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☆ Sam Bankman-Fried's trial to test dueling explanations for FTX’s collapse
▼ + stars: | 2023-09-26 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +6 min

He plastered FTX's logo on a basketball arena in Miami and on MLB baseball umpires' uniforms. Prosecutors say Bankman-Fried directed Wang to change FTX's computer code to allow Alameda to borrow unlimited sums of money, a privilege other exchange users lacked. Bankman-Fried's defense lawyers have indicated in court papers that they plan to challenge the credibility of all three witnesses. "The question is, when did Bankman-Fried know that there wouldn't be enough money?" Reporting by Luc Cohen in New York; Editing by Amy Stevens and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, Jane Street, FTX, Damian Williams, Forbes, Bankman, It's, Mark Kasten, Buchanan Ingersoll, Rooney, Caroline Ellison, Gary Wang, Nishad Singh, Wang, Singh, Ellison, District Judge Lewis Kaplan, Paul Tuchmann, Wiggin, Dana, Luc Cohen, Amy Stevens, Daniel Wallis Organizations: REUTERS, U.S, Wall, Alameda Research, MLB, Prosecutors, Attorney, Bankman, Alameda, District, New York Times, Thomson Locations: New York, U.S, Manhattan, Miami, Alameda, Bahamas

☆ Bankman-Fried prosecutors may show jury evidence of political donations, judge rules
▼ + stars: | 2023-09-26 | by ( Luc Cohen | トムソンロイター | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

[1/2] Indicted FTX founder Sam Bankman-Fried leaves the United States Courthouse in New York City, U.S., July 26, 2023. U.S. District Judge Lewis Kaplan in Manhattan said evidence of the former billionaire's donations were "intertwined inextricably" with charges he defrauded FTX customers by stealing billions of dollars in deposits. Prosecutors said he used $100 million in stolen FTX deposits to fund those donations, which he hoped would spur the passage of crypto-friendly legislation. Prosecutors said Bankman-Fried later sought to interfere with the bankruptcy estate, and undermine FTX creditors, by moving assets to cryptocurrency wallets controlled by Bahamian regulators. Kaplan said such evidence would be relevant at trial.

Persons: Sam Bankman, Fried, Amr Alfiky, District Judge Lewis Kaplan, Kaplan, FTX, Luc Cohen, Daniel Wallis 私 Organizations: FTX, United, REUTERS, U.S, District, Federal, Democratic, Prosecutors Locations: New York City, U.S, Manhattan, Bahamas, New York

"The alleged facts are so serious that they compromise the ability of Senator Menendez to effectively represent the people of our state," Murphy - who would appoint a temporary replacement for Menendez should he resign - said in a statement. "Behind the scenes, Senator Menendez was doing those things for certain people - the people that were bribing him and his wife," Williams said. A lawyer for Nadine Menendez, 56, who has been married to the senator since 2020, said she denied wrongdoing and would "vigorously defend" against the allegations in court. MENENDEZ HAS FACED OTHER PROBESThe investigation marks the third time Menendez has been investigated by federal prosecutors, although he has never been convicted. Bob and Nadine Menendez also each face one count of conspiracy to commit extortion under color of official right.

Persons: Bob Menendez, Menendez, Chuck Schumer, Joe Biden, Phil Murphy, Murphy, Prosecutors, Damian Williams, Williams, Nadine Menendez, MENENDEZ, Robert Menedez, Jonathan Ernst, Ben Cardin, Prince Mohammed bin Salman, Ted Stevens, Larry Craig, Wael Hana, Jose Uribe, Fred Daibes, Bob, Hana, Washington, Uribe, Daibes, Luc Cohen, Jonathan Stempel, Patricia Zengerle, Matt Spetalnick, Simon Lewis, Makini Brice, Andrew Goudsward, Tom Hals, Mark Porter, Daniel Wallis, Rosalba O'Brien Organizations: U.S, Jersey businessmen, U.S . Senate, Foreign, Democratic, U.S . House, Representatives, Benz, Capitol, REUTERS, Republican, U.S . Department of Agriculture, New, Menendez, Daibes, Thomson Locations: WASHINGTON, Jersey, U.S, Manhattan, Egypt, Ukraine, China . New Jersey, New Jersey, Washington , U.S, Cuban American, Cuba, Venezuela, Saudi Arabia, Alaska, Idaho, United States, Washington, New York

Senator Robert Menedez (D-NJ) walks to the Senate floor for a procedural vote at the U.S. Capitol in Washington, U.S. September 20, 2023. The investigation marks the third time Menendez has been investigated by federal prosecutors, but he has never been convicted. Prosecutors said Hana, who is originally from Egypt, arranged dinners and meetings between Menendez and Egyptian officials in 2018 at which the officials pressed Menendez on the status of U.S. military aid. Menendez at a meeting in 2018 told Hana non-public information about the status of the aid, prosecutors said. Hana then texted an Egyptian official, "The ban on small arms and ammunition to Egypt has been lifted," according to the indictment.

Persons: Robert Menedez, Jonathan Ernst, Bob Menendez, Menendez, Joe Biden, Prosecutors, Damian Williams, Nadine Menendez, Wael Hana, Jose Uribe, Fred Daibes, Uribe, Daibes, Hana, Egypt’s, Jon Corzine, Clifford Case, Luc Cohen, Jonathan Stempel, Simon Lewis, Andrew Goudsward, Tom Hals, Mark Porter Organizations: U.S, Capitol, REUTERS, New Jersey businessmen, U.S . Senate, Foreign Relations, Prosecutors, NBC, Benz, Hana, State Department, U.S . Department of Agriculture, USDA, New, Republican, Thomson Locations: Washington , U.S, WASHINGTON, New Jersey, U.S, Manhattan, Egypt, Ukraine, China, United States, Washington, New York

Senator Bob Menendez (D-NJ) and his wife Nadine Arslanian arrive for a state dinner in honor of French President Emmanuel Macron at the White House in Washington, U.S., December 1, 2022. A lawyer for Arslanian, who also goes by Nadine Menendez, said she denied wrongdoing and would "vigorously defend" against the allegations in court. Arslanian, 56, reportedly met Menendez, 69, at an IHOP pancake restaurant, which the senator has praised as a favorite dining spot. Soon after she met Menendez, Arslanian worked with businessman Wael Hana to introduce the senator, the powerful chairman of the U.S. Senate Committee on Foreign Relations, to Egyptian officials, the indictment said. She then forwarded it to Egyptian officials, according to the indictment.

Persons: Bob Menendez, Nadine Arslanian, Emmanuel Macron, Amanda Andrade, Rhoades, Menendez, Arslanian, Nadine Menendez, Wael Hana, Hana, Tom Hals, Luc Cohen, Daniel Wallis Organizations: White, REUTERS, U.S ., Foreign Relations, U.S . State Department, U.S, Embassy, Strategic, Business, Thomson Locations: Washington , U.S, New Jersey, COVID, India, Cairo, Egypt, Englewood Cliffs , New Jersey, Wilmington , Delaware, New York

REUTERS/Amr Alfiky/File Photo Acquire Licensing RightsNEW YORK, Sept 21 (Reuters) - A U.S. judge on Thursday restricted Sam Bankman-Fried's ability to call expert witnesses to testify at his criminal fraud trial, in a blow to the FTX cryptocurrency exchange founder. But in a written order, U.S. District Judge Lewis Kaplan said three proposed witnesses cannot take the stand, because their testimony was irrelevant or could confuse the jury. He also said Bankman-Fried may seek to call the remaining four experts, but only to rebut prosecution witnesses. Among the witnesses Kaplan rejected was Peter Vinella, a consultant who intended to testify about "FTX's use of widely-accepted practices in the financial services industry." It is common in U.S. criminal trials for prosecutors and defendants to call experts to help jurors understand complex issues.

Persons: Sam Bankman, Fried, Amr Alfiky, District Judge Lewis Kaplan, Kaplan, Peter Vinella, Lawrence Akka, Luc Cohen, Daniel Wallis Organizations: United, REUTERS, Alameda Research, District, Prosecutors, Alameda, Thomson Locations: New York City, U.S, Alameda, Bankman, New York

☆ Sam Bankman-Fried to argue for release from NY jail two weeks before trial
▼ + stars: | 2023-09-19 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

This included his sharing the personal writings of Caroline Ellison, the former chief executive of his Alameda Research hedge fund, with a New York Times reporter. Ellison has pleaded guilty to fraud and is expected to testify against Bankman-Fried, a former romantic partner. Bankman-Fried faces seven charges of fraud and conspiracy stemming from the November 2022 collapse of his now-bankrupt company. Prosecutors countered in court papers that Bankman-Fried sought to use the Times as a "mouthpiece for discrediting a government witness shortly before trial." They also said Bankman-Fried has had no more difficulty preparing for trial than any other detainee.

Persons: Sam Bankman, District Judge Lewis Kaplan, Bankman, Caroline Ellison, Ellison, Fried, jailing, Kaplan, Luc Cohen, Will Dunham Organizations: Manhattan U.S, U.S, Circuit, District, Alameda Research, New York Times, Bankman, Prosecutors, Alameda, Thomson Locations: Brooklyn, Alameda, New York

☆ Higher gasoline prices lift US retail sales, trend slowing
▼ + stars: | 2023-09-14 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Retail sales rose 0.6% last month. Higher gasoline prices boosted producer prices in August, other data from the Labor Department showed on Thursday. Excluding gasoline stations, retail sales rose 0.2% last month. Sales at food services and drinking places, the only services category in the retail sales report, rose 0.3% after increasing 0.8% in July. Excluding automobiles, gasoline, building materials and food services, retail sales edged up 0.1% in August.

Persons: Mike Blake, Christopher Rupkey, Goldman Sachs, Nancy Vanden Houten, Lucia Mutikani, Chizu Organizations: REUTERS, Commerce Department, Federal Reserve, Reuters, U.S . Energy Information Administration, Labor Department, Treasury, delinquencies, New York Federal Reserve, Gross, Oxford Economics, Thomson Locations: Carlsbad , California, U.S, WASHINGTON, New York

☆ Americans have never been wealthier
▼ + stars: | 2023-09-11 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

Consumer wealth has now completely recovered from the recent inflation-driven drop in stock prices and real estate holdings. This bump in wealth was driven mostly by a surge in the value of Americans’ stock market investments, which grew by $2.6 trillion during the quarter. Those rate hikes rocked financial markets, crushing the value of stock holdings, cooling the housing market and raising the specter of a recession. “Further, volatility in wealth since the onset of the pandemic will remind households of the fragility of any gains.”The stock market has rebounded in tandem with the US economy. And there are signs that some Americans are struggling to get by.

Persons: specter, “, Goldman Sachs, Janet Yellen, Joe Biden’s, Marc Rosen, ” Rosen Organizations: New, New York cnn, Federal Reserve, Moody’s Analytics, Bloomberg News, White, CNN, Wall Street, New York Federal Reserve Locations: New York, United States

REUTERS/Lindsay DeDario/File Photo Acquire Licensing RightsSept 8 (Reuters) - A Georgia grand jury recommended criminal charges against Republican U.S. The six were among 39 people the special grand jury recommended charging in its Dec. 15 report, which had been sealed for nine months. Wood, a conservative lawyer who promoted conspiracy efforts about the election, denied wrongdoing and said he was surprised to find out the special grand jury recommended charges against him. The grand jury voted 20-1 in favor of indicting Trump with respect to the national effort to overturn the election. The special grand jury report remained secret at Willis's request while she determined what charges to bring.

Persons: Donald Trump, Lindsay DeDario, Lindsey Graham, Trump's, Graham, Kelly Loeffler, David Perdue, Michael Flynn, Boris Epshteyn, Lin Wood, Cleta Mitchell, Fani Willis, Willis, Trump, Loeffler, Perdue, Flynn, Epshteyn, Wood, Mitchell, Rudy Giuliani, Brian Kemp, indicting Graham, indicting Trump, Robert McBurney, Andrew Goudsward, Jasper Ward, Sarah N, Lynch, Makini Brice, Joseph Ax, Andy Sullivan, Noeleen Walder, Howard Goller Organizations: U.S, Republican, REUTERS, Republican U.S, Trump, Trump's, Supreme, Trump loyalists, Democratic, Reuters, Biden, Thomson Locations: Erie , Pennsylvania, U.S, Georgia, South Carolina, Fulton County, Jasper

Salame also pleaded guilty to conspiring to operate an unlicensed money-transmitting business. But there was no indication that he was cooperating with the prosecution or would testify against Bankman-Fried at trial. Former Alameda Chief Executive Officer Caroline Ellison, former FTX technology chief Gary Wang and former FTX engineering chief Nishad Singh previously pleaded guilty and are expected to testify against Bankman-Fried. Bankman-Fried has pleaded not guilty. His lawyer told prosecutors that if called to testify Salame would invoke his right under the U.S. Constitution's Fifth Amendment against self-incrimination.

Persons: Ryan Salame, Sam Bankman, Fried, District Judge Lewis Kaplan, Kaplan, Salame, Jason Linder, Caroline Ellison, Gary Wang, Nishad Singh, Singh, Luc Cohen, Will Dunham, Emelia, Mark Porter Organizations: FTX's, U.S, District, Bankman, Alameda, Porsche, Alameda Research, Prosecutors, Ernst & Young, Circle, FTX Digital, Republican, Democratic, Constitution's, Securities Commission, FTX, New York Times, Thomson Locations: Manhattan, Massachusetts, Salame, Bahamas, Caribbean, Alameda, New York

☆ Ex-FTX executive Salame agrees to plead guilty to US criminal charges, lawyer says
▼ + stars: | 2023-09-07 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Salame appeared before U.S. District Judge Lewis Kaplan in Manhattan less than one month before Bankman-Fried's scheduled Oct. 3 trial on fraud and conspiracy charges stemming from now-bankrupt FTX's November 2022 collapse. Salame said that he had agreed to forfeit more than $1.5 billion in connection with the plea deal. Salame had worked for Ernst & Young and Circle Internet Financial before joining FTX Digital Markets. Salame was not charged at the time, and his lawyer told prosecutors he would invoke his Fifth Amendment right against self-incrimination if called to testify. Reporting by Luc Cohen in New York; Editing by Emelia Sithole-Matarise and Mark PorterOur Standards: The Thomson Reuters Trust Principles.

Persons: Ryan Salame, Sam Bankman, Salame, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Gary Wang, Nishad Singh, Singh, Luc Cohen, Emelia Sithole, Mark Porter Organizations: FTX's, U.S, District, Prosecutors, Alameda Research, Former Alameda, Bankman, Ernst & Young, Circle, FTX Digital, Republican, Democratic, Securities Commission, FTX, New York Times, Thomson Locations: Manhattan, Bahamas, Caribbean, Alameda, New York

☆ NY Fed data shows a decline in neutral rate during second quarter
▼ + stars: | 2023-09-05 | by ( Michael S. Derby | ) www.reuters.com time to read: +3 min

The bank said its R-Star estimate for the second quarter ticked down to 0.57%, from the first quarter’s 0.68%. Analysts typically translate that rate into a real-world setting by adding R-Star to the Fed’s 2% inflation target. Given that the Fed’s current target rate range is at 5.25% to 5.5%, it suggests monetary policy remains at a notably restrictive level for the economy. One key test of how Fed officials are thinking about the issue could come at the Federal Open Market Committee meeting scheduled for Sept. 19-20. At that gathering officials are due to update forecasts for interest rates and the economy and that will include a view on long-run rates.

Persons: John Williams, there’s, Jerome Powell, Michael S, Andrea Ricci Organizations: New York Federal Reserve, New York Fed, Federal, Committee, Thomson Locations: New, Jackson Hole , Wyoming, guesswork

"The United States is also working to ensure that the procedures governing the defendant's return to Malaysia will not unduly delay the service of his U.S. sentence," prosecutors said. Ng's lawyers agreed to the one-month delay, prosecutors said. The case stemmed from about $6.5 billion in bonds that Goldman helped 1MDB sell in 2012 and 2013. Agnifilo said at the hearing that Malaysia wanted Ng's cooperation with an ongoing 1MDB probe. Ng was arrested in Malaysia in Nov. 2018 and agreed to be extradited to the United States three months later.

Persons: Goldman Sachs, Margo Brodie, Roger Ng's, Marc Agnifilo, Goldman, 1MDB, Ng, Brodie, Drew Rolle, Agnifilo, Malaysia's, Tim Leissner, Jho, Luc Cohen, Bill Berkrot Organizations: U.S, Malaysia, United, Thomson Locations: Malaysia, New York, Brooklyn, Kuala Lumpur, United States, U.S

☆ JCPenney CEO: Working families are struggling to get by as inflation bites
▼ + stars: | 2023-09-05 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN —JCPenney CEO Marc Rosen sees plenty of evidence that working-class families are struggling. “And that customer is facing a tougher economic environment.”The JCPenney CEO pointed to the snowballing effect inflation has had on family budgets, noting that the typical household is spending about $700 more per month than they did two years ago for the same goods and services. He pointed to strong private brand sales for apparel as well as for home goods like cookware and small appliances such as blenders and toasters. The JCPenney CEO wouldn’t directly answer whether the department store plans to return to the public markets through an initial public offering. “We think there are a lot of advantages right now to being a private company,” Rosen said, noting that JCPenney’s owners are reinvesting in the company and are taking a “long-term perspective” on that investment.

Persons: Marc Rosen, Liz Claiborne, Rosen, ” Rosen, delinquencies, “, JCPenney, wouldn’t Organizations: New, New York CNN, CNN, “, JCPenney, New York Federal Reserve, ” Bank of America, Simon Property Group, Brookfield Asset Management Locations: New York

☆ Lucrative college degrees that can lead to salaries of more than $100,000 are largely held by men, study finds
▼ + stars: | 2023-09-05 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

The most lucrative college degrees are still largely held by men, a Bankrate study has found. It found that 78% of those who held the 20-highest paying bachelor's degrees were men, while only 22% were women. In electrical engineering, 85% of degree holders were men and 15% were women, with the average salary totaling $110,000. AdvertisementAdvertisementMeanwhile, bachelor's degrees where women made up the majority of degree holders were some of the lowest-paying fields. Although more women have college degrees than men and account for just over half of America's college-educated workforce, 2022 Pew Research Center Data found, they're still lagging behind men when it comes to earnings.

Persons: Rose Khattar Organizations: College, Service, Survey, New York Federal Reserve, Pew Research Center, Center for American Locations: Wall, Silicon, caregiving

☆ JPMorgan processed more than $1 bln for Epstein, US Virgin Islands says
▼ + stars: | 2023-09-01 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

REUTERS/Caitlin Ochs//File Photo Acquire Licensing RightsNEW YORK, Aug 31 (Reuters) - A lawyer for the U.S. Virgin Islands said on Thursday that JPMorgan Chase (JPM.N) told U.S. authorities it processed more than $1 billion for Jeffrey Epstein over 16 years. The U.S. Virgin Islands, where Epstein owned two private islands, is suing JPMorgan for at least $190 million and likely much more, saying it ignored red flags that Epstein was running a sex trafficking operation because he was a lucrative client. JPMorgan has denied knowing that Epstein was running a sex trafficking operation, and has faulted the territory for having a cozy relationship with him. "JPMorgan was a full service bank for Jeffrey Epstein's sex trafficking," Liu said. Ellsworth also disputed the U.S. Virgin Islands' claim that JPMorgan obstructed investigations into Epstein, saying the bank had asked federal authorities about their own probes into his conduct.

Persons: Caitlin Ochs, U.S . Virgin Islands, JPMorgan Chase, Jeffrey Epstein, Mimi Liu, Epstein, Liu, Jed Rakoff, Jeffrey Epstein's, Felicia Ellsworth, Ellsworth, Rakoff, Rakoff preliminarily, Luc Cohen, Noeleen Walder, Grant McCool Organizations: JPMorgan Chase Bank, REUTERS, U.S . Virgin, JPMorgan, U.S, U.S . Treasury Department, Reuters, Treasury, U.S ., Department, Deutsche Bank, Thomson Locations: New York City, U.S, U.S . Virgin Islands, Manhattan, New York

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried, 31, has pleaded not guilty to fraud and conspiracy charges stemming from the November 2022 collapse of his now-bankrupt cryptocurrency exchange. Bankman-Fried's lawyers asked that he be returned to his parents' custody, so he can prepare adequately for trial. Bankman-Fried's lawyers said their client wasn't being given time to sort through the deluge, depriving him of his constitutional right to a fair trial. Danielle Kudla, a prosecutor, said her office had delivered a hard drive with evidence for Bankman-Fried to the MDC earlier on Wednesday.

Persons: Sam Bankman, Eduardo Munoz, FTX, District Judge Lewis Kaplan, Kaplan, Palo, Mark Cohen, Danielle Kudla, Luc Cohen, Jonathan Stempel, Jonathan Oatis Organizations: REUTERS, U.S, District, Brooklyn's Metropolitan Detention Center, Google, Attorney's, MDC, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Palo Alto , California, Bahamas, Bankman

☆ FTX's Bankman-Fried appeals judge's decision to jail him pending trial
▼ + stars: | 2023-08-28 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

"It is unclear how a cooperating witness who has promised to testify against a defendant could be meaningfully threatened by nothing but their own statements being published by a reputable newspaper," Bankman-Fried's lawyers wrote. His lawyers also said the jail was not allowing Bankman-Fried enough computer time to review evidence and prepare his defense. In her writings, Ellison described feeling "unhappy and overwhelmed" with her job and "hurt/rejected" from her break-up with Bankman-Fried. Prosecutors said Bankman-Fried shared Ellison's writings to harass her, and to dissuade others from testifying if they thought he would make them look bad in the press. Reporting by Luc Cohen in New York; Editing by Daniel Wallis and Nick ZieminskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, Fried, District Judge Lewis Kaplan, Caroline Ellison, Ellison, Adderall, Luc Cohen, Daniel Wallis, Nick Zieminski Organizations: REUTERS, U.S, District, New York Times, FTX's, U.S ., Appeals, Prosecutors, Alameda Research, Brooklyn's Metropolitan Detention Center, Thomson Locations: New York, U.S, Brooklyn's

☆ NY Fed defends cutoff of Puerto Rican bank after Venezuela-linked crackdown
▼ + stars: | 2023-08-23 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

The Federal Reserve Bank of New York building is seen in the Manhattan borough of New York, U.S., December 16, 2017. BSJI said it had improved compliance during a previous 22-month suspension of its master account between 2019 and 2020. In court papers on Wednesday, the New York Fed said BSJI processed transactions that had "multiple red flags for money laundering or other illicit activity." The New York Fed also said BSJI could still seek to access the U.S. financial system through a third-party correspondent bank. In 2019, the New York Fed said it would stop approving master accounts for some Puerto Rican banks because of U.S. sanctions aimed at ousting Venezuela's socialist President Nicolas Maduro, Reuters reported at the time.

Persons: Eduardo Munoz, BSJI, Marcelino Bellosta, Nicolas Maduro, Luc Cohen, Jonathan Oatis Organizations: Federal Reserve Bank of New, REUTERS, Banco San Juan Internacional, New York Fed, Venezuela's, Reuters, Thomson Locations: Federal Reserve Bank of New York, Manhattan, New York, U.S, Puerto Rican, Venezuela, Curacao, Venezuelan, United States, Europe

☆ Macy’s sounds the alarm on credit card delinquencies
▼ + stars: | 2023-08-23 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

This situation is hurting Macy’s business, driving down credit card revenue by 36% year over year and contributing to a quarterly loss, he said. Citing worsening consumer leverage metrics, Macy’s is bracing for a further increase in “bad debt” in its credit card portfolio. “I think the credit card revenue is an indication of some of the pressures that we’re actually seeing on the consumer,” Mitchell said. Consumer credit card debt topped $1 trillion during the second quarter for the first time on record, according to the New York Federal Reserve. More concerningly, new credit card and auto loan delinquencies have now surpassed pre-Covid levels, according to Moody’s Investors Service.

Persons: New York CNN —, ” Adrian Mitchell, Macy’s, ” Mitchell, ” Macy’s, Locker Organizations: New, New York CNN, Citibank, Consumer, New York Federal Reserve, Moody’s Investors Service, Credit Locations: New York, Wells

Sam Bankman-Fried, the founder of bankrupt cryptocurrency exchange FTX, arrives at court as lawyers push to persuade the judge overseeing his fraud case not to jail him ahead of trial, at a courthouse in New York, U.S., August 11, 2023. Bankman-Fried was jailed after sharing the personal writings of his former romantic partner and colleague, Caroline Ellison, with a New York Times reporter. Bankman-Fried has acknowledged risk management failures at FTX but denied stealing funds. Lawyers for Bankman-Fried disclosed that he also may assert an advice-of-counsel defense at trial, prosecutors said in court papers on Friday. Reporting by Luc Cohen in New York Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, Eduardo Munoz, District Judge Lewis Kaplan, Kaplan, Fried, Caroline Ellison, Ellison, Fenwick, Luc Cohen, Matthew Lewis Organizations: REUTERS, U.S, District, Brooklyn's Metropolitan Detention, New York Times, Alameda Research, Prosecutors, Bankman, West, Fenwick, Thomson Locations: New York, U.S, Manhattan, Brooklyn's, Alameda, Silicon Valley

☆ Bankman-Fried used $100 mln in stolen FTX funds for political donations, US says
▼ + stars: | 2023-08-14 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Bankman-Fried has previously pleaded not guilty to stealing billions of dollars in FTX customer funds to plug losses at Alameda Research, his crypto-focused hedge fund. Kaplan jailed him last Friday ahead of his Oct. 2 trial, after finding probable cause that Bankman-Fried tampered with witnesses. The November 2022 collapse of FTX after a flurry of customer withdrawals destroyed his wealth and stained his reputation. Bankman-Fried's indictment does not name the two people prosecutors say he used for "straw donors" to donate money at his direction. He donated $9.7 million to Democratic candidates and causes, and said in court he knew the money came from FTX customers.

Persons: Sam Bankman, Eduardo Munoz, Fried, FTX, District Judge Lewis Kaplan, Mark Botnick, Kaplan, Palo, Nishad Singh, Ryan Salame, Singh, Luc Cohen, Chris Reese, David Gregorio, Jonathan Oatis Organizations: REUTERS, Republicans, U.S, District, Alameda Research, Democratic, Federal, Commission, Republican, Bloomberg, Thomson Locations: New York, U.S, Manhattan, Bahamas, Palo Alto , California, San Jose , California

REUTERS/David Dee Delgado/File PhotoNEW YORK, Aug 14 (Reuters) - Sam Bankman-Fried will prepare for his fraud trial from a Brooklyn jail where inmates ranging from convicted sex trafficker Ghislaine Maxwell to Honduras' former president have complained of subpar conditions. In recent years, MDC has been plagued by persistent staffing shortages, power outages and maggots in inmates' food. Earlier this year, a guard pleaded guilty to accepting bribes to smuggle in drugs. It is now the jail housing detainees awaiting federal trials in New York City, after the Manhattan Correctional Center closed in 2021 for improvements. Reporting by Luc Cohen in New York; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Persons: Sam Bankman, David Dee Delgado, Fried, Ghislaine Maxwell, District Judge Lewis Kaplan, Maxwell, Jeffrey Epstein, Hannibal Lecter's, Epstein, Kaplan, Juan Orlando Hernandez, Guo Wengui, Hernandez, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: FTX, REUTERS, District, Detention, MDC, The U.S . Bureau of Prisons, Manhattan Correctional Center, MCC, Fox, U.S . State Department, Thomson Locations: Manhattan, New York City, U.S, Brooklyn, Honduras, Palo Alto , California, Brooklyn's, United States, Florida, The, Putnam County, Bahamas, Chinese, New York

That has made it tricky to predict consumer spending. The swirl of confusing trends tees up a closely watched retail earnings season that could offer more clarity about consumers and the economy. As inflation cools, the growth of average hourly earnings has begun to outpace the rise in the consumer price index. He called low unemployment "the big offset that's helped consumer spending hang in." "I thought with all of the revenge travel that's been happening, that would impact consumer spending on goods," she said.

Persons: Aditya Bhave, that's, Andrew Garthwaite, That's, Levi Strauss, Chip Bergh, Michael Baker, Davidson, splurge, Baker, Taylor Swift, Davidson's Baker, Nikki Baird, she's, I'm, Corie Barry, headboards Organizations: Getty, Bank of America, Target, Walmart, JPMorgan, Wall, Federal Reserve, Credit Suisse, U.S, of Labor Statistics, CNBC, . Bureau, Labor, D.A, New York Federal Reserve, Federal Reserve Board Locations: Waterbury , Connecticut, U.S, Italy

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