shut down.   

The seeds of economic discontent are constantly sown for Connecticut taxpayers who must shoulder the economic burden of this political corruption that is a given daily event.  Think about your hard earned tax dollars being given free of charge to the DCG and others like SEMA4 and the infamous "First Five" that will never be seen again.  Think about the continuing silence from Connecticut's state run media on these dealings.  And yet think about how true the truths of 1776 resonate louder than ever in Connecticut at this time with all of its filth, waste and deception that is proudly called state government. 

Connecticut Taxpayers Pay $5 Million Dollars For Fake Currency

 I have taught business and economics classes for almost forty years now and I am truly amazed at the fake cryptocurrency hysteria.  The craze of investing in a block chain currency that has no backing whatsoever by any entity and needs to be purchased with a government based currency like the United States dollar astounds me.  What was even more astounding is that Executive Order Governor Ned Lamont is giving the Digital Currency Group $5 million dollars compliments of the Connecticut Taxpayers to move to Stamford and magically create 300 jobs.  If one does the math these jobs will cost Connecticut Taxpayers $16,666.67 each in real United States dollars.  My question to Executive Order Governor Ned Lamont and the Digital Currency Group is if this digital currency has such value in our economy then why can't they create the $5 million in a digital currency and hire their own employees without the states help and using Connecticut Taxpayers United States Dollars.  And why didn't Executive Order Governor Ned Lamont disclose that his family's hedge fund had and or did have a large investment in the Digital Currency Group that apparently helped gain this $5 million dollar grant paid for by Connecticut Taxpayers?  Why wasn't until after individuals such as Tony De Angelo made public this connection did all of sudden it become public knowledge?  And then and only then did Executive Order Governor Ned Lamont came clean with his family's hedge fund connection and investment with the Digital Currency Group?  What other companies have Executive Order Governor Ned Lamont family's hedge fund have investments in that received Connecticut Taxpayers monies from?  And why has there not been any disclosure?  Apparently Connecticut Taxpayers have no need or legal right to know where their tax money goes since the state is being run by Executive orders and there is no need for any transparency in the spending and or give away of Connecticut Taxpayers monies. 

Executive Order Governor Ned Lamont seems to be very upset at this time due to the fact that his family's run hedge fund has no more desire to either invest and or fund businesses in Connecticut.  His family run hedge fund will evidently be doing business in Tennessee because it easier than doing business in Executive Order Governor Ned Lamont's Connecticut where Connecticut Taxpayers have the audacity to question what they do.  Does anyone see the irony here?  Executive Order Governor Ned Lamont and his family's run hedge fund have given up on their own state since they must be held accountable for their economic actions and need to disclose their business to Connecticut Taxpayers.  Remember they made no profit from Sema-4 testing either.  And also remember Connecticut is last and or near last in most business and economic categories with few jobs available no matter how much free money is given to companies in the state for job creation and with a continuing 30 plus year recession along with some of the highest taxes in the country. 

What has happened and has been happening since Ned Lamont bought his Governorship by pouring millions upon millions of dollars of his own money into finally getting elected is that the Lamont run Connecticut Democrat Party feels they are above any law and those laws will never pertain to them. Connecticut Taxpayers have been shown in this administration that must be obedient to Executive Order Governor Ned Lamont and his Connecticut Democrat Party while they can profit off the labors of the peasants they rule with an iron hand.  To me this is an insult and disgrace to every Connecticut resident and Connecticut Taxpayer. 

So what is next for Executive Order Governor Ned Lamont and his Connecticut Democrat Party?  What can they skim off the Connecticut Taxpayer leading up to the 2022 election?  What promises can they deliver to their politically connected?  And how much more misery can they heap upon the poor working men and women in the corrupted state of Connecticut and its omnipotent one party rule in the future?  I truly wonder if Connecticut can ever again become a true "Free" state given this tyranny called state government.