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New York CNN —A federal judge released the names of two people who co-signed Sam Bankman-Fried’s $250 million bond, which allowed him to be released on house arrest while he awaits trial on federal fraud and conspiracy charges. Bankman-Fried’s parents, both Stanford law professors, are also guarantors, and used their Palo Alto, California, home to secure the bond. In a statement to CNN, Kramer described Joe Bankman and Barbara Fried as close friends since the mid-1990s. The release of the guarantors’ names came a day before Bankman-Fried was set to appear in New York federal court for a bond hearing. Bankman-Fried’s lawyers said in a letter to the judge that Bankman-Fried used the VPN to access an football games via an international subscription.

☆ Crypto: Regulators are cracking down as FTX fallout casts a shadow over digital assets
▼ + stars: | 2023-02-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —When FTX collapsed in November, it was a seismic event for the crypto industry. On Monday, New York regulators ordered blockchain firm Paxos to stop issuing BUSD, aka Binance USD, citing “several unresolved issues” related to Paxos’ oversight of its relationship with crypto exchange Binance. Investors typically buy them to store money and facilitate deals within the cryptocurrency infrastructure, making them a bedrock of the crypto ecosystem. “Regulation by enforcement is puzzling for crypto enthusiasts,” said Marcus Sotiriou, market analyst at digital asset broker GlobalBlock, in a note. In January, regulators warned US banks and other market participants about the risks of fraud, volatility, and shoddy risk management in the crypto world.

☆ Vapes on a Plane Aren’t Just Annoying, They’re Unsafe
▼ + stars: | 2023-02-10 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

Passengers and crew members alike are keeping an eye out for vapes while flying. Federal officials have highlighted risks about fires caused by lithium-ion batteries in cellphones, laptops and e-cigarettes in recent years. These incidents are rare for airlines. But the number of lithium-battery air incidents that involve smoke, fire and extreme heat because of vapes or e-cigarettes has tripled since 2019, according to a Federal Aviation Administration database.

☆ More Vape Incidents on Planes Add Risk to Annoyance
▼ + stars: | 2023-02-10 | by ( Allison Pohle | ) www.wsj.com time to read: 1 min

☆ Olaplex customers just filed a lawsuit alleging hair loss. See how other consumer suits have played out.
▼ + stars: | 2023-02-10 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +8 min

Olaplex has been sued by customers who alleged its products damaged their hair and scalp. Companies like Thinx, P&G, and Unilever have set aside millions of dollars to settle consumer suits. The suit's allegations follow a pattern familiar in other consumer lawsuits, which have also targeted companies' advertising and the ingredients in their products. In that case, customers said Devacurl's curly hair products contained ingredients that released formaldehyde and caused skin irritation, and said the company had quietly changed ingredients and formed a committee to handle negative publicity. Devacurl has said on its settlement website that it "vigorously denies" claims of health problems like hair loss and scalp problems.

The Wall Street Journal identified major collapses (tagged in yellow). The photo was taken on Monday, Feb. 6, just hours after the earthquake. Maxar Technologies/WSJ

☆ Sam Bankman-Fried is back in court after prosecutors raise witness-tampering questions
▼ + stars: | 2023-02-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Sam Bankman-Fried appeared in a New York federal court on Thursday, just over a week after the judge in the FTX founder’s fraud case tightened the bail conditions in response to allegations of witness tampering. Prosecutors said the former executive, identified as “Witness-1,” could be called to testify against Bankman-Fried in a trial. In the message, Bankman-Fried wrote: “I know it’s been a while since we’ve talked. FTX, the cryptocurrency exchange co-founded by Bankman-Fried in 2019, collapsed into bankruptcy in November amid a liquidity crisis fueled by allegations about improper financial ties with Alameda, Bankman-Fried’s ostensibly separate hedge fund. Federal prosecutors now allege that the firm, under the direction of Bankman-Fried, stole customer deposits to fund unrelated activities, such as political donations, luxury real estate purchases and covering losses at Alameda, Bankman-Fried’s hedge fund.

☆ Trudeau joins vigil for Montreal daycare crash victims
▼ + stars: | 2023-02-09 | by ( Nelson Wyatt | ) www.reuters.com time to read: +3 min

[1/5] A Laval city bus is towed away after being pulled out of the daycare it crashed into, in Laval, Quebec, Canada February 8, 2023. Authorities have not yet given any indication of a motive behind the incident in Laval, Quebec, as they wait for a psychological evaluation of the suspect. "This is a moment to reflect on the incredible loss that families are feeling right now," CTV News quoted Trudeau as saying. He stopped to talk with parents who had dropped off their 2-1/2-year old daughter 10 minutes before the crash. Authorities said St-Amand has worked for the Laval municipality's public transit system for 10 years and does not have a criminal record.

☆ What Biden’s Crackdown on ‘Junk Fees’ Could Mean for Travelers, Concertgoers and Credit Cards
▼ + stars: | 2023-02-08 | by ( Allison Pohle | Joe Pinsker | ) www.wsj.com time to read: 1 min

President Biden said his administration is expanding its crackdown on what he calls “junk fees,” the ambiguous surcharges tacked onto concert tickets, cable bills, banking services, hotel bookings and other purchases. “We’re going to ban surprise resort fees that hotels charge on your bill,” Mr. Biden said in his State of the Union address on Tuesday. “Those fees can cost you up to $90 a night at hotels that aren’t even resorts.”

☆ Resistance is futile. Welcome to the "generative AI" era
▼ + stars: | 2023-02-08 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

This is going to be the year of “generative AI” the way 2012 was the year of Instagram. (Yes, Bing still exists and Microsoft hopes AI can make it relevant again for the first time ever.) Generative AI is the technology that underpins ChatGPT, the chatbot that’s gotten everyone in the content-generation biz (hello!) But Google, Microsoft and their rivals are still bullish. “We have even more exciting, AI-enabled innovations in the works that will change the way people search, work and play.”

☆ Big Oil made $200 billion in profit last year. Shareholders won big, clean energy missed out
▼ + stars: | 2023-02-08 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

But the flood of cash has not delivered a commensurate boom in renewable energy investments, despite clear evidence that the world needs to move much faster with efforts to address the climate crisis. The record-setting results mark a dramatic turnaround for a sector that suffered brutal losses and slashed shareholder payouts in 2020, when pandemic lockdowns sharply reduced demand for energy and oil prices collapsed. An aerial view of the BP oil refinery in Whiting, Indiana on August 29, 2019. Tannen Maury/EPA-EFE/ShutterstockJust three years ago, BP unveiled a plan to slash oil and gas production by 40% from 2019 levels by 2030. It is also now aiming to cut carbon emissions from its oil and gas production by 20%-30% by 2030, down from the previous goal of 35%-40%.

[1/4] A Laval city bus is seen crashed into a daycare in Laval, Quebec, Canada February 8, 2023. The bus driver, a 51-year-old employee of the Laval municipality's public transit system, was arrested for homicide and reckless driving, a police spokesperson said. Police declined to provide more details while they investigate and question the driver, who they said has worked for the transit system for 10 years and does not have a criminal record. The incident happened at about 8:30 a.m. (1330 GMT), when kids are usually dropped off by their parents at daycare centers. "No words can take away the pain and fear that parents, children, and workers are feeling – but we are here for you," Trudeau said.

☆ Exclusive: The FBI's McGonigal labyrinth
▼ + stars: | 2023-02-08 | by ( Mattathias Schwartz | ) www.businessinsider.com time to read: +28 min

She never saw McGonigal pay. "The notion that Mr. Deripaska is some proxy for the Russian state is a blatant lie," Ruben Bunyatyan, a spokesperson for Deripaska, told Insider by email. McGonigal was not charged with espionage, and although there is currently no evidence that McGonigal committed espionage, an FBI source told Insider that the investigation is ongoing. At the FBI, McGonigal racked up a string of big cases and promotions. "He said he needed to make more money," Guerriero told Insider.

However, Boiardi said an earlier proposal from the industry for totally single-pilot flying by 2030 was "absolutely not realistic", because automation had not advanced far enough and solo flying required a level of safety equivalent to existing operations. Solo flying, even in cruise, needs approval from the United Nations' International Civil Aviation Organization, individual airlines and their pilot unions. Even limited solo flying, however, is dividing airlines and raising public fears, while sparking a growing backlash among pilot groups like the European Cockpit Association. Airbus said in a statement it was studying the concept of a single pilot in the cruise phase but not wholly single-pilot flights. Consumer resistance, however, could result in single-pilot flying starting with cargo flights, industry officials said.

☆ It's time to chill with al the recession talk
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

New York CNN —In 2021, a bunch of economists and policy makers underestimated the inflation that was taking root around the world. In 2022, as inflation hit 40-year-highs and the Fed ramped up interest rates, many of those commentators went full-on gloomy — predicting a recession was all but inevitable. And that makes it hard, if not impossible, to imagine a recession anytime soon. “Any concern the economy is in recession or close to a recession should be completely dashed by these numbers,” Moody’s Analytics chief economist Mark Zandi told CNN on Friday. “The economy is further away from recession than ever,” wrote Christopher Rupkey, chief economist at Fwdbonds.

☆ Binance briefly halts US dollar withdrawals
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

CNN —Binance, the world’s largest crypto exchange, said it would temporarily halt transfers of US dollars starting Wednesday. The suspension comes at an awkward time for crypto companies, and especially for centralized exchanges like Binance, which in November briefly considered a bailout of its rival FTX. That platform, which was in the midst of a liquitdity crisis, ultimately filed for bankruptcy and is now at the center of a massive federal fraud investigation. FTX’s collapse ricocheted across the ecosystem for digital assets, sparking panic among investors and forcing other firms into liquidity crises of their own. Several, including Genesis, have since filed for bankruptcy.

☆ FTX seeks to claw back money donated to politicians
▼ + stars: | 2023-02-06 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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[1/4] Spectators watch after a suspected Chinese spy balloon was shot down off the coast in Holden Beach, North Carolina, U.S. February 4, 2023. Regional analysts and diplomats are closely watching China's response after a U.S. fighter jet shot down the balloon - which Beijing says was an errant weather-monitoring craft - in the Atlantic off South Carolina on Saturday. China on Sunday condemned the attack as an "over-reaction", saying it reserved the right to use the necessary means to deal with "similar situations", without elaborating. But while bilateral tension has risen in the past few days over the balloon incident, Beijing and Washington have been seeking to improve ties. Naval Postgraduate School in California, said any Chinese response would be limited.

☆ Why the ‘Crypto Bowl’ won’t be back this year
▼ + stars: | 2023-02-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Super Bowl LVI was the crypto world’s coming out party. You can expect a lot less noise from Team Crypto during Super Bowl LVII next Sunday. Of the four crypto or crypto-affiliated companies that advertised in the Super Bowl last year, one (FTX) has collapsed completely. “Crypto firms are focusing less on crypto advertising and more on investing in better user experiences, products, and customer service,” Lacayo added. Its Super Bowl ads featured Tom Brady and Gisele Bundchen.

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ 3 key takeaways from the jaw-dropping January jobs report
▼ + stars: | 2023-02-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Earlier this week, the consensus estimate among economists was that the US economy likely added about 185,000 jobs in January. But the economy had other ideas, adding more than half a million jobs in January. Here are three key things to take away from Friday’s jobs report. The report shocked Wall Street economistsThe headlines that came at 8:30 am ET Friday left economists stunned: America added 517,000 jobs last month. Much of that speculation centered on the Federal Reserve’s monetary tightening, which aimed to wring inflation from the economy.

☆ As some retirees worry about surprises this tax season, these resources may help
▼ + stars: | 2023-02-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Seniors may also seek help from other tax professionals this year to meet the April 18 deadline to file their federal returns. Where to find free tax helpAARP's Tax-Aide program is the largest volunteer-based tax assistance program in the country, according to Lee-Villanueva. The program works in collaboration with the IRS Volunteer Income Tax Assistance, or VITA, and Tax Counseling for the Elderly, or TCE, programs, which provide free basic tax return preparations to individuals who qualify. The government temporarily made the child tax and earned income tax credits more generous during the Covid pandemic. Tom O'Saben director of tax content and government relations at the National Association of Tax Professionals

☆ Why a tiny American firm is taking aim at an Indian conglomerate
▼ + stars: | 2023-01-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —Asia’s richest man is in the crosshairs of a research firm whose very name evokes panic. Gautam Adani is a 60-year-old tycoon who founded the Adani Group over 30 years ago, building it into India’s largest port operator, with businesses spanning infrastructure and energy production. Hindenburg said Adani Group shares are massively overvalued, and it has taken a short position (more on that in a minute) on them, meaning Hindenburg wins when Adani shares fall. What is Hindenburg Research? Hindenburg is a short-seller that specializes in forensic financial research, founded in 2017 by Nathan Anderson.

☆ U.S. court rejects J&J bankruptcy strategy for tens of thousands of talc lawsuits
▼ + stars: | 2023-01-30 | by ( ) www.cnbc.com time to read: +3 min

J&J said it will challenge the Third Circuit's ruling and continue to seek a resolution of the lawsuits in bankruptcy court. The appeals court was urged to dismiss the bankruptcy petition by plaintiffs suing over the talc products. The cancer victims asked the appeals court to overrule a New Jersey bankruptcy judge who had allowed LTL's bankruptcy to continue. LTL's bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL's bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

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☆ US court rejects J&J bankruptcy strategy for tens of thousands of talc lawsuits
▼ + stars: | 2023-01-30 | by ( ) edition.cnn.com time to read: +3 min

J&J said it will challenge the Third Circuit’s ruling and continue to seek a resolution of the lawsuits in bankruptcy court. The appeals court was urged to dismiss the bankruptcy petition by plaintiffs suing over the talc products. The cancer victims asked the appeals court to overrule a New Jersey bankruptcy judge who had allowed LTL’s bankruptcy to continue. LTL’s bankruptcy filing automatically stopped lawsuits from proceeding against it, and U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey ruled in February that LTL’s bankruptcy should also stop talc lawsuits from proceeding against parent company J&J. Kaplan said the bankruptcy court is better equipped to handle mass tort litigation than other courts.

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