Several years ago, at a Dan Kennedy marketing conference in Cleveland, Kennedy made the point that the rich are often incredibly dumb.

As an example, Dan Kennedy pointed out how many so called rich smart people were suckered in by Bernie Madoff and lost their money. Kennedy went on, however, to point out that his friend, Joan Rivers, was an exception. She was one of very few rich people in NYC who did not lose money to Bernie Madoff. When asked why, Rivers explained that she never invested in anything that she did not understand. If she did not understand how a company or investment made money, she did not invest.

Now consider the collapse of FTX. As this NY Post article points out, lots of elites and rich people “invested” in FTX and have lost a lot of money. Everyone from elites at the World Economic Forum to celebrities such as Tom Brady and his wife have lost money.

The shocking implosion of the FTX crypto exchange has become an embarrassment for a who’s who among global elites, with some issuing mea culpas — and others apparently scrambling to hide their ties to its disgraced, 30-year-old founder Sam Bankman-Fried.

Web archive sites show that the World Economic Forum — whose glitzy shindig in Davos, Switzerland, is a must-attend for billionaires and world leaders each year — had previously listed FTX as one of its “partners,” touting the Bahamas-based firm as a “cryptocurrency exchange built by traders, for traders.”

https://nypost.com/2022/11/14/how-world-economic-forum-others-are-hiding-past-ties-with-ftx/

The WEF isn’t the only group that has egg on its face from its cheerleading for FTX and Bankman-Fried, whose $16 billion fortune evaporated in a matter of days — a stunning collapse that has elicited comparisons to Lehman Brothers and Enron. Bankman-Fried is under federal investigation.

Photographs circulated online over the weekend showing former President Bill Clinton sitting next to Bankman-Fried on stage — along with former British Prime Minister Tony Blair — at an event in the Bahamas this past April.

https://nypost.com/2022/11/14/how-world-economic-forum-others-are-hiding-past-ties-with-ftx/