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☆ Inside Amazon, there's chatter, and jokes, about Jeff Bezos coming back as CEO in the midst of massive layoffs and a plummeting stock price
▼ + stars: | 2023-01-06 | by ( Eugene Kim | Claire Atkinson | ) www.businessinsider.com time to read: +6 min

Some Amazon employees are calling for Jeff Bezos to return as CEO. Some Amazon employees are calling for the return of founder Jeff Bezos as CEO in the midst of massive layoffs and a plunging stock price. "Apparently not even Andy is safe," one employee wrote, referring to Jassy who took over from Bezos as CEO in July 2021. "He should come…he is the best," another employee wrote, referring to Bezos. In the turkey-themed email, viewed by Insider, the CEO acknowledged challenges, thanked Amazon employees, and called for resilience and optimism.

☆ 12 media executives anonymously predict 2023's biggest deals, trends and changes
▼ + stars: | 2022-12-18 | by ( Alex Sherman | ) www.cnbc.com time to read: +5 min

Candle Media has acquired intellectual property assets including Reese Witherspoon's Hello Sunshine production company and Moonbug, which owns the animated kids series "CoComelon." Executive 3: Iger extends his contract There's been lots of speculation over who Iger will choose as his successor. History suggests he has a hard time leaving the role of Disney CEO. Christine M. McCarthy, Senior Executive Vice President and Chief Financial Officer The Walt Disney Company. "I love Shari [Redstone], but ViacomCBS is not long for this world as it stands today," said a media executive last year.

☆ Meet Sam Bankman-Fried's family: His parents are Stanford law professors, his aunt is a dean at Columbia, and his brother is the founder of a nonprofit
▼ + stars: | 2022-12-14 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried was raised in an academic family based in Silicon Valley. Sam Bankman-Fried cofounded FTX in 2019 and was its CEO. FTXFTX founder Sam Bankman-Fried was arrested in the Bahamas on Monday, in a spectacular fall from grace after his crypto exchange collapsed last month. In November, Reuters reported that a $16.4 million house in the Bahamas listed Bankman-Fried's parents, Joseph Bankman and Barbara Fried, as signatories. Here are some of the prominent members of Bankman-Fried's family.

☆ Disgraced FTX CEO Sam Bankman-Fried 'orchestrated yearslong fraud' on investors and customers, SEC and criminal charges say
▼ + stars: | 2022-12-13 | by ( Marlene Lenthang | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +8 min

Sam Bankman-Fried, the former CEO of cryptocurrency giant FTX, defrauded investors by funneling money into his private hedge fund and conspired to commit wire fraud against customers and lenders, federal authorities said Tuesday. The Manhattan panel indicted Bankman-Fried on eight counts: conspiracy to commit wire fraud on customers, wire fraud on customers, conspiracy to commit wire fraud on lenders, wire fraud on lenders, conspiracy to commit commodities fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering and conspiracy to defraud the United States and violate the campaign finance laws. $8 billion loss to customersThe wire fraud on lenders and customers started in or about 2019 and lasted through November, according to the filing. Separately, in a filing Tuesday also in the Southern District of New York, the SEC charged him with defrauding investors and enriching Alameda. FTX CEO pledges continued cooperationAlso Tuesday, the company’s new CEO, John J. Ray III, testified at a congressional hearing on FTX’s collapse and missteps.

Three people close to FTX and Bankman-Fried told CNBC that the former CEO lobbied aggressively for a partnership with 11-time Grammy Award winner Taylor Swift. Bankman-Fried's commitment to getting the Swift deal done despite the deteriorating business environment fit a pattern of ignoring his lieutenants and going it alone, a half-dozen former company insiders and business partners said. The Financial Times reported earlier that FTX held talks with Swift about a potential sponsorship. Part of the Swift deal would have included the production by the singer of a collection of non-fungible tokens (NFTs), or digital items that can rise and fall in value. Beyond that, there was a lack of clarity over what Swift would be doing for the company, sources said.

☆ FTX's Sam Bankman-Fried is 'one of the greatest fraudsters in history' and a 'master manipulator,' Binance CEO says
▼ + stars: | 2022-12-07 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Binance's CEO says FTX founder Sam Bankman-Fried is "one of the greatest fraudsters in history." "FTX killed themselves (and their users) because they stole billions of dollars of user funds," the CEO said. Bankman-Fried chalks up FTX's collapse to accounting errors and denied allegations of the misuse of customer funds. "SBF is one of the greatest fraudsters in history, he is also a master manipulator when it comes to media and key opinion leaders." Bankman-Fried chalks up FTX's collapse to accounting errors and maintains he never intentionally misused funds or defrauded anyone.

☆ Sam Bankman-Fried Chucks the Crisis Communications Playbook
▼ + stars: | 2022-12-02 | by ( Nat Ives | ) www.wsj.com time to read: +5 min

The interviews could be a case study in what not to do in a crisis, some communications executives said. “He’s basically breaking every rule that somebody in the crisis communications field would advise,” said Andrew Gilman, president and chief executive at CommCore Consulting Group, a public relations and communications firm. Asked at the DealBook conference whether his lawyers thought it was wise for him to be speaking, Mr. Bankman-Fried said no. If Mr. Bankman-Fried is determined to say something now, Mr. Gilman said he would have advised putting a statement online and declining to take questions yet. But Mr. Sitrick said he couldn’t fully gauge the results of the mini-media tour because he didn’t know Mr. Bankman-Fried’s goals.

☆ The US Justice Department wants the fraud allegations against FTX to be investigated
▼ + stars: | 2022-12-02 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

US Justice Department is pushing for an independent examiner to look into allegations of fraud against FTX. Authorities were already investigating FTX, and are now seeking a probe of alleged wrongdoing that led to its crash. But ex-CEO Sam Bankman-Fried has tried to deflect those accusations, stating he "didn't ever try to commit fraud on anyone." The Justice Department and US regulators were already probing Sam Bankman-Fried's crypto empire before FTX filed for bankruptcy November 11. But Bankman-Fried has tried to deflect allegations of fraud, saying he wasn't aware of what was going on at his companies.

☆ FTX customers could get their money back in Japan, where the local unit is working on unfreezing withdrawals
▼ + stars: | 2022-12-02 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

FTX users could get their money back in Japan, where the local unit is working on unfreezing withdrawals. The now-bankrupt crypto exchange faces questions about use of the funds, with $2 billion reportedly missing. FTX Japan said Thursday a plan to restart withdrawals has been approved by its new trading management team, but with added safeguards. "Development work for this plan has already started, and our engineering teams are working to allow FTX Japan users to withdraw their fund," it said in an announcement online. FTX users have been trying to withdraw their funds from the crypto exchange ever since it filed for bankruptcy on November 11.

☆ Sam Bankman-Fried ‘Wasn’t Even Trying’ to Manage Risk at FTX, He Says
▼ + stars: | 2022-12-01 | by ( Richard Vanderford | ) www.wsj.com time to read: +5 min

“I wasn’t even trying, like, I wasn’t spending any time or effort trying to manage risk on FTX,” Mr. Bankman-Fried said in an interview with George Stephanopoulos of ABC News that was broadcast Thursday on “Good Morning America.”“I don’t know what to say,” he said. A lawyer for Mr. Bankman-Fried didn’t respond to a request for comment. Risk issues weren’t seen as a “core business driver” at FTX, Mr. Bankman-Fried said in Thursday’s interview, adding that he did a “pretty incomplete job” at oversight. Mr. Stephanopoulos questioned Mr. Bankman-Fried about speculation that he might ultimately spend time in prison in connection with the problems at FTX and Alameda. Mr. Bankman-Fried said that a lot of things worry him right now, but that he would let regulatory and legal processes play out.

☆ Treasury Secretary Janet Yellen says FTX crash marked the Lehman moment for crypto as substantial harm hit investors
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

Treasury Secretary Janet Yellen likened the collapse of FTX to that of Lehman Brothers in 2008. Substantial harm fell upon investors, especially those who weren't well informed about the risks, she said at the DealBook Summit. Still, Yellen maintained that while FTX's crash has been dramatic, it hasn't spilled over into the traditional banking sector. Two weeks ago, Yellen said that the collapse of FTX strengthened her view that the cryptocurrency market requires "very careful regulation." "I have been skeptical, and I remain quite skeptical," she said Wednesday.

☆ Sam Bankman-Fried didn't mention Alameda ex-CEO Caroline Ellison in his first video interview since FTX collapse
▼ + stars: | 2022-12-01 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Sam Bankman-Fried didn't mention Caroline Ellison by name during an interview with The New York Times. Ellison was formerly CEO of Bankman-Fried's hedge fund, Alameda Research. The former FTX CEO denied allegations that he knowingly committed fraud with Alameda Research. "I didn't knowingly conmingle funds," Bankman-Fried said during the interview. During an interview with New York Magazine, Bankman-Fried said he didn't know what was happening at Alameda over the last year.

☆ Sam Bankman-Fried just explained what happened at FTX: Everything to know
▼ + stars: | 2022-12-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

While the world's most powerful finance official took the lunchtime billing, it was Sam Bankman-Fried who held the primetime slot. Sam Bankman-Fried, FTX CEO, at a digital assets hearing in 2021. Within minutes of starting, Sorkin asked Bankman-Fried directly if there was a commingling of funds between the two now-bankrupt companies he founded, FTX and Alameda Research. When Sorkin asked whether Bankman-Fried feels he has any criminal liability, Bankman-Fried said that's not what he's focused on right now. Earnings on deck: Toronto-Dominion Bank, Bank of Montreal, and Dollar General Corporation, all reporting.

☆ Sam Bankman-Fried says he doesn't know who took $515 million from FTX's accounts after its bankruptcy filing
▼ + stars: | 2022-12-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried says he doesn't know who accessed FTX's systems without permission during its collapse. He admitted there was "unauthorized access," but said he had no idea who was behind it. John J. Ray III, the CEO appointed to oversee the company's bankruptcy, then confirmed that "unauthorized access to certain assets has occurred." But now, two weeks after the "suspicious" transfer of $515 million was first reported, Bankman-Fried says he doesn't know who was behind it. At the DealBook Summit, Bankman-Fried also said he doesn't think he's criminally liable for FTX's implosion, and his lawyers didn't want him to talk publicly.

☆ Sam Bankman-Fried took plenty of blame for FTX's downfall, but denied fraudulent behavior
▼ + stars: | 2022-12-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

And while I've got you here, it's time to start thinking about gifts with the holidays season in full swing. Do you know what's an informative, funny gift that has a long shelf life and, most important of all, is free? FTX Cryptocurrency exchange CEO Sam Bankman-Fried at a hearing on Capitol Hill on May 12, 2022. But the main attraction at The New York Times DealBook Summit on Wednesday was Sam Bankman-Fried. And frankly conflict of interest risk," SBF said.

☆ Sam Bankman-Fried apologized to an FTX customer who said he lost his life savings of $2 million, and accused the former CEO of stealing it
▼ + stars: | 2022-12-01 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

An FTX user wrote to the host interviewing Sam Bankman-Fried at a New York Times summit. He said he lost $2 million and accused SBF of stealing it. Andrew Ross Sorkin – the journalist hosting the summit – shared the email "from a gentleman who said he lost his life savings." It had the subject line: "Sam Bankman-Fried stole $2 million from me." The user wrote: "Andrew, can you please ask SBF why he decided to steal my life savings and the $10 billion more from customers to give to his hedge fund, Alameda?"

☆ Sam Bankman-Fried urges crypto investors to put their money in exchanges that don't do business like FTX
▼ + stars: | 2022-12-01 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried said that crypto investors should look for "all the things I wish FTX had been able to supply" when depositing their funds. He called on exchanges to provide proof of reserves and regulatory reporting of assets and liabilities. Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. "If I were a customer here, which is look for the things that I wish FTX had been able to supply." Read more: Sam Bankman-Fried said he doesn't think he's criminally liable for FTX's implosion, but that his lawyers don't want him speaking publicly

☆ The rise and fall of FTX's Sam Bankman-Fried, who became a crypto billionaire in just 4 years before losing most of his wealth in a day and resigning from his beleaguered company
▼ + stars: | 2022-12-01 | by ( Lakshmi Varanasi | Sarah Jackson | Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried catapulted into a crypto billionaire, but it took just one day for most of his fortune to be wiped out. The co-founder of cryptocurrency exchange FTX and Alameda Research saw his net worth plummet from nearly $16 billion to $1 billion. He had a cryptocurrency exchange called FTX, a trading firm called Alameda Research, and $15.6 billion to his name, according to estimates from Bloomberg. On November 11, FTX announced Bankman-Fried was resigning as CEO and would be replaced by John J. Ray III. In addition, FTX, Alameda Research, and roughly 130 affiliated companies have begun Chapter 11 bankruptcy proceedings.

☆ Former FTX CEO Sam Bankman-Fried says he didn't 'try to commit fraud'
▼ + stars: | 2022-11-30 | by ( Elizabeth Napolitano | ) www.nbcnews.com time to read: +5 min

A growing number of regulators are investigating Bankman-Fried and his former company, and the fallout from the collapse of FTX is only expanding. The broader industry consequences also continue to play out, with the crypto firm BlockFi filing for bankruptcy last week. Days after the CoinDesk report, FTX rival Binance announced it would sell its FTX holdings, setting off a bank-run-style rush of withdrawals. What matters here are the stakeholders in FTX," Bankman-Fried said. Bankman-Fried and his associates greenlighted lavish expenditures, including $300 million for real estate purchases in the Bahamas for FTX and Alameda employees, according to filings from current FTX attorneys.

☆ Yellen says U.S. firms should be mindful of China-Taiwan geopolitical risks
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +3 min

But we are seeing a range of geopolitical risks rise to prominence, and it's appropriate for American businesses to be thinking about what those risks are." U.S. companies are beginning to think about such supply chain risks more seriously, including over Taiwan and Chinese practices that have raised national security concerns, Yellen said. But she said continued strong business ties between the United States and China were important for the global economy. It would not be beneficial "either to the United States or to China or to the global economy to see that erode." Yellen also said China's persistent COVID-19 lockdowns were disrupting production and hampering efforts to end disruptions to global supply chains and rebuild goods inventories.

☆ Yellen says unemployment rate in 4% range is 'healthy'
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

NEW YORK, Nov 30 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday that she was not sure what an acceptable unemployment rate is for the current economic outlook, but said that the Treasury has considered jobless rates in the 4% range as indicative of a healthy labor market. Asked at the New York Times Dealbook summit to describe a politically palatable unemployment rate, Yellen said, "I'm not sure what the right number is, but certainly, historically, we would have considered numbers with unemployment in the force to be a very healthy labor market. The October unemployment rate was 3.7%, close to a 50-year low, and the Labor Department is due to report jobs data for November on Friday. Reporting by David LawderOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Treasury Yellen: Twitter should be held to certain standards for content
▼ + stars: | 2022-11-30 | by ( David Lawder | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 30 (Reuters) - U.S. Treasury Secretary Janet Yellen on Wednesday said social media company Twitter should be held to certain standards for content, arguing that it is "not that different" from radio stations and broadcasters subject to such rules. Musk on Monday accused Apple of threatening to block Twitter from its app store and said Apple was pressuring Twitter over content moderation demands. Yellen said she believed it was appropriate for mobile technology giants Apple (AAPL.O) and Google (GOOGL.O) to demand certain content standards. And Twitter's not really that different than other broadcast stations," Yellen said. Asked if it was good that such platforms were overseeing content, Yellen said.

☆ Amazon CEO explains thinking behind layoffs as unionized warehouse workers protest outside
▼ + stars: | 2022-11-30 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +5 min

Amazon, more than most tech companies, experienced a staggering pandemic boom as more customers shifted their spending online during the health crisis. Despite the landmark union victory in April, Amazon has so far refused to formally recognize the grassroots worker group known as the Amazon Labor Union, or come to the bargaining table. The company has aggressively pushed back against the workers’ victory through the National Labor Relations Board (NLRB). Jassy also emphasized that the last two Amazon union elections held resulted in workers voting not to unionize, and that Amazon prefers to have a direct relationship with fulfillment center workers rather than going through unions. Labor activist Chris Smalls joins members of the Amazon labor union and others for a protest outside of the New York Times DealBook Summit as Amazon's CEO, Andy Jassy, will be appearing on November 30, 2022 in New York City.

☆ My political donations were mostly for pandemic protection, says Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMy political donations were mostly for pandemic protection, says Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried joins The New York Times DealBook Summit to discuss his political contributions and efforts to impact regulation.

☆ I really knew there was a problem on November 6th: Sam Bankman-Fried
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailI really knew there was a problem on November 6th: Sam Bankman-FriedFormer FTX CEO Sam Bankman-Fried tells Andrew Ross Sorkin at The New York Times DealBook Summit when he knew there was a problem with the company.

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