'Don't You Think They Ought To Be Punished?': John Kennedy Grills Key Nominee About SBF's Parents

2 days ago

At today's Senate Finance Committee hearing, Sen. John Kennedy (R-LA) questioned SEC nominee Paul Atkins about Sam Bankman-Fried and his parents.

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Transcript

00:00Mr. Atkins, you were roommates with Senator Haggerty in law school?

00:07Yes, sir.

00:10Is it true that Haggerty has a tattoo of the Backstreet Boys on his lower back?

00:17I wouldn't know. I don't know.

00:25Mr. Haggerty, you know who Sam Bankman and Freed is, don't you?

00:29Or Mr. Mr. Atkinson?

00:31Yes.

00:33He looks like the fourth runner-up in a John Belushi look-alike contest, doesn't he?

00:41That could be.

00:44He's a crook, isn't he?

00:46He's convicted and, yes, in jail.

00:49And his parents were involved in his company, weren't they?

00:53I guess, by public reports.

00:57Don't you think the SEC ought to do something about it?

01:01Well, I look forward to getting to the SEC to find out what has happened.

01:08But based on what you've read, they made millions of dollars off of their sons' illegal activity.

01:14Don't you think they ought to be punished?

01:16Don't you think the American people have seen that and wonder if there are two sets of standards?

01:21Well, like you, I'm concerned about those reports, but I don't know.

01:25I want you to be more than concerned.

01:27Well, I need to find out.

01:29And when his parents did all this, they were both chaired professors at Stanford Law School, weren't they?

01:36Apparently, yes.

01:38Has the SEC been investigating Stanford Law School for its involvement in this?

01:44I would know.

01:46Didn't Sam Bankman, Freed's parents who were involved in the fraud, make sizable donations to Stanford University?

01:54Perhaps.

01:55You don't know?

01:56I don't know, personally.

01:57Did Stanford give the money back?

01:59I would know that.

02:01Well, Mr. Atkins, I want you to find out.

02:05And there shouldn't be two standards of law and punishment for people in America.

02:16And every time you come to this committee, I'm going to pounce on you like a ninja to find out what the SEC has done.

02:23Because I don't think the SEC has done a damn thing.

02:26And I read in the paper where the Bankman, Freed's, all of them are trying to get a pardon.

02:33They're crooks.

02:38And I expect the SEC to do something about it.

02:43If I'm the CEO of an American company, and I want to sell some of my company's stocks,

02:51I've got to file an electronic report with the SEC that becomes public immediately.

02:59And then I've got to wait two days, don't I?

03:01Yes.

03:03If I'm the CEO of a Chinese company that's listed on an American exchange, I don't have to do that, do I?

03:12Yeah, there are different rules for foreign.

03:14Why?

03:16Good question.

03:17Things have changed a lot since those rules were put in place.

03:20Senator Van Hollen and I have a bill.

03:22I begged Mr. Gensler to do something about it.

03:26I want something done about it.

03:29If I'm the CEO of a Chinese company, and I want to engage in insider trading, I have to notify the SEC.

03:40But there's no time limit.

03:43And I don't have to file electronically.

03:45I can send them a letter.

03:47And I don't have to wait.

03:50And CEOs of Chinese companies have done that, haven't they?

03:55I wouldn't know that.

03:56I want you to find out.

03:57I expect you to find out.

03:58That's the second thing I'm going to pounce on you like a ninja on.

04:01Okay.

04:03A bunch of these CEOs of Chinese companies listed on American exchanges have sold their stock.

04:11And the stock immediately went down.

04:13And the American investors had to bear the losses.

04:18$10 billion worth under the SEC's nose.

04:24I expect something to be done about it.

04:27Mr. Pettit, I understand where the President's coming from on tariffs, don't you?

04:36Yes, Senator.

04:38America's the wealthiest country in all of human history.

04:4370% of our economy is driven by consumer demand, consumer purchases.

04:49So why not use our bargaining strength, our economy, to get foreign companies to build their plants in Louisiana?

04:56I get that.

04:57In the long run, theoretically, it'll work.

05:00Somebody once said in the long run, you're dead, though, aren't you?

05:04Yes, sir.

05:05Tell me what the short-term effects of these tariffs are.

05:07Already, consumer expectations are going down like John Goodman on a seesaw.

05:13Can you tell me what the short-term effects will be?

05:16I'm over.

05:17Can you answer?

05:19Ten seconds.

05:20Pretty please, sugar on top?

05:21If confirmed, I look forward to working with the-

05:23Answer my question.

05:25It's difficult to assess the near-term impacts of the tariffs, but in the long run-

05:29I know it's hard.

05:30That's why I'm asking you.

05:31You're an economist.

05:32Senator, your time is up.

05:34Damn, I had him nailed down, too.

05:37He was wiggling, however, so Senator Cortez messed up.

'Don't You Think They Ought To Be Punished?': John Kennedy Grills Key Nominee About SBF's Parents

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