Humiliating Hat Trick: (((Wealthy NY Family))) Invested In Enron, Madoff, FTX

Zero Hedge | Jan. 17, 2023

A wealthy New York family has achieved a humiliating hat trick, having invested with Bernie Madoff, Enron and now, FTXaccording to the Financial Times.

Thanks to the family’s philanthropy — which has benefitted the Metropolitan Museum of Art, Yeshiva University and Harvard among others — Belfer” is a name familiar to many in New York’s high society. Unfortunately, it’s now associated with three legendary financial catastrophes.

The Belfer family’s wealth primarily came from the Belco Petroleum Corporation founded by the late Arthur Belfer, a Polish-born immigrant.

The Belfer family was among the largest shareholders of Enron. Honored by Fortune magazine for six straight years as “America’s Most Innovative Company,” the energy and commodities company exploded in spectacular fashion in 2001.

Now, a Financial Times review of court documents reveals the Belfers appeared in a list of shareholders of FTX, the cryptocurrency exchange that was valued at $32 billion a year ago but is now a smoking ruin, with its founder, Sam Bankman-Fried, in prison pending prosecution on eight criminal counts.