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☆ Income investors can find double-digit yields at a discount with this play
▼ + stars: | 2024-05-02 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +3 min

Enter the closed-end fund, a relative of the traditional, open-end mutual fund. Gundlach highlighted closed-end funds on CNBC's " Closing Bell " Wednesday afternoon, noting that it's "a pretty good environment for moderate risk assets." "For retail investors, closed-end funds have gone back to trading at discounts broadly, and with some leverage involved there, there's double-digit yields available without taking a ton of credit risk," he said. Searching for discounts Drivers of these closed-end fund discounts, particularly those that hold bonds, include sharp spikes in yields. The Abrdn National Municipal Income Fund (VFL) , for instance, is trading at a 15% discount to its net asset value, according to Nuveen's CEF Connect, a database of closed-end funds.

Persons: Jeffrey Gundlach, Gundlach, Eaton Vance Organizations: Income Fund, Income Trust, Fidelity Locations: Eaton Vance California

☆ DoubleLine CEO Jeffrey Gundlach: The base case for 2024 now is one rate cut
▼ + stars: | 2024-05-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDoubleLine CEO Jeffrey Gundlach: The base case for 2024 now is one rate cutDoubleLine CEO Jeffrey Gundlach joins 'Closing Bell' to discuss his reaction to the Fed's meeting and decision to leave rates unchanged.

Persons: Jeffrey Gundlach

☆ DoubleLine’s Jeffrey Gundlach sees one rate cut this year as the Fed keeps up inflation fight
▼ + stars: | 2024-05-01 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

DoubleLine Capital CEO Jeffrey Gundlach said Wednesday that he now sees no more than one interest rate cut this year as the Federal Reserve keeps policy tight to fight stubborn inflation. "The inflation rate clearly is the one that is lacking progress as [Jerome Powell] put it, so I'm going to lean on one rate cut," Gundlach said on CNBC's " Closing Bell." "Higher for longer … seems like the mantra continues, but without a rate hike. Treasury yields dropped to their session lows and stocks shot to session highs as Powell said the next policy move will not be a rate increase. "I think it's unlikely that the next policy rate move will be a hike.

Persons: Jeffrey Gundlach, Jerome Powell, Gundlach, Powell Organizations: DoubleLine, Federal Reserve, Treasury

☆ Runaway government debt could sink markets and slam the economy, 2 watchdogs warn
▼ + stars: | 2024-03-26 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The US government's ballooning interest payments are eating a hole in its budget, they said. "We are headed toward record spending levels, record deficit levels, record debt levels, record interest payments — the list goes and on," Maya MacGuineas, the president of the Committee for a Responsible Federal Budget, told Fox Business this week. While the US isn't at imminent risk of that kind of chaos, bond markets could "snap back" if the government's interest payments soar to $1 trillion in 2026 as expected, Swagel said. AdvertisementHowever, she noted that some experts on Wall Street were "incredibly worried" about the national debt and interest payments. DoubleLine Capital CEO Jeffrey Gundlach has also sounded the alarm on debt payments.

Persons: —, MacGuineas, Philip Swagel, Liz Truss, Swagel, bitcoin, Jim Rogers, George Soros, He's, Jeffrey Gundlach Organizations: Investors, Service, Federal Budget, Fox Business, Congressional, Office, Financial Times, Bank of, CBO, Wall, DoubleLine

☆ Elite investor Jeffrey Gundlach compares the AI boom in stocks to the dot-com bubble — and warns of economic pain
▼ + stars: | 2024-03-23 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Jeffrey Gundlach compared the AI-fueled boom in stocks to the dot-com bubble. DoubleLine Capital's billionaire CEO predicted sticky inflation and an economic slump. Two other market gurus, Bill Gross and John Hussman, warned of extreme stock valuations this week. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementJeffrey Gundlach has warned the AI-crazed stock market reminds him of the dot-com bubble — and predicted a painful mix of stubborn inflation and economic decline lies ahead.

Persons: Jeffrey Gundlach, Bill Gross, John Hussman, — Organizations: Service, Nasdaq, Business

☆ Wall Street titans like Jamie Dimon, David Solomon, and Jeffrey Gundlach are still worried about a recession — and warn investors are too complacent
▼ + stars: | 2024-03-02 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Here's a roundup of recent recession warnings from six experts:This story is available exclusively to Business Insider subscribers. Jamie Dimon, JPMorgan Chase CEOAdvertisementThere's a long history of investors being caught off guard by sudden downturns, Dimon told CNBC this week. AdvertisementSteve Hanke, Johns Hopkins professorThe US economy is headed for a recession if history is any indication, Hanke told Business Insider this week. AdvertisementPaul Dietrich, B. Riley Wealth Management's chief investment strategist"We're still on the path to recession," Dietrich told Business Insider in a recent interview. AdvertisementJeffrey Gundlach, DoubleLine Capital CEO"I think recession is closer than most people think," Gundlach said in a recent YouTube video.

Persons: —, Jamie Dimon, There's, Dimon, David Solomon, Goldman Sachs, Solomon, Ellen Zentner, Morgan Stanley's, Zentner, Steve Hanke, Johns Hopkins, Hanke, Paul Dietrich, Riley Wealth, We're, Dietrich, Jeffrey Gundlach, Gundlach Organizations: Service, Federal Reserve, Business, JPMorgan, CNBC, UBS, DoubleLine Locations: American, Russia, Ukraine, Israel

☆ A fund manager beating 98% of his peers over the last 10 years breaks down why the stock market resembles the 'Nifty 50' bubble of the 1970s, when the market's biggest names got crushed as inflation s
▼ + stars: | 2024-02-22 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Disco is backOthers have also started to compare today's market and the 1970s' "Nifty Fifty." AdvertisementJPMorgan's Chief Global Strategist Marko Kolanovic also said in a note on Wednesday that fiscal spending and inflation could resemble the 1970s landscape. Similar to the 1970s, there are currently 3 active geopolitical conflict zones – eastern Europe, Middle East, and South China Sea," Kolanovic said. Kolanovic included in his note the chart below, which shows the correlation between inflation and the performance of the S&P 500.

Persons: —, Albert Edwards, Bank of America's Michael Hartnett, Jeffrey Gundlach, Cole Smead, Smead, Sears Roebuck, Alphabet's, Nvidia's, Microsoft's, Jeremy Siegel, David Rosenberg, Merrill Lynch, " Rosenberg, Marko Kolanovic, Kolanovic Organizations: Service, Societe Generale, Bank of America's, Treasury, Nasdaq, DoubleLine, Investments, Business, Morningstar, Microsoft, Nvidia, Xerox Locations: Europe, Middle East, South China

☆ A trusted indicator is fueling recession warnings from Jeremy Grantham and other gurus. What you should know about the Leading Economic Index.
▼ + stars: | 2024-02-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

The Leading Economic Index fell for the 22nd consecutive month in January. This story is available exclusively to Business Insider subscribers. The Leading Economic Index brings all of those together to gauge the future state of the economy across multiple dimensions, from growth and unemployment to consumer demand and homebuilding. Here's a screenshot showing the index's historic decline, from The Conference Board's latest release:AdvertisementThe Leading Economic Index has consistently declined ahead of previous recessions. There's no guarantee these four market veterans are right about the Leading Economic Index.

Persons: —, Here's, joblessness, David Rosenberg, Merrill Lynch, Jeremy Grantham, Jeffrey Gundlach, Gary Shilling, There's Organizations: Service, Business, Conference Board, Treasury, Manufacturers, Institute, Supply, The Conference, Board, Rosenberg Research, North, DoubleLine, Conference Locations: North American

☆ The CPI report came back to bite the Fed, says DoubleLine CEO Jeffrey Gundlach
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe CPI report came back to bite the Fed, says DoubleLine CEO Jeffrey GundlachJeffrey Gundlach, DoubleLine CEO, joins 'Closing Bell' to react to stocks tumbling on the hotter-than-expected CPI report.

Persons: Jeffrey Gundlach Jeffrey Gundlach

☆ DoubleLine's Jeff Gundlach warns that stocks are as 'overvalued' as early 2022
▼ + stars: | 2024-02-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

So there's a totally different valuation metric now," Gundlach said at the Exchange ETF conference. The prior bull market for stocks peaked about two years ago, with the S & P 500 hitting a record high on Jan. 3, 2022. .SPX 5Y mountain The S & P 500's previous bull market rally topped out in early 2022. Gundlach also said he would allocate 10% or so in real assets, such as gold. Gundlach has warned repeatedly that a soft landing or " goldilocks " outcome for the U.S. economy is unlikely.

Persons: Jeffrey Gundlach, Gundlach, DoubleLine, Morgan Stanley, Berkshire Hathaway Organizations: Exchange ETF, CNBC, Tesla, Vanguard, Berkshire Locations: Japan, India, U.S

☆ Watch the Closing Bell market panel's reaction to January's hot CPI report
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch the Closing Bell market panel's reaction to January's hot CPI reportSoFi's Liz Young, DoubleLine's Jeffrey Gundlach and Wells Fargo's Sameer Samana, join 'Closing Bell' to react to stocks tumbling on the hot CPI report and what it means for the market.

Persons: Liz Young, DoubleLine's Jeffrey Gundlach, Wells, Sameer Samana Organizations: Bell

☆ India is the new Asia growth story. Here’s why investors are bullish on the outlook
▼ + stars: | 2024-02-08 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

As China's property market and deflation woes continue to rattle investors, India's growth outlook appears all the more impressive. Last year's annual report attributed strong revenue growth partially to expansion in the Middle East, India, and Asia, Krishna wrote. "More than revenue, India is an important area for sourcing talent" as well, Krishna wrote. Growth potential For investors looking to gain exposure to the domestic stock market, Indian equities themselves aren't especially cheap though. "You're paying for the growth potential in India, certainly.

Persons: Morgan Stanley, Chetan Ahya, Ahya, Bernstein, —, Narendra Modi, Bill Fitzpatrick, Fitzpatrick, Quincy Krosby, Venu Krishna, Aecom, Krishna, Tim Long, Long, Simon Coles, Krosby, Jeffrey Gundlach, Gundlach, CNBC's, — CNBC's Michael Bloom Organizations: Investment, Logan Capital Management, Modi, Infrastructure Pipeline, Aecom, Barclays, Cisco Systems, Juniper Networks, India —, Semiconductor, Micron Technology, Qualcomm, Logan Capital Locations: India, China, Asia, Philadelphia, South Carolina . U.S, Dallas, East, Asia Pacific, Japan, Coles , U.S, U.S, IShares

☆ The Fed's first rate cut won't happen until June after surprisingly cautious guidance from the central bank, Bank of America says
▼ + stars: | 2024-02-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

The first Fed rate cut probably isn't coming until June, according to Bank of America. Central bank chief Jerome Powell pushed back on hopes for a March rate cut on Wednesday. AdvertisementThe Fed's first rate cut is now unlikely to come in March after the central bank struck a surprisingly hawkish tone at Wednesday's Federal Open Market Committee meeting, according to Bank of America. Investors still see an aggressive pace of rate cuts by the end of the year, despite lowered hopes for a March cut. AdvertisementExperts have warned that Fed rate cuts could be a double-edged sword for the economy, particularly if the Fed cuts interest rates rapidly.

Persons: Jerome Powell, —, Jerome Powell's presser, aren't, Powell, Jeff Gundlach Organizations: Bank of America, Service, Fed

☆ DoubleLine CEO Jeffrey Gundlach: Risk to economic growth could build as we move into this year
▼ + stars: | 2024-01-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDoubleLine CEO Jeffrey Gundlach: Risk to economic growth could build as we move into this yearDoubleLine CEO Jeffrey Gundlach joins 'Closing Bell' to discuss the market reaction to the first FOMC meeting of the year, why the Fed left interest rates unchanged, and more.

Persons: Jeffrey Gundlach

☆ Jeffrey Gundlach says all the 'Goldilocks' talk makes him nervous, thinks recession is still likely
▼ + stars: | 2024-01-31 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

DoubleLine Capital CEO Jeffrey Gundlach believes the Federal Reserve poured cold water on hopes for a "Goldilocks" economic scenario benefiting risk assets, and the bond king stuck to his call for a likely recession this year. "When I hear the word 'goldilocks,' I get nervous," Gundlach said Wednesday on CNBC's "Closing Bell." But Gundlach believes the market's faith was blindly optimistic and that Powell's message on Wednesday crushed the "Goldilocks" theory. "I think you want cash to be able to get into emerging market trade once the economy slows and perhaps goes into recession," Gundlach said. If we go into the United States recession, I think we will see a buying opportunity and you want cash for that."

Persons: Jeffrey Gundlach, Gundlach, Jay Powell, Jerome Powell, Stocks, Powell Organizations: DoubleLine, Federal Reserve, Federal, Fed, CNBC PRO Locations: United States

☆ It's a make-or-break week for the stock market. Here's why.
▼ + stars: | 2024-01-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at why this is such a big week for the stock market . The big storyA week to rememberThree trends in the stock market are bound to vault equities higher in 2024, Wall Street strategists say. Getty ImagesWe're less than a month into 2024, but this week could determine the market's trajectory for the rest of the year. Tim Cook AppleThe information overload comes amid an uncertain time for Big Tech and the broader stock market.

Persons: —, Netflix's, it's, Matthew Fox, Jerome Powell's, Tim Cook, Tesla, haven't, we'll, Fundstrat's Tom Lee, Read, Jamie Dimon, Larry Downing, Jennifer Piepszak, Marianne Lake, Troy Rohrbaugh, Jeffrey Gundlach, Buckle, Mohamed El, isn't, Erian, Lyra, Maven, Tyler Le, Liquidators, Max Organizations: Service, Business, Wall, Big Tech, Microsoft, Fed, Apple, Nvidia, Meta, Google, optimist, JPMorgan, DoubleLine, Prime, Comcast, Warner Bros, Lyra Health, Hong, Alaska Airlines Locations: India, Japan, Hong Kong, China, Alaska

☆ Bank credit is shrinking for the first time since the Great Recession – and that's a red flag for the economy
▼ + stars: | 2024-01-19 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

The last one was during the Great Recession, brought about by the global financial crisis of 2008-2009. The extended slump in bank lending comes as many Wall Street experts continue to project a pessimistic outlook for the economy, despite the surprisingly upbeat trend seen in 2023. Recession warningsThe US economy defied forecasters' gloomy predictions by dodging a recession last year, with strong consumer spending helping to prop up growth. AdvertisementBut not everyone on Wall Street is so cheerful. It might be a mild recession or a heavy recession," he added, noting it's possible that the downturn bites in 2024.

Persons: —, Jeffrey Gundlach, Henry Kravis, David Rosenberg, Steve Hanke, Gary Shilling, Continentale, Janet Yellen, haven't, JPMorgan Chase, Jamie Dimon, Hanke, Rosenberg, it'd Organizations: Service, Business, Governors, Federal, Wall, Louis Federal Reserve, Bank, Federal Reserve, Philadelphia Fed, JPMorgan, Fox Business Locations: Bank, Ukraine, Gaza

☆ The S&P 500 looks risky, there's a 75% chance of recession this year, and a firing frenzy is looming, elite investor Jeffrey Gundlach says
▼ + stars: | 2024-01-15 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

Jeffrey Gundlach says the S&P 500 is a bad bet now and the Magnificent Seven will probably falter. Gundlach expects inflation, interest rates, and unemployment to be higher than most expect. "Rich enough for sure is the S&P 500. It's going to be hard to sustain that double top in the S&P 500 with this type of expectation of earnings growth." So in the next recession, interest rates are not going to fall precipitously."

Persons: Jeffrey Gundlach, —, Rich, We've, we're, We're, They've, Gundlach Organizations: Service, DoubleLine

☆ DoubleLine's Gundlach sees ‘very painful’ economic downturn, S&P 500 may be forming ‘double top’
▼ + stars: | 2024-01-09 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

DoubleLine Capital CEO Jeffrey Gundlach said Tuesday that he sees the chance of a severe recession coming in 2024 and that the S & P 500 , possibly in anticipation, may be forming a particularly bearish technical trading pattern. Other than the yield curve, Gundlach said leading economic indicators have been flashing contractionary signals for a long time, especially manufacturing. Gundlach pointed out that the S & P 500 has almost returned to its record level set in January 2022, forming a "double top" price chart. At the end of 2023, after a 24% rally, the S & P 500 was less than 1% from its all-time high of 4796.56 reached in January 2022. Gundlach said the greenback is losing its momentum and the S & P 500 should underperform its international counterparts in the next recession.

Persons: Jeffrey Gundlach, Gundlach, Carter, We're, we've Organizations: DoubleLine

☆ 'We are at the very onset of a recession right now': A top Wall Street strategist shares a 'huge red flag' signaling the economy is heading into a downturn — sending stocks tumbling as much as 20%
▼ + stars: | 2023-11-18 | by ( William Edwards | ) www.businessinsider.com time to read: +5 min

Right now, it's up 7.7% year-over-year and continues to rise, prompting Kantrowitz to say it's a "huge red flag for me." Still, while the unemployment rate is up to 3.9% from its 3.4% low earlier this year, unemployment claims have not spiked meaningfully. Piper Sandler"Regarding employment – I see enough data that has me convinced that we are at the very onset of a recession right now," Kantrowitz said. If the unemployment rate continues to tick upward, even slightly, it will likely trigger the Sahm rule mentioned above. Plenty of market onlookers see a recession in 2024, including DoubleLine Capital CEO Jeffery Gundlach and Citadel founder Ken Griffin.

Persons: Piper Sandler's Michael Kantrowitz, Kantrowitz, Piper Sandler, Sahm's, It's, Claudia Sahm, Jon Wolfenbarger, Wolfenbarger, Jeffery Gundlach, Ken Griffin, Goldman Sachs, Jan Hatzius, Brian Moynihan Organizations: Federal, Business, Institute for Supply Management's, Investor, Federal Reserve, National Federal, Independent, Treasury, Conference, DoubleLine Capital, Citadel, Bank of America

☆ Now that inflation is slowing, here's when 10 experts think we'll see a recession
▼ + stars: | 2023-11-16 | by ( Jacob Zinkula | Ayelet Sheffey | ) www.businessinsider.com time to read: +7 min

High interest rates could slow consumer spending and lead to layoffs. Since March 2022, the Federal Reserve has hiked interest rates 10 consecutive times to fight inflation as the country emerged from its pandemic recovery. Here's how experts are feeling about the economy headed into the new year, and whether they think a recession is on the horizon. Some think a recession is likely in 2024Some experts predict high interest rates will take a toll on the economy, making a recession likely sometime next year. AdvertisementOthers think a recession is unlikely in 2024Other experts don't see a recession hitting the US economy in the next year.

Persons: —, Janet Yellen, Jerome Powell, he's, Ken Griffin, we're, Griffin, Arend Kapteyn, Bhanu Baweja, Marc Lasry, Lasry, Rob Arnott, Jeffrey Gundlach, Bill Adams, Raphael Bostic, Brian Moynihan, Goldman Sachs, Jan Hatzius, Goldman, Hatzius Organizations: Service, Federal Reserve, Bloomberg, Citadel, UBS, Capital, National Bureau of Economic Research, CNBC, DoubleLine, Comerica Bank, Atlanta Federal Reserve, UCLA, Bank of America, Reuters Locations: United States, Dallas, Atlanta

☆ Everyone is going bankrupt
▼ + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?

Persons: —, AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York

☆ Closed-end funds can generate income – and they’re cheap. Here’s how they might fit in your portfolio
▼ + stars: | 2023-11-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com time to read: +4 min

Closed-end funds offer a fixed number of shares, but they also trade publicly on exchanges. Right now, a confluence of events is resulting in some sharp discounts for closed-end funds, especially for those that hold bonds. Investors in closed-end funds have shed some of those holdings and that's resulting in sharper discounts to net asset value. Closed-end fund plays Financial advisors have called out closed-end funds holding municipal bonds as a way to add duration on the cheap. Closed-end funds offer other ways to pick up income: Paul Winter, CFP and portfolio manager at Five Seasons Financial Planning, likes funds that use buy-write strategies.

Persons: Dave Lamb, Lamb, Jeffrey Gundlach, Robert Finley, Paul Winter, BOE, Nuveen's Lamb Organizations: Treasury, Western Asset, Muni Fund, Asset Management, Five, Virtus, Strategy, BlackRock Locations: New York, York

☆ Stocks look pricey, the economy is showing cracks, and the Fed is an enemy to markets, says deputy chief investor of a $96 billion money manager
▼ + stars: | 2023-11-08 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +5 min

Jeffrey Sherman touted bonds over stocks and flagged signs of weakness in the US economy. DoubleLine's deputy chief investor told Insider the Federal Reserve is an "enemy to everything." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementBonds are more enticing than stocks, the US economy is showing cracks, and the Federal Reserve is an enemy to investors, according to Jeffrey Sherman. He warned investors against trusting the central bank to balance inflation and growth while also shoring up asset prices.

Persons: Jeffrey Sherman, Sherman, —, Jeffrey Gundlach's, TCW, scrambles Organizations: Reserve, Service, Federal Reserve, Bank, Fed

☆ Sam Bankman-Fried was just convicted. Where does crypto go from here?
▼ + stars: | 2023-11-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

In today's big story, we're looking at Sam Bankman-Fried's conviction and what it means for the future of crypto. Sam Bankman-Fried, the crypto industry's most recognizable face (and head of hair), was found guilty of seven counts of fraud and conspiracy on Thursday night. Charges against Bankman-Fried included wire fraud, conspiracy to commit wire fraud, conspiracy to commit securities fraud, conspiracy to commit commodities fraud, and conspiracy to commit money laundering. The conviction came, perhaps fittingly, on the first anniversary of the CoinDesk scoop that sent FTX, the crypto exchange Bankman-Fried co-founded and led, into a tailspin. The downfall was swift, with Bankman-Fried resigning as CEO and FTX collapsing just over a week after the initial report.

Persons: —, Katie Notopoulos —, Linda Yaccarino, Sam Bankman, Chelsea Jia Feng Down, Crypto, SBF, FTX, Fried, Katie Balevic, Jacob Shamsian, Katie, Chelsea Jia Feng, Miami —, That's, Brian Snyder Jamie Dimon, Jeff Gundlach, Gundlach, Mike Blake, Jack Dorsey, Samantha Lee, Janet Yallen, Sheryl Crow, Missy Elliott, isn't, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Bankman, Alameda Research, Wall, BlackRock, PayPal, JPMorgan, Microsoft, Tech, Financial, Labor Statistics, Hall, Today Locations: FTX's, New York City, San Diego, London, New York

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