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The incentives at work here are that if a CEO of a public company makes false statements of this kind goes to jail. This is like the CEO of the bank that held Bernie Madoff's money going on record before Madoff's fall saying he holds Bernie's money and it's all there. If Tether is unbacked Howard Lutnick is going to jail, so it is irrational to believe Tether is unbacked at this point.

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So what exactly did the CEO say? Did he attest to tether’s balance sheet? Did he attest to the dollar amount of tether’s assets managed his institution?

What I am getting is that he simply said that he holds some of tether’s assets. Why and how would that make him privy to the entirety of tether’s balance sheet?

Listen to 8:45 of this video: https://youtu.be/IjR3Hj0aRW4?si=s2D0wjQOIS5uiFKh

He says that Tether can redeem any request because his company holds their money. If Tether is unbacked this is security fraud

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