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☆ Who is former crypto king Sam Bankman-Fried?
▼ + stars: | 2023-11-03 | by ( Samantha Delouya | Allison Morrow | ) edition.cnn.com time to read: +9 min

New York (CNN) — Sam Bankman-Fried, once known as a cryptocurrency whiz kid, was found guilty on Thursday for his role in the collapse of the cryptocurrency exchange FTX. His entrepreneurial drive didn’t stop there: In 2019, Bankman-Fried co-founded cryptocurrency exchange FTX and became its CEO. In December 2022, Bankman-Fried was arrested in the Bahamas after US prosecutors filed criminal charges against him. Jane Rosenberg/ReutersBankman-Fried was found guilty of stealing billions of dollars from accounts belonging to customers of his once-high-flying crypto exchange FTX. Immediately following FTX’s crash, crypto exchange Gemini, which was founded by Cameron and Tyler Winklevoss, froze customer redemptions in its lending unit, citing market turmoil.

Persons: — Sam Bankman, FTX, Jane Street, ”, Fried, “, …, ” Sam Bankman, Erika P, Rodriguez, Jane, Caroline Ellison, Binance, Sam Bankman, Danielle Sassoon, District Judge Lewis Kaplan, Jane Rosenberg, Joe Bankman, Barbara Fried, Bankman, Allan Joseph Bankman, Yuki Iwamura, Samuel Bankman, Saul Loeb, ingratiated, Tom Brady, Stephen Curry, Naomi Osaka, Larry David, Cameron, Tyler Winklevoss Organizations: CNN, Jane, Capital, MIT, Alameda Research, Chicago Tribune, Tribune, Service, SoftBank, U.S, District, Reuters, Bloomberg, Royal Bahamas Police Force, Billionaire, Stanford, FTX, Getty, Democratic Party, Federal, Commission, Republican, Agriculture, Nutrition, Forestry, Miami Heat, ”, New Locations: York, Alameda, North Berkeley , California, Nassau, Bahamas, BlackRock, Bankman, Hong Kong, United States, FTT, New York City, U.S, FTX, New York, Washington ,

☆ Sam Bankman-Fried can't get past the fundamental flaw in his defense strategy
▼ + stars: | 2023-10-30 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +10 min

He claims that Alameda Research, his crypto hedge fund, was treated the same as everyone else on FTX, his now-collapsed crypto exchange. As Sam Bankman-Fried testifies on the witness stand in his criminal case, he has struggled to get past a core, key contradiction at the heart of his legal defense. On the witness stand, Bankman-Fried suggested his crypto hedge fund was not dissimilar to Jane Street Capital, the traditional trading firm where he worked before founding Alameda. As CEO, Ellison failed to make the trades and investments he suggested to hedge in case of a crypto market downturn, Bankman-Fried testified. Bankman-Fried tried to stress that the market conditions in November 2022, when FTX and Alameda collapsed, were an anomaly.

Persons: Sam Bankman, Fried, that's, —, FTX, Jane Street, Danielle Sassoon, Judge Lewis Kaplan, Elizabeth Williams, Crypto, Sassoon, Chelsea Jia Feng Bankman, Gary Wang, Nishad Singh, Caroline Ellison, Ellison, Wang, Singh, Fried's, Bankman Organizations: Alameda Research, Prosecutors, Service, Alameda, Jane Street Capital, U.S, AP, wasn't Locations: FTX, Alameda, Manhattan, New York, Bankman

☆ Why Sam Bankman-Fried wanted to spend $10 million a year to put FTX name on sports stadium
▼ + stars: | 2023-10-27 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +12 min

Prosecutors entered corroborating materials, including encrypted Signal messages and other internal documents that appear to show Bankman-Fried orchestrating the spending of FTX customer money. Similarly, Bankman-Fried testified that he believed the lavish Bahamas properties were being paid for with FTX operating cash that came from revenue and venture investments. As for the venture investments, Bankman-Fried said he thought that money was coming from Alameda's operating profits and third-party lending desks. Alameda's venture arm was renamed Clifton Bay Investments, which Bankman-Fried said was a first step in building a dedicated venture brand. When asked about loans he took from the business, Bankman-Fried said they were to pay for venture investments and political donations.

Persons: Sam Bankman, Amanda Perobelli, Fried, District Judge Lewis Kaplan, Mark Cohen, Bankman, Cohen, Sam Bankman Fried, Judge Lewis Kaplan, Elizabeth Williams, Caroline Ellison, Judge Kaplan, Jane, Banks, weren't, cryptocurrencies, FTX, Nishad Singh, Gary Wang, Singh, Wang, Prosecutors, Dan Friedberg, Fenwick, Marco Bello, Ryan Salame, Salame, Katy Perry, —, Dawn Giel Organizations: FTX, Reuters FTX, U.S, District, Stanford, Alameda Research, Elizabeth Williams Prosecutors, Massachusetts Institute of Technology, Alameda, Fenwick & West, Reuters, NFL's New, NFL's New Orleans Saints, Kansas City Chiefs, Facebook, Google, Clifton Bay Investments, Republicans Locations: Manhattan, New York City, U.S, Alameda, Bahamas, Berkeley , California, FTX, Friedberg, Miami , Florida, Miami, NFL's New Orleans, Clifton Bay, Los Angeles

☆ Sam Bankman-Fried testifies he regrets not hiring a risk management team at FTX before it collapsed and led to criminal charges against him
▼ + stars: | 2023-10-27 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was asked on the witness stand if he hired a risk management team for FTX. He lamented the lack of a risk management team at FTX, a common refrain of his as he works to deflect blame from himself in the company's catastrophic collapse. "Did you have a risk management team at FTX?" But no, we didn't," Bankman-Fried replied. Bankman-Fried testified he worked between 12 and 22 hours per day and took off one day per month to keep up with managing the growth.

Persons: Sam Bankman, Fried, —, Jane Street, Mark Cohen, FTX, Lewis Kaplan, who's, Kaplan Organizations: FTX, Prosecutors, Service, Alameda Research, US Locations: Alameda

☆ Sam Bankman-Fried testifies he 'didn't have the time' for haircuts or long-term relationship with Caroline Ellison
▼ + stars: | 2023-10-27 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried addressed his breakup with Caroline Ellison on the witness stand Friday. AdvertisementAdvertisementOn the witness stand in his criminal trial Friday, Sam Bankman-Fried testified he was too busy running companies worth billions of dollars to get deeply involved in women and haircuts. One of their witnesses in the trial is Caroline Ellison, who ran Alameda as a CEO starting in mid-2021. That explanation is consistent with what Ellison herself said on the witness stand in earlier testimony. "I was kind of busy and lazy and didn't get haircuts for long periods of time," Bankman-Fried answered, sheepishly.

Persons: Sam Bankman, Fried, Caroline Ellison, —, Jane, Ellison, Mark Cohen, sheepishly, Cohen Organizations: Service, Alameda Research Locations: Manhattan, Alameda, Bankman

Traders work on the floor of the London Metal Exchange in London, Britain, September 27, 2018. Rebuilding the London nickel contract is clearly very much work in progress. FIXING NICKELOthers, meanwhile, are looking to muscle into the LME's nickel price discovery domain. The Shanghai market also took a big collateral hit from the London turmoil, volumes on its nickel contract collapsing by 53% last year relative to 2021. The blow-out of the nickel contract and the resulting near-death experience of both brokers and exchange have sapped confidence in the historical market of last resort.

Persons: Simon Dawson, Elliott, Nicolas Aguzin, Matthew Chamberlain, hasn't, it's, Ireland's, Kirsten Donovan Organizations: London Metal Exchange, REUTERS, U.S, Elliott Associates, Jane, Trading, Hong Kong Exchanges, HK, Bloomberg, London, Global Commodities Holdings, Abaxx Commodities Exchange, Canadian, Technologies Inc, Shanghai Futures Exchange, EV, CME, Reuters, Thomson Locations: London, Britain, London's, China, Shanghai, U.S

☆ 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

Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.

Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan

Ellison said the hedge fund, Alameda Research, took about $10 billion in FTX customer funds to repay its debts and make investments. Gary Wang, FTX's former technology chief, testified that Bankman-Fried falsely tweeted that FTX was "fine" in November as the exchange faced surging demand for withdrawals. Bankman-Fried left in 2017 to found Alameda, and Ellison followed when he offered her a job as a trader. "He was very ambitious," Ellison told the court. In testimony that could undermine that argument, Ellison said she always consulted Bankman-Fried on big decisions and always deferred to him.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, FTX, Fried, Mark Cohen, Gary Wang, Nishad Singh, Bankman, Jane, Joe Biden's, Cohen, District Judge Lewis Kaplan, Luc Cohen, Jody Godoy, Noeleen Walder, Nick Zieminski, Matthew Lewis Organizations: REUTERS, Alameda Research, Manhattan U.S, Prosecutors, Alameda, Bankman, Wall, Ellison, New York Times, Times, District, Thomson Locations: New York, U.S, Alameda, FTX

☆ '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

Political Cartoons View All 1206 ImagesHe even thought there was a 5% chance he'd become president someday, Ellison said. Assistant U.S. Attorney Danielle Sassoon asked her what he thought he'd be president of. Shortly after Ellison’s highly anticipated turn on the witness stand began, she was asked to identify Bankman-Fried in the courtroom. Ellison testified under a cooperation deal that could win her leniency when she is sentenced. As Ellison testified, several of her friends or online fans were in attendance at the courthouse.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, ”, he'd, Danielle Sassoon, ” Ellison, Ellison’s, FTX, Judge Lewis A, Kaplan, Palo, Sassoon, Jane, Bankman, “, Joe Biden, Gary Wang Organizations: Stanford, U.S, Alameda Research, Alameda, Republican Locations: Manhattan, Bankman, United States, Bahamas, Washington, Palo Alto , California, Alameda

☆ Caroline Ellison took almost 30 seconds to recognize ex-boyfriend Sam Bankman-Fried as testimony begins
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

From a courthouse in downtown Manhattan, Ellison then listed her crimes: "fraud, conspiracy to commit fraud and money laundering." Ellison, who ran Alameda Research, pleaded guilty in December to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison said she was under the impression that it was FTX customer money because the sums exceeded the exchange's profits and the amount of capital it hard raised. That followed an in-person conversation between Ellison, Bankman-Fried and Sam Trabucco, Alameda's co-CEO. WATCH: Caroline Ellison testifies Sam Bankman-Fried directed her to commit crimes

Persons: Caroline Ellison, Sam Bankman, Ellison, Danielle Sassoon, Fried, Sassoon, Bankman, Sam, FTX, Binance, Sam Trabucco, Alameda's Organizations: Alameda Research, Jane, Stanford, Jane Capital, Alameda Locations: Manhattan, Alameda, New York, San Francisco Bay, Brooklyn, FTX

☆ 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

☆ 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

☆ 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/Eduardo Munoz/File Photo Acquire Licensing RightsOct 3 (Reuters) - Sam Bankman-Fried's fraud trial, which is set to kick off on Tuesday, marks the culmination of a yearlong legal saga stemming from the dramatic collapse of the FTX cryptocurrency exchange he founded. Below is a timeline of key events leading up to the 31-year-old former billionaire's trial. MAY 2019Bankman-Fried and former Google employee Gary Wang found FTX as a new platform to trade crypto tokens and derivatives. Alameda gives crypto lender Voyager Digital a $200 million credit facility, and FTX gives lender BlockFi a $250 million loan. In a post-arrest blog post, Bankman-Fried denies stealing funds and blames FTX's collapse on a broader downturn in crypto markets.

Persons: Sam Bankman, Eduardo Munoz, Gary Wang, Larry David, Fried, CoinDesk, Binance, FTX, Changpeng Zhao, David, Tom Brady, Wang, Caroline Ellison, District Judge Lewis Kaplan, Nishad Singh, Kaplan revokes, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Massachusetts Institute of Technology, Jane Street Capital, Alameda Research, Google, Forbes, Alameda, NFL, DEC, U.S, District, New York Times, Metropolitan Detention Center, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, United States, Palo Alto , California

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

☆ Who is Caroline Ellison, a key witness set to testify against Sam Bankman-Fried?
▼ + stars: | 2023-09-28 | 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: +5 min

Now, a year after Alameda collapsed, Ellison is preparing to testify as a key witness at the Oct. 3 criminal fraud trial against its founder, another budding young philanthropist who also owned the now-bankrupt FTX cryptocurrency exchange: Sam Bankman-Fried. She told the FTX podcast she decided to join Bankman-Fried at Alameda despite lacking experience with cryptocurrencies to "maximize my impact." ELLISON MAY TESTIFY ABOUT ENCRYPTED MESSAGESProsecutors may ask Ellison about whether Bankman-Fried directed employees to use encrypted messaging platforms and ensure their messages automatically deleted. She has told prosecutors that Bankman-Fried said it is hard to build a case if information is not written down or preserved, court records show. Days before FTX declared bankruptcy, Ellison told Bankman-Fried her "increasing dread of this day" had been weighing on her for a long time, according to prosecutors.

Persons: Sam Bankman, Eduardo Munoz, Caroline Ellison, Ellison, Bankman, Alameda's, Sam, ELLISON, Jane Street, Harry Potter, Fried, Jane, FTX, Kaplan, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: REUTERS, Stanford, Alameda Research, Alameda, Prosecutors, Massachusetts Institute of Technology, New York Times, Thomson Locations: New York, U.S, Alameda, Bahamas, Manhattan, Boston, Fried, FTX

☆ Who is Sam Bankman-Fried, the onetime crypto mogul set to testify in his own defense?
▼ + stars: | 2023-09-27 | 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

NEW YORK, Oct 26 (Reuters) - A few years after graduating from college, Sam Bankman-Fried grew worried he was not taking enough risks. Two years after launching a hedge fund, Alameda Research, Bankman-Fried founded FTX, an exchange that let users buy and sell digital assets such as bitcoin. Based in the Bahamas, Bankman-Fried became known for his mop of unkempt curly hair and for wearing rumpled shorts, even when entertaining dignitaries like Bill Clinton. They contend the theft came to a head in 2022, when crypto prices swooned and he used FTX funds to plug losses at Alameda. Defense lawyers have argued that their cooperation agreements with prosecutors encourage them to implicate Bankman-Fried in the hopes of receiving lenient sentences.

Persons: Sam Bankman, Fried, Bill Clinton, Tom Brady, Larry David, FTX, Caroline Ellison, Alameda's, Forbes, Bankman, Jane Street, Gary Wang, Ellison, Nishad Singh, Wang, Singh, District Judge Lewis Kaplan, FTX's, influencer, Luc Cohen, Noeleen Walder, Daniel Wallis Organizations: Stanford Law School, Alameda Research, Forbes, Democratic, NFL, Alameda, Massachusetts Institute of Technology, Bankman, Prison, MIT, Jane, U.S, District, New York Times, Times, Thomson Locations: Bahamas, Manhattan, Alameda, United States, Asia, New York

☆ Non-tech companies are seeking AI talent and offering six-figure salaries. Here's who's hiring — including one role that pays up to $300,000.
▼ + stars: | 2023-09-26 | by ( Sindhu Sundar | Aaron Mok | ) www.businessinsider.com time to read: +4 min

"The demand for professionals with knowledge in AI research, machine learning, deep learning — it truly outpaces the available supply of candidates," Sines said. A machine learning researcher role at the trading firm Jane Street indicated a salary range of $250,000 to $300,000, for example. And Disney is looking to hire a senior machine learning engineer with expertise in machine learning, algorithms, and statistical methods; the entertainment giant is offering an annual salary of $145,400 to $199,870. AdvertisementAdvertisementIn May, HR firm Scratch posted a job listing for a remote senior machine-learning engineer for a client. The position — which had a listed salary range of $120,000 to $185,000 — required "familiarity with current AI tools" such as ChatGPT.

Persons: Morrison Foerster, —, Aaron Sines, Sines, Jane Street, Alan Schnitzer, Oliver Scholars, Danielle Cox, Cox, Scratch Organizations: Walt Disney Company, Service, Austin, Travelers, Real

☆ 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

☆ AI talent is in high demand even at non-tech companies. And jobs are paying way over six figures — up to $300,000.
▼ + stars: | 2023-07-21 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +6 min

The law firm Husch Blackwell and insurer Travelers are among those seeking AI skills. The law firm Husch Blackwell has built a data science team, and is hiring an AI solutions strategist. For its AI role, Husch Blackwell has looked for trained lawyers who understand AI and large language models, and ideally also have some business consulting experience, said Blake Rooney, chief information officer at Husch Blackwell. The law firm Husch Blackwell has been looking to hire an AI solutions strategist as it expands its use of AI. The law firm already built a data science team over the past three years, and automated some routine tasks.

Persons: Husch Blackwell, Jane Street, Aaron Sines, Sines, There's, Alan Schnitzer, Alo, CoCounsel, Valerie McConnell, Blake Rooney, It's, Rooney, it's Organizations: Morning, Jane, Austin, Travelers, Interactive, LinkedIn Locations: New York

A net 1,400 lots of short positions were covered by the time the market was suspended at 08:15. Xiang Guangda, the charismatic head of China's Tsingshan Holding Group, has attracted much media attention for being the big nickel short. The existence of at least once big nickel short wasn't exactly a secret in the market. LME nickel crisis had turned into potential LME clearing house crisis with Chamberlain having to juggle both parts of the meltdown while also being a nickel market specialist. The handful that remained, as one participant later recalled, knew nothing whatsoever about what was going on in the nickel market so decided to call everyone else back into the room.

Persons: Elliott, Street, Matthew Chamberlain, Chamberlain, Jane Street, Oliver Wyman's, Xiang Guangda, wasn't, Oliver Wyman, John Maynard Keynes, Xiang, doesn't, David Evans Organizations: London, Royal, of Justice, Hong Kong Exchanges, HK, Elliott Associates, Jane, Global, Tsingshan Holding, SEE, Bloomberg, Thomson, Reuters Locations: U.S, Ukraine

☆ Generative AI is coming for bond trading, but a massive hurdle still stands in the way of digitization of the market
▼ + stars: | 2023-06-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

Corporate bond trading has entered its ChatGPT era. LTX, a corporate bond trading platform owned by Broadridge, Wall Street's omnipresent behind-the-scenes provider, launched a chatbot specifically geared toward answering bond-related questions. Marketplaces for trading bonds like MarketAxess, Tradeweb, and Bloomberg have doubled down on efforts to make trading electronic. When LTX launched in June 2020, it was pitched as an "AI-driven corporate bond trading" aimed at getting more bonds traded electronically. The hurdle for the bond market is how top heavy it is.

Persons: OpenAI, Jane, LTX, they've Organizations: Morning, Bloomberg Locations: LTX

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