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☆ Why Biden’s strong economy feels so bad to most Americans
▼ + stars: | 2023-09-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

By almost any objective measure, Americans are doing much better economically than they were nearly three years ago, when President Joe Biden took office. Inflation hangoverSharply higher prices in 2021 and 2022 marked a painful economic moment for households around the world. The partisan gapCNN’s latest poll shows that Republicans and Democrats are both souring on President Biden’s handling of the economy. “People are no longer telling us how they feel about the economy — really, they’re telling us how they feel about the president,” Wolfers said. Either way, that poses a political problem for President Biden, whose re-election campaign has sought to highlight the economy’s strengths.

Persons: New York CNN —, Joe Biden, SSRS, “, There’s, ”, Justin Wolfers, Wolfers, That’s, ” Wolfers, you’d, ” Morgan Stanley, Jamie Kelter Davis, Carola Binder, —, Biden, It’s, Biden’s, David Axelrod, — CNN’s Matt Egan Organizations: New, New York CNN, CNN, University of Michigan, P Global Market Intelligence, Atlanta, Bloomberg, Getty, United, Index, Bureau of Labor Statistics, Haverford College, Biden, “, White House Locations: New York, Wolfers, United States, Ukraine

☆ How the ultra-wealthy infiltrated anti-capitalist Burning Man
▼ + stars: | 2023-09-05 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —Burning Man, the desert confab that descended into chaos over the weekend, isn’t quite the scrappy, free-spirited revelry that it once was. For many watching the disarray of Burning Man from afar, the rain and mud that left 70,000 people stranded quickly became a symbol of the festival’s departure from its roots. Or, more simply: how the billionaires ruined Burning Man. Going to Burning Man is, in some elite circles, akin to having climbed Everest or taken ayahuasca on a meditation retreat — a spiritually transformative experience, undertaken with a considerable safety net of privilege. “Burning Man is the perfect example of how many rich White people recreationally manufacture hardship because they are immune from it systematically,” wrote one user on X, formerly Twitter, this weekend.

Persons: isn’t, Elon Musk, Recode, ” Mark Zuckerberg, Dustin Moskovitz, Elizabeth Holmes, ”, Andrew Hyde, Holly Yan Organizations: New, New York CNN, Facebook, New York Times, New York Post, CNN Locations: New York, San Francisco, There’s

☆ ‘The Equalizer 3’ tops the US box office on opening weekend
▼ + stars: | 2023-09-04 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —“The Equalizer 3,” Denzel Washington’s third go as brooding assassin Robert McCall, debuted at the top of the US box office this weekend, raking in $34.5 million. Globally, the film raked in $60.6 million, according to Comscore. According to Variety, “The Equalizer 3” is the second-biggest Labor Day weekend opening, after Marvel’s 2021 hit “Shang-Chi and the Legend of the Ten Rings,” which pulled in $75 million in its first three days. 2 movie domestically this weekend was “Barbie,” the fantasy-comedy that has spent the past six weeks smashing box-office records and becoming the top-grossing film of 2023. In its opening weekend starting July 21, “Barbie” raked in $155 million domestically — the largest opening weekend of the year and the biggest-ever debut for a female director.

Persons: New York CNN —, Denzel Washington’s, Robert McCall, CNN’s Brian Lowry, ”, Dakota Fanning, “ Barbie, Greta Gerwig, “ Barbie ”, ” “ Barbie Organizations: New, New York CNN, Rotten, Variety, Labor, Warner Bros, Warner Bros . Pictures, Warner Bros . Locations: New York, Washington

☆ Robinhood buys back $605 million stake once owned by Sam Bankman-Fried
▼ + stars: | 2023-09-01 | by ( Allison Morrow | ) edition.cnn.com time to read: 1 min

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☆ Bitcoin jumps as US court gives a green light for first ETF
▼ + stars: | 2023-08-29 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —The price of bitcoin surged Tuesday after a US court cleared a path for the nation’s first bitcoin exchange-traded fund. The ruling is a breakthrough moment for crypto investors and a setback for the Securities and Exchange Commission, which has been trying to rein in the industry. The three-judge panel for the DC Court of Appeals overruled an SEC decision denying Grayscale Invesments permission to launch a bitcoin-focused ETF. A bitcoin ETF would allow investors to have exposure to the digital asset without actually owning it. Bitcoin prices, which have been especially volatile in recent weeks, rose about 5% to $27,445.

Persons: bitcoin Organizations: New, New York CNN, Securities and Exchange Commission, DC, SEC Locations: New York

☆ Jackson Hole: Fed policy collides with reality in the most unequal county in America
▼ + stars: | 2023-08-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Central bank officials from across the world have descended upon Jackson Hole, Wyoming this week to discuss policy decisions that will shape the economy for years to come. That’s because Jackson Hole is the most economically unequal place in the United States, according to the Economic Policy Institute. What’s happening: The snow kissed peaks and verdant valleys of Jackson Hole, Wyoming — where Federal Reserve Chair Jerome Powell is due to give a highly anticipated speech on Friday — aren’t just awe-inspiring. Among the top 1% in Teton County (where Jackson Hole is located), the average annual income is a jaw-dropping $22.5 million. The extreme wealth disparity in Jackson Hole is a perfect example of that dichotomy.

Persons: Jackson, Jerome Powell, aren’t, They’re, ”, Kenan Fikri, “, they’re, Powell, ” Jackson, That’s, Allison Morrow, Krystal Hur, it’s, Anna Bahney, Black Knight, Knight, Andy Walden Organizations: CNN Business, Bell, New York CNN, Economic, Institute, Census Bureau, Economic Innovation, Nvidia, Revenue, Wall, Federal Reserve, Black Locations: New York, Jackson Hole , Wyoming, United States, Teton County, Wyoming, Jackson, Teton, Santa Clara , California

☆ Is America’s economy really as bad as Republican presidential candidates say it is?
▼ + stars: | 2023-08-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —To hear Republican presidential candidates describe the US economy, you’d think it was in a deep recession, with growth and productivity choked off by President Joe Biden’s policies. The economy is strong, but most Americans say they don’t feel good about it, according to polls. HousingAnother reason voters are down on the economy: Housing affordability is at its lowest point in decades. In fact, economic growth is booming thanks to the strong labor market and resilient consumer spending. We won’t have a complete read on third-quarter economic growth until late October, but already, forecasts for GDP “are running wild on the upside,” writes Chris Rupkey, chief economist at FwdBonds.

Persons: New York CNN —, Joe Biden’s, Biden, Republicans can’t, what’s, — it’s, Jerome Powell, Trump, “, It’s, deride “, ”, Chris Rupkey Organizations: New, New York CNN, Republicans, GOP, CNN, Federal, Inflation Fox News, Wisconsin, Bureau of Labor Statistics, Federal Reserve, Trump, Biden, Corporations, FwdBonds, Atlanta Federal Reserve Locations: New York, Ukraine, America, United States

New York CNN —The stock market has boomed this year, and one big reason is a company without much name recognition — unless you’re a hard core video gamer. Nvidia (NVDA) has surged 222% this year, including a 3% bump Thursday following super impressive earnings. But Nvidia is by far the most sought-after AI stock. Revenue went from $6.7 billion in the second quarter last year to $13.5 billion this year. The results were even stronger than the $11.2 billion in revenue that Wall Street analysts expected.

Persons: it’s, Jacob Bourne, Raj Joshi Organizations: New, New York CNN, Nvidia, Meta, Nasdaq, Revenue, Wall, Federal Reserve, ”, Intelligence, Moody’s Investors Service Locations: New York, Santa Clara , California

☆ Americans are shopping less. But the US economic engine is still humming
▼ + stars: | 2023-08-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

That’s important, because Americans’ spending on goods and services accounts for two-thirds of US gross domestic product. Historically, sluggish retail sales, credit card delinquency and even shoplifting have been signs of a dark cloud on the horizon. The question of credit card debt is another area where the nuance matters. And as a share of total credit card debt, it is relatively low. But Americans’ credit card debt is unquestionably rising.

Persons: CNN Business ’, New York CNN —, Macy’s, they’ve, Taylor Swift, Barbie, ”, Ubers, Covid, Taylor, Sarah Yenesel, Chris Rupkey, Leticia Miranda, That’s, TJ Maxx, Louis Navellier, they’re, Brett Ryan, —, Alicia Wallace, you’ll Organizations: CNN Business, New York CNN, Dick’s Sporting Goods, Nike, FwdBonds, Atlanta Federal Reserve, “, “ Retailers, Deutsche Bank, Walmart, Amazon, Federal Reserve, Bank of America Locations: New York

Lawyers for the former crypto billionaire, who is vegan, said the detention center is not accommodating his diet and failing to regularly dispense his prescription Adderall. “He’s literally now subsisting on bread and water, which are the only things he’s served that he can eat, and sometimes peanut butter,” his attorney, Mark Cohen, told the court. It’s a far cry from his house arrest, which he spent in the relative luxury of his parents Palo Alto home in California. Bankman-Fried, 31, has pleaded not guilty to multiple conspiracy and fraud charges relating to the collapse of his exchange, FTX, in November. The company filed for bankruptcy and quickly became the center of the federal fraud investigation.

Persons: Sam Bankman, Fried, “ He’s, he’s, Mark Cohen, Judge Netburn, Palo, Lewis Kaplan, Caroline Ellison, Bankman, FTX, SBF Organizations: New, New York CNN, of Prisons, Metropolitan Detention, Palo Alto, Super Bowl, Alameda Research Locations: New York, Brooklyn, California

☆ Evergrande’s bankruptcy may be just the beginning of China’s real estate crisis
▼ + stars: | 2023-08-18 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Evergrande’s US bankruptcy serves as a cautionary tale about the growth-at-all-costs model that underpinned China’s spectacular growth over the past 30 years. For decades, Evergrande, once one of China’s most successful real estate developers, gobbled up debt as China’s economy exploded. A wave of defaults followed, and China’s vast real estate market has yet to recover. Evergrande's decline has become a cautionary tale about the breakneck growth that defined China's economy for three decades. China’s economy is strugglingIt’s hard to overstate the importance of the property market China.

Persons: Evergrande, Xi Jinping, ” Organizations: New, New York CNN, Getty Locations: New York, AFP, China, Beijing

☆ Premarket stocks: How China's economic turmoil could hurt your portfolio
▼ + stars: | 2023-08-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

Why it matters: “For most of the last two decades, China’s economic growth has been a major driver of the global economy,” said Alex Etra, a strategist at data analytics firm Exante. That means that if China’s economy slows down, global economic growth slows down. ExxonMobil (XOM) may not be doing too much business with China, said Etra, but if Chinese growth slows, that means oil prices go down. Earlier this year, Bank of America compiled a list of the S&P 500 companies with the highest exposure to China. The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion last year, according to the annual Credit Suisse and UBS global wealth report.

Persons: Joe Biden, BlackRock, ”, Alex Etra, Michael Burry’s, Allison Morrow, That’s, Jason Hart, Winn, ” Hart, “, Ramishah Maruf Organizations: CNN Business, Bell, New York CNN, country’s National Bureau of Statistics, ExxonMobil, Apple, Intel, Starbucks, Nike, Bank of America, Las, Qualcomm, Nvidia, Wynn Resorts, WYNN, MGM Resorts, MGM, Funds, PitchBook, Michael Burry’s Scion Asset Management, Moore Capital Management, D1 Capital, Tiger Global, Securities, Exchange, Credit Suisse, UBS, Millionaires, Aldi, Dixie, Winn, CNN Locations: New York, Beijing, China, Ukraine, United States, Aldi, Winn

☆ Falling markets sank global wealth in 2022, leaving the world with 3.5 million fewer millionaires
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

Here’s the deal: The grand total of all the private wealth in the world fell 2.4% to $454.4 trillion, according to the annual Credit Suisse and UBS global wealth report. Meanwhile, global median wealth, a more meaningful indicator of how the typical person is faring, actually rose 3% in 2022. The top 1% of households still hold a staggering 44.5% of all global wealth. “The global economy is experiencing a period of astonishing economic alteration,” wrote Paul Donovan Chief Economist at UBS Global Wealth Management, in the report. Another silver lining: According to Credit Suisse projections, global wealth will rise 38% over the next five years, reaching $629 trillion by 2027.

Persons: CNN Business ’, Joe, ”, Paul Donovan, you’ll Organizations: CNN Business, New York CNN, Credit Suisse, UBS, UBS Global Wealth Management, Suisse Locations: New York, United States, China

☆ Coinbase wins key regulatory approval to offer crypto futures in the US
▼ + stars: | 2023-08-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Coinbase has won a crucial regulatory approval that will allow the platform to provide US-based investors access to the crypto derivatives market. The approval comes from the National Futures Association, a self-regulatory body designated by the Commodity Futures Trading Commission, nearly two years after Coinbase applied to register as a futures merchant. Crypto derivatives make up more than 75% of all global crypto trades, but such products had been off-limits for investors in the United States, in part because of their complexity and high levels of risk. “This is a significant milestone for bringing federal regulatory oversight over the crypto markets,” said Faryar Shirzad, Coinbase’s chief policy officer. “Offering US investors access to secure and regulated crypto futures is key to unlocking growth and enabling broader participation in the cryptoeconomy,” said Andrew Sears, the CEO of Coinbase Financial Markets.

Persons: New York CNN — Coinbase, Coinbase, ”, Faryar Shirzad, Andrew Sears Organizations: New, New York CNN, National Futures Association, Commodity Futures Trading Commission, NFA, Securities and Exchange Commission, Binance, Coinbase Locations: New York, United States

☆ Coinbase launches nonprofit crypto advocacy group
▼ + stars: | 2023-08-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The Stand with Crypto Alliance is America’s first independent advocacy group for the crypto community, Coinbase says. Crypto regulation: Questions of who and howA central sticking point is the question of how crypto tokens should be regulated. The Securities and Exchange Commission, Wall Street’s top cop, contends that most crypto products are investment contracts and therefore fall under its jurisdiction — an argument the crypto industry is fighting. ‘Recess is over’The Stand With Crypto Alliance aims to mobilize “the full force of the decentralized crypto community to tell lawmakers: Recess is over,” Shirzad wrote in a blog post announcing the nonprofit. The Coinbase-backed nonprofit is an outgrowth of Crypto435, an earlier Coinbase campaign to try to organize the crypto community around legislative issues.

Persons: New York CNN —, Coinbase, Faryar, ” Crypto, —, Sam Bankman, Fried, ” Shirzad, we’ve, Shirzad Organizations: New, New York CNN, Crypto, CNN Business, Securities, Exchange Commission, SEC, Ripple Labs, Financial Services Committee, Commodity Futures Trading Commission, Crypto Alliance Locations: New York

New York CNN —Sam Bankman-Fried, the alleged crypto grifter, is about to learn which of two profoundly divergent paths he’ll take on the road to trial. One path allows him to continue his house arrest in the comfort of his parents’ California home. If his bail is revoked, Bankman-Fried will be immediately remanded to a notorious federal detention center in Brooklyn. Bankman-Fried, who has pleaded not guilty to multiple conspiracy and fraud charges, is set to go to trial in October. But the company came unglued in the span of a week last November — as concerns about its financial ties to Bankman-Fried’s crypto hedge fund, Alameda Research, spurred investors and customers to yank their funds.

Persons: Sam Bankman, ’, Judge Lewis Kaplan, “, ”, Fried, Caroline Ellison, FTX Organizations: New, New York CNN, Bankman, Metropolitan Detention Center, New York Times, of Prisons, Prosecutors, Super Bowl, Alameda Research Locations: New York, ’ California, Brooklyn, Bahamas

☆ Bob Iger is supposed to save Disney. It’s not going according to plan
▼ + stars: | 2023-08-09 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

“In some ways, the challenges are greater than I anticipated,” Iger told CNBC in a revealing interview last month. But under Iger 2.0, Disney has cultivated even more headaches for itself, including a morale crisis sparked by one surprisingly candid interview with CNBC on July 13. Naturally, the comments set off alarms within Disney General Entertainment Content, the division that operates Disney’s broadcast and cable networks. A few days after the Faber interview, Iger tried to smooth things over at an off-site meeting with senior managers. But Disney appears to be all-in on the boss, even though the sequel almost never lives up to the original.

Persons: Bob Iger, Dad ”, It’s, ” Iger, won’t, Mary Poppins, Iger, David Faber, Disney’s, David Paul Morris, Faber, CNN’s Oliver Darcy, can’t, Bob Chapek, Weeks, Chapek, Disney Organizations: New, New York CNN, Disney, CNBC, Hollywood, Rivals Comcast, Warner Bros ., Sun, ESPN, ABC, Disney Channel, Geographic, Allen & Co Media, Technology Conference, Bloomberg, Getty, Disney General Entertainment, Lucasfilm, Marvel Entertainment, Pixar Studios Locations: New York, Idaho, Sun Valley , Idaho

☆ PayPal bets on crypto's future with US-dollar-backed stablecoin PYUSD
▼ + stars: | 2023-08-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

The stablecoin, PayPal USD, is fully backed by the US dollar and is “designed to reduce friction” for payments within virtual spaces and provide faster, cheaper transfers of money across borders. But PayPal is betting on a future in which digital currency is more mainstream and merchants may request payment in stablecoins to avoid credit card processing fees. In May 2022, the “algorithmic” stablecoin TerraUSD collapsed when the crypto token backing it, Luna, collapsed. The value of PayPal USD, or PYUSD, doesn’t rely on a complex algorithm the way Terra did. In other words: every PayPal USD should be worth $1.00, no matter what.

Persons: ”, Dan Schulman, Stablecoins, Stablecoins aren’t, TerraUSD, Luna, Kwon, Charles Cascarilla Organizations: New, New York CNN, PayPal, Securities, Exchange Commission, Paxos Trust Locations: New York, cryptocurrencies, Venmo, Terra

☆ You’d have to work five lifetimes to make what your boss makes in one year, report shows
▼ + stars: | 2023-08-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The average CEO compensation among S&P 500 companies last year was $16.7 million — the second-highest level of executive pay ever, according to the group’s annual Executive Paywatch report. (2021 was the highest at $$18.3 million)CEO pay fell last year compared to the previous year, said Brandon Rees, the AFL-CIO’s deputy director of corporations and capital markets. To put that $16.7 million in context: Assuming a 45-year career at an average pay of $75,200, regular employees would need to work more than five lifetimes to make what the average CEO receives in a single year. Meanwhile, US workers’ real hourly wages fell in 2022 for the second year in a row by 1.6% after adjusting for inflation, the executive pay report found. The bot battleAmong the biggest concerns raised in the latest pay report is the way artificial intelligence is poised to benefit executives more than their employees.

Persons: Brandon Rees, ” Rees, ’, ”, Fred Redmond, it’s, Redmond, Duncan Crabtree, “ Organizations: New, New York CNN, AFL, Hollywood, SAG Locations: New York, Ireland

☆ ‘Bitcoin Bonnie and Clyde’ plead guilty to money laundering
▼ + stars: | 2023-08-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

CNN —A husband and wife, whose eccentricities and alleged crimes earned them the nickname “Bitcoin Bonnie and Clyde,” pleaded guilty to orchestrating a $4.5 billion money-laundering scheme linked to the 2016 hack of crypto exchange Bitfinex. Until Thursday’s hearing in Washington, DC, federal court, neither Morgan nor Lichtenstein had been directly implicated in the hacking of Hong Kong-based crypto exchange Bitfinex. “Lichtenstein then took steps to cover his tracks” and enlisted his wife’s help in laundering the funds, prosecutors said. Lichtenstein pleaded guilty to conspiracy to commit money laundering, which carries a maximum sentence of 20 years in prison, according to a press release from the Justice Department. Morgan pleaded guilty to one count of money laundering conspiracy and one count of conspiracy to defraud the United States, each of which carries a maximum sentence of five years in prison.

Persons: Bonnie, ”, Ilya Lichtenstein, Heather Morgan, “ Razzlekhan, Lichtenstein, Morgan, Colleen Kollar, Kotelly, Lichtenstein “, “ Lichtenstein, Clarissa, ” Lichtenstein Organizations: CNN, Justice Department, New Locations: Clyde, Russian, Washington , DC, Hong Kong, New York, Manhattan, Russia, United States

☆ Rampant DC dysfunction made America’s credit downgrade inevitable
▼ + stars: | 2023-08-03 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

“The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management,” Fitch said in its report. Even though the US avoided a default on its debt this year, Fitch Ratings cited a 'steady deterioration in standards of governance' in dowgrading the nation's credit. Anna Moneymaker/Getty ImagesThe message from Fitch this week, and S&P more than a decade earlier, is that the constant brinkmanship in DC is eroding trust. Historically, raising the debt ceiling was not controversial — the “full faith and credit” of the United States wasn’t something either party wanted to trifle with. That’s because the entire global financial system hinges on the promise that the United States always pays its debts.

Persons: CNN Business ’, Fitch, Biden, ’ brinkmanship, “, Donald Trump, ” Fitch, Anna Moneymaker, Barack Obama, Stocks, you’ll Organizations: CNN Business, New York CNN, America, Republican, United Locations: New York, United States, Washington, America

CNN —There may not be any lasting major negative ramifications from the surprise US credit rating downgrade by Fitch this week — not for the economy, not for consumers and not for the government’s ability to borrow. Normally, when your credit score as a consumer falls — or your credit rating as a country — there are negative consequences. Here’s why the United States is unlikely to see that kind of impact from the Fitch downgrade. The downgrade wasn’t a huge dropFitch cut its US credit rating to AA+ from what had been a sterling AAA rating. “Fitch’s credit rating is an expression of the probability of a default.

Persons: You’re, Fitch, “, brinkmanship, Marc Goldwein, you’re, ”, Mark Zandi, Yellen, Jamie Dutta, Dutta, ” George Mateyo, ” Mateyo, ” José Torres, Torres, it’s, ” Torres, Uncle Sam, CRFB, – CNN’s Krystal Hur, Allison Morrow Organizations: CNN, Fitch, AAA, Committee, U.S . Treasury, Moody’s, AA, “, Vantage, Key Private Bank, Federal Reserve, Interactive Brokers, Moody’s Investors Service, Treasury, Congressional, Social Security Locations: United States, States, corporates, United

☆ SEC request for Coinbase to halt trading would have been 'the end of the crypto industry,' CEO says
▼ + stars: | 2023-07-31 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —The Securities and Exchange Commission asked Coinbase to halt trading on all cryptocurrencies except for bitcoin before it sued the company in June, Coinbase’s chief executive told the Financial Times. The SEC’s request left Coinbase, America’s largest crypto exchange, with no choice but to take the matter to court, CEO Brian Armstrong said, because stopping those trades would have “essentially meant the end of the crypto industry in the US,” he said. “We really didn’t have a choice at that point,” Armstrong told the FT in an interview published Monday. Recounting discussions with the regulator before the lawsuit, Armstrong told the FT that Coinbase had requested clarity on how the SEC determined that every digital asset other than bitcoin is a security. The SEC disagrees, and has often said that most crypto offerings are securities that should face the same government regulations on Wall Street as stocks and bonds.

Persons: Coinbase, Brian Armstrong, ”, “, ” Armstrong, Armstrong, we’re Organizations: New, New York CNN, Securities, Exchange Commission, Financial Times, SEC, Coinbase Locations: New York

☆ Prosecutors urge judge to jail Sam Bankman-Fried, saying there are no conditions to stop him from witness tampering
▼ + stars: | 2023-07-28 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

CNN —Federal prosecutors urged a judge to revoke Sam Bankman-Fried’s bail to stop him from tampering with witnesses before his criminal fraud trial, saying there are likely no conditions that the cryptocurrency entrepreneur will abide by to satisfy their concerns. The additional arguments were made in a court filing Friday — following a hearing on Wednesday when prosecutors first asked the judge to detain the co-founder of FTX. “The defendant’s argument that the defendant did nothing other than exercise his First Amendment rights is a red herring. Witness tampering is not constitutionally protected speech,” prosecutors wrote. The charges against Bankman-Fried stem from what prosecutors have characterized as one of the biggest financial frauds in US history.

Persons: Sam Bankman, ”, Fried, Caroline Ellison, CNN’s Allison Morrow Organizations: CNN, Prosecutors, Bankman Locations: Bahamas

☆ Billionaire investor Leon Black is accused of raping teen in Jeffrey Epstein’s NY townhouse
▼ + stars: | 2023-07-27 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A woman is suing the billionaire investor Leon Black, accusing him of raping her at Jeffrey Epstein’s Manhattan townhouse when she was 16 years old. The lawsuit describes in gruesome detail the woman’s account of a sexual assault that left her bleeding and sobbing. A spokesman for Black, Whit Clay, echoed Estrich’s denial, saying the law firm “has an agenda” and that its credibility has been impugned by the dismissal of the previous suit. An internal Apollo investigation that documented his $158 million payment to Epstein found no wrongdoing. The latest suit is the third to publicly accuse Black of rape.

Persons: New York CNN —, Leon Black, Jeffrey, Jane Doe, ”, Black, Susan Estrich, ” Estrich, Whit Clay, “, Jeanne M, Christensen, ” Black, Epstein, Cheri Pierson, ” Epstein, Jeffrey Epstein, Ghislaine Maxwell, Sen, Ron Wyden, ” Black’s, Doe, — CNN’s Elisabeth Buchwald, Ramishah Maruf Organizations: New, New York CNN, Apollo Global Management, New York Times, Street, CNN, Finance Locations: New York, Manhattan, New York City

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