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☆ ‘Big Short’ Michael Burry takes a victory lap after calling the tech-led market correction
▼ + stars: | 2023-10-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, best known for calling 2008's subprime mortgage crisis, just added a new notch in his belt by predicting the latest market correction led by tech stocks. The California-based investor, who now runs his hedge fund Scion Asset Management, had amassed massive bets against the stock market in the second quarter. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. These two indices fell into correction territory this week , making Burry's bets lucrative in theory. Also in the second quarter, Burry bought small stakes in travel names Expedia and MGM Resorts , as well as health care plays Cigna and CVS Health .

Persons: Michael Burry, SPDR, Burry, Michael Lewis, it's, Burry's Organizations: Asset Management, Scion, Nasdaq, Meta, CNBC, Federal Reserve, MGM Resorts, CVS Health Locations: California

☆ Read the secret Signal messages that could help put Sam Bankman-Fried behind bars
▼ + stars: | 2023-10-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Sam Bankman-Fried appears at federal court in New York on Oct. 4, 2023, in this courtroom sketch. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. In a direct appeal to Bankman-Fried, Singh wrote on Nov. 6, 2022, "one thing that'd seriously help me is if I didn't have debts." Zoom In Icon Arrows pointing outwards Prosecutors are relying 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 are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Sam Bankman, Fried, Claudia Johnson, Caroline Ellison, Gary Wang, Nishad Singh, Ryan Salame, Damian Williams, Yuki Iwamura, Ellison, Bankman, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Singh, Wang, reassurances, FTX, Changpeng Zhao, he'd, Um, Sam, Binance, Zhao, it's, Sam Trabucco, Ben Xie, Michael Lewis, Lewis, Adam Yedidia, Yedidia, chares, SDNY Singh, Gabe, Salame, Michael Sadowsky, Sadowsky, FTX's, Dawn Giel Organizations: Alameda Research, Stanford, Bloomberg, Getty, Massachusetts Institute of Technology, alameda, Prime Trust Bank Locations: New York, Alameda, Manhattan, U.S, FTX, Sequoia, Alameda's, Bahamas

☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ 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

☆ Stay away from bank stocks with turmoil in the sector far from over, 'Big Short' investor Steve Eisman warns
▼ + stars: | 2023-10-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Investors should stay away from bank stocks with more market turmoil on the cards, according to Steve Eisman. Eisman also said to avoid homebuilder stocks, which have been battered by rising interest rates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSteer clear of bank stocks with the turmoil from earlier this year likely to rear its head again soon, Steve Eisman has warned. Eisman is best known for his big bets against the US housing market ahead of the 2008 financial crisis, as depicted in Michael Lewis' book "The Big Short".

Persons: Steve Eisman, Eisman, —, Steer, CNBC's, Freddie Mac, Michael Lewis Organizations: Service, First Republic, Nasdaq, Federal Locations: Silicon Valley, homebuilding

☆ ‘The Big Short’ investor Steve Eisman says he would avoid these stocks now, including homebuilders
▼ + stars: | 2023-10-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman, the investor who called and profited from the subprime mortgage crisis, said Tuesday that he would advise against buying homebuilders and consumer-related stocks given higher interest rates. "I wouldn't own homebuilders right now," Eisman said on CNBC's " Fast Money ." "The homebuilders have been subsidizing their customers with lower rates, but even that's gonna bite. Eisman shot to fame by betting against subprime mortgage loans before the 2008 financial crisis, as chronicled in Michael Lewis' "The Big Short: Inside the Doomsday Machine," and the subsequent Oscar-winning movie based on the book. The investor also reiterated that the banking sector is uninvestable due to risks from crimped margins and tougher regulations.

Persons: Steve Eisman, Eisman, Neuberger Berman, Michael Lewis Organizations: Federal

☆ SBF told Caroline Ellison there was a 5% chance he 'would be president,' she testified
▼ + stars: | 2023-10-10 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +2 min

Caroline Ellison said Sam Bankman-Fried had ambitions to become president of the US, The Wall Street Journal reported. She said Bankman-Fried told her there was a 5% chance he'd one day be president. She said the FTX cofounder told her about his plans to potentially become president while they were dating. The FTX cofounder said there was a 5% chance he would one day become the president, The Wall Street Journal reported. A spokesperson for Trump told Insider's Lloyd Lee that SBF has been "outed as a fraudster and someone that can't be trusted."

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, Michael Lewis, Donald Trump, Lewis, Insider's Lloyd Lee, SBF Organizations: Street Journal, Bankman, Service, Alameda Research, Republican, Democratic, Trump Locations: United States, Manhattan, FTX, Trump

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

☆ Caroline Ellison is about to spill the beans on her ex-boyfriend Sam Bankman-Fried
▼ + stars: | 2023-10-10 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +7 min

Caroline Ellison is set to testify later today in the criminal case against Sam Bankman-Fried. The former Alameda Research CEO is expected to be a key witness in the case against Bankman-Fried. AdvertisementAdvertisementAll eyes will be on star witness Caroline Ellison when she takes the stand later today in the trial against her ex-boyfriend and former boss Sam Bankman-Fried. They say Bankman-Fried siphoned money from customer accounts to fund crypto bets with Alameda Research, a hedge fund he controlled. Since the exchange collapsed, the former FTX CEO has attempted to put the blame for the platform's collapse on other executives, including Ellison.

Persons: Caroline Ellison, Sam Bankman, Ellison, —, FTX, Eric Chaffee, Prosecutors, Fried, Mark Cohen, Ellison —, Cohen, BRYAN R, SMITH, Jane Street, Gary Wang —, Wang, Adam Yedidia, Chelsea Jia Feng, Yedidia, Caroline, Lewis Kaplan, who's, Michael Lewis Organizations: Alameda Research, Service, Case Western Reserve University, Manhattan Federal, Bankman, Alameda, Research, New York Times, US Department of Justice, US Locations: Bankman, FTX, Alameda, Bahamas, Manhattan

☆ 'I wanted more': Caroline Ellison tells jury that Sam Bankman-Fried didn't pay her enough attention during their relationship
▼ + stars: | 2023-10-10 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

Caroline Ellison gave details on her past relationship with Sam Bankman-Fried in court on Tuesday. The ex-Alameda Research CEO said she "wanted more" in the relationship. Caroline Ellison, the former CEO of Alameda Research, broke down her relationship with her on-and-off boyfriend Sam Bankman-Fried during his criminal trial in a downtown Manhattan federal courtroom on Tuesday. "In our personal relationship, there was a feeling that I wanted more in our relationship," Ellison testified. Prosecutors allege the former FTX CEO commingled funds between FTX and Alameda Research.

Persons: Caroline Ellison, Sam Bankman, Ellison, —, Jane Street, Fried, Michael Lewis, Caroline, Lewis, Sam Organizations: Alameda Research, Service, Jane, New York Times, Bankman, Prosecutors Locations: Manhattan, FTX, Alameda

☆ SBF's lawyers shouldn't be allowed to use his $500 million investment in AI firm Anthropic — which could used to pay back FTX customers — as evidence, prosecutors say
▼ + stars: | 2023-10-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Anthropic looks set to be valued at $30 billion as it is in talks with Google for further investment. Prosecutors argue that the investment can't be used as evidence in Bankman-Fried's favor. AdvertisementAdvertisementProsecutors have asked the judge overseeing Sam Bankman-Fried's trial to stop the FTX founder's lawyers from referencing his $500 million investment in Anthropic. AdvertisementAdvertisementThat means Bankman-Fried's investment could be a major help in reimbursing the thousands of FTX customers who lost their money as the crypto exchange imploded last November. AdvertisementAdvertisementMichael Lewis, who interviewed Bankman-Fried more than 100 times for his biography, wrote that other FTX executives didn't approve of the Anthropic investment.

Persons: FTX, —, Sam Bankman, Lewis Kaplan, Damian Williams, Anthropic, Williams, Fried, Gary Wang, Michael Lewis, Bankman, didn't, Ramnik Arora, Lewis, Sam Organizations: Google, Prosecutors, Service, Amazon Locations: Anthropic, Bankman, Alameda

☆ Michael Lewis is hitting back at critics who feel he's been too sympathetic to Sam Bankman-Fried: 'I think they're crazy'
▼ + stars: | 2023-10-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Those who think he was being too sympathetic to Sam Bankman-Fried are "crazy," says author Michael Lewis. AdvertisementAdvertisementAuthor Michael Lewis has a strong message for critics who say he has been too sympathetic to Sam Bankman-Fried in his book about the fallen cyrpto mogul. "I think they're crazy," Lewis told ABC News on Wednesday. Lewis told ABC he has avoided answering the question of whether he feels Bankman-Fried has knowingly committed fraud — "because I want the reader to answer that question." "He took my money, it's mixed up in there," Lewis told ABC, without elaborating further.

Persons: Sam Bankman, Michael Lewis, Lewis, —, Linsey Davis, Fried, CBS's, FTX, it's Organizations: Service, ABC News, ABC, CBS, Alameda Research Locations: Alameda

☆ Sam Bankman-Fried wanted to invest up to $1 billion in Elon Musk's Twitter despite other execs' advice, and didn't know if he still owned shares after the takeover
▼ + stars: | 2023-10-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk asked SBF if he wanted to help his $44 billion Twitter takeover, per Michael Lewis' biography. Bankman-Fried owned around $100 million of Twitter stock before Musk took the company private. AdvertisementAdvertisementSam Bankman-Fried didn't know whether he still owned shares in Twitter as Elon Musk took over the platform last year, according to Michael Lewis' biography of the FTX founder. According to Lewis, Bankman-Fried suggested investing between $250 million and $1 billion in Twitter. Singh and Arora said that FTX shouldn't invest in Musk's Twitter, or only go with a small stake.

Persons: Elon Musk, Michael Lewis, Musk, —, Sam Bankman, Fried, Nishad Singh, Ramnik Arora, Lewis, Singh, who's, Arora, Morgan Stanley —, Semafor, SBF, FTX Organizations: Twitter, Service, Elon, Fried's

☆ Michael Lewis says being around Sam Bankman-Fried was a downgrade from his more materialistic life: 'The food was worse. The company was worse.'
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Michael Lewis, the author of "Going Infinite," said being around SBF was a lifestyle "downgrade." Lewis met Sam Bankman-Fried more than 100 times and interviewed his FTX colleagues for the book. So I always felt it was a downgrade moving into his world," Lewis told Emily Donaldson in a Wednesday report in The Globe and Mail, a Canadian newspaper. I would have had as much trouble with this crowd when I was 25," Lewis told Donaldson. Lewis told CBS's "60 Minutes" the crypto exchange would still be making "tons of money" if there hadn't been a run on customer deposits.

Persons: Michael Lewis, Lewis, Sam Bankman, —, Emily Donaldson, Fried, Donaldson, CBS's Organizations: Service, Canadian, Toyota Corolla, Bankman Locations: SBF, The Globe, Bahamas, Hong Kong

☆ Sam Bankman-Fried decided at the last minute he didn't want to speak at the World Economic Forum in Davos, leaving organizers scrambling
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was supposed to speak at the WEF's flagship event in Davos. However, he decided not to show up the night before the event, per Michael Lewis' biography on the disgraced FTX founder. Lewis wrote SBF would cancel on people "because he'd done some math in his head that proved that you weren't worth the time." "CEOs had flown to the Bahamas under the mistaken impression that Sam had agreed to buy their companies," Lewis wrote in his book. The World Economic Forum Annual Meeting is the organization's flagship event held at the end of each January in Davos, Switzerland.

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, SBF, —, Sam, It's, Mark Cohen Organizations: Service, Economic, Political, Bankman Locations: Davos, Davos —, Bahamas, Switzerland, Dubai

☆ 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

☆ When Caroline Ellison Met Sam Bankman-Fried
▼ + stars: | 2023-10-04 | by ( Michael Lewis | ) www.wsj.com time to read: 1 min

It took only a couple of weeks of working for Sam Bankman-Fried before Caroline Ellison called her mother and sobbed into the phone that she’d made the biggest mistake of her life. She’d first met Sam at Jane Street Capital, the high-frequency Wall Street trading firm where he worked after graduating from MIT, in the summer of 2015, before her senior year at Stanford. He’d been assigned to teach her class of interns how to trade. “I was kind of, like, terrified of him,” she said.

Persons: Sam Bankman, Caroline Ellison, sobbed, she’d, She’d, Sam, He’d, ” Organizations: Jane, Capital, MIT, Stanford

☆ Caroline Ellison was 'terrified' of Sam Bankman-Fried when she started working at Alameda
▼ + stars: | 2023-10-04 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

Caroline Ellison worried she'd made a huge mistake within weeks of starting at Alameda Research. She told Michael Lewis, Sam Bankman-Fried's biographer, that she was "terrified" of the CEO. AdvertisementAdvertisementBefore Caroline Ellison warmed up to dating Sam Bankman-Fried, she was afraid of him. Ellison told Lewis that SBF would say he felt conflicted about having sex with her, yet he would continue to do so before ignoring her for months. Her work at Alameda Research catapulted her into scrutiny when her boss and onetime boyfriend's trading empire imploded.

Persons: Caroline Ellison, she'd, Michael Lewis, Sam Bankman, Ellison, SBF, —, Jane, Lewis, Tara Mac Aulay, Mac Aulay, Fried Organizations: Alameda Research, Service, Bankman, Jane Street, Wall Locations: Alameda

☆ 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

☆ Michael Lewis was worried Sam Bankman-Fried being in a room with his own dog was an accident waiting to happen
▼ + stars: | 2023-10-04 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

FTX cofounder Sam Bankman-Fried did not know how to instruct his guard dog to kill on command, according to Michael Lewis' new book. "When Sam was in a room with the dog, it always felt as if some accident was waiting to happen," Lewis wrote in the book. AdvertisementAdvertisementFTX cofounder Sam Bankman-Fried did not know how to instruct his guard dog to kill on command, according to Michael Lewis' biography on the fallen crypto titan. "And so when Sam was in a room with the dog, it always felt as if some accident was waiting to happen," Lewis wrote. "It would have been very Sam Bankman-Fried to have been eaten by his own guard dog."

Persons: Sam Bankman, Fried, Michael Lewis, Sam, Lewis, —, Sandor —, Sandor Organizations: Service, Bankman, Forbes

☆ Taylor Swift wanted to cut a multimillion-dollar deal with SBF's FTX but he 'dragged his feet' on the collaboration, author Michael Lewis says
▼ + stars: | 2023-10-04 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Taylor Swift wanted to take up FTX endorsement deal, says author Michael Lewis. But Lewis said negotiations fell through after Sam Bankman-Fried "dragged his feet on the deal." Lewis wrote about FTX's talks with Swift in his new book on the rise and fall of the company. AdvertisementAdvertisementTaylor Swift may have signed an endorsement deal with FTX if not for Sam Bankman-Fried delaying the deal, per author Michael Lewis's latest book on the now-bankrupt cryptocurrency exchange. "FTX had an agreement with Swift to pay her between $25 and $30 million a year, but Sam dragged his feet on the deal," Lewis wrote.

Persons: Taylor Swift, Michael Lewis, Lewis, Sam Bankman, FTX's, Swift, —, Michael Lewis's, FTX, Sam, Natalie Tien, Taylor, Fried, Tom Brady, Naomi Osaka, Adam Moskowitz, Moskowitz Organizations: Service, Bankman, NFL Locations: Alameda

☆ As police arrived at Sam Bankman-Fried's house, his mom was texting him insisting that he wear long pants to get arrested, instead of his usual cargo shorts
▼ + stars: | 2023-10-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was arguing with his mom over texts from a bathroom when police arrived to arrest him, per Michael Lewis. While SBF's mom wanted him to wear long pants to jail, and he insisted on staying in his cargo shorts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . With law enforcement in the living room, Lewis writes that Bankman-Fried was in the bathroom tapping away at his phone and arguing with his mom, Barbara Fried. Fried wanted her son to wear long pants as he was taken in, but he was intent on staying in his characteristic cargo shorts.

Persons: Sam Bankman, Fried, Michael Lewis, FTX's, —, Lewis, George Lerner, Sam, Gary Wang, Caroline Ellison, Barbara Fried Organizations: Service Locations: Bahamas

☆ In his first job, Sam Bankman-Fried designed a system that called Trump's 2016 win before major news outlets — but the firm still lost $300 million on election night
▼ + stars: | 2023-10-04 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was paid $300,000 in his first year at Jane Street Capital, per Michael Lewis' biography. But the firm bet several billion dollars against the S&P 500 which actually rallied, so it lost $300 million. The most dramatic moment was in the Florida panhandle, which Jane Street called five minutes before CNN, Lewis wrote. "What had been a $300 million profit for Jane Street was a now a $300 million loss," Bankman-Fried told Lewis. Bankman-Fried's spokesperson and Jane Street didn't immediately respond to Insider's requests for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Michael Lewis, SBF, —, Jane, Jane Street's, Donald Trump, Lewis, Jane Street, Jane Street didn't Organizations: Jane, Capital, CNN, Service, MIT, Alameda Research, Trump Locations: Florida

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsOct 3 (Reuters) - Former FTX chief operating officer Constance Wang agreed to serve as a witness for U.S. prosecutors in their case against the crypto exchange's founder and former CEO Sam Bankman-Fried, according to Michael Lewis' new book on FTX's collapse. "Going Infinite: The Rise and Fall of a New Tycoon" hit the shelves as Bankman-Fried's criminal trial began in Manhattan on Tuesday. While the U.S. prosecutors have said they plan to call a handful of Bankman-Fried's former inner circle to testify, Wang has not been named among them. Wang joined FTX in 2019 from rival crypto exchange Huobi as its eighth employee, and often accompanied Bankman-Fried to meetings in which Mandarin was spoken, Lewis said. Prosecutors have said they plan to call former Alameda chief executive Caroline Ellison, former FTX technology chief Gary Wang, and former engineering chief Nishad Singh to testify.

Persons: Sam Bankman, Andrew Kelly, Constance Wang, Michael Lewis, FTX, Fried, Wang, Lewis, Caroline Ellison, Gary Wang, Nishad Singh, Hannah Lang, Luc Cohen, Michelle Price, Matthew Lewis Organizations: FTX, Manhattan, REUTERS, Alameda Research, U.S, Prosecutors, Alameda, Thomson Locations: New York City, U.S, Manhattan, Bahamas, Caribbean, Washington, New York

☆ Anna Wintour's furious staff said Sam Bankman-Fried would 'never step foot in fashion again' after he snubbed her Met Gala invite
▼ + stars: | 2023-10-03 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Anna Wintour invited Sam Bankman-Fried to the Met Gala during a Zoom meeting on Valentine's Day 2022. Wintour's team were furious when he ultimately snubbed the invite, per Michael Lewis' new book about FTX. After the meeting Bankman-Fried thought: "'I would have to think hard if this is a thing I want to go to,'" per the excerpt. Bankman-Fried ultimately decided not to go, but it was FTX's former head of public relations, Natalie Tien, who had to deal with the fallout with Wintour's team. AdvertisementAdvertisementLewis wrote: "Natalie was prepared for Anna Wintour's people to be disappointed when she told them that Sam wouldn't be there.

Persons: Anna Wintour, Sam Bankman, Fried, Michael Lewis, —, Anna Wintour's, FTX's, Wintour, didn't, Lewis, Louis Vuitton, Tom Ford, Natalie Tien, Natalie, Sam wouldn't, Sam, FTX Organizations: Valentine's, Service, Beverly Hilton, CBS, Alameda Research Locations: Los Angeles, America, Alameda

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