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☆ Fact Check-Fabricated WSJ headline calling Sam Bankman-Fried ‘saintly’ and ‘on a mission from god’
▼ + stars: | 2022-11-28 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

A Twitter user shared the fabricated screenshot of the headline: “The Saintly Sam Bankman-Fried Was On a Mission From God to Save Humanity But Was Unfairly Destroyed by His Evil Enemies” with the comment, “Shame on you @WSJ cowards. A Google search reveals no record of the headline circulating on social media having been published by the WSJ (tinyurl.com/yc7cv55z). There is also no evidence that the WSJ has ever previously referred to Bankman-Fried as “saintly.” A search for “saintly Sam Bankman-Fried” on the WSJ website did not return any relevant results (tinyurl.com/3c75y4nd), (here). By 11:53pm EST the same day, the article was updated with the headline “Sam Bankman-Fried Said He Would Give Away Billions. There is no evidence that the WSJ published a headline that referred to Sam Bankman-Fried as “saintly,” but the fabricated image includes a subtitle from an authentic WSJ article published on Nov. 24.

☆ Cathie Wood breaks down FTX, Elon Musk, and Twitter in a new interview. Here are her 9 best quotes.
▼ + stars: | 2022-11-25 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Cathie Wood spoke to Bloomberg on Tuesday in a wide-ranging conversation on crypto, FTX, Elon Musk, and investing. She compared Sam Bankman-Fried's FTX to Bernie Madoff's Ponzi scheme, and shared her thoughts on Elon Musk, Twitter, and Tesla. "We do think bitcoin — and you can see through the behavior of the infrastructure it hasn't skipped a beat, not one beat — it's more secure than yesterday, the day before, the day before. "We think bitcoin is coming out of this smelling like a rose." "Think about the amount of data Twitter has, and think about the combination of that and artificial intelligence.

☆ FTX flop evokes history’s great financial swindles
▼ + stars: | 2022-11-18 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

As Walter Bagehot wrote in “Lombard Street” in 1873, “The good times too of high price almost always engender much fraud. As cryptocurrencies declined in value, FTX provided a line of credit to BlockFi, a stricken crypto-lender. He talked about Three Arrows Capital, the failed crypto hedge fund, as engaged in “punting”. His firm launched a product based on a basket of crypto assets that it called Shitcoin Index Perpetual Futures, with the unsubtle ticker SHIT-PERP. He commissioned an advertisement, aired during the Super Bowl, in which the comedian Larry David casts doubt on the viability of FTX.

☆ Never seen 'such a complete failure' of corporate controls, says new FTX CEO who also oversaw Enron bankruptcy
▼ + stars: | 2022-11-17 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

Ray formerly served as the CEO of Enron after the implosion of the energy titan. He promised to work with regulators to investigate FTX founder Sam Bankman-Fried. Bankman-Fried." Ray excoriated Bankman-Fried and his management team for what were described as lackadaisical controls on systems and regulatory compliance. Coordinating with regulators, Ray wrote, the chapter 11 bankruptcy process would examine the actions of Bankman-Fried in connection with FTX's collapse.

"It was like a bomb went off in that place," Patrick Hillmann, Binance CSO, told CNBC on Thursday. It was money that FTX didn't have, because it was using client deposits for other purposes. "Somehow they were always spending more and more and more and more money," Hillmann said. Hillmann said that early on there were some concerns with FTX and its unsavory relationship with Alameda Research, Bankman-Fried's hedge fund. WATCH: Binance decided FTX was beyond saving after two-hour review of balance sheet

☆ Tom Brady and Gisele Bundchen named in lawsuit against FTX
▼ + stars: | 2022-11-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Genesis said it was working with advisers “to explore all possible options,” adding that it would release a plan for the lending business next week. “We’re working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity,” the company said. The suspension comes as the entire crypto industry is on edge following the unraveling of Sam Bankman-Fried’s FTX exchange and Alameda Research hedge fund, both of which filed for bankruptcy late last week. On Wednesday an FTX investor sued Bankman-Fried as well as several celebrities who have endorsed the platform, including Tom Brady, Gisele Bundchen and Steph Curry. “The deceptive FTX platform maintained by the FTX entities was truly a house of cards,” the proposed class-action lawsuit states.

☆ US Secret Service protection would follow Donald Trump to the slammer if he ever ended up there, former agents say
▼ + stars: | 2022-11-16 | by ( Robin Bravender | Dave Levinthal | ) www.businessinsider.com time to read: +11 min

"If Donald Trump gets sent to prison, what's the role of the Secret Service in that case?" Federal law entitles Trump and all other ex-presidents to Secret Service protections for life — although it didn't always. "Geez, the fact that we're thinking about him going to jail kind of scares me," said the former Secret Service official. While former presidents are entitled to Secret Service protection, they can opt to decline it — just as Nixon did after leaving office. They did so under the Clinton administration, when a law was passed that would afford ex-presidents 10 years of Secret Service security, rather than lifetime protections.

☆ FTX crash shares eerie similarities with Bernie Madoff, ex-regulator Sheila Bair says
▼ + stars: | 2022-11-15 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

Sheila Bair, a top regulator during the 2008 financial crisis, told CNN there are eerie similarities between the dramatic rise and fall of Bankman-Fried and FTX and that of infamous Ponzi scheme mastermind Bernie Madoff. Bair notes that 30-year-old Bankman-Fried, like Madoff, proved adept at using his pedigree and connections to seduce sophisticated investors and regulators into missing “red flags” hiding in plain sight. Up until the bankruptcy filing, FTX even had an application pending with federal regulators to clear derivatives, The Wall Street Journal reported. FTX’s bankruptcy filing indicates it had liabilities of $10 billion to $50 billion at the time of the filing. — If you are an FTX customer and want to discuss how you have been impacted by the bankruptcy, please reach out to Matt.Egan@CNN.com

☆ The fall of crypto exchange FTX is 'worse than Theranos, worse than Madoff' as federal probes mount, former SEC official says
▼ + stars: | 2022-11-12 | by ( Brian Evans | ) www.businessinsider.com time to read: +3 min

The fall of cryptocurrency exchange FTX has drawn numerous comparisons to the collapse of Lehman Brothers. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. "This is worse than Theranos, this is worse than Madoff," John Reed Stark told Yahoo Finance. But a former Securities and Exchange Commission official likened FTX to the Theranos and Bernie Madoff debacles. Stark noted "sophisticated" FTX investors have had to write down their holdings, even after performing due diligence on its financials.

☆ FTX's blowup is a turning point for Wall Street's crypto adoption journey
▼ + stars: | 2022-11-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

But first, where does Wall Street go from here? A warning sign for Wall Street to get out now before it's in too deep. Insider's Rebecca Ungarino and Danielle Walker examined what the knock-on effects of FTX's blowup mean for Wall Street's crypto plans. A key part of Wall Street's adoption of crypto was working with intermediaries bridging the gap between the two worlds. Read more on how FTX's blow up might impact Wall Street' long-term crypto plans.

☆ Some Big Tech firms were the top landing spot for recent Goldman Sachs tech departures, and it could be an early sign of the changing tides in the war for talent
▼ + stars: | 2022-10-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, the latest installment in Wall Street's war for tech talent. Big Tech wants its engineers back. In the ongoing war for top engineering talent, Big Tech has landed the latest blow against one of Wall Street's most powerful firms. Read more about the top firms scooping up recent Goldman departures, and how it could be representative of the larger issues Wall Street faces when trying to attract tech talent. Robo-advisor Betterment just launched customized crypto portfolios, the Wall Street Journal reports.

☆ Kevin Bacon explains how he lost 'most' of his fortune to Bernie Madoff: 'There's obvious life lessons there'
▼ + stars: | 2022-10-12 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

Kevin Bacon is opening up about how he and his wife lost "most of our money" in Bernie Madoff's massive Ponzi scheme. "There's obvious life lessons there," Bacon said. Madoff's massive fraud scheme is estimated to have ripped clients off to the tune of $65 billion. Despite the massive financial hit he took, Bacon admitted that he didn't expect to receive much sympathy for what he experienced. "There's always going to be somebody that's going to have it a lot worse than you."

☆ Another $372 mln on way to Bernie Madoff victims, Justice Dept says
▼ + stars: | 2022-09-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Sept 28 (Reuters) - Victims of Bernie Madoff's Ponzi scheme can expect to soon receive another $372 million to help cover their losses, the U.S. Justice Department announced on Wednesday, putting total recoveries above $18.5 billion. Payouts to over 27,000 victims will come from the Madoff Victim Fund, a $4.05 billion government fund set up in 2013 and overseen by former U.S. Securities and Exchange Commission Chairman Richard Breeden. Following the latest distribution, the fund's eighth, victims will have received over $4 billion, covering some 88% of their losses, the department said. More than 40,000 claimants have been compensated through the victim fund, the Justice Department said. Another $14.5 billion has been recouped for customers of the former Bernard L. Madoff Investment Securities LLC by the court-appointed trustee liquidating that firm in bankruptcy.

☆ $100 million N.J. deli scheme leads to federal charges against a father and his son
▼ + stars: | 2022-09-26 | by ( Dan Mangan | Dan Mangan Is A Reporter Covering Health Care For Cnbc.Com. | Mangan Has Been A Journalist For More Than Years | ) www.nbcnews.com time to read: +4 min

Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public’s attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.

Your Hometown Deli, the business at the center of the probe, was located in Paulsboro, New Jersey, over the Delaware River from Philadelphia. The parent company, Hometown International, had merged with a bioplastics company. The $100 million New Jersey deli, as Your Hometown Deli came to be known, was first brought to the public's attention by investor David Einhorn in a letter to clients. The securities fraud and securities price manipulation counts carry maximum penalties of 20 years in prison and a $5 million fine. The conspiracy to commit securities fraud and conspiracy to manipulate securities prices counts each carry a maximum penalty of five years in prison.

☆ The difference between 'rich' and 'wealthy,' according to New York Times 'Wealth Matters' columnist
▼ + stars: | 2022-07-11 | by ( ) www.cnbc.com time to read: +6 min

When Paul Sullivan was hired to write his "Wealth Matters" column in The New York Times 13 years ago, Americans' relationships with wealth and wealthy people were undergoing a rapid shift. I was told I could create the 'Wealth Matters' column when Lehman Brothers collapsed," he says. Among his biggest takeaways: "I always drew the line between people who are wealthy and people who are rich," he says. 1 money habit of wealthy peopleOver the course of his tenure writing the column, Sullivan talked to nearly 5,000 sources about wealth in America. The article "The Difference Between ‘Rich’ and ‘Wealthy,’ According to New York Times ‘Wealth Matters’ Columnist″ was originally published on Grow (CNBC + Acorns).

☆ Congress needs to stop day trading, says Senator Mark Warner, a former VC and entrepreneur
▼ + stars: | 2022-01-14 | by ( Alex Kantrowitz | Big Technology | ) www.businessinsider.com time to read: +7 min

Virginia Sen. Mark Warner says members of Congress shouldn't be allowed to trade individual stocks. "The ability to trade, and particularly on a day trade basis, even if you're not doing anything wrong, it looks bad," said Sen. Warner. Nancy Pelosi's argument for allowing stock trading is that federal representatives should not be restricted from participating in the economy. His transactions took place just a week before the House Judiciary Committee advanced its slew of antitrust bills aimed at Big Tech. As he leaned back in his chair in his Washington DC office, Sen. Warner, a seasoned investor, brought the point home.

☆ Bernie Madoff, creierul celei mai mari fraude din lume, schema „Ponzi”, a murit în închisoare
▼ + stars: | 2021-04-14 | by ( Publika.Md - Aici Sunt Știrile | ) www.publika.md time to read: 1 min

Bernie Madoff, un broker din SUA condamnat pentru orchestrarea unei masive scheme de fraudare Ponzi, a murit în închisoare, afirmă surse citate de agenţia Associated Press, potrivit Mediafax. Bernie Madoff a decedat miercuri dimineaţă, în Centrul Medical Penitenciar Butner, situat în statul Carolina de Nord. Bernie Madoff avea 82 de ani. Anul trecut, avocaţii lui Bernie Madoff au solicitat eliberarea din detenţie, în contextul pandemiei, argumentând că suferea de boli renale grave şi alte afecţiuni cronice. Bernie Madoff a recunoscut că a înşelat mii de clienţi, sustrăgând miliarde de dolari prin scheme de investiţii desfăşurate câteva decenii.

Persons: Bernie Madoff, Carolina de Nord . Organizations: Associated, Mediafax Locations: SUA, Carolina de Nord

☆ Bobby Bonilla Day: He hasn't played in MLB for more than two decades. One team is paying him $1.2 million a year until 2035
▼ + stars: | 2020-07-01 | by ( Allen Kim | ) edition.cnn.com time to read: +1 min

It’s July 1, which for New York Mets fans means it’s Bobby Bonilla Day. The deal is part of a contract negotiated by Bonilla’s agent Dennis Gilbert, which will pay Bonilla $1,193,248.20 every year until 2035. Bonilla, a former All-Star who last played with the Mets in 1999, will be 72 when his contract with the team expires. The Mets wanted to part ways with Bonilla in 1999, but he had $6 million left on his contract. Madoff was the mastermind of the most notorious Ponzi scheme in history.

Persons: hasn’t, Bobby Bonilla Day, Dennis Gilbert, Bonilla, Gilbert, Bernie Madoff, Fred Wilpon, Wilpon, Madoff Organizations: CNN, New York Mets, Louis Cardinals, Mets, Madoff

First, it's quite likely your friends don't know what the heck they are talking about, whether it comes to recommending specific investments or brokers. AdvertisementHowever, the best financial advisors or broker doesn't have to be Bernie Madoff to tell you your friend's advice sucks. Take a look at a study entitled The Market for Financial Advice: An Audit Study, released earlier this year by the National Bureau of Economic Research. Related storiesYou just know that some of these testers were recommending their new guy to their friends too. The best financial advice is boring.

Persons: Warren Buffet, Bernie Madoff, Sendhil Mullainathan, Sohn, Jon Stein, Jon Organizations: Survey, Consumer Finances, Madoff, National Bureau of Economic Research, Harvard University, AARP, Consumer Federation of America, Investment Advisors, Sohn Investment, Securities Representative, Harvard University ( Economics, Columbia Business School

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