Monday, November 14, 2022
FTX Held Just $900MM In Liquid Assets Vs $9BN In Liabilities As Video Emerges Confirming Alameda Knew It Was Pilfering Client Funds
Source: minigrogu
Of the $900 million in liquid assets, the largest portion - or roughly half - was in the form of $470mn of Robinhood shares owned by a Bankman-Fried vehicle not listed in Friday’s bankruptcy filing, which included 134 corporate entities. The liquid assets represent just 10% of the total assets (including $5.4BN in semi-liquid and $3.2BN in illiquid) and is a fraction of the $9 billion in liabilities at FTX which will now make their way through bankruptcy court for the next several years.
The document, which the FT also tracked down on Saturday and discussed here, and which was shared with prospective investors before the bankruptcy, provides a detailed picture of the financial hole in the FTX crypto empire and suggests customers of FTX international may face steep losses on cash and crypto assets they held on the exchange (and speaking of the 134 subs that FTX listed on its bankruptcy filing, the FT notes that the company had incorrectly listing entities it did not own in its initial filing, while as we reported earlier, the exchange suffered an apparent hack on Friday night that drained its balances to zero).
Aside from the spreadsheet shown above, the FT also noted another spreadsheet which references the $5bn of withdrawals last Sunday - which as everyone knows by know were precipitated by CZ telling the world he would pull his money after the "recent revelations" and sparking a bank run on FTX which the exchange did not have nearly the fund to defend against; the sheet also noted a negative $8bn entry described as “hidden, poorly internally labled ‘fiat@’ account”.
It is this entry that the prosecution's case will revolve around, because Bankman-Fried told the Financial Times the $8bn related to funds “accidentally” extended to his trading firm, Alameda (he declined to comment further). Earlier this week, he tweeted that FTX international had $4bn in easily tradable assets when it faced Sunday’s $5bn surge of withdrawals. He has since deleted many of his fraudulent twitter misrepresentations.
“There were many things I wish I could do differently than I did, but the largest are represented by these two things: the poorly labeled internal bank-related acount [sic], and the size of customer withdrawals during a run on the bank,” the spreadsheet adds.
Shifting away from assets, in its now irrelevant investment materials, FTX Trading Ltd, the company behind the main international exchange, stated $8.9 billion in liabilities, the biggest portion of which is $5.1 billion of US dollar balances.
Healthy companies typically have assets that match or exceed their liabilities. The spreadsheet says FTX Trading had a total of $9.4bn of assets, but as it itself suggests, only 10% or so could be made liquid in case of a crisis.
Indeed, the vast majority of FTX Trading’s recorded assets were re either illiquid venture capital investments or crypto tokens that are not widely traded, according to the spreadsheet, which cautions that the figures “are rough values, and could be slightly off; there is also obviously a chance of typos etc. They also change a bit over time as trades happen.”
As shown in the spreadsheet above, the company’s biggest asset as of Thursday was $2.1bn worth of a cryptocurrency called Serum. Unfortunately, the market value of Serum was only $86 million on Saturday, according to CoinMarketCap, suggesting FTX’s holdings are a fraction of what was represented if sold into the market.
And while we now know that the endgame was bankruptcy, the FT reports that according to the latest set of investment materials SBF was seeking to raise $6bn-$10bn including from a convertible preferred stock paying a 10% dividend that could later be converted into common equity in FTX international at a valuation of between $12bn-$15bn. “This is just a lower bound on the terms investors can get,” the materials add.
What about the liquid assets? Well, the FT report goes on to notes that until Friday afternoon, Bankman-Fried was looking to sell the $472MM of Robinhood shares, the largest liquid asset listed for FTX Trading, in privately negotiated deals he was arranging on the messaging app Signal, according to an FT source. As a reminder, SBF acquired a 7.6% stake in Robinhood in May, a transaction which delayed (but did not halt) the company's collapse into oblivion. As part of the attempted firesale, Bankman-Fried was entertaining offers at a 20% discount to Robinhood’s VWAP price, or about $9 per share, said an FT source, who ultimately declined to buy due to perceived legal risks.
But what is remarkable, is that the proceeds from the HOOD stock offering would not have gone to the now bankrupt FTX estate to satisfy prepetition claims; instead the Robinhood shares were held by an Antigua and Barbuda entity called Emergent Fidelity, which is personally controlled by Bankman-Fried, according to US securities filings. Emergent Fidelity is not among the entities listed in Friday’s bankruptcy filing.
In other words, SBF - who is most certainly on the run at this moment - was hoping to fill up his personal bank account by dumping his HOOD holdings, while giving FTX creditors the finger (again).
Finally, as we also noted on Friday, the FTX spreadsheet also noted that in addition to the $900mn of “liquid” assets, $5.5bn of “less liquid” assets consisting of crypto tokens, and $3.2bn of illiquid private equity investments...
... there was also an obscure $7.3 million bet for “Trump to Lose”. Which is part for the courtse for any Democrat criminal mastermind.
The good news for the rest of the crypto space: there are no bitcoin assets listed, despite bitcoin liabilities of $1.4BN. That means the company can not dump bitcoin in the open market, and it also means that the odds of continued selling pressure are now far less than previously speculated. Which is far more than one can say for Vlad Tenev whose Robinhood stock is facing a world of pain when it reopens on Monday.
And while the above will surely be Exhibit A for the prosecution, Exhibit B will be a video meeting in which Alameda Research’s chief executive and senior FTX officials confirm they knew that FTX had lent its customers’ money to Alameda to help it meet its liabilities.
Citing 'people familiar with the video', the WSJ reports that Alameda employees held a video conference late Wednesday Hong Kong time, in which 27-year-old Alameda CEO Caroline Ellison (also known as @carolinecapital) said that she, Bankman-Fried and two other FTX executives, Nishad Singh and Gary Wang, were aware of the decision to send customer funds to Alameda,
Singh was FTX’s director of engineering and a former Facebook employee. Wang, who previously worked at Google, was the chief technology officer of FTX and co-founded the exchange with Mr. Bankman-Fried.
Ellison said on the call that FTX used customer money to help Alameda meet its liabilities, the people said, assuring the 27-year-old teenager-lookalike of a lengthy prison sentence.
Hilariously, after tweeting out all the incriminating evidence the prosecution will need to slamdunk this case, neither SBF nor Caroline Ellison returned WSJ phone message and an email seeking comment. Singh and Wang didn’t respond to multiple messages seeking comment. Ryne Miller, FTX US’s chief legal officer, declined to comment.
Of the $900 million in liquid assets, the largest portion - or roughly half - was in the form of $470mn of Robinhood shares owned by a Bankman-Fried vehicle not listed in Friday’s bankruptcy filing, which included 134 corporate entities. The liquid assets represent just 10% of the total assets (including $5.4BN in semi-liquid and $3.2BN in illiquid) and is a fraction of the $9 billion in liabilities at FTX which will now make their way through bankruptcy court for the next several years.
The document, which the FT also tracked down on Saturday and discussed here, and which was shared with prospective investors before the bankruptcy, provides a detailed picture of the financial hole in the FTX crypto empire and suggests customers of FTX international may face steep losses on cash and crypto assets they held on the exchange (and speaking of the 134 subs that FTX listed on its bankruptcy filing, the FT notes that the company had incorrectly listing entities it did not own in its initial filing, while as we reported earlier, the exchange suffered an apparent hack on Friday night that drained its balances to zero).
Aside from the spreadsheet shown above, the FT also noted another spreadsheet which references the $5bn of withdrawals last Sunday - which as everyone knows by know were precipitated by CZ telling the world he would pull his money after the "recent revelations" and sparking a bank run on FTX which the exchange did not have nearly the fund to defend against; the sheet also noted a negative $8bn entry described as “hidden, poorly internally labled ‘fiat@’ account”.
It is this entry that the prosecution's case will revolve around, because Bankman-Fried told the Financial Times the $8bn related to funds “accidentally” extended to his trading firm, Alameda (he declined to comment further). Earlier this week, he tweeted that FTX international had $4bn in easily tradable assets when it faced Sunday’s $5bn surge of withdrawals. He has since deleted many of his fraudulent twitter misrepresentations.
“There were many things I wish I could do differently than I did, but the largest are represented by these two things: the poorly labeled internal bank-related acount [sic], and the size of customer withdrawals during a run on the bank,” the spreadsheet adds.
Shifting away from assets, in its now irrelevant investment materials, FTX Trading Ltd, the company behind the main international exchange, stated $8.9 billion in liabilities, the biggest portion of which is $5.1 billion of US dollar balances.
Healthy companies typically have assets that match or exceed their liabilities. The spreadsheet says FTX Trading had a total of $9.4bn of assets, but as it itself suggests, only 10% or so could be made liquid in case of a crisis.
Indeed, the vast majority of FTX Trading’s recorded assets were re either illiquid venture capital investments or crypto tokens that are not widely traded, according to the spreadsheet, which cautions that the figures “are rough values, and could be slightly off; there is also obviously a chance of typos etc. They also change a bit over time as trades happen.”
As shown in the spreadsheet above, the company’s biggest asset as of Thursday was $2.1bn worth of a cryptocurrency called Serum. Unfortunately, the market value of Serum was only $86 million on Saturday, according to CoinMarketCap, suggesting FTX’s holdings are a fraction of what was represented if sold into the market.
And while we now know that the endgame was bankruptcy, the FT reports that according to the latest set of investment materials SBF was seeking to raise $6bn-$10bn including from a convertible preferred stock paying a 10% dividend that could later be converted into common equity in FTX international at a valuation of between $12bn-$15bn. “This is just a lower bound on the terms investors can get,” the materials add.
What about the liquid assets? Well, the FT report goes on to notes that until Friday afternoon, Bankman-Fried was looking to sell the $472MM of Robinhood shares, the largest liquid asset listed for FTX Trading, in privately negotiated deals he was arranging on the messaging app Signal, according to an FT source. As a reminder, SBF acquired a 7.6% stake in Robinhood in May, a transaction which delayed (but did not halt) the company's collapse into oblivion. As part of the attempted firesale, Bankman-Fried was entertaining offers at a 20% discount to Robinhood’s VWAP price, or about $9 per share, said an FT source, who ultimately declined to buy due to perceived legal risks.
But what is remarkable, is that the proceeds from the HOOD stock offering would not have gone to the now bankrupt FTX estate to satisfy prepetition claims; instead the Robinhood shares were held by an Antigua and Barbuda entity called Emergent Fidelity, which is personally controlled by Bankman-Fried, according to US securities filings. Emergent Fidelity is not among the entities listed in Friday’s bankruptcy filing.
In other words, SBF - who is most certainly on the run at this moment - was hoping to fill up his personal bank account by dumping his HOOD holdings, while giving FTX creditors the finger (again).
Finally, as we also noted on Friday, the FTX spreadsheet also noted that in addition to the $900mn of “liquid” assets, $5.5bn of “less liquid” assets consisting of crypto tokens, and $3.2bn of illiquid private equity investments...
... there was also an obscure $7.3 million bet for “Trump to Lose”. Which is part for the courtse for any Democrat criminal mastermind.
The good news for the rest of the crypto space: there are no bitcoin assets listed, despite bitcoin liabilities of $1.4BN. That means the company can not dump bitcoin in the open market, and it also means that the odds of continued selling pressure are now far less than previously speculated. Which is far more than one can say for Vlad Tenev whose Robinhood stock is facing a world of pain when it reopens on Monday.
And while the above will surely be Exhibit A for the prosecution, Exhibit B will be a video meeting in which Alameda Research’s chief executive and senior FTX officials confirm they knew that FTX had lent its customers’ money to Alameda to help it meet its liabilities.
Citing 'people familiar with the video', the WSJ reports that Alameda employees held a video conference late Wednesday Hong Kong time, in which 27-year-old Alameda CEO Caroline Ellison (also known as @carolinecapital) said that she, Bankman-Fried and two other FTX executives, Nishad Singh and Gary Wang, were aware of the decision to send customer funds to Alameda,
Singh was FTX’s director of engineering and a former Facebook employee. Wang, who previously worked at Google, was the chief technology officer of FTX and co-founded the exchange with Mr. Bankman-Fried.
Ellison said on the call that FTX used customer money to help Alameda meet its liabilities, the people said, assuring the 27-year-old teenager-lookalike of a lengthy prison sentence.
Hilariously, after tweeting out all the incriminating evidence the prosecution will need to slamdunk this case, neither SBF nor Caroline Ellison returned WSJ phone message and an email seeking comment. Singh and Wang didn’t respond to multiple messages seeking comment. Ryne Miller, FTX US’s chief legal officer, declined to comment.
Of course, by it's not like they have anything to say that we don't already know. Well, we take that back. Considering that FTX was instrumental in laundering bitcoin into Ukraine....
... we do wonder just how much crypto money-laundering between the US and Ukraine will emerge as a result of the bankruptcy discovery, and how long until we can safely claim that "Sam Bankman didn't fry himself"?
The 90 Miles Mystery Video: Nyctophilia Edition #1202
Before You Click On The "Read More" Link,
Please Only Do So If You Are Over 21 Years Old.
If You are Easily Upset, Triggered Or Offended, This Is Not The Place For You.
Please Leave Silently Into The Night......
The 90 Miles Mystery Box: Episode #1902
You have come across a mystery box. But what is inside?
It could be literally anything from the serene to the horrific,
from the beautiful to the repugnant,
from the mysterious to the familiar.
If you decide to open it, you could be disappointed,
you could be inspired, you could be appalled.
This is not for the faint of heart or the easily offended.
You have been warned.
Sunday, November 13, 2022
Visage à trois #591
B-17 bomber and a smaller plane collide at Wings Over Dallas Airshow.
Three Additional Bonus Videos:
FTX Founder Spent $40 Million As Democrat Midterm Megadonor
Leading up to Sam Bankman-Fried’s spectacular implosion – in which his firm FTX evaporated billions in wealth after the now-bankrupt cryptocurrency exchange allegedly commingled client assets with his trading firm into a liquidity crunch – he became the sixth-largest donor in this year’s midterm election cycle, giving some $40 million to mostly Democratic candidates and causes.
According to Forbes, Bankman-Fried was second only to George Soros among billionaire donors to Democratic groups during the 2022 midterm election cycle.
FTX allegedly loaned Alameda Research – a trading firm founded by Bankman-Fried – roughly $10 billion in client assets, which has landed him under federal investigation by the SEC, CTFC, and the Justice Department – the latter of which already had been working on a months-long investigation, according to the Wall Street Journal. The CTFC, meanwhile, is tasked with regulating certain elements of the crypto markets – including digital assets that are as commodities, and crypto exchanges and clearinghouses.
In late September, Bankman-Fried admitted that his political donations were mostly to Democrats, and Republican recipients were ‘targeted’.
Spot the rare journalism by host Chuck Todd;
But it goes much deeper than that
Bankman-Fried ‘heavily courted’ the CFTC, “and funded several key lawmakers charged with overseeing the agency, pouring cash into their campaign coffers,” as the Daily Caller notes.
The CFTC is charged with regulating certain elements of the crypto marketplace, including digital assets that are commodities as well as crypto exchanges and clearinghouses. The agency is overseen by the Senate and House Agriculture Committees, with the former tasked with approving CFTC commissioners nominated by the president.
The former FTX CEO personally donated to the Senate committee’s chairwoman, Democratic Michigan Sen. Debbie Stabenow, contributing over $20,000 to the Stabenow Victory Fund and $5,800 to her campaignfor Senate. Bankman-Fried donated roughly $6,000 to the committee’s ranking member, Republican Arkansas Sen. John Boozman, as well, and $5,800 to the ranking member of the Subcommittee on Commodities, Risk Management and Trade, Republican Montana Sen. John Hoeven. -Daily Caller
Others have connected dots and concluded that FTX may have been a money laundering operation.
8 Big Biden-Related Investigations Likely From House’s New GOP Majority
As of Friday morning, Republicans appeared to control 211 House seats after midterm elections Tuesday—only seven short of the 218 needed for a majority in the 435-member chamber. Democrats apparently had won 196 House seats, according to RealClearPolitics, with 28 races yet to be decided.
Meanwhile, House Republican Leader Kevin McCarthy of California announced his bid Wednesday for speaker of the House. Although a predicted “red wave” didn’t materialize as voting concluded Tuesday, Republicans will control House committees whether they have a one-seat or a 20-seat majority.
Although other topics could arise, congressional Republicans already have stated plans to look into controversies surrounding the business dealings of Hunter Biden and other members of the president’s family, the crisis on the southern border, the politicization of the Justice Department, and even talk of impeachments.
Rep. James Comer, R-Ky., likely will go from ranking member to incoming chairman of the House Oversight and Reform Committee.
Here are eight investigations to expect under GOP leadership of the House in the coming year.
1. Hunter Biden and Beyond
The FBI presented enough evidence to Delaware U.S. Attorney David Weiss to charge Hunter Biden with tax crimes and lying on a gun purchase form, The Washington Post reported in early October.
Republicans in Congress, noting the Chinese business interests of President Joe Biden’s son, say the problem is significantly larger.
In a written statement last week to The Daily Signal, Rep. James Comer, R-Ky., who will take over as chairman of the House Oversight and Reform Committee, said:
Oversight Republicans are investigating the domestic and international business dealings of President Biden’s son, Hunter Biden, and other Biden associates and family members to determine whether these activities compromise U.S. national security and President Biden’s ability to lead with impartiality.Sen. Charles Grassley of Iowa, the top Republican on the Senate Judiciary Committee, wrote a letter to top Justice Department officials arguing that the foreign business dealings could be much broader and could include other members of the Biden family, including the president.
Hunter and other members of the Biden family have a pattern of peddling access to the highest levels of government to enrich themselves. The American people deserve to know whether the president’s connections to his family’s business deals occurred at the expense of American interests and whether they represent a national security threat.
“These documents also indicate that Joe Biden was aware of Hunter Biden’s business arrangements and may have been involved in some of them,” Grassley says in his Oct. 13 letter to Attorney General Merrick Garland, FBI Director Christopher Wray, and Weiss, the U.S. attorney in Delaware.
“Based on recent protected disclosures to my office,” Grassley wrote, “the FBI has within its possession significant, impactful and voluminous evidence with respect to potential criminal conduct by Hunter Biden and [the president’s brother] James Biden.”
Grassley provided 30 pages of documents collected by the committee—some from whistleblowers within the FBI who allege that the bureau has been holding back.
The documents include details of a contract designed to funnel $5 million from a Chinese government-connected firm, CEFC, to Hunter Biden and James Biden to compensate them for work done while Joe Biden was vice president in the Obama administration.
2. Border Crisis
Republicans say they also plan to hold the Biden administration accountable for the crisis of rampant illegal immigration across the southern border.
“We will also continue our oversight of President Biden’s border crisis that has led to historic illegal immigration, a surge of deadly drugs pouring across the border, and mismanagement of taxpayer dollars,” Comer said in his written statement. “We will hold the Biden administration accountable for this self-inflicted crisis.”
According to the Department of Homeland Security, Mexican cartels’ income from smuggling illegal immigrants across the border into the United States soared from $500 million in 2018 to $13 billion in 2022—a 2,500% jump.
Border Patrol agents apprehended 951,568 illegal immigrants during President Donald Trump’s final 19 months in office, but caught 3.5 million in Biden’s first 19 months as president—a 377% increase.
As of early October, the Border Patrol had encountered at least 266,000 unaccompanied migrant children at the southern border since Biden took office, according to U.S. Customs and Border Protection.
In September, 14 House Republicans wrote Homeland Security Secretary Alejandro Mayorkas to say that “between October 2021 and July 2022, more than 130,000 Venezuelan nationals were encountered after entering the United States illegally.”
The GOP lawmakers argued that the government of Venezuelan President Nicolas Maduro “is deliberately releasing violent prisoners early, including inmates convicted of ‘murder, rape, and extortion,’ and pushing them to join caravans heading to the United States.”
In August, 12 GOP senators wrote to Ronald Davis, director of the U.S. Marshals Service to say: “So far in FY22, [Customs and Border Protection] has apprehended over 9,000 criminal aliens, including 53 for homicide or manslaughter, 283 for sex crimes, and almost 900 for assault, battery, and domestic violence.”
For the federal government, fiscal year 2022 ended Sept. 30.
Republicans say they also plan to hold the Biden administration accountable for the crisis of rampant illegal immigration across the southern border.
“We will also continue our oversight of President Biden’s border crisis that has led to historic illegal immigration, a surge of deadly drugs pouring across the border, and mismanagement of taxpayer dollars,” Comer said in his written statement. “We will hold the Biden administration accountable for this self-inflicted crisis.”
According to the Department of Homeland Security, Mexican cartels’ income from smuggling illegal immigrants across the border into the United States soared from $500 million in 2018 to $13 billion in 2022—a 2,500% jump.
Border Patrol agents apprehended 951,568 illegal immigrants during President Donald Trump’s final 19 months in office, but caught 3.5 million in Biden’s first 19 months as president—a 377% increase.
As of early October, the Border Patrol had encountered at least 266,000 unaccompanied migrant children at the southern border since Biden took office, according to U.S. Customs and Border Protection.
In September, 14 House Republicans wrote Homeland Security Secretary Alejandro Mayorkas to say that “between October 2021 and July 2022, more than 130,000 Venezuelan nationals were encountered after entering the United States illegally.”
The GOP lawmakers argued that the government of Venezuelan President Nicolas Maduro “is deliberately releasing violent prisoners early, including inmates convicted of ‘murder, rape, and extortion,’ and pushing them to join caravans heading to the United States.”
In August, 12 GOP senators wrote to Ronald Davis, director of the U.S. Marshals Service to say: “So far in FY22, [Customs and Border Protection] has apprehended over 9,000 criminal aliens, including 53 for homicide or manslaughter, 283 for sex crimes, and almost 900 for assault, battery, and domestic violence.”
For the federal government, fiscal year 2022 ended Sept. 30.
3. Probing Big Tech
Rep. Cathy McMorris Rodgers, R-Wash., likely the incoming chairwoman of the House Energy and Commerce Committee, has said that House Republicans’ “Big Tech Accountability Platform” would focus on China.
Specifically, GOP lawmakers would focus on how tech companies such as Facebook, Apple, Amazon, and Google allow data to go to China.
“Companies with deep ties to China raise significant concerns about China’s access to American information,” the memo from McMorris Rodgers to fellow GOP members says, adding:
To address this concern, we will consider new transparency obligations, such as
Requiring companies to notify American users if those companies send, maintain, or store their personal information in China.
Requiring companies to notify American users if those companies are owned by the Chinese Communist Party (CCP), a Chinese state-owned entity, or a non-state-owned entity located in China.
In August, Republicans on the House Oversight Committee sought information from White House national climate adviser Gina McCarthy about possible collusion with Big Tech firms to censor criticism of the Biden administration’s environmental policies.
GOP members also raised concerns about former Google CEO Eric Schmidt’s involvement with the White House Office of Science and Technology Policy.
Rep. Cathy McMorris Rodgers, R-Wash., likely the incoming chairwoman of the House Energy and Commerce Committee, has said that House Republicans’ “Big Tech Accountability Platform” would focus on China.
Specifically, GOP lawmakers would focus on how tech companies such as Facebook, Apple, Amazon, and Google allow data to go to China.
“Companies with deep ties to China raise significant concerns about China’s access to American information,” the memo from McMorris Rodgers to fellow GOP members says, adding:
To address this concern, we will consider new transparency obligations, such as
Requiring companies to notify American users if those companies send, maintain, or store their personal information in China.
Requiring companies to notify American users if those companies are owned by the Chinese Communist Party (CCP), a Chinese state-owned entity, or a non-state-owned entity located in China.
In August, Republicans on the House Oversight Committee sought information from White House national climate adviser Gina McCarthy about possible collusion with Big Tech firms to censor criticism of the Biden administration’s environmental policies.
GOP members also raised concerns about former Google CEO Eric Schmidt’s involvement with the White House Office of Science and Technology Policy.
4. COVID-19 Origins
Comer, the likely incoming chairman, told The Daily Signal last week that the House Oversight and Reform Committee also would investigate the origins of COVID-19.
The probe would focus on three key facts, the Kentucky Republican said.
First, the panel would examine growing evidence that the novel coronavirus that causes COVID-19 likely originated in a research lab in Wuhan, China, and that the Communist Party of China covered it up.
Secondly, Comer said, oversight Republicans would focus on whether U.S. taxpayer dollars were funneled to the Wuhan Institute of Virology to conduct risky experimental research on bat coronaviruses. This also is known as “gain-of-function research.”
Third, Comer said the committee would explore whether Dr. Anthony Fauci, the retiring director of the National Institute for Allergy and Infectious Diseases, was aware of this information at the start of the pandemic. And, he said, the panel would investigate whether Fauci or other federal officials acted to conceal facts and intentionally downplay the “lab leak” theory.
“We will continue this oversight to hold U.S. government officials accountable for any wrongdoing and ensure Americans’ tax dollars aren’t being used on risky research at unsecure labs,” Comer said.
In August, Sen. Rand Paul, R-Ky., sent a letter to the National Institutes of Health, telling the agency to maintain its records on COVID-19 and specifying the NIH subagency headed by Fauci.
“Specifically, I request you preserve all records, email, electronic documents, and data created by or shared with Dr. Fauci during his tenure at NIH that relate to COVID-19 including, but not limited to, NIAID-funded coronavirus research,” the Paul letter says. It continues:
This preservation request also includes all records of official business conducted on non-official accounts. For purposes of this request, ‘preserve’ shall be construed to mean taking reasonable steps to prevent the partial or full destruction, alteration, testing, deletion, shredding, incineration, wiping, relocation, migration, theft, mutation, or negligent or reckless handling that could render the information incomplete or inaccessible.
5. Botched Afghanistan Withdrawal
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