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"Assets were not fine, because FTX did not have enough assets for customer withdrawals." On Friday, Wang testified that on Nov. 6, 2022, FTX executive Nishad Singh knocked on his door and told him customers were trying to withdraw their money faster than FTX could process the transactions. He said no other FTX users had those special privileges, which the exchange did not disclose to its investors or customers. After FTX declared bankruptcy on Nov. 11, 2022, Wang testified that at Bankman-Fried's direction, he turned over some remaining FTX customer assets to the Bahamas, where FTX was based. Wang said Bankman-Fried said liquidators and regulators there were more amenable to letting him stay in charge of FTX.

Persons: Sam Bankman, Fried, Nicolas Roos, Gary Wang, Jane Rosenberg, FTX, Wang, FTX's, Nishad Singh, CoinDesk, Bankman, WANG, District Judge Lewis Kaplan, Christian Everdell, Caroline Ellison, Alameda's, Mark Cohen, Sam, Jody Godoy, Luc Cohen, David Gregorio, Nick Zieminski, Matthew Lewis Organizations: U.S, Federal Court, REUTERS, Alameda Research, Washington , D.C, District, Bankman, Thomson Locations: FTX, New York City, U.S, Manhattan, Washington ,, Alameda, Bahamas, Fried, United States, New York

WASHINGTON, Oct 5 (Reuters) - President Joe Biden's administration said on Thursday it will add sections to a border wall to stave off record migrant crossings from Mexico, carrying forward a signature policy of former President Donald Trump. Trump made building border barriers a central tenet of his first campaign for president with the rally chant, "Build That Wall." Homeland Security Secretary Alejandro Mayorkas said in a statement that there was "no new Administration policy with respect to border walls. From day one, this Administration has made clear that a border wall is not the answer." In another major enforcement action announced on Thursday, Biden administration officials said they would be resuming deportation flights to Venezuela, which had been suspended because of chilly relations between the two countries.

Persons: Joe Biden's, Donald Trump, Biden, Trump, Alejandro Mayorkas, Mayorkas, Will Joe Biden, Andres Manuel Lopez Obrador, Brian Snyder, Laiken, Eric Adams, Mica Rosenberg, Nandita Bose, Doina Chiacu, Jason Lange, Jeff Mason, Raúl Cortés, Dave Graham, Kristina Cooke, Heather Timmons, Howard Goller, Grant McCool Organizations: Trump, Republican Party, Democrat, Homeland, U.S, Reuters, Federal, Biden's Department of Homeland Security, Border Patrol, Texas National Guard, REUTERS, Center for Biological Diversity, Biden, U.S . Department of Justice, Democratic, New, New York City, Institute, Thomson Locations: Mexico, America, Starr County , Texas, Rio Grande, United States, Rio, Eagle Pass , Texas, U.S, Starr, Texas, Southwest, Venezuela, Colombia, Panama, Darien, New York, Chicago, Ecuador, Washington, Mexico City, San Francisco

Sam Bankman-Fried watches as Assistant U.S. Attorney Thane Rehn makes his opening remark in Bankman-Fried's fraud trial over the collapse of FTX, the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 4, 2023 in this courtroom sketch. REUTERS/Jane Rosenberg/File Photo Acquire Licensing RightsNEW YORK, Oct 6 (Reuters) - Sam Bankman-Fried's fraud trial kicked off this week, nearly a year after the FTX cryptocurrency exchange he founded declared bankruptcy in a collapse that shocked markets and left the 31-year-old wunderkind's reputation in tatters. Bankman-Fried has pleaded not guilty to charges of stealing billions of dollars in customer funds to prop up his crypto-focused hedge fund, Alameda Research. "Sam and his colleagues were building the plane as they were flying it," Cohen said in his opening statement on Wednesday. "The conversation began with me bringing up the large debt owed by Alameda to FTX and asking something like, 'are things OK?'"

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg, Fried, Rehn, Mark Cohen, Sam, Cohen, Adam Yedidia, Fried's, Yedidia, Matt Huang, Huang, Gary Huang, Wang, Luc Cohen, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Manhattan U.S, ALAMEDA, Paradigm, Thomson Locations: Bankman, FTX, New York City, U.S, Thane, Alameda, New York

☆ Sex, Signal messages and sabotage: SBF's top execs and Bahamas roommates tell all in court
▼ + stars: | 2023-10-06 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

"Sam Bankman-Fried," he said. Wang said that in response to the reporting an emergency meeting was called between Bankman-Fried, Wang and Singh, to discuss shutting down Alameda. On Nov. 12, after FTX declared bankruptcy, Bankman-Fried asked Wang to drive with him to the Bahamas Securities Commission for a meeting. Yedidia said Bankman-Fried had told him, before he began working in the Bahamas in 2019, that he and Ellison had sex. Bankman-Fried asked Yedidia if it was a good idea for them to date, to which Yedidia said no.

Persons: Adam Yedidia, Sam Bankman, Jane Rosenberg, —, Gary Wang, Nicolas Roos, Wang, FTX, Nishad Singh, Caroline Ellison, Mr, Roos, Ellison, Fried, Reuters Wang, District Judge Lewis Kaplan, Singh, Yedidia, Bankman, Sam, Christian Everdell, he's, I'm, Matt Huang, Yuki Iwamura, Huang, Dawn Giel Organizations: Federal Court, Reuters, MIT, U.S, Alameda Research, District, Prosecutors, Bahamas Securities Commission, Massachusetts Institute of Technology, Google, Alameda, United, Paradigm, FTX, Bloomberg, Getty Locations: FTX, New York City, Bahamas, Manhattan, U.S, Alameda, Bahamian, New York, China, Minnesota, FTX's Hong Kong, Nassau, Bankman

☆ Veteran Apple investor Alan Patricof says AI is the 'flavor of the month'
▼ + stars: | 2023-10-06 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Venture capitalist Alan Patricof has a cautionary message about an AI bubble. "Everyone wants to be at an AI company — it's the flavor of the month," Patricof told the New York Post. Patricof recommends investing in companies utilizing AI as a tool, rather than buying AI platforms. AdvertisementAdvertisementAlan Patricof, the venture capitalist known for his investments in Apple and Venmo, has a cautionary message about an AI bubble. "Everyone wants to be at an AI company — it's the flavor of the month," said Patricof during a Thursday interview with the New York Post.

Persons: Alan Patricof, —, Patricof, Mostaque, David Rosenberg, James Penny, Wharton, Jeremy Siegel, Dan Raju, Raju Organizations: New York, Patricof, Service, Apple, Apax Partners, AOL, TAM Asset Management

[1/2] New York City Mayor Eric Adams delivers a speech during a meeting with migrants, community leaders, and mayors from the Mixteca region, in Puebla, Mexico October 5, 2023. That New York City's mayor has traveled thousands of miles to make his case highlights how the latest wave of migrants is reshaping the immigration debate among some Democratic leaders. Texas Governor Greg Abbott has been busing thousands of migrants north to New York, Chicago and other Democratic-controlled cities. They have said his remarks last month that the migrant crisis will "destroy New York City" are inflammatory. To counter this, the city should be making its own videos in the languages of the migrants traveling north, Goldfein said.

Persons: Eric Adams, Imelda Medina, Joe Biden, Adams, Greg Abbott, J.B, Pritzker, Biden, Brandon Johnson, Donald Trump, ADAMS, Joshua Goldfein, Goldfein, Jonathan Allen, Mica Rosenberg, Paul Thomasch, Howard Goller Organizations: New, New York City, REUTERS, New York, Democratic, York City's, Republican, Venezuela . Illinois, Democrat, Reuters, New York Immigration Coalition, Legal Aid Society, Thomson Locations: New York, Puebla, Mexico, New, Darien, U.S, Ecuador, Colombia, York, Texas, Chicago, Venezuela ., New York City, Panama

REUTERS/Brian Snyder/File Photo Acquire Licensing RightsWASHINGTON, Oct 5 (Reuters) - President Joe Biden's administration said on Thursday it will build additional sections of border wall to stave off record migrant crossings from Mexico, a policy reversal that embraces a signature measure of former President Donald Trump. Trump is the frontrunner for the Republican Party nomination to challenge Biden, a Democrat, in the 2024 presidential race. Trump made building border barriers a central tenet of his first campaign for president with the rally chant, "Build That Wall." Money that was allocated during the Trump administration is being spent now on a border wall because the administration has no other choice, a U.S. official said. "There is presently an acute and immediate need to construct physical barriers and roads in the vicinity of the border of the United States in order to prevent unlawful entries into the United States in the project areas," Mayorkas said.

Persons: Brian Snyder, Joe Biden's, Donald Trump, Biden, Trump, Will Joe Biden, we’d, Alejandro Mayorkas, Mayorkas, Eric Adams, Doina Chiacu, Mica Rosenberg, Andrea Ricci, Heather Timmons, Howard Goller Organizations: Texas National Guard, REUTERS, Rights, Trump, Republican Party, Democrat, Federal, Biden's Department of Homeland Security, U.S, Border Patrol, Homeland, New York City, Thomson Locations: Rio, Eagle Pass , Texas, U.S, Mexico, America, Starr County , Texas, Rio Grande, Venezuela, Venezuelan, United States, New York, Colombia, Ecuador

The news outlet is hyper-focused on Trump's legal jeopardy, with a team of experts ready to dissect every ruling, every filing, every comment. “MSNBC has pretty well-established themselves as the leading anti-Trump network, certainly of late,” said Jon Klein, a former CNN president and news analyst. So far this year, Fox has averaged 2.18 million viewers, MSNBC 1.51 million and CNN 639,000. It was par for the course on a day Trump's legal issues made headlines. MSNBC has assembled a team of legal experts that has appeared throughout its lineup and gained trust through familiarity.

Persons: Joe, Donald Trump, Ken Dilanian, ”, Jon Klein, “, you've, Trump, it's, Trump's, Nicolle Wallace, Missouri Sen, Claire McCaskill, Joy Reid, —, Jen Psaki's, Cyrus Vance Jr, Preet Bharara, Rachel Maddow, Jimmy Carter's, “ Donald Trump, Lawrence O'Donnell, that's, Klein, Ari Melber's, Melber, Peter Navarro, Joe Tacopina, Andrew Weissmann, Robert Mueller's, Mary McCord, ” Chuck Rosenberg, Obama, Neal Katyal, Donald Trump ”, Barbara McQuade, Joyce Vance, Weissmann, Andrew, Psaki, Ariana Pekary, “ It's, ” Klein, there's, ” Pekary Organizations: NBC, MSNBC, Trump, CNN, Social, NBC News, Fox News Channel, Nielsen, Fox, GOP, Fox News, Malaysia Airlines, Manhattan District, New, Department of Justice, District of Columbia, FBI, Drug, U.S, Supreme Locations: Russia, America, Ohio, Indiana , Michigan , Illinois, Iowa, spurts, New York, Missouri, New York U.S, Trump, U.S, Michigan, Alabama

☆ Former FTX developer says he confronted an 'anxious' Sam Bankman-Fried on Bahamas paddleball court while trying to fix bug that led to $8 billion hole
▼ + stars: | 2023-10-05 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

"The numbers seemed large to me," Yedidia testified Thursday in a federal court in downtown Manhattan. In a hut between paddleball courts, Yedidia expressed his concern to Sam Bankman-Fried, the CEO of FTX, who also controlled Alameda Research. AdvertisementAdvertisementA Sam Bankman-Fried, founder and former CEO of crypto currency exchange FTX in a courtroom last year. AdvertisementAdvertisementFormer FTX developer Adam Yedidia leaves after testifying during the trial of former FTX CEO Sam Bankman-Fried at Manhattan Federal Court in New York City. In the Bahamas, top employees and their significant others in both companies shared a $35 million penthouse apartment that Alameda Research paid for.

Persons: Fried, Adam Yedidia, —, Yedidia, FTX, Sam Bankman, Yadidia, Bankman, Jane Rosenberg, Reuters Yedidia, Caroline Ellison, Michael M, Ellison, Gary Wang, Nishad Singh, Singh, Sam, Caroline, I'm Organizations: Alameda Research, Alameda, Service, MIT, rockstar, Reuters, Bankman, Manhattan Federal, FTX, United Arab Locations: Bahamas, Alameda, Manhattan, FTX, Alameda FTX, Bankman, New York City, Saudi Arabia, United Arab Emirates

REUTERS/Jose Luis Gonzalez/File Photo Acquire Licensing RightsOct 5 (Reuters) - The United States is restarting deportations of Venezuelans who cross the U.S.-Mexico border unlawfully, Homeland Security Secretary Alejandro Mayorkas said on Thursday, part of attempts to curb a record number of migrant crossings. The record number of arrivals has strained resources in cities across the United States, with Democratic officials in New York and Chicago sounding the alarm. Frosty diplomatic relations between the U.S. and Venezuela had made it difficult for the U.S. to deport Venezuelans to their home country. Migration is the direct result of sanctions, the Venezuelan government added, repeating its frequent accusation that U.S. measures are a violation of international law. Washington has insisted Maduro must take steps toward free elections before it considers any further significant sanctions relief, though the U.S. has faced calls from some Latin American governments to take such action without further delay.

Persons: Jose Luis Gonzalez, Alejandro Mayorkas, Joe Biden, Mayorkas, Biden, Donald Trump, Yvan Gil, Washington, Nicolas Maduro, Maduro, Mica Rosenberg, Kristina Cooke, Julia Symmes Cobb, Vivian Sequera, Matt Spetalnick, Simon Lewis, David Ljunggren, Grant McCool, Chris Reese Organizations: REUTERS, Homeland, U.S, Republican, Democratic, Foreign, United, United Nations, Trump, Socialist, Thomson Locations: U.S, Mexico, Ciudad Juarez, United States, Venezuela . Washington, Venezuela, Mexico City, Darien, New York, Chicago, Venezuelan, Latin America, Caribbean, Colombia, Nicolas Maduro . Washington

☆ Sam Bankman-Fried isn't the only one on trial. The entire crypto industry is.
▼ + stars: | 2023-10-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

But first, we're looking at why FTX cofounder and ex-CEO Sam Bankman-Fried's criminal trial has implications that could upend the entire crypto industry. Bankman-Fried, the cofounder and ex-CEO of crypto exchange FTX, was deeply enmeshed in the crypto ecosystem. The proceedings will likely provide more fascinating details about the inner workings of FTX and the broader crypto industry, potentially airing out its dirty laundry and shortcomings. Chelsea Jia FengThe crypto industry, meanwhile, is ready to move on. Some in the crypto industry are embracing a more grown-up approach.

Persons: —, Sam Bankman, Donald Trump's, JANE ROSENBERG, Tom Brady, Kevin O'Leary, Michael Lewis, Katie Balevic, Jacob Shamsian, Grace Kay, Mark Cohen, Caroline Ellison, Chelsea Jia Feng, they'll, Spencer Platt, what's, Michael M, Arvind Krishna, Rahul Pandey's, Seth Wenig, AP Trump, scowled, Donald Trump, Tyler Le, Dianne Feinstein's, Kamala Harris, Sen, Chuck Schumer, Marc Anthony, Sofia Reyes, Pluma, Bad, Wells, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan, Annie Smith, Shona Ghosh, Jack Sommers, Spriha Srivastava Organizations: Service, Tech, Chelsea, Financial, Fidelity, PayPal, Visa, Getty, Treasury, Wall, Nvidia, IBM's, Meta, AP, IRS, trailblazing, Grupo Frontera, NBA, Dallas Mavericks, Minnesota Timberwolves, Etihad Arena, The Dallas Mavericks, Etihad, Corporation National Media Locations: crypto's, Plenty, trailblazing California, Abu Dhabi, New York City, San Diego, London, New York

☆ Julia Ormond sues Harvey Weinstein for battery along with Disney, CAA and Miramax as enablers
▼ + stars: | 2023-10-04 | by ( Dan Heching | ) edition.cnn.com time to read: +4 min

CNN —Actress Julia Ormond is suing disgraced former film producer Harvey Weinstein for battery and sexual assault she says occurred in 1995, according to a copy of the complaint obtained by CNN. Ormond is also suing the once Weinstein-owned Miramax as well the Walt Disney Company, which purchased Miramax in 1993, for negligence and Hollywood talent agency CAA (Creative Artists Agency), who represented the actress, for negligence and breach of fiduciary trust. (A majority stake of CAA was recently purchased by the Artémis investment firm.) In the complaint, first reported by Variety, Ormond alleges that in December 1995, she and Weinstein were supposed to have a business dinner to discuss a project. Weinstein, 71, was at the center of allegations that fueled the global #MeToo movement in 2017.

Persons: Julia Ormond, Harvey Weinstein, Ormond, Weinstein, Weinstein “, ” “ Harvey Weinstein, ”, Ormond’s, ” Ormond, Bryan Lourd, Kevin Huvane, “, Sabrina ”, Grandin, Ormond Douglas H, Wigdor, Effie Blassberger, Rosenberg Kirshner, Linder, he’d Organizations: CNN, Miramax, Walt Disney Company, Hollywood, CAA, Creative Artists Agency, Variety, Mr, Disney, ” CNN, Warner Brothers Discovery, AMC, Wigdor LLP, Linder LLP Locations: “, Clayman, Los Angeles, New York

In his opening statement, Rehn said Bankman-Fried used more than $10 billion in FTX customer funds to amass his own wealth, power and influence. But Rehn said FTX collapsed because of Bankman-Fried's plundering of FTX customer cash. According to prosecutors, Bankman-Fried installed Ellison, his sometime romantic partner, as a "front" to lead Alameda in 2021. "In reality he was still calling the shots at Alameda," Rehn said. But Bankman-Fried's lawyer said that handing over the reins was normal as FTX grew and took up his time.

Persons: Sam Bankman, Attorney Thane Rehn, Jane Rosenberg REFILE, Fried, Thane Rehn, Mark Cohen, Rehn, Cohen, Zhao, FTX, duping, Caroline Ellison, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Matthew Lewis Organizations: U.S, Attorney, Federal Court, REUTERS, Alameda Research, Alameda, Bankman, Thomson Locations: Bankman, FTX, New York City, U.S, Bahamas, Alameda, New York

☆ Sam Bankman-Fried said he had to teach himself human facial expressions, like smiling
▼ + stars: | 2023-10-04 | by ( Kylie Kirschner | Grace Kay | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried had to teach himself how to make facial expressions, Michael Lewis writes in his new book. The FTX cofounder questioned the whole point of making facial expressions in the first place, Lewis said. "One is facial expressions. Lewis writes that Bankman-Fried questioned the entire premise behind making facial expressions entirely: "What's the whole point of making facial expressions in the first place? AdvertisementAdvertisementBankman-Fried apparently found comfort at math camp, where "people didn't seem to care about his lack of facial expressions," and with childhood friend Matt Nass, who "didn't need Sam to generate facial expressions or ask him questions about himself."

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, FTX, —, Matt Nass, Sam, Caroline Ellison, Ellison, JANE ROSENBERG Organizations: Service, Alameda Research, Bankman, Reuters Locations: New York, FTX, Bahamas

Sam Bankman-Fried Trial appears at Federal Court in New York on Oct. 4th, 2023. Two years later, Julliard stood as the prosecution's first witness in the criminal fraud trial against FTX founder Sam Bankman-Fried, who's accused of misusing billions of dollars in client money. He and thousands of other FTX customers were practically wiped out when the exchange went belly up late last year. Allan Joseph Bankman, father of FTX Co-Founder Sam Bankman-Fried, and Barbara Fried, mother of FTX Co-Founder Sam Bankman-Fried, arrive at court in New York, US, on Wednesday, Oct. 4, 2023. WATCH: Sam Bankman-Fried criminal trial begins in New York

Persons: Sam Bankman, Claudia Johnson Marc, Antoine Julliard, Julliard, who's, FTX, Gisele Bündchen, Fried, Jane Rosenberg, Sam, Mark Cohen, Cohen, Attorney Thane, Rehn, Alameda's, Caroline Ellison, Allan Joseph Bankman, Barbara Fried, Stephanie Keith, Ellison's, Sam Trabucco, Trabucco, Rein, Adam Yedidia, Bankman, Yedida, hadn't, Gary Wang Organizations: Court, FTX, Federal Court, Reuters Defense, Alameda Research, Bankman, Assistant U.S, Attorney, Capitol, U.S, Bloomberg, Getty, MIT, Massachusetts Institute of Technology, Prosecutors Locations: New York, London, Manhattan, FTX, New York City, U.S, Alameda, Attorney Thane Rehn, Rehn

But FTX had asserted the opposite in an online post about a car race it sponsored in Miami Beach, Florida, six months before its November 2022 collapse. loadingAt Bankman-Fried's trial on Wednesday, prosecutors played for the jury FTX video advertisements in which a narrator said, "we're inviting everyone in," as well as spots featuring NFL quarterback Tom Brady and comedian Larry David. Bankman-Fried, 31, has pleaded not guilty to two counts of fraud and five counts of conspiracy over the collapse of FTX. Mark Cohen, Bankman-Fried's lawyer, said his client never intended to steal funds. "But on the other hand, many factors that nobody controlled could make crypto go up and down in value.

Persons: Sam Bankman, Mark Cohen, Jane Rosenberg, FTX, Shaquille O'Neal, Tom Brady, Larry David, Bankman, Prosecutors, cryptocurrency, Thane Rehn, Fried, Rehn, Cohen, O'Neal, Brady, David, Luc Cohen, Jody Godoy, Amy Stevens, Matthew Lewis Organizations: Federal Court, REUTERS, Twitter, Miami Heat, Thomson Locations: Bankman, FTX, New York City, U.S, Miami Beach , Florida, New York

REUTERS/Jane Rosenberg Acquire Licensing RightsCompanies Champion Trust Llc FollowNEW YORK, Oct 3 (Reuters) - Sam Bankman-Fried's father and brother, as well as Donald Trump's former spokesman Anthony Scaramucci, are among possible witnesses at the cryptocurrency exchange founder's fraud trial, according to a list read by a prosecutor in court on Tuesday. There is no guarantee that Scaramucci, Bankman-Fried's father Joseph Bankman or his brother Gabriel Bankman-Fried will testify during the trial, which is expected to last six weeks and kicked off on Tuesday with jury selection. Prosecutor Danielle Sassoon read the list of dozens of names - which included both proposed prosecution and defense witnesses - to see if any prospective jurors knew them. Scaramucci's alternative investment firm SkyBridge Capital once owned a stake in FTX, Bankman-Fried's cryptocurrency exchange which declared bankruptcy in November 2022 amid a flurry of customer withdrawals. The now-bankrupt fund is fully owned by Bankman-Fried and former FTX executive Gary Wang, court filings show.

Persons: Sam Bankman, Fried, Christian Everdell, Jane Rosenberg, Donald Trump's, Anthony Scaramucci, Joseph Bankman, Gabriel Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Bankman, Kaplan, Gary Wang, Nicolas Roos, Caroline Ellison, Nishad Singh, Ellison, Jody Godoy, Luc Cohen, Amy Stevens, Lincoln, Nick Zieminski Organizations: Federal Court, REUTERS, SkyBridge, Alameda Research, District, Insight Partners, Bankman, Manhattan U.S, Thomson Locations: FTX, New York City, U.S, Alameda, Alameda ., New York

☆ Sam Bankman-Fried case: The FTX criminal fraud trial begins today. Here's everything you need to know.
▼ + stars: | 2023-10-03 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +13 min

Sam Bankman-Fried's criminal fraud trial begins in federal court today. According to prosecutors, Bankman-Fried commingled funds between FTX, where he was CEO, and Alameda Research, a hedge fund he also controlled. In the months since, prosecutors have brought several superseding indictments, slapping on more criminal charges. AP Photo/Mary AltafferIn addition to the criminal case against Bankman-Fried, the fallout of FTX's collapse has created a fountain of complicated lawsuits and legal maneuvers. The Securities and Exchange Commission has a civil case against Bankman-Fried alleging he "orchestrated a massive, years-long fraud."

Persons: Sam Bankman, SBF, —, FTX, Fried, Tom Brady, Gisele Bündchen, Stephen Curry, Naomi Osaka, Larry David, Kevin O'Leary, Caroline Ellison, He's, Michael Lewis, guarantors, Lewis Kaplan, Jane Rosenberg, Kaplan, Bankman, Ellison, messaged, Eduardo Munoz, Mark S, Cohen, Christian Everdell, Ghislaine Maxwell, Maxwell, They're, Danielle Sassoon, Nicholas Roos, who's, Joe Lewis, Jean Carroll, Donald Trump, Trump, Bill Clinton, Gambino, Prince Andrew, Mary Altaffer, SBF's, Joseph Bankman, Barbara Fried, Gary Wang —, Nishad Singh, Ryan Salame, Cohen wearily, there's Organizations: Prosecutors, Service, Alameda Research, Miami Heat's, The New York Times, Metropolitan Detention, US, Office, Southern, Bankman, Manhattan Federal Court, REUTERS, Washington , D.C, Supreme, AP, Securities, Exchange Commission, Stanford University Locations: FTX, Manhattan, America, Palo Alto , California, New York, Bahamas, Washington ,, Joaquín, Bankman, Guantanamo, Alameda

The ramifications for global markets are significant, with Washington and Beijing's determination to loosen dependence on each other fraying long-established supply chains. Many central banks target 2% inflation; market gauges of traders' long-term U.S. and European inflation expectations are running higher , . Anna Rosenberg, head of geopolitics at the Amundi Investment Institute, said Sino-U.S. tensions, provide a "new lens" through which to analyse emerging markets' growth prospects. But the performance of big U.S. tech stocks and global share indices are vulnerable to signs of Chinese retaliation. With China underperforming global stocks, investors are split on how to approach this market.

Persons: Dado Ruvic, Joe Biden, Goldman Sachs, Wouter Sturkenboom, Laura Alfaro, Anna Rosenberg, Christopher Rossbach, J, Stern, Carole Madjo, Wendy Liu, Baird, Patrick Spencer, Naomi Rovnick, Kripa Jayaram, Riddhima, Vineet, Sumanta Sen, Pasit, Louise Heavens Organizations: REUTERS, EMEA, APAC, Northern Trust, Reuters, Research, Harvard Business, Amundi Investment Institute, INDIA RUSH, Barclays reckons, EU, Apple, China, Barclays, JPMorgan, Thomson Locations: West, China, Washington, Western, Germany, Northern, Europe, FRIENDSHORING Washington, Vietnam, Mexico, Mongolia, Philippines, Sino, U.S, India, Beijing, COVID, CHINA

☆ Sam Bankman-Fried case: The FTX criminal fraud trial begins this week. Here's everything you need to know.
▼ + stars: | 2023-10-02 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +13 min

Sam Bankman-Fried's criminal fraud trial begins in federal court on Tuesday. According to prosecutors, Bankman-Fried commingled funds between FTX, where he was CEO, and Alameda Research, a hedge fund he also controlled. In the months since, prosecutors have brought several superseding indictments, slapping on more criminal charges. AP Photo/Mary AltafferIn addition to the criminal case against Bankman-Fried, the fallout of FTX's collapse has created a fountain of complicated lawsuits and legal maneuvers. The Securities and Exchange Commission has a civil case against Bankman-Fried alleging he "orchestrated a massive, years-long fraud."

☆ We thought we avoided recession. Turns out we're not in the clear yet.
▼ + stars: | 2023-10-01 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

The US economy showed signs of a soft landing this summer. In September, the Federal Reserve buoyed those hopes by keeping interest rates unchanged for the first time since the first quarter of 2022. At the start of the rate increase, many borrowers, such as existing homeowners, had low mortgage interest rates locked in. As the economist David Rosenberg says, it typically takes six months for a recession to hit the economy after interest rates increase by this much. AdvertisementAdvertisementAnd while Powell said a soft landing is "possible," he also warned that it could be decided by factors "outside our control."

Persons: —, Taylor, Oppenheimer, Morgan, David Rosenberg, Eric Thayer, Janet Yellen, Jerome Powell, Powell Organizations: Service, National Association of Business Economics, Bank of America, Federal Reserve, JPMorgan, Costco, Bloomberg, Gas Locations: Monterey Park , California

☆ Will US house prices soar or plunge? These 5 experts are divided.
▼ + stars: | 2023-09-30 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

US home prices have shrugged off the surge in mortgage rates over the past 18 months. Homeowners don't want to sell and lose their cheap mortgages, while buyers don't want to overpay. Barbara Corcoran, Jeremy Grantham, and other experts are split on whether prices will soar or sink. The upshot has been mortgage rates doubling to over 7%, sparking an affordability crisis. Jeremy Grantham, Barbara Corcoran, David Rosenberg, and other experts have shared drastically different outlooks for home prices.

Persons: Barbara Corcoran, Jeremy Grantham, —, overpay, David Rosenberg Organizations: Service

The U.S. State Department considers Tamaulipas, where the two cities are located, to be the most dangerous state along the U.S.-Mexico border. Tens of thousands of people a day are competing for 1,450 slots, according to U.S. Customs and Border Protection (CBP). U.S. authorities temporarily suspended CBP One appointments in June in another Tamaulipas border city, Nuevo Laredo, due to "extortion and kidnapping concerns," the official said. Juan Rodriguez, head of the Tamaulipas migrant services agency, said the agency was "attentive" to the issue. Additional reporting by Jackie Botts in Mexico City, Daniel Becerril in Reynosa and Matamoros, and Kristina Cooke in San Francisco.

Persons: Wong, Luis Miranda, Joe Biden's, Biden, Bertha Bermúdez Tapia, Miranda, Olivia Lemus, Lemus, Juan Rodriguez, Laura Gottesdiener, Ted Hesson, Mica Rosenberg, Beth Solomon, Jackie Botts, Daniel Becerril, Kristina Cooke, Mary Milliken, Suzanne Goldenberg Organizations: REUTERS, Reuters, U.S . Department of Homeland Security, U.S . State Department, New Mexico State University, Gulf Cartel, Northeast, U.S . Customs, Border Protection, CBP, DHS, Biden, The U.S . State Department, Carolina, Thomson Locations: U.S, Mexico, New Jersey, REYNOSA, Mexican, Reynosa, Venezuela, Carolina, Matamoros, Tamaulipas, United States, Washington, Nuevo Laredo, Central, Northern Mexico, Chicago, The, Honduran, Venezuelan, New York City, Mexico City, San Francisco

☆ The Russian culture ministry is blaming a pirated version of the Barbie movie for weakening nationwide values
▼ + stars: | 2023-09-29 | by ( Sebastian Cahill | ) www.businessinsider.com time to read: +2 min

A pirated version of the "Barbie" movie made its way to Russia, and officials there aren't happy. The Russian Culture Ministry wants to shift from Western values towards "traditional" Russian ones. AdvertisementAdvertisementAs Russian citizens struggle to maintain morale during the ongoing invasion of Ukraine, the Russian Culture Ministry is taking a shot at the "Barbie" movie as a representation of hated Western ideologies. Multiple offices and politicians are criticizing the "Barbie" movie for not promoting "traditional Russian values" — a vague phrase that seems to refer to patriotism and general conservatism — per the BBC. But what comprises appropriate, patriotic entertainment, then, free of Western values?

Persons: —, Barbie, Steve Rosenberg, Maria Butina, Butina, Rosenberg, Vladimir Putin Organizations: Russian Culture Ministry, Service, BBC Locations: Russia, Ukraine, Russian

☆ The US consumer is starting to crack
▼ + stars: | 2023-09-28 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

AdvertisementAdvertisementEven as interest rates skyrocketed over the past 18 months, a good job market and strong consumer spending kept the US economy moving. However, there are growing signs that the strength of the US consumer is starting to crack. Earlier this month, the Fed kept interest rates unchanged, as expected. At the start of the rate increase, borrowers, like existing homeowners, had low mortgage interest rates locked in. Even dollar stores are starting to feel the pressure of more measured spending after initially benefitting from inflation as wealthier people looked for more value.

Persons: —, Morgan Stanley, It'll, Jerome Powell, Powell, David Rosenberg Organizations: Service, Federal Reserve, San Francisco Fed, United Auto Workers, National Association of Business Economics, Bank of America, Conference Board, JPMorgan, Bloomberg, Costco Locations: Michigan

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