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☆ Sam Bankman-Fried urges crypto investors to put their money in exchanges that don't do business like FTX
▼ + stars: | 2022-12-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried said that crypto investors should look for "all the things I wish FTX had been able to supply" when depositing their funds. He called on exchanges to provide proof of reserves and regulatory reporting of assets and liabilities. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "If I were a customer here, which is look for the things that I wish FTX had been able to supply." Read more: Sam Bankman-Fried said he doesn't think he's criminally liable for FTX's implosion, but that his lawyers don't want him speaking publicly

☆ The rise and fall of FTX's Sam Bankman-Fried, who became a crypto billionaire in just 4 years before losing most of his wealth in a day and resigning from his beleaguered company
▼ + stars: | 2022-12-01 | by ( Lakshmi Varanasi | Sarah Jackson | Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried catapulted into a crypto billionaire, but it took just one day for most of his fortune to be wiped out. The co-founder of cryptocurrency exchange FTX and Alameda Research saw his net worth plummet from nearly $16 billion to $1 billion. He had a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and $15.6 billion to his name, according to estimates from Bloomberg. On November 11, FTX announced Bankman-Fried was resigning as CEO and would be replaced by John J. Ray III. In addition, FTX, Alameda Research, and roughly 130 affiliated companies have begun Chapter 11 bankruptcy proceedings.

☆ Sam Bankman-Fried didn't mention Alameda ex-CEO Caroline Ellison in his first video interview since FTX collapse
▼ + stars: | 2022-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried didn't mention Caroline Ellison by name during an interview with The New York Times. Ellison was formerly CEO of Bankman-Fried's hedge fund, Alameda Research. The former FTX CEO denied allegations that he knowingly committed fraud with Alameda Research. "I didn't knowingly conmingle funds," Bankman-Fried said during the interview. During an interview with New York Magazine, Bankman-Fried said he didn't know what was happening at Alameda over the last year.

☆ Sam Bankman-Fried just explained what happened at FTX: Everything to know
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

While the world's most powerful finance official took the lunchtime billing, it was Sam Bankman-Fried who held the primetime slot. Sam Bankman-Fried, FTX CEO, at a digital assets hearing in 2021. Within minutes of starting, Sorkin asked Bankman-Fried directly if there was a commingling of funds between the two now-bankrupt companies he founded, FTX and Alameda Research. When Sorkin asked whether Bankman-Fried feels he has any criminal liability, Bankman-Fried said that's not what he's focused on right now. Earnings on deck: Toronto-Dominion Bank, Bank of Montreal, and Dollar General Corporation, all reporting.

☆ Former FTX CEO Sam Bankman-Fried says he didn't 'try to commit fraud'
▼ + stars: | 2022-11-30 | by ( Elizabeth Napolitano | ) www.nbcnews.com time to read: +5 min

A growing number of regulators are investigating Bankman-Fried and his former company, and the fallout from the collapse of FTX is only expanding. The broader industry consequences also continue to play out, with the crypto firm BlockFi filing for bankruptcy last week. Days after the CoinDesk report, FTX rival Binance announced it would sell its FTX holdings, setting off a bank-run-style rush of withdrawals. What matters here are the stakeholders in FTX," Bankman-Fried said. Bankman-Fried and his associates greenlighted lavish expenditures, including $300 million for real estate purchases in the Bahamas for FTX and Alameda employees, according to filings from current FTX attorneys.

☆ Yellen says U.S. firms should be mindful of China-Taiwan geopolitical risks
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +3 min

But we are seeing a range of geopolitical risks rise to prominence, and it's appropriate for American businesses to be thinking about what those risks are." U.S. companies are beginning to think about such supply chain risks more seriously, including over Taiwan and Chinese practices that have raised national security concerns, Yellen said. But she said continued strong business ties between the United States and China were important for the global economy. It would not be beneficial "either to the United States or to China or to the global economy to see that erode." Yellen also said China's persistent COVID-19 lockdowns were disrupting production and hampering efforts to end disruptions to global supply chains and rebuild goods inventories.

☆ FTX's Sam Bankman-Fried and more to appear at 2022 DealBook Summit
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFTX's Sam Bankman-Fried and more to appear at 2022 DealBook SummitCNBC's Andrew Ross Sorkin joins 'Squawk Box' from the annual New York Times DealBook Summit to break down the major interviews on the schedule Wednesday.

☆ Amazon CEO explains thinking behind layoffs as unionized warehouse workers protest outside
▼ + stars: | 2022-11-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

Amazon, more than most tech companies, experienced a staggering pandemic boom as more customers shifted their spending online during the health crisis. Despite the landmark union victory in April, Amazon has so far refused to formally recognize the grassroots worker group known as the Amazon Labor Union, or come to the bargaining table. The company has aggressively pushed back against the workers’ victory through the National Labor Relations Board (NLRB). Jassy also emphasized that the last two Amazon union elections held resulted in workers voting not to unionize, and that Amazon prefers to have a direct relationship with fulfillment center workers rather than going through unions. Labor activist Chris Smalls joins members of the Amazon labor union and others for a protest outside of the New York Times DealBook Summit as Amazon's CEO, Andy Jassy, will be appearing on November 30, 2022 in New York City.

☆ Mark Zuckerberg says Apple's App Store policies are not 'sustainable or good place to be'
▼ + stars: | 2022-11-30 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +3 min

Meta CEO Mark Zuckerberg is perfectly willing to return the favor. "Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device," Zuckerberg said. "They've always made it so you can sideload and have other app stores and work directly with phone manufacturers," Zuckerberg said. "I would guess that not everything is going to work, but I think some things might work," Zuckerberg said. "I tend to think that I don't want one person or one company making those decisions, which is why we pioneered this oversight board for our content decisions," Zuckerberg said.

☆ Amazon CEO Andy Jassy says cost-cutting review revealed the economy is 'more uncertain' than previously thought
▼ + stars: | 2022-11-30 | by ( Annie Palmer | ) www.cnbc.com time to read: +3 min

Andrew Ross Sorkin speaks with Amazon CEO Andy Jassy during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. Amazon CEO Andy Jassy has been entrenched in a sweeping review of the company's expenses, marked with the largest job cuts in its history, shuttered programs and a pause on warehouse expansion. Speaking at The New York Times DealBook Summit on Wednesday, Jassy said a monthslong cost-cutting review revealed the economy was "more uncertain" than previously thought, which prompted the company to escalate its efforts to rein in expenses. Business Insider also reported on the future of Amazon's Alexa unit being in jeopardy. WATCH: Amazon CEO Andy Jassy on shifting consumer spending habits

☆ My political donations were mostly for pandemic protection, says Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMy political donations were mostly for pandemic protection, says Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried joins The New York Times DealBook Summit to discuss his political contributions and efforts to impact regulation.

☆ I really knew there was a problem on November 6th: Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI really knew there was a problem on November 6th: Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried tells Andrew Ross Sorkin at The New York Times DealBook Summit when he knew there was a problem with the company.

☆ I'm not focusing on criminal liability, what matters are the stakeholders who got hurt: Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI'm not focusing on criminal liability, what matters are the stakeholders who got hurt: Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried joins Andrew Ross Sorkin at The New York Times DealBook Summit to discuss whether he worries about being criminally charged.

☆ We were spending too much of our energy getting licensed, in retrospect: Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWe were spending too much of our energy getting licensed, in retrospect: Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried joins Andrew Ross Sorkin at The New York Times DealBook Summit to discuss what was going on at the company ahead of the bankruptcy.

☆ Netflix CEO calls resisting ads a mistake
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - Netflix Inc (NFLX.O) co-founder Reed Hastings said on Wednesday he was "wrong" to resist ads for his streaming service. Hastings said Hulu proved streaming services could support advertising, and offer consumers lower prices. "I wish we had flipped a few years earlier on it," Hastings said during the New York Times DealBook summit. Reporting by Dawn ChmielewskiOur Standards: The Thomson Reuters Trust Principles.

☆ My lawyers tell me don't say anything, but I have a duty to explain what happened: Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMy lawyers tell me don't say anything, but I have a duty to explain what happened: Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried talks to Andrew Ross Sorkin at The New York Times DealBook Summit about what his lawyers are telling him and why he's operating in the Bahamas.

☆ Yellen says unemployment rate in 4% range is 'healthy'
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Nov 30 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that she was not sure what an acceptable unemployment rate is for the current economic outlook, but said that the Treasury has considered jobless rates in the 4% range as indicative of a healthy labor market. Asked at the New York Times Dealbook summit to describe a politically palatable unemployment rate, Yellen said, "I'm not sure what the right number is, but certainly, historically, we would have considered numbers with unemployment in the force to be a very healthy labor market. The October unemployment rate was 3.7%, close to a 50-year low, and the Labor Department is due to report jobs data for November on Friday. Reporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury Yellen: Twitter should be held to certain standards for content
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 30 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday said social media company Twitter should be held to certain standards for content, arguing that it is "not that different" from radio stations and broadcasters subject to such rules. Musk on Monday accused Apple of threatening to block Twitter from its app store and said Apple was pressuring Twitter over content moderation demands. Yellen said she believed it was appropriate for mobile technology giants Apple (AAPL.O) and Google (GOOGL.O) to demand certain content standards. And Twitter's not really that different than other broadcast stations," Yellen said. Asked if it was good that such platforms were overseeing content, Yellen said.

☆ FTX would still be solvent if 'SBF was as good at running a crypto exchange as he was at bribing media': Musk
▼ + stars: | 2022-11-24 | by ( Britney Toh | ) www.businessinsider.com time to read: +2 min

Musk tweeted Wednesday FTX would still be ok if SBF was as good at leadership as at 'bribing media'. He was responding to a tweet which questioned whether SBF will continue to fund certain media outlets. Musk has been hitting out at the media after reports surfaced SBF may still own a stake in Twitter — which Musk robustly denied. He seemed to be referring to FTX investing in media outlets during the three years that Bankman-Fried, or SBF, was CEO. SBF/FTX do not own shares in Twitter," Musk tweeted Wednesday.

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