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☆ Columbia’s administrators failed crisis management 101
▼ + stars: | 2024-05-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

There’s the day to day admin, the glad-handing of donors, and, crucially, keeping internal fires from becoming public, violent conflagrations. That last one is a public relations lesson, one on which Columbia’s president might need a refresher. In doing so, Columbia’s leadership threw out the playbook for managing protests that universities have honed for decades to keep students safe. To be sure, Columbia’s president, Minouche Shafik, knows her job could be on the line. Meanwhile, thousands of students, parents and alumni are about to descend on Columbia’s campus for commencement, adding more pressure to remove protesters.

Persons: CNN Business ’, ” Sarah J, Jackson, “, ” Jackson, they’re, it’s, Nadia Abu, ” Abu, Haj, Minouche Shafik, UPenn Organizations: CNN Business, New York CNN — University, Columbia University, NYPD, University of Pennsylvania, ”, Trustees, comms, Haj, Columbia, New York, Harvard, Brown University, Wesleyan, University of Chicago Locations: New York, Columbia, Nadia Abu El, ” Abu El

☆ The Fed could make a big change today. We’re not talking about interest rates
▼ + stars: | 2024-05-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Wednesday’s Federal Reserve policy decision will likely be pretty boring for investors — officials are widely expected to keep interest rates the same, just as they have since July 2023. They think that the Fed may curtail its quantitative tightening (QT) program — that’s the selling off of its assets to decrease money supply and increase interest rates — by as much as half. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales. That led to a “repo crisis”, where the interest rates for overnight loans between banks spiked unusually high. That’s because a taper should send bond prices higher, and interest rates lower.

Persons: there’s, Jamie Dimon, Jerome Powell doesn’t, Krishna Guha, Marco Casiraghi, ”, Bill Adams, Biden, reclassify, General Merrick Garland, Xochitl Hinojosa, “, Nancy Mace, Earl Blumenauer, ” Read, Zhao, Allison Morrow, ” Binance Organizations: CNN Business, Bell, New York CNN, Fed, JPMorgan Chase, Comerica Bank, Bank of America, CNN, US Department of Justice, Federal Register, Congress, Associated Press, Republican, CZ, Binance, Bloomberg Locations: New York, South Carolina, Oregon, Seattle

☆ Binance founder is sentenced to 4 months in prison on money-laundering charges
▼ + stars: | 2024-04-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Changpeng Zhao, the founder of the world’s leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty to money-laundering charges last year. The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for. Prior to the sentencing hearing Tuesday, Zhao, who goes by CZ, apologized for mistakes he made as CEO of Binance, the crypto exchange he founded in 2017. “Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. Zhao, who is 47 and has a personal fortune of nearly $40 billion, according to Bloomberg, agreed to step down as CEO and pay $200 million in fines.

Persons: Changpeng Zhao, Zhao, ”, “, ” Binance Organizations: New, New York CNN, CZ, Binance, Bloomberg Locations: New York, Seattle

☆ Bitcoin halving: Crypto traders await quadrennial event
▼ + stars: | 2024-04-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Put simply, the halving is an automatic 50% reduction in the number of bitcoin entering circulation. “Guessing the endgame for Bitcoin after each halving is the ultimate sport,” said Antoni Trenchev, co-founder of crypto lender Nexo, in a statement. Miners are essentially auditors on the bitcoin blockchain, using powerful supercomputers to validate transactions and getting paid for their work in bitcoin. While long-term sentiments on bitcoin are bullish among the crypto faithful, the psychology around an event like the halving is hard to predict and can create volatility that’s extreme even by crypto standards. “It wouldn’t be surprising to see the price of bitcoin increase significantly over the next two years.”

Persons: CNN Business ’, it’s, ”, Antoni Trenchev, Gareth Rhodes, Molly White, John Sedunov, Jamie Dimon, JPMorgan Chase, Greg Beard, there’s, ” Beard Organizations: CNN Business, New York CNN, United, Miners, Villanova University, JPMorgan, Mining Locations: New York, United States, Asia, bitcoin

☆ Student debt is haunting Americans from graduation to retirement
▼ + stars: | 2024-04-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

“I’ve had to just put all of my dreams aside and focus on surviving day to day,” Jes Evans, 35, told CNN. Many who responded said they were nearing retirement age but couldn’t imagine being able to stop working, saying they would take their debt to their grave. The White House has forgiven a staggering $153 billion in federal student loan debt, giving a financial lifeline to millions of borrowers. Davis graduated from chiropractic college in 1986, with about $30,000 in debt from federal student loans. He isn’t bitter about it, and he’s not counting on a magic wand to come and zap his debt away.

Persons: —, “ I’ve, ” Jes Evans, Evans, ” Evans, ”, Courtney Brown, they’re, ” Brown, Brown, “, Gallup, Josh, He’d, ” Josh, he’s, Amy Coody, she’s, that’s, I’m, Ralph Davis, Davis, ’, ” Davis Organizations: New, New York CNN, Gallup Lumina, CNN, United States, Lumina Foundation, Biden, Department of Education, Public Locations: New York, Pittsburgh, United, Oregon, Wetumpka , Alabama, Savannah , Georgia

☆ Why Corporate America is keeping quiet on abortion
▼ + stars: | 2024-04-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

New York CNN —Eight years ago, when North Carolina tried regulate how transgender people use public bathrooms, Corporate America revolted. Nearly two dozen states have either banned or severely curtailed abortion rights since Roe v. Wade was overturned two years ago. Lamberton: What we’ve seen is the natural life cycle of an idea. But in the last few years, we’ve seen that position softening. Economically, we’ve seen a great deal of volatility just in the last half decade.

Persons: CNN Business ’, Roe, Wade, we’ve, Bud, Cait Lamberton, ” Lamberton, ”, Lamberton, We’ve, Bud Light, Busch, isn’t, it’s, they’re, John Wanamaker Organizations: CNN Business, New York CNN —, America, PayPal, Associated Press, —, American Civil Liberties Union, University of Pennsylvania’s Wharton School of Business, Consumers, Anheuser, Bud, Brands, Coca Cola, Companies, Technology Locations: New York, North Carolina, Ukraine, Georgia, Philadelphia

☆ Is student debt derailing your life plans? Share your story
▼ + stars: | 2024-04-13 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ Boeing CEO’s penchant for cost-cutting doesn’t apply to his trips on the company jet
▼ + stars: | 2024-04-12 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —When it comes to building planes, Boeing CEO Dave Calhoun is all about streamlining costs. That oopsie was discovered in an internal review, which was prompted by a Wall Street Journal investigation last year into Boeing executives’ private jet travel, the paper reported Thursday. To be clear: Boeing requires Calhoun, who is stepping down later this year, to use its private jets for business and personal travel for security reasons. But when a CEO uses the company jet for a family vacation, that usually counts as taxable income. Over the last three years, Calhoun racked up $979,000 in personal air travel, according to the company.

Persons: CNN Business ’, Dave Calhoun, Calhoun, thriftiness, Chris Isidore, oopsie, that’s, we’ve, It’s, lavishing Calhoun, teeing, Jon Holden Organizations: CNN Business, New York CNN, Boeing, Wall Street, IRS Locations: New York, Arlington , Virginia, Seattle, America

☆ Gen Z is full of financial angst despite inheriting a golden labor market
▼ + stars: | 2024-04-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Compared with Millennials, especially, who entered the workforce in the Dark Ages known as the Great Recession, the Gen Z experience is a dream. But Gen Z isn’t having an easy go of it either. Gen Z hasn’t had a chance to get a foot in the door. “Many Gen Zers also indicated their first step in managing behavioral-health challenges was going to TikTok or Reddit for advice,” the report said. It’s hard to blame them: Many in Gen Z had their formative school years blown up by a global pandemic.

Persons: CNN Business ’, Z, Zers —, ” Brendan Duke, they’re, haven’t, ” Duke, “, Z hasn’t, Duke, ‘, ”, Gen Zers, Zers, Gen Z, that’s, that’ll, We’re, X, Charles Schwab Organizations: CNN Business, New York CNN, Boomers, Center for American, Federal Reserve, McKinsey, Bloomberg Locations: New York

☆ Big Tech’s grip on social media is a growing problem
▼ + stars: | 2024-04-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

That concentration of digital ownership can create real-world harm, as a recent censorship dispute with Meta lays bare. We don’t know,” Kabas wrote in her recounting of the situation. Meta controls a whole bunch of the social media ecosystem, and that means there aren’t a lot of competitors to keep it honest. Meanwhile, all of media relies on it because content creators have to get in front of readers if they want to survive. We don’t know what happened within Meta to trigger an erroneous block of legitimate news sources last week.

Persons: CNN Business ’, Meta, Marisa Kabas, Kabas, Sherman Smith, Andy Stone, ” Kabas, “, ”, Clay Wirestone Organizations: CNN Business, New York CNN, Facebook, Meta, CNN, Twitter, Free Speech Police Locations: New York, Kansas, Brooklyn, Meta

☆ Why you can, and should, ignore that 9pm email from your boss
▼ + stars: | 2024-04-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

Work is part of our identity here in a way that people from other countries find at turns fascinating and pathological. The bill would aim to ensure that people aren’t pinged with work emails, texts or calls outside their established work hours, with notable exceptions for emergencies or scheduling issues. If the boss intrudes on your non-work window three times, you can report them and the state could impose fines starting at $100. No one likes pausing Succession to respond to a 9pm request, but the guilt of ignoring it and wondering whether your boss will be mad at you is also, like, not fun. A historically tight labor market has given workers more leverage to negotiate their pay, hours and working conditions.

Persons: CNN Business ’, they’re, ”, Matt Haney, “ Workers shouldn’t, intrudes, Mike Solana, Ashley Herd, Herd, Haney, FDR, “, there’s, she’s, ” Herd, —, Jeanne Sahadi Organizations: CNN Business, New York CNN, Lawmakers, State Assembly, “ Workers, Nanny, Fund, Pew, Fair Labor, Act Locations: New York, France, California, Australia, Italy, Portugal, Belgium, “ california

☆ Meta is accused of censoring a non-profit newspaper and an independent journalist who criticized the company
▼ + stars: | 2024-04-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

The controversy began Thursday morning when users noticed that all links to the non-profit newspaper the Kansas Reflector had been flagged as a cybersecurity threat and their posts were removed. About seven hours later, the paper said, most of its links had been restored, save for one — a column that had criticized Facebook and accused it of suppressing posts related to climate change. That seemed suspicious to Marisa Kabas, an independent journalist in New York, who asked the Reflector for permission to publish the text of the column on her own website, the Handbasket. And for about two hours, she said, all of the links to her site were blocked. In a Threads post on Friday, Stone said the blocked links were “due to a security error” that also mistakenly blocked links to The Handbasket and the nonprofit news aggregator site News From The States.

Persons: Meta, Andy Stone, Marisa Kabas, “, ” Kabas, ”, Stone, Stone didn’t, Sherman Smith Organizations: New, New York CNN, Meta, Facebook, Kansas, CNN, The Locations: New York, The States, Kansas

☆ Disney trounces activist shareholders in a major win for Bob Iger
▼ + stars: | 2024-04-03 | by ( Allison Morrow | Hadas Gold | ) edition.cnn.com time to read: +5 min

New York CNN —Disney won a hard-fought proxy battle against a group of activist investors who sought to secure seats on the company’s board of directors. Disney’s board triumphed by what the company called “a substantial margin” over the nominees put forward by Trian Fund Management and Blackwells Capital at its annual shareholder meeting. Iger didn’t just beat Trian’s Nelson Peltz, but trounced him, according to a person familiar with the vote count. Jay Rasulo, the former Disney finance chief who joined Peltz’s attempt, also lost by a wide margin, the person said. Retail shareholders, which hold roughly 35% of Disney stock, also voted overwhelmingly – 75% – for Disney’s candidates.

Persons: New York CNN — Disney, Bob Iger, Disney’s, —, Trian, didn’t, Trian’s Nelson Peltz, Jay Rasulo, Peltz’s, Peltz, ”, ” Iger, ” Peltz, Iger, CNN’s Oliver Darcy, Samantha Delouya, Oliver Darcy Organizations: New, New York CNN, Trian Fund Management, Blackwells, Disney, Retail, Financial Times, Republicans, Marvel, CNBC, Trian Partners Locations: New York, refocusing, Trian

☆ Why ‘dynamic’ pricing feels like such a scam
▼ + stars: | 2024-04-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

These are surge pricing tactics so ingrained in our consumer experience, we hardly notice or care. Wendy’s last month ended up walking back comments about its dynamic pricing plans after consumers were outraged at the notion of a dinner rush making your burger more expensive. So why does surge pricing feel like such a scam? Bertini, who advises companies on dynamic pricing models, says the problem is how badly some businesses bungle the rollout. You have to explain to customers that dynamic pricing means that, over the long run, they’re getting something out of it, too.

Persons: CNN Business ’, It’s, that’s, Wendy’s, Jordan Valinsky, Marco Bertini, ” Bertini, we’ve, it’s, Bertini, ”, you’re, “ Organizations: CNN Business, New York CNN, JetBlue, Amazon Locations: New York, Wendy’s, Barcelona

☆ How Trump managed to lose $1 billion in net worth in a single day
▼ + stars: | 2024-04-02 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

That’s kinda what happened for investors in Trump Media & Technology Group, the troubled owner of Truth Social, on Monday. Even with Monday’s stumble, the stock is still up about 200% over the past six months, giving it a $6.6 billion valuation that defies logic. Trump Media, aka TMTG, generated just $4.1 million in revenue last year. But if history repeats, or even echoes, with Trump Media, investors may want to buckle up. Bottom line: Monday’s slump is hardly game over for Trump and his social media company.

Persons: CNN Business ’, Wile, Coyote, Monday’s, Matt Egan, It’s, ” Axios, Dan Primack, “, Donald Trump, David, dusts Organizations: CNN Business, New York CNN, Trump Media & Technology Group, Truth, Trump Media, GameStop, Trump Locations: New York, selloff

☆ Trump Media is a risky bet, whether you love it or hate it
▼ + stars: | 2024-03-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Those who have already swallowed the high borrowing costs to short Trump Media are getting hosed. But if the stock price keeps going up, there’s no limit to the amount you’d have to pay to replace the borrowed shares. “But…long shareholders have a much different and much more positive view” on Trump Media. Bottom line: Trump Media, trading under the ticker DJT, is a classic meme stock (if “classic” can apply to a three-year-old concept). Whether you’re going short or long, “think of that as you’re making a political statement,” said Laurence White, an economics professor at New York University’s Stern School of Business.

Persons: CNN Business ’, New York CNN —, Donald Trump’s, it’s, ”, Ihor Dusaniwsky, Trump, you’re, Laurence White, University’s Organizations: CNN Business, New York CNN, New York CNN — Trump, Trump Media, S3 Partners, GameStop, AMC, University’s Stern School of Business Locations: New York, New

☆ 4 takeaways from Sam Bankman-Fried’s sentencing
▼ + stars: | 2024-03-28 | by ( Allison Morrow | Lauren Del Valle | ) edition.cnn.com time to read: +3 min

25 years … with caveatsBankman-Fried’s 25-year sentence is about half of the 40 to 50 years prosecutors had sought. Judge Kaplan said he weighed a number of factors, including the brazenness of the crimes and Bankman-Fried’s potential to commit crimes in the future. “It haunts me every day.”Judge Kaplan appeared unmoved by parts of Bankman-Fried’s apology about customers being hurt. FTX victims are waitingJudge Kaplan roundly rejected Bankman-Fried’s argument that there was no loss to former customers of FTX because the bankruptcy estate indicated those victims are poised to recoup most of their funds. To say that FTX customers and creditors will be paid in full “is misleading, it is logically flawed, it is speculative,” Kaplan said.

Persons: Sam Bankman, Fried, Judge Lewis Kaplan, Judge Kaplan, ” Kaplan, ” Mitchell Epner, Gary Wang, Caroline Ellison, ”, ” Judge Kaplan, Kaplan, “, ” Epner, FTX, John J, Ray III, Ray Organizations: New, New York CNN, Prisons, CNN, Enron Locations: New York, San Francisco, Bankman, ”

☆ Sam Bankman-Fried sentenced to 25 years in federal prison
▼ + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.

Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco

☆ Sam Bankman-Fried faces sentencing this week. Here’s what to expect
▼ + stars: | 2024-03-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Sentencing is a much more fluid process, with both sides allowed to make sweeping arguments to try to make their case to the judge. But instead, his life in recent years has been one of unmatched greed and hubris; of ambition and rationalization; and courting risk and gambling repeatedly with other people’s money,” prosecutors wrote in a memo. In a letter to the court, Marc Mukasey, the lawyer Bankman-Fried retained for sentencing, called the government’s memo “disturbing” and accused the government of trying to “break” Bankman-Fried. His behavior may come back to haunt Bankman-Fried in sentencing, Fischer said. But legal experts say that even if 100% of FTX customers get their money back, it’s not necessarily going to sway the judge to go easy on Bankman-Fried.

Persons: Sam Bankman, Judge Lewis Kaplan, ”, Kaplan, Howard Fischer, Moses Singer, Prosecutors, Fried, Marc Mukasey, Bankman, ” Mukasey, “, Sam, ’, Caroline Ellison, Fischer, ” Ellison, Bernie Madoff, it’s, ’ ”, John Ray, ” Ray Organizations: New, New York CNN, Southern, of, Prosecutors, Bankman, MIT, Detention, ” Prosecutors, Alameda Research Locations: New York, Manhattan, of New York, Palo Alto , California, Brooklyn, Bankman, FTX, Alameda

☆ Some New England universities and colleges break $90,000 barrier for total cost in upcoming school year
▼ + stars: | 2024-03-27 | by ( Zenebou Sylla | ) edition.cnn.com time to read: +5 min

CNN —Several New England universities and colleges have reached a pinnacle of at least $90,000 for undergraduate tuition and costs starting this fall. The nearly six-figure sums reflect the rising cost of higher education, far outstripping the average inflation for other goods and services. Schmeidel said very few Wellesley students pay the total fee, adding nearly 60% of its students receive financial aid and the average financial aid award is $67,469. Riley added 56% of domestic students received some form of aid for this academic year, with the average financial aid package being $67,000, for an average cost of attendance of $16,000. “Because this is an average, some of the students with greatest demonstrated financial need paid $0, and others paid more,” Riley said.

Persons: trumping Wellesley, “, Stacey Schmeidel, Schmeidel, ” Schmeidel, Colin Riley, Riley, ” Riley, Jeremiah Quinlan, ”, Quinlan, Patrick Collins, Collins, ” Collins, CNN’s Allison Morrow Organizations: CNN, Yale University, Tufts University, Boston University, BU, Wellesley College, Tufts, Wellesley, College, Colleges, of Education, Labor, Yale Locations: New England, Boston

☆ Boeing’s embattled CEO is poised to walk away with millions
▼ + stars: | 2024-03-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

Exactly how much Calhoun will receive isn’t clear yet, as it depends on how Boeing’s stock performs. According to Boeing’s most recent proxy statement, Calhoun is set to walk away with about $15 million worth of stock, cash and options in retirement. One estimate, according to Fortune, suggests Calhoun could walk away with $24 million, with the potential to collect $45.5 million more if Boeing’s stock goes up 37%. And while Muilenburg was denied severance pay, he still walked away with $80 million worth of stock and other assets. Even as the board heaped praise on Calhoun, Boeing’s own customers started sounding off about their frustrations with the leadership.

Persons: CNN Business ’, Dave Calhoun, he’ll, There’s, Calhoun, Dennis Muilenburg, Muilenburg, “, CNN’s Chris Isidore Organizations: CNN Business, New York CNN, Boeing, Ryanair, Avalon Locations: New York, America, Calhoun, Washington, South Carolina, Seattle

☆ The last time Trump took a ‘DJT’ business public, it ended up in bankruptcy
▼ + stars: | 2024-03-25 | by ( Allison Morrow | David Goldman | ) edition.cnn.com time to read: +4 min

New York CNN —Starting Tuesday, there’s a new company on the Nasdaq: Trump Media & Technology Group, which will trade under the stock ticker DJT. The social media app was never a blockbuster, though, and it’s unclear how the company will ever make money. While Trump Media may be new, its stock ticker is a throwback to Trump’s only other publicly traded company. Trump bestowed the same initials on his Atlantic City casino business, Trump Hotels and Casino Resorts, back when that company went public in 1995. Trump Media generated just $3.4 million of revenue through the first nine months of last year, according to SEC filings.

Persons: there’s, Donald John Trump, we’ve, Trump, “, ” Trump, ”, Jonathan Macey, Matt Egan, he’s, CNN’s Matt Egan Organizations: New, New York CNN, Nasdaq, Trump Media & Technology Group, Republican, Capitol, Trump Media, Atlantic City, Trump Hotels, Casino Resorts, Mahal, New York Times, Trump Entertainment Resorts, SEC, Twitter, Trump Locations: New York, ” Yale

☆ A market mystery: Why do capers come in such tiny jars?
▼ + stars: | 2024-03-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +8 min

This is a story about one of modern life’s least consequential but most acutely annoying experiences: getting a sufficient number of capers out of those dollhouse-size jars they’re sold in. Capers are expensive, so producers sell them in smaller jars to make each unit more affordable. Why such narrow jars? Skinny jars just look nicer, Mezzetta says. As one Redditor said: “I’ve never been in a situation where I don’t decide to just use the entire tiny jar for what I’m making.”

Persons: they’re, God, capers, It’s, purveyors, Goya, Russell Zwanka, ” Zwanka, “, Rebecca Wright, Jeff Mezzetta, they’re tippy, ”, Mezzetta, Zwanka, chef’s, ” Duane Stanford, Bull, Brian Noone, Redditor, “ I’ve Organizations: New, New York CNN, Western Michigan University, CNN, Beverage, Redditors Locations: New York, New York City, California, Labrador, Morocco, Tunisia, Greece, Turkey, Adelaide, South Australia, Malta

☆ Trump’s New York properties may be on the chopping block soon
▼ + stars: | 2024-03-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

New York CNN —Former President Donald Trump doesn’t have the cash he needs to stop the state of New York from potentially seizing his assets. In a court filing Monday, Trump’s lawyers laid out the stark economic reality facing the leading Republican candidate for president. Trump’s lawyers, for their part, say the ruling is unprecedented and underwriters don’t write checks that big — even to billionaires. What could happen to Trump’s properties? James has made it clear she won’t hesitate to go after Trump’s properties if he doesn’t come up with the cash.

Persons: CNN Business ’, Donald Trump doesn’t, Arthur Engoron, Trump, Letitia James, underwriters don’t, James, “, ”, Temidayo Aganga, Williams, Selendy Gay, Judge Engoron, Jean Carroll, Banks, ” Aganga, they’re, who’d, Mitchell Epner, Rottenberg Lipman Rich, underwriters Trump, Engoron, ” Epner, Tish James Organizations: CNN Business, New York CNN, Republican, Trump, New York, underwriters, ABC, ABC News, Financial, Trump Organization, “, Forbes Locations: New York, York

☆ Prosecutors want Sam Bankman-Fried to serve 40 to 50 years in prison for FTX fraud
▼ + stars: | 2024-03-15 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN —Federal prosecutors are calling for onetime crypto billionaire Sam Bankman-Fried to be sentenced to 40-50 years in prison for stealing billions of dollars from customers and defrauding investors in his now-bankrupt crypto exchange, FTX. Bankman-Fried, who turned 32 this month, was convicted in November of stealing more than $8 billion and engaging his employees in a yearslong coverup, in what prosecutors have called one of the largest financial frauds in history. “The enormous scale of the fraud at FTX is measured not just by the amount of money that was stolen,” prosecutors said in a filing in Manhattan federal court on Friday. Under federal sentencing guidelines, Bankman-Fried could face a maximum sentence of 110 years. Bankman-Fried’s lawyer, Marc Mukasey, told CNN on Friday the defense would have a response “early next week.”

Persons: Sam Bankman, “, Fried, Lewis Kaplan, Prosecutors, ”, Marc Mukasey Organizations: New, New York CNN, Federal, ”, Bankman, CNN Locations: New York, Manhattan, Brooklyn

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