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Former top FTX attorney Daniel Friedberg also opposed Sullivan & Cromwell's hiring, saying Thursday that the law firm had conflicts of interest stemming from its connections to Miller. Sullivan & Cromwell has told the court it should not be disqualified simply because it performed some pre-bankruptcy work for FTX. A Sullivan & Cromwell spokesperson has said the firm had a "limited and largely transactional" relationship with FTX prior to the bankruptcy and never served as primary outside counsel to any FTX entity. Serving as primary bankruptcy counsel to FTX would likely allow Sullivan & Cromwell to reap hundreds of millions of dollars in fees, legal experts have said. FTX has sought bankruptcy court permission to pay top Sullivan & Cromwell attorneys more than $2,000 per hour.

☆ There's a simple reason Biden didn't keep visitor logs at the Delaware home where he held classified documents — it's not an official residence
▼ + stars: | 2023-01-17 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

The White House said there are no visitor logs for Joe Biden's Delaware home. Biden is facing criticism after classified documents from his time as VP were found there. It is not standard for visitor logs to be kept at a president's private residence, the WH said. The White house counsel office said that it is not standard for presidents to keep visitor logs at private residences. Visitor logs are kept at the White House.

☆ 'The beginning of another kind of pandemic': Burned-out nurses say staffing shortages are only getting worse
▼ + stars: | 2023-01-16 | by ( Yelena Dzhanova | ) www.businessinsider.com time to read: +7 min

New York nurses are celebrating after a strike resulted in an agreement to improve staffing ratios. Staffing ratios help nurses provide patients with proper nursing care as they need it. Last week, more than 7,000 nurses walked out of hospitals in New York over demands for better pay and safer staffing. At that point, patient care can become compromised because nurses may not be able to respond to the needs quickly enough. The fewer nurses there are in a given hospital, the more those nurses are asked to work overtime.

☆ Sam Bankman-Fried Says Law Firm Worked Closely With FTX Before Bankruptcy
▼ + stars: | 2023-01-13 | by ( Mengqi Sun | ) www.wsj.com time to read: +5 min

Sam Bankman-Fried said cryptocurrency exchange FTX had a closer relationship than previously disclosed with its bankruptcy law firm Sullivan & Cromwell LLP, adding to questions about the law firm’s work for past FTX management. Mr. Bankman-Fried is currently under house arrest at his parents’ California home as he faces federal fraud charges. Sullivan & Cromwell was one of two primary law firms FTX International used before the bankruptcy and it was FTX U.S.’s main law firm, Mr. Bankman-Fried wrote in a post Thursday on Substack, an online subscription-based newsletter platform. He added that FTX U.S.’s general counsel was a former member of the law firm without naming him. The new FTX CEO would also be in charge of the bankruptcy process that later picked the law firm as the bankruptcy counsel.

The White House said some material was found in a locked garage at Biden's home and an adjacent room, and pledged to cooperate. "People know I take classified documents and classified material seriously," he added. Biden's attorneys said they have found fewer than a dozen classified documents and turned over the relevant papers after finding them. Trump resisted doing so until an August FBI search turned up about 100 classified documents, raising questions about whether Trump or his staff obstructed the investigation. "People know I take classified documents, classified material seriously," Biden told reporters on Thursday.

☆ Sam Bankman-Fried says he sometimes worked at the offices of the lawyers now investigating FTX after criticism of their past links
▼ + stars: | 2023-01-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Law firm Sullivan & Cromwell has been criticized for its involvement in FTX's bankruptcy having worked with the crypto exchange before. In a Substack Thursday, however, Sam Bankman-Fried said he sometimes worked out of the firm's New York offices. He added that he believes FTX customers could have been reimbursed if it didn't file for bankruptcy. Andrew Dietderich, of Sullivan & Cromwell, told the court that line of credit was used to fund political donations and lavish purchases. Sullivan & Cromwell did not immediately respond to Insider's request for comment, sent outside normal working hours.

☆ Sam Bankman-Fried's trading firm borrowed $65 billion from FTX via a 'secret backdoor' to fund donations and a luxury lifestyle, bankruptcy court hears
▼ + stars: | 2023-01-12 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Bankruptcy lawyers revealed Sam Bankman-Fried's Alameda had access to $65 billion from FTX. The customer loans were made available via a backdoor created by FTX cofounder Gary Wang, they said. It was $65 billion." Dietderich told the court that with the $65 billion back door, Alameda "bought planes, houses, threw parties, made political donations." The court heard how FTX had so far recovered $5 billion of cash, crypto, and securities, with "plans to monetize over 300 other non-strategic investments" worth $4.6 billion.

☆ Over 100 parties have expressed interest in buying at least one part of FTX, lawyers handling the crypto giant's bankruptcy say
▼ + stars: | 2023-01-09 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

117 parties have expressed an interest in buying at least one of four FTX businesses up for sale. Court filings said Embed, LedgerX, FTX Europe, and FTX Japan had segregated customer accounts. FTX Europe and FTX Japan are also up for sale, both with around 40 interested parties, the documents show. It also noted that that Embed, LedgerX, and FTX Europe maintained separate computer systems, while FTX Europe and FTX Japan had distinct headquarters. Lawyers handling the bankruptcy case did not immediately respond to Insider's request for comment, sent outside normal working hours.

☆ FTX spent nearly $7 million on food and over $15 million on luxury Bahamian hotels in just 9 months, court documents show
▼ + stars: | 2023-01-06 | by ( Pete Syme | ) www.businessinsider.com time to read: +4 min

FTX's Bahamian entity spent nearly $40 million on hotels, food, and travel in just nine months. They show the company spent almost $6 million at a single hotel and $1 million on one caterer. Lawyers pointed out that the crypto exchange's Bahamian company, FTX Digital Markets, generated no customer revenue, but spent lavishly. From January to September 2022, the company spent $15.4 million on luxury hotels and accommodation, the filings say. Almost half of that was spent on catering services, with the largest amount, $1.4 million, spent on catering at the Hyatt.

☆ How to start and grow a business in 2023, according to founders who booked 6 figures in revenue last year
▼ + stars: | 2023-01-06 | by ( Alexandra York | ) www.businessinsider.com time to read: +5 min

Understanding the inevitable ebbs and flows in business will be the key to success in 2023. Many realized that utilizing new technologies, creating positive workplace cultures, and understanding the inevitable ebbs and flows of business are key factors for success. Founders who hit six figures in revenue last year shared the most important lessons for starting and growing a business amid fluctuating economies and changes in consumer behavior. Tap into new technologies to stay relevantA post shared by Seth Fowler (@realsethfowler)Utilizing new technologies as they emerge has helped Seth Fowler grow his small business. "Every business has peaks and valleys, business is cyclical and everybody needs to understand that," she said.

The Republican National Committee plans to closely examine what role former President Donald Trump played in the party's underwhelming 2022 midterm results as part of its audit of the GOP's performance. And how do we learn from that to win elections going forward?" Henry Barbour, an RNC committeeman from Mississippi who was tasked in November with co-authoring the RNC’s post-election review, said in an interview Tuesday. Barbour said his examination seeks to "get into the weeds" on everything from Trump to turnout to ticket-splitting. Dhillon has since announced a challenge to McDaniel for party chair, but Barbour said she is still on the team overseeing the post-election audit.

The Justice Department said Wednesday that has moved to seize millions of shares of Robinhood, the popular stock-trading app, whose ownership is disputed by several parties, including Bankman-Fried himself, his bankrupt crypto exchange FTX and another bankrupt crypto company. Four separate entities have laid claim to the approximately 56 million shares, worth about $460 million. That company, Emergent Fidelity Technologies, borrowed more than $546 million from crypto hedge fund Alameda Research, according to an affidavit Bankman-Fried filed in December. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi and an individual FTX creditor. As of December 31, roughly $150 million of Silvergate’s deposits were from customers that have filed for bankruptcy.

A spokesperson for the U.S. National Security Council said President Joe Biden's administration will continue to back Venezuela's interim government "regardless of what form it takes." He did not comment on whether that support included extending a key protection to Citgo under the new structure. Another potential scenario with the commission taking over: a new U.S. court battle over the legitimacy of Citgo's board of directors. A federal court in 2020 ratified the executives appointed by Guaido to run Citgo. Lawyers advising Citgo's supervisory boards have warned about the challenges of presenting a new government structure before U.S. courts.

☆ Sam Bankman-Fried borrowed $546 million from his hedge fund to buy a Robinhood stake
▼ + stars: | 2022-12-28 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

In an affidavit that emerged Tuesday, Bankman-Fried said he and FTX co-founder Gary Wang borrowed more than $546 million from the hedge fund, Alameda Research, which they used to purchase the Robinhood shares via a holding company primarily controlled by Bankman-Fried. Wang has since pleaded guilty to four counts of fraud and conspiracy, in cooperation with US prosecutors investigating FTX’s collapse. Four separate entities have laid claim to the approximately 56 million shares, worth about $450 million. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi, and an individual FTX creditor. BlockFi is suing Bankman-Fried for the Robinhood shares, which BlockFi claims it is owed after Alameda defaulted on $680 million in collateralized loan obligations.

☆ Elon Musk tweeted another photo of his bedside table, saying the US Constitution is the 'most treasured' item on it
▼ + stars: | 2022-12-27 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +2 min

Elon Musk said the US Constitution was the "most treasured item" on his bedside table. Musk tweeted the image in response to an account that tweets reported quotes from the billionaire. Musk said the books were the "most treasured item on my bedside table." The first November tweet of his bedside table drew scrutiny for its bizarre collection of items. The November tweet inspired public figures and influencers, like Logan Paul, to post their own parody pictures of their bedside table.

[1/2] The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, U.S., November 12, 2022. FTX declared bankruptcy on Nov. 11, collapsing amid a wave of customer withdrawals. New York-based law firm Sullivan & Cromwell is representing FTX in its Chapter 11 case and guiding its efforts to return assets to customers. Court-approved billing rates for bankruptcy attorneys did not cross the $2,000-per-hour mark until earlier this year, when a U.S. bankruptcy judge approved a $2,035-per-hour fee in the bankruptcy of cosmetics giant Revlon. Before FTX's bankruptcy, Sullivan & Cromwell represented the company in U.S. regulatory inquiries and on potential acquisitions, including its proposed acquisition of bankrupt crypto lender Voyager Digital.

☆ Stocks making the biggest moves midday: Gilead Sciences, Moderna, Tesla and more
▼ + stars: | 2022-12-20 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

A sign is posted in front of the Gilead Sciences headquarters on April 29, 2020 in Foster City, California. Check out the companies making the biggest moves midday:General Mills — General Mills dropped 4.2%, despite reporting better-than-expected revenue and profit for the last quarter. Gilead Sciences — Gilead Sciences sank 2.4% after announcing its Kite unit would acquire biotech company Tmunity Therapeutics. Tesla – Shares of Tesla sank 5.3% after Evercore ISI lowered its price target on them, citing concerns as the stock failed to hold a key level. Arch Capital — The Bermuda-based insurance company rose 2.5%.

☆ Earthquake adds new hurdle to slowing Texas oil output gains
▼ + stars: | 2022-12-16 | by ( Liz Hampton | ) www.reuters.com time to read: +2 min

Dec 15 (Reuters) - The latest earthquake to rattle West Texas will add costs to producers already snarled by inflation and supply shortages, as operators curtail their use of wastewater wells in the largest U.S. shale field. Regulators in both states have limited how much water can be injected, particularly into deep wells. If another magnitude 4.5 or higher quake occurs in that area, all deep wells within the boundary will shut for 24 months from the date of the event. There are now 78 active disposal wells in that "North Culberson-Reeves Seismic Response Area." "Absolute shut-in of deep wells in the area would cause a significant logistics issue to maintain oil and gas production in highly productive fields in New Mexico and West Texas," she said.

☆ FTX owned $256 million of Bahamas real estate including 15 condos in the same building, and the government wants it back
▼ + stars: | 2022-12-13 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Bahamian regulators are trying to claim $256 million of real estate owned by FTX. Court documents filed on Monday show that FTX owns 35 properties, including 15 multi-million dollar condos in the same building. The most expensive property in the documents is worth $30 million, suggesting that the Bahamas is trying to claim Bankman-Fried's apartment. At One Cable Beach — another luxury community where FTX owns four properties — apartment plans on the same floor show a nearly 3,000 sq-ft home with a wraparound balcony. The company was only used to hold Bahamas real estate, and "has no assets here, no creditors here, and it never has done business here."

☆ From Elon Musk to Drake, Celebrity Nightstand Photos Are Causing a Stir
▼ + stars: | 2022-12-01 | by ( Lane Florsheim | ) www.wsj.com time to read: 1 min

After Elon Musk shared a photo of his bedside table on Twitter, online observers had many questions about the cans of caffeine-free Diet Coke atop it. Twitter and Tesla chief executive Elon Musk stoked plenty of armchair analysis in that vein on Monday, when he tweeted a picture of his bedside table’s contents. Why, some wondered on Twitter, did Mr. Musk have four open cans of caffeine-free Diet Coke next to his pillow? (Observers said they looked like non-firing replicas—one of Washington’s own, the other from the videogame “Deus Ex: Human Revolution”—though Mr. Musk has not corroborated their observations.) The internet was quick to quip about the chaotic display and the “divorced energy” the items evoked.

☆ Everything in Elon Musk's bedside table photo, including what appears to be 2 replica guns and a Buddhist ritual object
▼ + stars: | 2022-11-28 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

Objects on the table include cans of caffeine-free Diet Coke and what appear to be two replica guns. In a 2007 profile of Musk, Inc. wrote that Musk was drinking eight cans of Diet Coke a day, until he started cutting back. "Now, the office has caffeine-free Diet Coke." Musk must really like George WashingtonThe replica gun and painting aren't the only Washington-related things on Musk's table. Twitter/@elonmuskThere also appears to be a Buddhist ritual object on the tableIn the bottom-left corner of the photo appears to be a Buddhist ritual object called a Vajra Dorje, according to the New York Post.

☆ Elon Musk appears to be reading a book by George Washington about how to behave in public
▼ + stars: | 2022-11-28 | by ( Grace Kay | Travis Clark | ) www.businessinsider.com time to read: +4 min

Elon Musk's bedside table appears to feature a book on etiquette by George Washington. Musk shared a picture Monday morning of what he said was on his bedside table. The book gives advice on "how to dress, walk, eat in public, and address one's superiors." It is unclear whether Musk took the picture himself or whether it's actually his bedside table. The box set wasn't the only thing on what Musk said was his bedside table.

Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. Like FTX, BlockFi also has a Bahamian subsidiary. BlockFi's bankruptcy filing shows that the company's largest disclosed client has a balance of nearly $28 million. The company started talking with restructuring professionals in the days after FTX's bankruptcy filing, according to people familiar with the matter. Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. subsidiary.

☆ Elon Musk posted a bizarre photo of his 'bedside table,' featuring 2 guns, 4 empty cans of caffeine-free Coke, and a picture of George Washington
▼ + stars: | 2022-11-28 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +2 min

Musk posted a picture of his "bedside table" on Monday morning with guns and Diet Coke cans. The billionaire CEO captioned the picture "My bedside table," which featured a series of unusual objects including two guns, four empty cans of caffeine-free diet Diet Coke, and a recreation of the Emanuel Leutze's painting of George Washington crossing the Delaware River. It is unclear if Musk actually took the picture himself, or if it is actually his bedside table. Historically, maintaining their power over the people is why those in power did not allow public ownership of guns," Musk told CNBC in an email. Musk said his offices only have caffeine-free Diet Coke now.

☆ FTX's bankruptcy hearing is underway and the details are wild. Here's what to know.
▼ + stars: | 2022-11-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

FTX kicked off its bankruptcy hearing on Tuesday, and the initial statements give Sam Bankman-Fried and company little to cheer. James Bromley, counsel to FTX's new management, had choice words during the first day in the Delaware hearing. Ray and his new management team's estimate of FTX's cash holdings has nearly doubled, a Saturday filing showed. In the letter, seen by the Financial Times, Bankman-Fried said excessive borrowing by Alameda Research was responsible for FTX's collapse. Elon Musk's EV maker has seen its market cap plunge from a high of $1.2 trillion.

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