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☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

I've used several banks over the years, and I recently looked into switching to online banking. I've moved most of my investments to an online account so I don't focus on it every day. I inherited my first bank from my mother — the largest of Canada's Big Five banks, Royal Bank of Canada. When I lived in Switzerland, my husband and I had a shared bank account with United Bank of Switzerland. When I had all of my investments with BMO, it meant that I would see what my long-term investments were doing anytime I logged into my online banking.

Persons: I've, —, Scott, I'm Organizations: Service, Royal Bank of Canada, United Bank of Switzerland, BMO, Big Locations: Switzerland, Canada

☆ Sam Bankman-Fried may need a Hail Mary if he wants to win over jurors
▼ + stars: | 2023-10-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Nishad Singh, former director of engineering at FTX, arrives at federal court in New York on Monday. Whether or not to testify is case-dependent, and clients take a big risk in opening themselves up to cross-examination by prosecutors. The Adderall issueSam Bankman-Fried, center, has pleaded not guilty to seven federal counts of fraud and conspiracy. So he’s only getting one in the morning before he’s transferred to the courthouse and one in the evening. While they have not yet presented their case, Bankman-Fried’s lawyers have repeatedly failed to stick the landing when it comes to cross-examining the government’s witnesses.

Persons: CNN Business ’, Sam Bankman, Mary, Nishad Singh, Yuki Iwamura, wouldn’t, ”, Jordan Estes, Kramer Levin, Estes, aren’t, Hail Mary, Elizabeth Williams, Mark Cohen, he’s, Cohen, hasn’t, Fried, Bankman, ” Cohen, Caroline Ellison, you’ll Organizations: CNN Business, New York CNN, Alameda Research, Bloomberg, US Attorney’s, Hail, AP, Metropolitan Detention, of Prisons Locations: New York, Manhattan, Bankman, Alameda, FTX

Russian President Vladimir Putin shakes hands with Chinese President Xi Jinping during a signing ceremony following their talks at the Kremlin in Moscow, Russia March 21, 2023. China and Russia declared a "no limits" partnership in February 2022 when Putin visited Beijing just days before he sent tens of thousands of troops into Ukraine, triggering the deadliest land war in Europe since World War Two. Biden has referred to Xi as a "dictator" and has said Putin is a "killer" and a leader who cannot remain in power. Since the Ukraine war, Putin has mostly stayed within the former Soviet Union, though he visited Iran last year for talks with Supreme Leader Ayatollah Ali Khamenei. The United States has warned China against supplying Putin with weapons as Russia, a $2 trillion economy, battles Ukrainian forces backed by the United States and the European Union.

Persons: Vladimir Putin, Xi Jinping, Mikhail Tereshchenko, Putin, Xi Putin, Xi, Joe Biden, Graham Allison, Bill Clinton, Biden, Ayatollah Ali Khamenei, Mao Zedong, Alexander Gabuev, Gabuev, Li Shangfu, Alexei Miller, Igor Sechin, Guy Faulconbridge, Alison Williams Organizations: Kremlin, Sputnik, Forum, Soviet Union, U.S, Harvard University, Reuters, Soviet, United, European Union, Carnegie Russia Eurasia Center, Gazprom, Thomson Locations: Moscow, Russia, China, USSR, MOSCOW, BEIJING, United States, Beijing, Hague, Ukraine, Europe, U.S, Soviet Union, Iran, Communist China, Ukrainian, Siberia, Mongolia

☆ Secret audio, a star witness, and ‘Thai prostitutes’ complicate Sam Bankman-Fried’s defense
▼ + stars: | 2023-10-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

‘The ultimate insider’Caroline Ellison offered crucial testimony this week against her former boss and ex-boyfriend, Sam Bankman-Fried. Like Bankman-Fried, Ellison faces the prospect of 110 years in prison if given a maximum sentence. Bankman-Fried’s defense team cross-examined Ellison for about six hours on Thursday in a meandering, halting back-and-forth that repeatedly prompted objections from the prosecution. The secret audio recordingCaroline Ellison, former chief executive of Alameda Research, leaves federal court in Manhattan on Thursday. Statements like the ones Ellison made in the recording are known as “prior consistent statements of a witness,” Estes said.

Persons: Sam Bankman, He’s, Caroline Ellison, Fried, Jane Rosenberg, —, ”, Jordan Estes, Kramer Levin, “, SBF’s, Ellison, Gary Wang, FTX, Sam, Judge Lewis Kaplan, Mark Cohen, Stephanie Keith, Christian Drappi, “ Sam’s, ” Estes, they’ve, ’, What’s, Estes, that’s, Mary, ” Prosecutors, there’s, ’ ” Estes, you’ve Organizations: New, New York CNN, Alameda Research, Reuters, US Attorney’s, Bloomberg, Getty, Alameda, Christian, ”, CNN Locations: New York, Alameda, Bahamas, Manhattan, Hong Kong, China

☆ A childcare center founder explains what she learned after 3 decades and why it's so hard to make the business work
▼ + stars: | 2023-10-15 | by ( Madison Hoff | ) www.businessinsider.com time to read: +7 min

After three decades, Julie Clark recently sold CAST Preschool and Childcare Center in Connecticut. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementJulie Clark, the cofounder of the CAST Preschool and Childcare Center in Woodbury, Connecticut, said her "goal was really to form a community, not just a school." After more than 30 years, Clark sold her childcare center this past summer. It's hard for centers to find staffSome teachers had worked for CAST Preschool and Childcare Center for at least 15 years.

Persons: Julie Clark, Clark, could've, —, I've, Allison Robinson, Robinson, We've, Julie Kashen Organizations: CAST, Service, Department of Labor, The Century Foundation, Labor Statistics Locations: Connecticut, Woodbury , Connecticut

Cheap, second-hand, and purloined weapons comprised Hamas’ deadly makeshift arsenal that fueled a devastating, multi-pronged attack on Israel over the weekend. CNN analyzed dozens of photos and videos of Hamas militants during the surprise assault to identify the weapons used to kill at least 1,200 people in Israel. In previous battles with Israel, Hamas was known to have fired rockets made of old water pipes, the researcher noted. BulldozersPhoto-illustration: CNN/Mohammed Fayq Abu Mostafa/ReutersSeveral experts who spoke to CNN emphasized the ad hoc nature of the Hamas attack. In some videos, Hamas militants can be seen driving Israel Defense Forces (IDF) vehicles and using Israeli weapons that were likely taken during the initial fighting.

Persons: presumedly, ”, Mike Lyons, Lyons, “, Oren Ziv, ” Lyons, John Spencer, toted, Stephen Biddle, “ It’s, they’re, Spencer, Saddam Hussein, “ They’re, Din, ” Ali Baraka, Frank McKenzie, Jack Guez, David Benson, ” Benson, Biddle, ” Spencer, Paragliders, Sean Elliott, ” Elliott, –, Mohammed Fayq Abu Mostafa, — Organizations: CNN, US State Department, US, Urban Warfare, Modern, Institute, ” AK, toted AK, Columbia University, Hamas ’ Telegram, AK, ” Rockets, Telegram Hamas, Israel’s, ’, Hamas, Hamas National Relations, US Central Command, Nova, Industry & Regulatory, Experimental Aircraft Association, Israel Defense Forces Locations: Israel, Iran, Gaza, Egypt, Soviet, West, Afghanistan, Iraq, Libya, British, Jihad, Lebanon, Russia, Kalashnikovs, Sderot, Kfar Aza, Beit Lahia, Palestinian, Spain

☆ ‘Bear Proof’ and ‘Rivers in Our Veins’ Review: An Enriching Jazz Exchange
▼ + stars: | 2023-10-12 | by ( Larry Blumenfeld | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/arts-culture/music/bear-proof-and-rivers-in-our-veins-review-jazz-todd-sickafoose-allison-miller-89f91e1c

Persons: Dow Jones, todd, sickafoose, allison

☆ Sam Bankman-Fried’s lawyers prepare to question star witness
▼ + stars: | 2023-10-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —After two days of at-times emotional testimony from Caroline Ellison, a former top adviser to fallen crypto mogul Sam Bankman-Fried, defense lawyers were set to begin questioning her on the stand Thursday. Ellison, 28, told jurors this week that she and Bankman-Fried, whom she dated on and off, committed financial crimes for years. Former crypto hedge fund Alameda Research CEO Caroline Ellison arrives for Sam Bankman-Fried's trial at Federal Court in New York City, October 11, 2023. Sam acted in good faith in trying to build and run FTX and Alameda.”But “things were happening quickly, very quickly,” Cohen said. “Sam and others made hundreds of decisions a day … as a result, some things got overlooked.”This story is developing and will be updated.

Persons: Caroline Ellison, Sam Bankman, Ellison, Fried, Brendan McDermid, Mark Cohen, Sam didn’t, Sam, ” Cohen, “ Sam Organizations: New, New York CNN, Alameda Research, Alameda, Federal Court, Reuters Locations: New York, New York City, Alameda

☆ Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial
▼ + stars: | 2023-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

On her first day of testimony, Ellison said Tuesday that she and Bankman-Fried, along with other associates, committed fraud and money laundering, and that he “set up the systems that allowed Alameda” to siphon money from FTX customer accounts. Prosecutors accuse Bankman-Fried, 31, of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform. If she were given a maximum sentence on the seven counts, she could face more than 100 years in prison. Her testimony is considered crucial to prosecutors’ case that SBF used both FTX and Alameda as his own personal piggy bank. If found guilty of all seven criminal counts and given the maximum sentence, Bankman-Fried faces the prospect of 110 years in prison.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, Bankman, ” Ellison, “ Organizations: New, New York CNN, Alameda Research, Stanford Locations: New York, Alameda, FTX

☆ The $300-a-Day Lift Ticket That Every Skier Hates
▼ + stars: | 2023-10-10 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/lifestyle/travel/ski-resorts-lift-passes-epic-ikon-dbff41f7

Persons: Dow Jones

☆ Sam Bankman-Fried trial: Caroline Ellison is getting ready to testify against FTX founder
▼ + stars: | 2023-10-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Her testimony is crucial to prosecutors’ case against Sam Bankman-Fried, whom they accuse of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform. Caroline Ellison, former CEO of Alameda Research. carolinecapital/XProsecutors’ case hinges on evidence that FTX and Alameda were deeply financially intertwined, despite repeated assurances from Bankman-Fried that they were separate companies, operating independently from one another. As Alameda was spiraling last fall, Ellison told her employees that the fund had borrowed money from FTX customer accounts to pay back lenders. Already, prosecutors have presented evidence that looks bad for Bankman-Fried, though the defense has yet to present its case.

Persons: CNN Business ’, Caroline Ellison, Sam Bankman, Ellison, FTX’s, ‘, — Ellison, SBF, ” Ellison, “, Fried, Sam Organizations: CNN Business, New York CNN, Alameda Research, Stanford, New York Times Locations: New York, FTX, Bankman, Alameda, Manhattan

When her husband, a UPS truck driver, nearly died from heatstroke, Theresa Klenk stepped in to help workers negotiate for air conditioning in all UPS trucks. At the time, she said, no UPS drivers wanted to speak up about the increasingly brutal conditions for fear of being reprimanded. According to UPS, drivers stop on average every three minutes — barely enough time for air-conditioning to make a dent. This year’s record heat caused dozens of deaths, filled some hospitals to pandemic levels and prompted government warnings about avoiding extended exposure to heat. It was a bittersweet victory for Jim and Theresa Klenk.

Persons: Jim Klenk, Klenk, Theresa Klenk, hadn’t, Jim, Theresa, Jim didn’t, ”, Zoe Todd, Jim’s, Joe Raedle, Jordan Barab, “, Michael Dwyer, Memphis , Tennessee —, Theresa said, didn’t, weren’t, ” Theresa, Mike Blake, Sean O’Brien, doesn’t, ” — CNN’s Clare Duffy Organizations: New, New York CNN, UPS, Teamsters, “, CNN, Occupational Safety, Health Administration, OSHA, US Chamber of, Bureau of Labor Statistics, US Postal Service, FedEx, Amazon, Kroger, Teamster Locations: New York, Freehold , New Jersey, heatstroke, Miami, Texas, Memphis , Tennessee, Atlanta, ”, L.A

‘The earlier, the better’Early Intervention was created in 1986 to address developmental delays in children like Alexander as soon as possible. “In a way, Early Intervention is contributing to some social inequity,” she explained. J.B. Pritzker signed a budget in June giving Early Intervention providers a 10% raise. Although Aria started speech therapy promptly, she has been on the waitlist for developmental therapy for more than a year. “I wonder if we would have had the Early Intervention in-person session earlier, if things would have been better by now,” Garcia said.

Persons: — Alexander, Hilda Garcia, Alexander, Garcia, couldn't, ”, ‘, Maureen Greer, Katy Neas, Waitlists —, Sarah Ziemba, “, Allison Friedman, Krauss, ” Friedman, Ziemba, ” Ziemba, J.B, Pritzker, Alex Gough, Lindsey Faulkner, Megan Sanders, ” Faulkner, Sanders, “ We’ve, ” Sanders, Aria, Faulkner, St . Louis, Darcy Armbruster, Armbruster, ’ Hilda Garcia’s, Tylenol, he’d, ” Garcia, ___ Savage Organizations: CHICAGO, U.S . Centers for Disease Control, Association, U.S . Department of Education, Service, Illinois Department of Human Services, Research, National Institute for Early Education Research, Illinois Gov, Associated Press, America Statehouse News Initiative, America, Foundation, AP Locations: West Chicago, U.S, Illinois, Chicago, Peoria , Illinois, Peoria, St ., DuPage County

☆ Key takeaways from Sam Bankman-Fried’s first week in court
▼ + stars: | 2023-10-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

And Alameda was the only FTX customer allowed to carry a negative balance. Christian Everdell and Mark Cohen, attorneys for Sam Bankman-Fried, exit court in New York on Wednesday, Oct. 5, 2023. Star witness coming TuesdayCaroline Ellison, Alameda’s CEO and Bankman-Fried’s on-and-off girlfriend, is expected to take the stand when court resumes on Tuesday. Ellison, 28, is considered the prosecution’s star witness, given her position as the head of Alameda and her personal knowledge of Bankman-Fried’s behavior. According to court documents, when one employee asks who made the decision, Ellison responds: “Um … Sam, I guess.”

Persons: Sam Bankman, Gary Wang, Wang, SBF, Mark Cohen, Fried, FTX, Christian Everdell, Stephanie Keith, Everdell, “ FTX, ” Wang, ” FTX, Caroline Ellison, Ellison, Sam Organizations: New, New York CNN, Alameda Research, Bankman, Alameda, Bloomberg, Getty, “ Locations: New York, Alameda

☆ Wildfires are getting worse. Check out the pitch deck that landed climate startup Vibrant Planet $15 million from backers like Microsoft to use AI to manage the risk.
▼ + stars: | 2023-10-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

A California-based startup using artificial intelligence and machine learning for land management and climate-risk analysis has raised $15 million in Series A funding. Vibrant Planet, which was founded in 2020, offers a data platform to help landowners figure out how to restore ecosystems and manage against the risk of wildfires. Along with rising temperatures, poor land planning and risk mitigation strategies are also to blame for raging wildfires, according to Vibrant Planet CEO Allison Wolff. The land management platform includes real-time scenario planning. Microsoft's Climate Innovation Fund, Citi Ventures, Day One Ventures, SIG Climate, and Globivest also participated in the round.

Persons: Allison Wolff, Wolff, Scott Conway, Netflix's, Neil Hunt, Guy Bayes, Globivest Organizations: Netflix, eBay, Google, Integrity, Innovation Fund, Citi Ventures, One Ventures, SIG, NASA, USDA Smart Commodities Locations: California, Europe, Canada, Chile, Lahaina, Maui

☆ Premarket stocks: Bond investors are getting stung again this year. Here's why
▼ + stars: | 2023-10-05 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

The surprisingly strong economy has led investors to worry that the Fed will keep rates higher for longer, which, in turn, drove US Treasury yields higher. As stocks have declined and bond yields have soared, bond prices have tanked, causing pain for investors who bet that the Fed would curtail its rate-hiking campaign earlier this year. Treasury yields rose to their highest level in over a decade earlier this week, before edging lower on a cooldown in employment data on Wednesday. Bond prices cratered in 2022 after the Fed began drastically raising near-zero rates to tame runaway inflation. US Treasury bond prices jumped earlier this year after the collapse of several regional lenders led traders to bet that the Fed would soon ease its aggressive pace of interest rate hikes.

Persons: ”, Noah Wise, Matt Miskin, FactSet, Miskin, Wise, doesn’t, you’re, ” Wise, Sam Bankman, Nathan Rehn, Allison Morrow, “, ” Rehn, Read, Samantha Murphy Kelly Organizations: CNN Business, Bell, CNN, Treasury, Dow Jones, Nasdaq, Allspring Global Investments, John Hancock Investment Management, Fed, US Treasury, Google Locations: Manhattan, Bahamas, New York City

☆ FTX co-founder admits he and Sam Bankman-Fried committed fraud
▼ + stars: | 2023-10-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A key witness for prosecutors in the trial of Sam Bankman-Fried testified that both he and Bankman-Fried committed multiple financial crimes related to their oversight of now-bankrupt crypto exchange FTX. Gary Wang, who co-founded FTX with Bankman-Fried, told jurors — in compliance with an earlier plea deal — that he was guilty of wire fraud, securities fraud and commodities fraud, and that he committed those crimes under the direction of Bankman-Fried. Alameda’s ‘unlimited’ slush fundUnlike regular customers of FTX — a platform for individual investors and institutions to trade crypto — Alameda was allowed to run a negative balance and make “unlimited withdrawals” from FTX customers, Wang said. In response, “Sam said something like, ‘We were bulletproof last year; we’re not bulletproof this year,’” Yedidia told the jury. The $8 billion represented the money that FTX customers would be owed if they decided to withdraw their deposits, Yedidia said.

Persons: Sam Bankman, Fried, Gary Wang, Wang, FTX, haven’t, Mark Cohen, Nicolas Roos, ” Wang, empaneled, ‘, Adam Yedidia, Yedidia, SBF, “ Sam, ’ ” Yedidia, “, Sam, ” Yedidia, MIT undergrads, ” Organizations: New, New York CNN, Alameda Research, Prosecutors, MIT Locations: New York, Alameda, FTX

☆ Why Wall Street investors are freaking out
▼ + stars: | 2023-10-04 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Here’s why investors are freaking out:Rates and the Fed: A surge in corporate debt sales and rising bond yields have sent stocks lower. Moody’s, the only major credit rating firm to keep a perfect score for the United States, has warned that a government shutdown would be “credit negative” for the United States. Geopolitical risks are still elevated as Russia’s war on Ukraine continues and relations between the United States and China remain tense. October also marks the end of the fiscal year for many mutual funds in the United States. Statistical evidence doesn’t quite support the phenomenon, but the level of superstitious caution on Wall Street is real.

Persons: Kevin McCarthy, ”, Michael Reinking, Mark Twain, ” Sam Bankman, Sam Bankman, Allison Morrow, Judge Lewis Kaplan, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, Chris Isidore, Vanessa Yurkevich Organizations: CNN Business, Bell, New York CNN, Dow, Federal Reserve, Fed, Markets, Republicans, “, Prosecutors, GM, Ford, Motors, United Auto Workers, Michigan Assembly, Jeep, Dodge, Chrysler, UAW Locations: New York, America’s Congress, United States, Ukraine, China, Manhattan, Fairfax, Kansas City , Kansas, Toledo, Lockport, Michigan, Wayne , Michigan, Kokomo , Indiana

☆ Sam Bankman-Fried’s crypto empire was ‘built on lies,’ US prosecutor says
▼ + stars: | 2023-10-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In their opening statements to a newly sworn-in jury in Manhattan federal court, lawyers laid out previews of their cases, offering two divergent narratives for the collapse of Sam Bankman-Fried’s crypto empire. The US government has charged Bankman-Fried with multiple counts of fraud and conspiracy, following the implosion of his crypto-trading platform, FTX, last year. But as his own lawyer, Mark Cohen, stepped up to speak, Bankman-Fried’s demeanor softened and his focus shifted to the jury box. “Sam didn’t defraud anyone,” he told jurors, arguing that his client acted in good faith throughout the rise and fall of his startups. Legal experts say Bankman-Fried’s lawyers have their work cut out for them.

Persons: Sam Bankman, Thane Rehn, ” Rehn, Fried, “, ”, Elizabeth Williams, Rehn, Mark Cohen, Cohen, Sam didn’t, Sam, ” Cohen, FTX’s, FTX, “ It’s Organizations: New, New York CNN, Prosecutors Locations: New York, Manhattan, Bahamas

☆ Sam Bankman-Fried’s trial has started. Here’s what you need to know
▼ + stars: | 2023-10-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —The trial of Sam Bankman-Fried, a onetime crypto billionaire who stands accused of orchestrating a multibillion-dollar fraud, kicked off Tuesday in federal court in Manhattan. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. Prosecutors opted in June to sever five other charges that were brought after Bankman-Fried’s extradition from the Bahamas, where FTX was based. Sam Bankman-Fried leaving the Bahamas on December 21, 2022, being extradited to the US to face charges. He was arrested in December in the Bahamas on charges including fraud and conspiracy and extradited to the United States in January.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, “, ” Kaplan, SFB, SBF, Caroline Ellison, Bernie Madoff, FTX, Tom Brady, Larry David, Fried, Bankman, Ellison, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Royal Bahamas Police Force, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Manhattan, FTX, Bahamas, Miami, Alameda, United States, Brooklyn

Once she is sworn in, Butler will be the only Black woman in the Senate and the first openly LGBTQ+ California senator. That, alongside her background in the labor and women's rights movements, helps harden Newsom’s ties to important national Democratic constituencies. She is expected to be sworn in Tuesday in Washington by Harris, the last Black woman to serve in the Senate. At the time, Newsom was under pressure to select a Black woman to fill the seat of Harris, who is Black. His choice of Padilla, the state’s first Latino senator, rankled Black leadership in the state who saw the seat as their own.

Persons: Gavin Newsom, Dianne Feinstein, Laphonza Butler, Butler, Newsom, Butler's, “, Kamala Harris's, ”, Jack Pitney, Katie Porter, Adam Schiff, Barbara Lee, haven’t, Bill Essayli, Harris, Lee, Feinstein, snubbing Lee, Sen, Steven Bradford, ” Aimee Allison, “ Laphonza, Arnuflo De, Arnuflo De La Cruz, Jerry Brown, La Cruz, ” De La Cruz, Maria Elena Durazo, ” Durazo, ” Butler, Uber, Alex Padilla, Padilla, rankled, ___ Organizations: ANGELES, California Gov, Senate, Democratic, workaday Democratic, Claremont McKenna College, House Democrats, California Legislative Black Caucus, Gov, Los Angeles Federation of Labor Locations: U.S, California, San Francisco, Washington, Arnuflo De La, Sacramento

☆ Sam Bankman-Fried’s fraud trial is about to start. Here’s what you need to know
▼ + stars: | 2023-10-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This week, he will stand trial in what federal prosecutors have called one of the biggest frauds in US history. The 31-year-old Bankman-Fried, known as SBF, has pleaded not guilty to seven counts of fraud and conspiracy in connection with the collapse of FTX, his crypto-trading platform. Here are the key things to know about the case, and what we might see over the next several weeks at the trial. SBF faces seven counts, including wire fraud and securities fraud. FTX founder Sam Bankman-Fried was a crypto celebrity until November last year, when his business empire collapsed.

Persons: Sam Bankman, Fried, SBF, FTX, Tom Brady, Larry David, Amr Alfiky, Bankman, Caroline Ellison, Ellison, “, ”, Howard Fischer, Moses Singer, Fischer, Lewis Kaplan, he’s Organizations: New, New York CNN, Prosecutors, Alameda Research, Super, Reuters, Investors, Bankman, Coindesk, Alameda, New York Times, Securities and Exchange, Enron, Metropolitan Detention Locations: New York, Bahamas, FTX, Miami, Alameda, United States, Manhattan, Brooklyn

Naming Laphonza Butler to fill the late Sen. Dianne Feinstein's seat appears to meet California Gov. Or has Newsom just given Butler a massive boost in becoming the Golden State's fourth elected female senator? And while critics have pointed out that her address until the appointment was in Maryland, Butler "is deeply ingrained in the DNA of California politics." Butler, who will be sworn into the Senate this week, Senate Majority Leader Chuck Schumer said Monday morning, hasn't indicated whether she wants to stay in the job. She will become the first openly lesbian Black senator and the second Black female senator from California (Vice President Kamala Harris was the first).

Persons: Laphonza Butler, Sen, Dianne Feinstein's, Gavin Newsom's, Newsom, Butler, Feinstein, Adam Schiff, Katie Porter, Barbara Lee, Porter, Lee, Mike Madrid, I'm, Chuck Schumer, hasn't, Ron DeSantis, Kamala Harris, Emily’s, Dianne Feinstein, –, Aimee Allison, Ted Limpert, Limpert, Schiff, Michael Thorning, Thorning Organizations: California Gov, Democratic, Schiff, Republican, Florida Gov, Senate, Congressional Black Caucus, Press, CNN, UC Berkeley, Center, – Locations: California, Maryland, Madrid, Florida, Washington, Golden State

☆ Ski towns in the American West are getting swankier — and pricing out frustrated locals
▼ + stars: | 2023-10-01 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

Driggs, Idaho, is the latest western mountain town to grapple with an surge of outsider money. AdvertisementAdvertisementChristina Assante bought a half-acre lot in Driggs, a ski town on the border of Wyoming, for $500,000 in 2021. Assante, and her son, Asher, are a part of a growing population setting course for the burgeoning ski town that was once overshadowed by its trendy neighbor Jackson, Wyoming. AdvertisementAdvertisementAn uncharted ski town in Idaho is ready to explodeIn Driggs, the town's expansion trajectory hangs in the balance as a, more literal, expansion is being organized. Locals are being pushed further outside of this Colorado ski townVail, Colorado, an expensive ski town a little less than 100 miles outside of Denver, could be viewed as a cautionary tale for Driggs and other budding ski towns.

Persons: —, Rich, Dutton, Luke Smith, Engel, Völkers Jackson, Cindy Riegel, Christina Assante, Assante, Michael, Asher, Driggs, Riegel, Allison Weibel, Steve Estvanik, Weibel, Vail, Michelle Badger, Redfin, it's, Mack, Keller Williams, Everdawn Charles, Tamara Williams, Kevin Costner's, Todd O'Hair, Montana's, Jackson, Paul Diegel Organizations: Service, Wall Street Journal, Journal, Census Bureau, New York Times, Times, Vail Resorts, Denver, Getty Images, Montana Chamber of Commerce Locations: Driggs , Idaho, Teton County , Idaho, Wyoming, Alta , Wyoming, Driggs, Jackson , Wyoming, Colorado and Montana, Idaho, Alta, Colorado, Vail , Colorado, Denver, Vail, Gypsum , Colorado, Vail —, Breckenridge, Dillon, Frisco, Bozeman , Montana, DianeBentleyRaymond, Getty Images Bozeman, Yellowstone, . Bozeman, Bozeman, Montana, Park City, Aspen

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