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☆ Trump Media has gotten Congress involved in its crusade against short sellers
▼ + stars: | 2024-04-24 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Trump Media CEO Devin Nunes wrote a letter to lawmakers asking them to look into "unlawful manipulation" of the firm's stock. Citadel Securities last week called Nunes a "loser" for blaming shorts for the stock's decline. 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 . AdvertisementTrump Media stock has been on a roller coaster ride since its IPO at the end of last month, hitting $35.05 a share Wednesday, up almost 8% after a 54% drop from its peak.

Persons: Devin Nunes, Nunes, there's, —, Donald Trump Organizations: Trump Media, Citadel Securities, Service, Social, —, Securities, VIRTU, Jane, Capital, Nasdaq, Trump Locations: VIRTU Americas

☆ Truth Social owner Trump Media asks Congress to investigate ‘troubling’ market manipulation claims
▼ + stars: | 2024-04-24 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Trump Media & Technology Group is asking Congress to investigate its suspicions that illegal activity is driving down its share price. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. Nunes suggested there are signs of “naked” short selling, which involves someone selling shares they don’t own or have not borrowed. Jay Ritter, a finance professor at the University of Florida, said there are more obvious explanations for why some traders are betting against Trump Media. Last week, Nunes wrote a letter to Nasdaq, where Trump Media shares trade, alerting the exchange to concerns about market manipulation.

Persons: New York CNN —, Devin Nunes, ” Nunes, Nunes, ” Jonathan Macey, Jay Ritter, ”, Jay Ritter, Ritter, Jane Street, Ken Griffin, “ Devin Nunes, ‘ Organizations: New, New York CNN, New York CNN — Trump Media & Technology Group, Truth Social, Trump Media, Financial Services, Republican, Traders, Yale Law School, CNN, University of Florida, ” Trump Media, Trump, Citadel Securities, Virtu, Jane, Capital, Citadel, Nasdaq, CNBC Locations: New York, California, Virtu Americas, America

☆ Ready or not, the youngest boomers are retiring
▼ + stars: | 2024-04-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

AdvertisementThe majority of so-called "peak boomers" have $250,000 or less in assets , according to a recent report, write Juliana Kaplan and Ayelet Sheffey. If you're a bit surprised by the dire economic situation of peak boomers, I wouldn't blame you. Older boomers had the benefit of employer-subsidized retirement plans before a shift in the workforce left younger boomers to fend for themselves. Alistair Berg/Getty ImagesPeak boomers' retirement struggles might end up being a wake-up call for younger generations. There will be plenty of lessons learned from peak boomers entering retirement without the safety net of a pension.

Persons: —, blowup Jacob Wackerhausen, Jenny Chang, Rodriguez, Juliana Kaplan, Ayelet Sheffey, that's, we've, boomers, Alistair Berg, Xers, Gen Zers, Bryan Erickson, Jane Street, Chowdhury, Elon Musk, they'd, Tesla, Tony Stubblebine, Nick Little, Dani Widell, BI's Emily Stewart, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Social Security, Security, Google, Wall Street, JPMorgan, Detroit Police Department, Tesla, BI, Verizon Locations: Covid, China, Europe, Airbnb ., America, New York, London, Chicago

☆ Citadel Securities blasts Trump Media CEO Devin Nunes over DJT short selling letter
▼ + stars: | 2024-04-19 | by ( Dan Mangan | ) www.cnbc.com time to read: +3 min

Al Drago | Bloomberg | Getty ImagesCitadel Securities ripped Trump Media CEO Devin Nunes on Friday for a letter he sent the Nasdaq Stock Market which mentioned Citadel Securities and other major market companies after warning of possible illegal short sale trading in DJT shares. "Devin Nunes is the proverbial loser who tries to blame 'naked short selling' for his falling stock price," said a spokesperson for Citadel Securities. Citadel Securities' founder and non-executive chairman Ken Griffin is a major donor to Republican candidates — among them the former GOP congressman Nunes. "If he [Nunes] worked for Citadel Securities, we would fire him, as ability and integrity are at the center of everything we do," the spokesperson added. "Data made available to us indicate that just four market participants have been responsible for over 60% of the extraordinary volume of DJT shares traded: Citadel Securities, VIRTU Americas, G1 Execution Services, and Jane Street Capital," Nunes wrote.

Persons: Devin Nunes, Al Drago, Ken Griffin, Nunes, Donald Trump, Pavlo Gonchar, Adena Friedman, Friedman Organizations: Truth, Conservative Political, Bloomberg, Getty, Citadel Securities, Trump Media, Nasdaq, Securities, GOP, Republican, CNBC, Lightrocket, Trump, Trump Media & Technology Group Corp, VIRTU, Jane Street Locations: National Harbor , Maryland, VIRTU Americas

☆ Details about Jane Street's top secret, $1 billion trade revealed in court
▼ + stars: | 2024-04-19 | by ( Alex Morrell | ) www.businessinsider.com time to read: +9 min

Lawyers also revealed that the trade earned Jane Street $1 billion last year and was on pace to earn even more for the firm this year. Jane Street worried about extinguishing the trade's viability, Brown said, intentionally leaving short-term profits on the table to maintain its long-term viability. But the company's profits from the strategy plummeted in the month after the traders joined Millennium, Jane Street says, falling 50% in March. Engelmayer denied the temporary restraining order, saying Jane Street did not establish irreparable harm. Jane Street may believe irreversible harm has already taken place, given its desire to keep details of the trade secret, including the country it operates in.

Persons: —, Jane Street, Paul Engelmayer, pilfered, Doug Schadewald, Daniel Spottiswood, Jane, Deborah Brown, Quinn Emanuel, Engelmayer, Brown, Spottiswood, Andrew Levander, Levander, Jane Street's, Rollo Baker, Elsberg Baker, Maruri, Judge Engelmayer, Baker Organizations: Service, Management, Business, Millennium, Jane Street, Bloomberg Locations: Manhattan, India, Schadewald

☆ Sam Bankman-Fried could go to a low-security prison and get out early if he plays his cards right, prison consultants say
▼ + stars: | 2024-03-29 | by ( Katie Balevic | ) www.businessinsider.com time to read: +5 min

A court sentenced Sam Bankman-Fried, the fallen king of crypto, to 25 years in prison on Thursday. Advertisement"In my opinion, he's going to a low-security facility, not to a medium. It would be a PR disaster if he went to a medium and got hurt," prison consultant Sam Mangel told BI. I don't think he's going to have a problem with physical harm or rape or anything like that. "He's going to want to do things to pass the time."

Persons: Sam Bankman, he'll, SBF's, Lewis Kaplan, he's, Sam Mangel, Mangel, Fried, Maureen Baird, Baird Perdue, Baird, Judge Kaplan, Jane Street, Kaplan Organizations: Service, Business, Federal Bureau of Prisons, San Francisco Bay Area, Prisons, Baird Perdue & Associates, Jane, Capital Locations: Manhattan, San Francisco Bay, New York, California

☆ How Sam Bankman-Fried's ex-girlfriend and early recruit helped put the FTX founder behind bars for 25 years
▼ + stars: | 2024-03-28 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +10 min

Yuki Iwamura | Bloomberg | Getty ImagesIn sentencing FTX founder Sam Bankman-Fried to a 25-year prison sentence on Thursday, Judge Lewis Kaplan cited testimony from Caroline Ellison, an ex-girlfriend of the defendant and early recruit into his crypto enterprise. In a Google document from February 2022 shared with the Times, Ellison wrote, "I have been feeling pretty unhappy and overwhelmed with my job. The government presented a series of Signal exchanges involving Bankman-Fried, Ellison, Wang and other top execs. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors relied heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Caroline Ellison, Yuki Iwamura, FTX, Sam Bankman, Judge Lewis Kaplan, Kaplan, Ellison, FTX spiraled, Damian Williams, she's, Fried, District Judge Lewis Kaplan, Jane Rosenberg, SBF Ellison, She'd, Michael Lewis, Caroline, Sam, Lewis, Nishad Singh, Gary Wang, Attorney Thane Rehn, Bankman, Binance, Sam Trabucco, Danielle Sassoon, Wang, SDNY Ellison, Um Organizations: Alameda Research, Bloomberg, Getty, Department of Justice, Manhattan U.S, U.S, District, Federal Court, Reuters, Jane, Stanford, Alameda, The New York Times, Times, Attorney, Google, Alameda's Locations: New York, Manhattan, FTX, New York City, Fried, California, Hong Kong, Bahamas, Alameda

☆ Penthouse to prison: Sam Bankman-Fried's journey from crypto king to convicted conman
▼ + stars: | 2024-03-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +8 min

Bankman-Fried, the founder and former CEO of failed crypto exchange FTX, will head on Thursday to a federal court in downtown Manhattan, where U.S. District Judge Lewis Kaplan will deliver his sentencing. After a month of personally dabbling in the market, Bankman-Fried launched Alameda Research, named after the California county that housed his first office. The so-called crypto winter of 2022 wiped out hedge funds and lenders across the crypto universe. May of 2022 brought the crash of stablecoin Luna, creating a domino effect that sent crypto prices plunging, devastating other lenders. On Nov. 2, 2022, crypto trade site CoinDesk publicized details of Alameda's balance sheet, which showed $14.6 billion in assets.

Persons: Samuel Bankman, MacKenzie Sigalos, Sam Bankman, Fried, Damian Williams, District Judge Lewis Kaplan, they'd, FTX, Amr Alfiky, Jane Street, Goldman Sachs, stablecoin Luna, Solana, Changpeng Zhao, Binance, Zhao, Jane Rosenberg, he'd, Cromwell, John J, Ray, confidants, — CNBC's Rohan Goswami Organizations: CNBC, Metropolitan Detention, U.S, District, Prosecutors, Reuters, Jane, Alameda Research, Formula, Democratic, Voyager, Alameda, FTX, Industry, Investors, Enron, Securities and Exchange Commission, Stanford University Locations: San Francisco, he's, Brooklyn, Manhattan, U.S, New York City, South Korea, Alameda, California, Miami, Washington, Solana, FTX, New York, Palo Alto , California

☆ CNBC Daily Open: Stubborn inflation complicates rate-cut plan
▼ + stars: | 2024-03-26 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Wall Street lowerU.S. stocks closed lower Monday taking a breather from a rally sparked last week after the Federal Reserve stuck to its rate-cut forecast. Trump Media to start tradingThe company behind former President Donald Trump's social media platform Truth Social, will start trading on Tuesday. Called Trump Media & Technology Group Corp., it will trade on the NASDAQ under the stock ticker symbol DJT. That's according to David Dietze, managing principal and senior portfolio strategist at Peapack Private Wealth Management.

Persons: Dow, Bitcoin, Jane Street, Donald Trump's, Trump, David Dietze Organizations: CNBC, Federal Reserve, Nasdaq, Investment, HOF Capital, Ford Foundation, Fidelity . Trump Media, Trump Media & Technology Group Corp, NASDAQ, Nvidia, Wealth Management Locations: UAE, Britain, China, Beijing

☆ FTX estate selling majority stake in AI startup Anthropic for $884 million, with bulk going to UAE
▼ + stars: | 2024-03-25 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

Bankrupt crypto exchange FTX has struck a deal with a consortium of buyers to sell the majority of its stake in artificial intelligence startup Anthropic for $884 million, according to a filing submitted late Friday to a Delaware court. That group is purchasing nearly $500 million worth of Anthropic shares. Multiple sovereign wealth funds were reportedly clamoring for a piece of FTX's Anthropic stake. Jane Street's head of quantitative research, Craig Falls, has also proposed to personally buy around $20 million worth of shares. Should it be approved, the sale would collectively account for nearly two-thirds of FTX's shares in Anthropic.

Persons: Jane Street, Sam Bankman, Fried, Caroline Ellison, Jane Street's, Craig, John Dorsey Organizations: Investment Co, United, United Arab Emirates, CNBC, Alameda Research, Venture, HOF Capital, Ford Foundation, Fidelity Management Locations: Delaware, United Arab, Saudi Arabia, UAE, Craig Falls, Anthropic

☆ One of the top donors to a pro-Biden dark-money group is a nonprofit run by a little-known AI investor
▼ + stars: | 2024-03-10 | by ( Casey Tolan | ) edition.cnn.com time to read: +8 min

The second-largest donation in 2022 to the non-profit arm of Future Forward, the primary Super PAC supporting Biden, came from a group run by James McClave and Emily Berger. That’s more than any group other than the George Soros-linked Open Society Policy Center, which gave $15.2 million that year. That trend is set to continue this year: Future Forward has announced plans to run the largest ever political advertising campaign by a Super PAC in 2024. A spokesperson for Future Forward did not respond to a request for comment. The pro-Biden group Future Forward has said it plans to run the largest political advertising campaign by a Super PAC this year.

Persons: Joe Biden, James McClave, Emily Berger, Jane, McClave, Berger —, George Soros, Biden, they’re, “, ”, Anna Massoglia, Berger, Massoglia, ” Anna Massoglia, Janet Protasiewicz, Manhattan DA Alvin Bragg, Claude, Sam Bankman, Fried, Jane Street, Julia Nikhinson, Anita Dunn, Harris, It’s, ” Biden, Biden’s, Vox Organizations: CNN, PAC, Biden, —, Policy Center, Soros, League of Conservation Voters, Fund, Hopewell Fund, Super PAC, McClave, Democratic Party, Wisconsin Supreme, Manhattan DA, Securities and Exchange Commission, New York Stock Exchange, University of California, Bloomberg, FF PAC, White House, New York Times, Super, Commission, Forward, Center for Voter, Democratic, BEMC Foundation Locations: Manhattan, McClave, Wisconsin, Anthropic, University of California Berkeley, Manassas , Virginia

☆ How Hedge Funds Are Betting on Electricity and the Changing Power Grid
▼ + stars: | 2024-03-05 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +19 min

A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.

Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia

☆ Millennium Has Hired a Top Jane Street Trader
▼ + stars: | 2024-02-08 | by ( Alex Morrell | Bradley Saacks | ) www.businessinsider.com time to read: +3 min

But the spotlight came for Jane Street anyway. Representatives for Jane Street and Millennium declined to comment. Millennium is in many ways the inverse of Jane Street. Six years ago, Schadewald joining Jane Street raised some eyebrows — a testament to the once barely-known firm's ascendance. Today, leaving a juggernaut like Jane Street for the intensity of a high-risk, high-reward hedge fund seat is viewed as the surprise.

Persons: Jane Street, Jane, It's, Sam Bankman, doesn't, Doug Schadewald, Izzy Englander's, Jane Street's, he's, Schadewald Organizations: Bloomberg, Business, Wall Street, Financial Times, Jane Street, Barclays, Management, Star Millennium, Citadel

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Both explicitly allow for the cancellation of trades "in exceptional cases", which would be a fair description of last year's nickel market meltdown and the resulting threat of multiple member defaults. This is a case of "knowing one when you see one" or "the elephant test" in legal precedent, the judges said. Nor would it have affected Chamberlain's assessment that nickel trading had become irrational and disorderly on the morning of March 8. LME trading has been transformed by the crisis in the form of permanent caps on time-spreads and limits on intraday price movements.

Persons: Simon Dawson, Elliott, Jonathan Swift, Robert Bright, Matthew Chamberlain, Jane Street, Chamberlain, China's, Xiang Guangda, Oliver Wyman, Tsingshan, Barbara Lewis Organizations: London Metal Exchange, REUTERS, London High, Elliott Associates, Jane, Global Trading, Financial, Authority, China's Tsingshan, Reuters, Thomson Locations: London, Britain, U.S

☆ Investors Lose Legal Bid Against Exchange Over Nickel Market Blowup
▼ + stars: | 2023-11-29 | by ( Yusuf Khan | Joe Wallace | ) www.wsj.com time to read: 1 min

Traders work on the floor of the London Metal Exchange in London. Photo: simon dawson/ReutersLONDON—The London Metal Exchange chalked up a big victory over investors on Wednesday, when a court said it was within its rights to cancel trades during a high-profile blowup in the nickel market sparked by Russia’s full-scale invasion of Ukraine. The U.K. court rejected claims by activist fund Elliott Investment Management and market maker Jane Street Global Trading that the exchange had overstepped its powers by nixing $12 billion in trades in March last year. Had they won, Elliott and Jane Street planned to claim hundreds of millions of dollars in damages combined in a follow-on trial.

Persons: simon dawson, Russia’s, nixing, Elliott, Jane Street Organizations: London Metal Exchange, Reuters, Elliott Investment Management, Jane, Global Locations: London, Ukraine

☆ With no access to crypto, disgraced FTX founder Sam Bankman-Fried is now trading fish to pay for services in prison
▼ + stars: | 2023-11-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried quickly figured out that mackerel fish is the currency of choice among inmates. AdvertisementIt didn't take long for former crypto-billionaire Sam Bankman-Fried to learn the economic system of New York's Metropolitan Detention Center. The disgraced founder of crypto exchange FTX has reportedly been keeping busy by swapping food items in exchange for services as he awaits sentencing on seven felony counts that include wire fraud and conspiracy to commit money laundering. He then used them to pay for personal upkeep services such as beard trims and shoe shines from inmates. Food items like mack and tuna are stable commodities with a value that can be pegged to the dollar.

Persons: Sam Bankman, Fried, —, FTX, SBF, It's, Larry Levin, mack Organizations: Service, New York's Metropolitan Detention Center, Wall Street Journal, Jane, Capital, Alameda Research, Wall Street Locations: New York's, New York, Lompoc, California

☆ A timeline of Sam Bankman-Fried trial: Key moments leading up to FTX founder's conviction
▼ + stars: | 2023-11-03 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Bankman-Fried debuts on the Forbes billionaires list, which estimates his net worth at $22.5 billion. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Fried, Amr Alfiky, Gary Wang, Larry David, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: United, REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York City, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California, New York

☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy
▼ + stars: | 2023-10-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange. As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. On the witness stand, Bankman-Fried suggested his crypto hedge fund was not dissimilar to Jane Street Capital, the traditional trading firm where he worked before founding Alameda. As CEO, Ellison failed to make the trades and investments he suggested to hedge in case of a crypto market downturn, Bankman-Fried testified. Bankman-Fried tried to stress that the market conditions in November 2022, when FTX and Alameda collapsed, were an anomaly.

Persons: Sam Bankman, Fried, that's, —, FTX, Jane Street, Danielle Sassoon, Judge Lewis Kaplan, Elizabeth Williams, Crypto, Sassoon, Chelsea Jia Feng Bankman, Gary Wang, Nishad Singh, Caroline Ellison, Ellison, Wang, Singh, Fried's, Bankman Organizations: Alameda Research, Prosecutors, Service, Alameda, Jane Street Capital, U.S, AP, wasn't Locations: FTX, Alameda, Manhattan, New York, Bankman

☆ Sam Bankman-Fried testifies he regrets not hiring a risk management team at FTX before it collapsed and led to criminal charges against him
▼ + stars: | 2023-10-27 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was asked on the witness stand if he hired a risk management team for FTX. He lamented the lack of a risk management team at FTX, a common refrain of his as he works to deflect blame from himself in the company's catastrophic collapse. "Did you have a risk management team at FTX?" But no, we didn't," Bankman-Fried replied. Bankman-Fried testified he worked between 12 and 22 hours per day and took off one day per month to keep up with managing the growth.

Persons: Sam Bankman, Fried, —, Jane Street, Mark Cohen, FTX, Lewis Kaplan, who's, Kaplan Organizations: FTX, Prosecutors, Service, Alameda Research, US Locations: Alameda

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

☆ Sam Bankman-Fried testifies he 'didn't have the time' for haircuts or long-term relationship with Caroline Ellison
▼ + stars: | 2023-10-27 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried addressed his breakup with Caroline Ellison on the witness stand Friday. AdvertisementAdvertisementOn the witness stand in his criminal trial Friday, Sam Bankman-Fried testified he was too busy running companies worth billions of dollars to get deeply involved in women and haircuts. One of their witnesses in the trial is Caroline Ellison, who ran Alameda as a CEO starting in mid-2021. That explanation is consistent with what Ellison herself said on the witness stand in earlier testimony. "I was kind of busy and lazy and didn't get haircuts for long periods of time," Bankman-Fried answered, sheepishly.

Persons: Sam Bankman, Fried, Caroline Ellison, —, Jane, Ellison, Mark Cohen, sheepishly, Cohen Organizations: Service, Alameda Research Locations: Manhattan, Alameda, Bankman

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.

Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S

☆ Sam Bankman-Fried believed his wild hair helped him get higher bonuses early in his career and was 'very valuable,' Caroline Ellison testifies
▼ + stars: | 2023-10-11 | by ( Grace Kay | Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +4 min

Caroline Ellison told jurors that Sam Bankman-Fried curated his image, especially his messy hair. Ellison said he believed his hair was "essential to his image" and was the reason for past bonuses. AdvertisementAdvertisementSam Bankman-Fried had a carefully curated image — unruly hair and all — according to his ex-girlfriend Caroline Ellison. Additionally, Bankman-Fried encouraged Ellison to have a Twitter in order to generate positive press for the company, she said. Bankman-Fried told Yahoo Finance Live in April 2022 before FTX collapsed.

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, FTX, didn't, — Ellison, he'd, Jane Street, Bankman, Sam Bankman Fried, Michael Lewis, It's, Lewis Organizations: Toyota Corolla, Service, Alameda Research, Honda, Bloomberg, Yahoo Finance, FTX Locations: Manhattan, Alameda, Bankman, Bahamas, FTX

Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.

Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan

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