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☆ Michael Oher: ‘The new film ‘Blindsided’ challenges the blockbuster’s take on the life of ex-NFL star
▼ + stars: | 2023-11-16 | by ( George Ramsay | ) edition.cnn.com time to read: +6 min

A new CNN documentary releasing on Thursday sheds light on the strained, complex relationship between former NFL player Michael Oher and the Tuohy family. This narrative is captured in “The Blind Side,” which followed a 2006 book of the same name by Michael Lewis. Oher sits on the beach during an NFL game between the Baltimore Ravens and the Buffalo Bills in 2010. A Tennessee judge terminated the Tuohy’s conservatorship over Oher in September. Tuohy sold his company for $220 million.” Oher declined to be interviewed for the CNN documentary, citing pending litigation, while the Tuohy family also declined an interview.

Persons: Michael Oher’s, “, Max, Michael Oher, Sean, Leigh Anne Tuohy, I’m, ” Quinterio Franklin, Oher, ” Anthony Burrow, ” Burrow, ”, Michael Lewis, Sandra Bullock, Oscar, SJ, ” Quinton Aaron, ” Oher, don’t, Jim Rome, Nick Wass, Joseph Crone, Oher’s Briarcrest, Nate Hale, Oher’s, ” Hale, Tuohy Organizations: CNN, NFL, Hollywood, Bowl, Briarcrest Christian School, Baltimore Ravens, Buffalo Bills, Tennessee Titans, Carolina Panthers Locations: Memphis , Tennessee, Eads, Memphis, “, Hollywood, Tennessee, Oher

☆ Michael Burry reveals new bet against chip stocks after closing out winning market short
▼ + stars: | 2023-11-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

It is also not known whether Burry still holds the position or whether it's some sort of hedge against a long position. Those positions were winners for Burry as the stock market finished the third quarter lower. Burry is one of several hedge fund managers who correctly identified the housing bubble ahead of the 2008 financial crisis. Burry closed his previous hedge fund, known as Scion Capital Management, after the financial crisis. The hedge fund filings do not show all types of derivatives or private investments, so the full scope of Burry's positions are unknown.

Persons: Michael Burry, Burry, Michael Lewis Organizations: Scion, Management, iShares Semiconductor, Devices, Broadcom, Nvidia, Nasdaq, Burry, Scion Capital Management, Scion Asset Management, Nexstar Media Group Locations: Stellantis

☆ Starbursts, smuggled coffee and Martin Shkreli: How CNBC reported the Sam Bankman-Fried trial
▼ + stars: | 2023-11-04 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +13 min

Artist: Elizabeth WilliamsJust before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.) Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer's car to file, back up through security, over and over again. CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan. Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court.

Persons: Sam Bankman, Elizabeth Williams, Fried, MacKenzie Sigalos, Dan Mangan, Martin Shkreli, Andrew Ross Sorkin, Michael Lewis, Lewis, Indiana Jones, Ben McKenzie, McKenzie, Damian Williams, They'd, Danielle Sassoon, Jane Rosenberg, Joe Bankman, Barbara Fried, Joseph Bankman, Brendan Mcdermid, gaunt, Kaplan, Bankman, Mark Cohen, Judge Kaplan, blankly, Christian Everdell, Cohen Organizations: Alameda Research, Southern, of, CNBC, Auburn University totebag, Capitalism, U.S, Federal Court Locations: of New York, San Francisco, Vegas, Georgia, Manhattan, Indiana, New York City, U.S

☆ Sam Bankman-Fried Was a Grown Up Criminal, Not an Impulsive Man-Child
▼ + stars: | 2023-11-03 | by ( Ginia Bellafante | More About Ginia Bellafante | ) www.nytimes.com time to read: +2 min

Sam Bankman-Fried, crypto’s Icarus, was convicted of seven counts of fraud and conspiracy on Thursday night after a trial that generated 10 million pages of documents and only a few hours of jury deliberation. As ever, it is perhaps best to start from the very beginning. Or, in the specific absence of that, what would 12 ordinary people see when they were seated on the other side of the witness stand from him? The prosecution hoped that they would observe a grown man, steeped in self-contradiction and capable of criminality, rather than the 31-year-old boy Mr. Bankman-Fried appeared to be, someone whose adolescent enthusiasms and distractibility caused him to make billions of dollars worth of hapless, innocent errors. In the end, the jury saw only the duplicitous adult.

Persons: Sam Bankman, Michael Lewis, Bankman, “, Fried, Ostentatiously, Shakespeare, distractibility

☆ Steve Eisman on one thing he has learned in his career and why it’s keeping him away from banks
▼ + stars: | 2023-11-02 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman of the "The Big Short" fame said Thursday that one investment mantra he swears by is telling him that buying beaten-up bank stocks won't be fruitful. "One thing I've learned in my career over the years is that buying something just because it's cheap is a value trap and shorting something because it's very expensive is a death wish," Eisman said on CNBC's " Squawk Box ." Uncertainty caused by the collapse of Silicon Valley Bank earlier this year triggered outflows at other regional banks as well as larger institutions, he said. KRE YTD mountain SPDR S & P Regional Banking ETF The SPDR S & P Regional Banking ETF , which tracks 140 regional banks, has fallen about 30% this year. Apart from banks, Eisman said companies selling high-priced real estate, cars and solar panels could be under pressure as lofty interest rates could keep consumers from borrowing.

Persons: Steve Eisman, I've, Eisman, Michael Lewis, Oscar, Neuberger Berman Organizations: Regulators, Regional Banking, Regional Banking ETF Locations: Silicon

☆ Here are the emails, texts and photos that could put Sam Bankman-Fried in prison for life
▼ + stars: | 2023-11-02 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Source: SDNYZoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Government exhibit in the case against former FTX CEO Sam Bankman-Fried.

Persons: Sam Bankman, Fried, FTX, Renato Mariotti, Bryan Cave Leighton, Caroline Ellison, —, Alameda —, Ryan Pinder, Rob Creamer, didn't, Ellison, he'd, HOOD, they'll, FTX's, Sun, Bankman, Stephen Curry, Tom Brady, Giselle Bundchen, Larry David, Nishad Singh, Michael Kives, Bryan Baum, Hillary Clinton, Katy Perry, Orlando Bloom, Leonardo DiCaprio, Kris, Kylie Jenner, SDNY Singh, Baum, Drappi, Jane Rosenberg, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Ryan Salame, Changpeng Zhao, Michael Lewis, Singh, Lewis Organizations: U.S . Justice Department's Securities, Commodities, Lawyers, U.S, Alameda Research, Alameda, Geneva Trading, FIA, Traders Group, Wall Street Journal, Google, shuttering, Prosecutors, NBA, Major League Baseball, K5, Federal Court Locations: Chicago, Bahamas, Bankman, Alameda, FTX, shuttering Alameda, Hong Kong, New York City, U.S, Sequoia, Alameda's

☆ Britney Spears’s Memoir Sells 1.1 Million Copies in U.S. in First Week
▼ + stars: | 2023-11-01 | by ( Julia Jacobs | ) www.nytimes.com time to read: +2 min

A news release from Gallery Books, an imprint of Simon & Schuster, announcing the sales numbers quoted Spears as saying, “I poured my heart and soul into my memoir, and I am grateful to my fans and readers around the world for their unwavering support.”(Published figures put the price tag for Spears’s memoir between $12.5 million and $15 million.) The book is Spears’s first full account of her 13 years under a conservatorship, which her father, James P. Spears, was granted in 2008 amid a custody battle and Britney Spears’s series of public struggles. In the memoir, Spears describes an adulthood in which security personnel dispensed her medications and put parental controls on her iPhone. Kristen McLean, an industry analyst for Circana BookScan, which tracks book sales numbers, said on Wednesday that Spears’s memoir seemed as though it had a good chance of surpassing one million in print sales in the United States this year. Only one adult nonfiction title — Prince Harry’s “Spare” — has reached that height so far.

Persons: Simon, Simon & Schuster, Spears, Mickey, Justin Timberlake —, James P, Britney, Kristen McLean, Circana, Harry’s “, McLean, Walter Isaacson’s, Elon Musk, Michael Lewis’s, Sam Bankman, Jada Pinkett Organizations: Books, Simon &, Mickey Mouse Locations: Louisiana, Kentwood, United States

☆ The Shearing of Sam Bankman-Fried
▼ + stars: | 2023-10-27 | by ( Vanessa Friedman | More About Vanessa Friedman | ) www.nytimes.com time to read: +1 min

Imagine if Sam Bankman-Fried, the founder of the crypto trading firm FTX and defendant in one of the largest financial fraud trials in history, was actually named Samson, rather than Samuel. Like the biblical character, Mr. Bankman-Fried’s symbolic shearing for his courtroom appearance may become a fabled reflection of promise brought low in the tales to come of our digital age. An apologia writ in hair about what happens when a muscular intellect is married to frail corporate governance. Everyone (or every juror) can see a hairdo and relate. Besides, from the beginning it was by Mr. Bankman-Fried’s hair that so many knew him.

Persons: Sam Bankman, FTX, Samson, Samuel, Bankman, Fried, Michael Lewis, “, Einstein Locations: Manhattan

☆ ‘Big Short’ Michael Burry takes a victory lap after calling the tech-led market correction
▼ + stars: | 2023-10-27 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Michael Burry, best known for calling 2008's subprime mortgage crisis, just added a new notch in his belt by predicting the latest market correction led by tech stocks. The California-based investor, who now runs his hedge fund Scion Asset Management, had amassed massive bets against the stock market in the second quarter. These 20,000 options contracts were against shares worth $738.8 million at the end of the second quarter. These two indices fell into correction territory this week , making Burry's bets lucrative in theory. Also in the second quarter, Burry bought small stakes in travel names Expedia and MGM Resorts , as well as health care plays Cigna and CVS Health .

Persons: Michael Burry, SPDR, Burry, Michael Lewis, it's, Burry's Organizations: Asset Management, Scion, Nasdaq, Meta, CNBC, Federal Reserve, MGM Resorts, CVS Health Locations: California

☆ Read the secret Signal messages that could help put Sam Bankman-Fried behind bars
▼ + stars: | 2023-10-19 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +16 min

Sam Bankman-Fried appears at federal court in New York on Oct. 4, 2023, in this courtroom sketch. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. In a direct appeal to Bankman-Fried, Singh wrote on Nov. 6, 2022, "one thing that'd seriously help me is if I didn't have debts." Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried. Zoom In Icon Arrows pointing outwards Prosecutors are relying heavily on text messages sent among FTX and Alameda Research executives in the case against Sam Bankman-Fried.

Persons: Sam Bankman, Fried, Claudia Johnson, Caroline Ellison, Gary Wang, Nishad Singh, Ryan Salame, Damian Williams, Yuki Iwamura, Ellison, Bankman, Joe Bankman, Ramnik Arora, Ryne Miller, Constance Wang, Singh, Wang, reassurances, FTX, Changpeng Zhao, he'd, Um, Sam, Binance, Zhao, it's, Sam Trabucco, Ben Xie, Michael Lewis, Lewis, Adam Yedidia, Yedidia, chares, SDNY Singh, Gabe, Salame, Michael Sadowsky, Sadowsky, FTX's, Dawn Giel Organizations: Alameda Research, Stanford, Bloomberg, Getty, Massachusetts Institute of Technology, alameda, Prime Trust Bank Locations: New York, Alameda, Manhattan, U.S, FTX, Sequoia, Alameda's, Bahamas

☆ 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

☆ Warren Buffett's deputy isn't in 'The Big Short' like Michael Burry - but he also bet against the housing bubble and spoke to Michael Lewis
▼ + stars: | 2023-10-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

"The Big Short" starred Michael Burry and others who bet the mid-2000s housing bubble would burst. Author Michael Lewis phoned Combs to talk about his housing wager while researching "The Big Short." AdvertisementAdvertisementMichael Burry and the other stars of "The Big Short" weren't the only investors to uncover the toxic assets underpinning the mid-2000s housing bubble, and place bets on its spectacular collapse. Lewis said he was working on a book about the whole situation that would become "The Big Short." AdvertisementAdvertisementCombs finished the story by saying he enjoys being "one small little piece" of the fascinating backstory behind "The Big Short."

Persons: Michael Burry, Todd Combs, Warren Buffett's, Michael Lewis, Combs, —, Warren, Ted Weschler, Baupost Group's Seth Klarman, Klarman, Bear Stearns, Lewis, Steve Eisman, Danny Moses, Greg Lippmann, Buffett, it's Organizations: Service, Berkshire Hathaway's, Countrywide, Washington, Long, Mortgage, Street, Securities and Exchange Commission Locations: Berkshire, Bear Stearns

☆ Stay away from bank stocks with turmoil in the sector far from over, 'Big Short' investor Steve Eisman warns
▼ + stars: | 2023-10-11 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Investors should stay away from bank stocks with more market turmoil on the cards, according to Steve Eisman. Eisman also said to avoid homebuilder stocks, which have been battered by rising interest rates. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementSteer clear of bank stocks with the turmoil from earlier this year likely to rear its head again soon, Steve Eisman has warned. Eisman is best known for his big bets against the US housing market ahead of the 2008 financial crisis, as depicted in Michael Lewis' book "The Big Short".

Persons: Steve Eisman, Eisman, —, Steer, CNBC's, Freddie Mac, Michael Lewis Organizations: Service, First Republic, Nasdaq, Federal Locations: Silicon Valley, homebuilding

☆ ‘The Big Short’ investor Steve Eisman says he would avoid these stocks now, including homebuilders
▼ + stars: | 2023-10-10 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Steve Eisman, the investor who called and profited from the subprime mortgage crisis, said Tuesday that he would advise against buying homebuilders and consumer-related stocks given higher interest rates. "I wouldn't own homebuilders right now," Eisman said on CNBC's " Fast Money ." "The homebuilders have been subsidizing their customers with lower rates, but even that's gonna bite. Eisman shot to fame by betting against subprime mortgage loans before the 2008 financial crisis, as chronicled in Michael Lewis' "The Big Short: Inside the Doomsday Machine," and the subsequent Oscar-winning movie based on the book. The investor also reiterated that the banking sector is uninvestable due to risks from crimped margins and tougher regulations.

Persons: Steve Eisman, Eisman, Neuberger Berman, Michael Lewis Organizations: Federal

☆ '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

☆ SBF told Caroline Ellison there was a 5% chance he 'would be president,' she testified
▼ + stars: | 2023-10-10 | by ( Grace Kay | Jacob Shamsian | ) www.businessinsider.com time to read: +2 min

Caroline Ellison said Sam Bankman-Fried had ambitions to become president of the US, The Wall Street Journal reported. She said Bankman-Fried told her there was a 5% chance he'd one day be president. She said the FTX cofounder told her about his plans to potentially become president while they were dating. The FTX cofounder said there was a 5% chance he would one day become the president, The Wall Street Journal reported. A spokesperson for Trump told Insider's Lloyd Lee that SBF has been "outed as a fraudster and someone that can't be trusted."

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, Michael Lewis, Donald Trump, Lewis, Insider's Lloyd Lee, SBF Organizations: Street Journal, Bankman, Service, Alameda Research, Republican, Democratic, Trump Locations: United States, Manhattan, FTX, Trump

☆ Inside Sam Bankman-Fried's $35 million crypto frat house in the Bahamas
▼ + stars: | 2023-10-10 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +11 min

Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence a series of photos featuring the $35 million penthouse where Sam Bankman-Fried and his fellow co-workers resided. Lawyers for the U.S. Attorney's office entered into evidence photos featuring Sam Bankman-Fried and his fellow co-workers at their shared $35 million Bahamian penthouse. In his testimony, Yedidia recalled a group Signal thread labeled "People of the House," which referred to Bankman-Fried's $35 million penthouse. Zoom In Icon Arrows pointing outwards Exhibit from the prosecution shows Signal thread called "People of the House," referring to Bankman-Fried's $35 million penthouse, where many employees lived.

Persons: Sam Bankman, Fried, Gary Wang, Adam Yedidia, Caroline Ellison, She's, somethings, Lewis Kaplan, Yedidia, it's, Ryan Salame, Joseph Bankman, Barbara Fried, Bankman, John Ray, Ray, Tiger Woods, Justin Timberlake, Michael Lewis, Lewis, napping, Mark Cohen, FTX, Ellison, hadn't Organizations: U.S, Southern, of, Lawyers, Alameda Research, Massachusetts Institute of Technology, MIT, SDNY, Bankman, Alameda, New Providence, FTX, Enron, Capitol, Prosecutors Locations: Bahamas, Manhattan, He's, of New York, Bankman, FTX, Alameda, Hong Kong, Caribbean, New Providence, New, U.S, Albany, oceanside

☆ 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

☆ SBF's lawyers shouldn't be allowed to use his $500 million investment in AI firm Anthropic — which could used to pay back FTX customers — as evidence, prosecutors say
▼ + stars: | 2023-10-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Anthropic looks set to be valued at $30 billion as it is in talks with Google for further investment. Prosecutors argue that the investment can't be used as evidence in Bankman-Fried's favor. AdvertisementAdvertisementProsecutors have asked the judge overseeing Sam Bankman-Fried's trial to stop the FTX founder's lawyers from referencing his $500 million investment in Anthropic. AdvertisementAdvertisementThat means Bankman-Fried's investment could be a major help in reimbursing the thousands of FTX customers who lost their money as the crypto exchange imploded last November. AdvertisementAdvertisementMichael Lewis, who interviewed Bankman-Fried more than 100 times for his biography, wrote that other FTX executives didn't approve of the Anthropic investment.

Persons: FTX, —, Sam Bankman, Lewis Kaplan, Damian Williams, Anthropic, Williams, Fried, Gary Wang, Michael Lewis, Bankman, didn't, Ramnik Arora, Lewis, Sam Organizations: Google, Prosecutors, Service, Amazon Locations: Anthropic, Bankman, Alameda

☆ Michael Lewis is hitting back at critics who feel he's been too sympathetic to Sam Bankman-Fried: 'I think they're crazy'
▼ + stars: | 2023-10-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Those who think he was being too sympathetic to Sam Bankman-Fried are "crazy," says author Michael Lewis. AdvertisementAdvertisementAuthor Michael Lewis has a strong message for critics who say he has been too sympathetic to Sam Bankman-Fried in his book about the fallen cyrpto mogul. "I think they're crazy," Lewis told ABC News on Wednesday. Lewis told ABC he has avoided answering the question of whether he feels Bankman-Fried has knowingly committed fraud — "because I want the reader to answer that question." "He took my money, it's mixed up in there," Lewis told ABC, without elaborating further.

Persons: Sam Bankman, Michael Lewis, Lewis, —, Linsey Davis, Fried, CBS's, FTX, it's Organizations: Service, ABC News, ABC, CBS, Alameda Research Locations: Alameda

☆ Sam Bankman-Fried wanted to invest up to $1 billion in Elon Musk's Twitter despite other execs' advice, and didn't know if he still owned shares after the takeover
▼ + stars: | 2023-10-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Elon Musk asked SBF if he wanted to help his $44 billion Twitter takeover, per Michael Lewis' biography. Bankman-Fried owned around $100 million of Twitter stock before Musk took the company private. AdvertisementAdvertisementSam Bankman-Fried didn't know whether he still owned shares in Twitter as Elon Musk took over the platform last year, according to Michael Lewis' biography of the FTX founder. According to Lewis, Bankman-Fried suggested investing between $250 million and $1 billion in Twitter. Singh and Arora said that FTX shouldn't invest in Musk's Twitter, or only go with a small stake.

Persons: Elon Musk, Michael Lewis, Musk, —, Sam Bankman, Fried, Nishad Singh, Ramnik Arora, Lewis, Singh, who's, Arora, Morgan Stanley —, Semafor, SBF, FTX Organizations: Twitter, Service, Elon, Fried's

☆ Michael Lewis says being around Sam Bankman-Fried was a downgrade from his more materialistic life: 'The food was worse. The company was worse.'
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Michael Lewis, the author of "Going Infinite," said being around SBF was a lifestyle "downgrade." Lewis met Sam Bankman-Fried more than 100 times and interviewed his FTX colleagues for the book. So I always felt it was a downgrade moving into his world," Lewis told Emily Donaldson in a Wednesday report in The Globe and Mail, a Canadian newspaper. I would have had as much trouble with this crowd when I was 25," Lewis told Donaldson. Lewis told CBS's "60 Minutes" the crypto exchange would still be making "tons of money" if there hadn't been a run on customer deposits.

Persons: Michael Lewis, Lewis, Sam Bankman, —, Emily Donaldson, Fried, Donaldson, CBS's Organizations: Service, Canadian, Toyota Corolla, Bankman Locations: SBF, The Globe, Bahamas, Hong Kong

☆ Sam Bankman-Fried decided at the last minute he didn't want to speak at the World Economic Forum in Davos, leaving organizers scrambling
▼ + stars: | 2023-10-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried was supposed to speak at the WEF's flagship event in Davos. However, he decided not to show up the night before the event, per Michael Lewis' biography on the disgraced FTX founder. Lewis wrote SBF would cancel on people "because he'd done some math in his head that proved that you weren't worth the time." "CEOs had flown to the Bahamas under the mistaken impression that Sam had agreed to buy their companies," Lewis wrote in his book. The World Economic Forum Annual Meeting is the organization's flagship event held at the end of each January in Davos, Switzerland.

Persons: Sam Bankman, Fried, Michael Lewis, Lewis, SBF, —, Sam, It's, Mark Cohen Organizations: Service, Economic, Political, Bankman Locations: Davos, Davos —, Bahamas, Switzerland, Dubai

☆ Sam Bankman-Fried isn't the only one on trial. The entire crypto industry is.
▼ + stars: | 2023-10-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

But first, we're looking at why FTX cofounder and ex-CEO Sam Bankman-Fried's criminal trial has implications that could upend the entire crypto industry. Bankman-Fried, the cofounder and ex-CEO of crypto exchange FTX, was deeply enmeshed in the crypto ecosystem. The proceedings will likely provide more fascinating details about the inner workings of FTX and the broader crypto industry, potentially airing out its dirty laundry and shortcomings. Chelsea Jia FengThe crypto industry, meanwhile, is ready to move on. Some in the crypto industry are embracing a more grown-up approach.

Persons: —, Sam Bankman, Donald Trump's, JANE ROSENBERG, Tom Brady, Kevin O'Leary, Michael Lewis, Katie Balevic, Jacob Shamsian, Grace Kay, Mark Cohen, Caroline Ellison, Chelsea Jia Feng, they'll, Spencer Platt, what's, Michael M, Arvind Krishna, Rahul Pandey's, Seth Wenig, AP Trump, scowled, Donald Trump, Tyler Le, Dianne Feinstein's, Kamala Harris, Sen, Chuck Schumer, Marc Anthony, Sofia Reyes, Pluma, Bad, Wells, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan, Annie Smith, Shona Ghosh, Jack Sommers, Spriha Srivastava Organizations: Service, Tech, Chelsea, Financial, Fidelity, PayPal, Visa, Getty, Treasury, Wall, Nvidia, IBM's, Meta, AP, IRS, trailblazing, Grupo Frontera, NBA, Dallas Mavericks, Minnesota Timberwolves, Etihad Arena, The Dallas Mavericks, Etihad, Corporation National Media Locations: crypto's, Plenty, trailblazing California, Abu Dhabi, New York City, San Diego, London, New York

☆ 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

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