DIRS.INFO The most relevant business & tech news

☆ From $32 billion to criminal investigations: How Sam Bankman-Fried's empire vanished overnight
▼ + stars: | 2022-11-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +17 min

Alameda's success spurred the launch of crypto exchange FTX in the spring of 2019. A Twitter fight with the CEO of rival exchange Binance pulled the mask off the scheme. Alameda, FTX and a host of subsidiaries Bankman-Fried founded have filed for bankruptcy protection in Delaware. On Nov. 2, CoinDesk reported a leaked balance sheet showing that a significant amount of Alameda's assets were held in FTX's illiquid FTT token. On Nov. 6, according to Bankman-Fried, the exchange had roughly $5 billion of withdrawals, "the largest by a huge margin."

☆ Crypto CEO warns his industry faces 2008-style crisis
▼ + stars: | 2022-11-11 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —The reeling crypto industry faces a 2008-style crisis that will lead to a much-needed regulatory crackdown, crypto CEO Changpeng Zhao warned on Friday. We’ve been set back a few years,” Zhao, the CEO of cryptocurrency exchange Binance, said during a conference in Indonesia. “Regulators, rightfully, will scrutinize this industry much, much harder, which is probably a good thing to be honest,” Zhao said. The Binance CEO accused FTX of “misappropriating” user funds. Bankman-Fried, the 30-year-old crypto wunderkind behind FTX, said on Friday he’s “really sorry” about what happened at his firm.

☆ Crypto's Lehman moment: Here's how Sam Bankman-Fried's FTX compares to the biggest collapse of the Global Financial Crisis
▼ + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Experts have drawn comparisons between the collapse of crypto exchange FTX and the fall of Lehman Brothers in 2008. Here's how the two events compare and what FTX's fall means for the broader financial system. In the years leading up to the Great Financial Crisis, Lehman loaded its balance sheet with vast amounts of subprime mortgage debt. When the "bank run" began this week, FTX didn't have the funds to meet withdrawal requests. But compared to 14 years ago, it probably won't be FTX's downfall that sparks a broader financial crisis, Allen said.

☆ Oppenheimer says Coinbase can still surge 90% even after FTX's 'Lehman Brothers moment'
▼ + stars: | 2022-11-10 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

There's still lots of upside in Coinbase shares despite the recent volatility within the broader crypto market, according to Oppenheimer. Bitcoin hit a low not seen since 2020 as the crypto market responded to the chaotic moves. "The crypto industry has been going through a calamitous hurricane from the fallout of FTX," Lau said in a note to clients. "It has turned from a Bear Stearns moment when Binance signed a non-binding LOI, to a Lehman Brothers moment when Binance walked away from the deal one day after." Lau said Coinbase has said it has "very little exposure" to FTX, which is considered to be on the brink of collapse.

☆ Here are Thursday's biggest analyst calls: Apple, Tesla, Meta, Alphabet, GM, Walmart, Coinbase & more
▼ + stars: | 2022-11-10 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: JPMorgan downgrades Roblox to neutral from overweight JPMorgan downgraded the stock after Roblox's earnings report, noting it now sees "modest" sales growth. Bank of America downgrades Silvergate to neutral from buy Bank of America said that Silvergate is losing it's first mover advantage. Bank of America downgrades Upstart to underperform from neutral Bank of America downgraded the consumer lending company and cited a tough macro environment. JPMorgan downgrades Vacasa to neutral from overweight JPMorgan said in its downgrade of the vacation booking company that trends appear soft. Bank of America reiterates Meta as neutral Bank of America said it's encouraged by the new "cost focus" at Meta as the company cuts jobs.

☆ Interest rate delusion may be biggest error of all
▼ + stars: | 2022-10-06 | by ( Edward Chancellor | ) www.reuters.com time to read: +7 min

The false idea exposed by the current bear market is that interest rates would remain low indefinitely. The belief that interest rates would remain at permanently low levels could prove the most costly error of all. The lowest-ever interest rates gave us the “Everything Bubble”. Now that interest rates are rising, everything is at risk. The pension funds faced margin calls on their loans, and the bond market seized up as they scrambled to raise cash.

☆ Housing is slumping, but this real estate CEO explains why it’s not 2008 all over again
▼ + stars: | 2022-10-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN Business —Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer Howard Hughes Corp. In an interview with CNN Business, David O’Reilly said that he’s not too worried about another housing market crash and explains why. apartment buildings) but that they are “running away from retail, offices and hotels.”Weakness in commercial real estate is probably one of the main reasons why Howard Hughes (HHC), like the stocks of other real estate companies, has plunged this year.

☆ Emergency savings account startup SecureSave has partnered with the likes of the San Antonio Spurs and Truist. See the fintech's 20-slide seed fundraising deck.
▼ + stars: | 2022-09-27 | by ( Carter Johnson | ) www.businessinsider.com time to read: +4 min

SecureSave, a fintech launched in 2020, works with employers to offer emergency savings accounts. The origins of SecureSave — a Kirkland, Washington-based fintech that works with companies to offer emergency savings accounts, or ESAs, to employees — began with a single email to a Seattle-based venture studio and investor. In some ways, emergency savings accounts resemble health savings accounts, through which workers can set aside pre-tax earnings to save for medical care. In the US, health savings accounts have grown over time into a nearly $100 billion industry, by assets under management, according to the HSA industry group Devenir. But according to Miller, employers are recognizing that ESAs can pay for themselves — through employee retention and as a competitive advantage when hiring.

☆ 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).

☆ We found at least 25 ex-Gaetz staffers who don't mention the congressman by name on their LinkedIn page
▼ + stars: | 2021-06-20 | by ( Robin Bravender | ) www.businessinsider.com time to read: +9 min

Gaetz's name is absent from McFaul's LinkedIn page, too, where he describes his duties during that time working as a chief of staff for an unnamed "congressman." At least 25 of Gaetz's former congressional staffers don't mention the Republican congressman by name on their LinkedIn pages, according to an Insider analysis. McFaul declined to comment about why Gaetz's name wasn't on his LinkedIn page or his Ballard bio page. She also worked for Miller, Gaetz's congressional predecessor, but doesn't name him on her LinkedIn page, either. Drew Angerer/Getty Images'Riding the wave'Some current and former Gaetz staffers continue to publicize their work for the congressman.

☆ Inside BlackRock's powerful consulting arm that's made the most influential money manager an advisor to world powers
▼ + stars: | 2021-06-07 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +21 min

One of the reporters noted that Powell's public calendar showed calls with Larry Fink, BlackRock's chief executive, in March, April, and May. The exchange was hardly the first time no-bid contracts between the Fed and BlackRock's Financial Markets Advisory unit raised questions. Still, former employees told Insider that FMA has served as a clear source of public-facing clout for BlackRock. "The FMA clients have extended their advisory relationships to be multiyear." A little over a year ago, FMA pulled employees out of BlackRock's office there, three former employees said.

Search resuls for: "Stearns"

11 mentions found