money

Slashed bonuses mean Wall Streeters are living less large

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The princes of Wall Street are losing their crowns and tightening their belts. Massive layoffs and diminished bonus checks promise to put a crimp in the high-flying styles of stock brokers, money managers, investment bankers and once-untouchable hedge-fund geniuses. Bloomberg BusinessWeek described Wall Street as being in “retrenchment mode.” Thousands of layoffs either came or …

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Prosecutors say Sam Bankman-Fried’s contact with FTX’s ex-general counsel is “suggestive” of witness tampering

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CNN — Federal prosecutors said FTX founder Sam Bankman-Fried contacted the former general counsel of the crypto trading platform earlier this month in a move they say may constitute witness tampering. A spokesperson for Bankman-Fried declined to comment. Prosecutors with the US attorney’s office for the Southern District of New York asked the judge to …

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FTX creditors include Goldman Sachs, New York Times and Netflix

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new York CNN — Newly unsealed bankruptcy documents revealed thousands of creditors to whom FTX owes money after the once-mighty crypto exchange collapsed in November. Wall Street heavyweights including Goldman Sachs and JPMorgan were named in the creditor list, which includes Wednesday businesses, charities, individuals and other entities in a 116-page document filed late. FTX …

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Elizabeth Warren: Crypto giants are ‘collapsing under the weight of their own fraud’

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new York CNN — Senator Elizabeth Warren, a longtime crypto critic, warned recent turbulence in the digital asset space will only continue unless a host of regulators strengthen protections for investors. “For all their talk of innovation and financial inclusion, crypto industry giants — from FTX to Celsius to Voyager — are collapsing under the …

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Judge in FTX bankruptcy case rejects motion to remove elite NYC lawyers

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new York CNN — One of America’s elite white-collar law firms has emerged as a contentious figure in the complex FTX saga. A judge ruled that the bankrupt crypto platform could retain Sullivan & Cromwell as legal counsel, overruling objections from FTX customers who accused the firm of conflicts of interest. g Delaware bankruptcy Judge …

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FTX founder says there was a security incident at parents’ home

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CNN — Attorneys for disgraced FTX founder Sam Bankman-Fried urged the judge in his fraud case to keep the names of two people who co-signed his $250 million bond secret because of actual threats he says his family has received. Bankman-Fried’s lawyer said there was a “security incident” at his parents’ home where the former …

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How the blare of a crypto mine woke up this Blue Ridge Mountain town

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Murphy, North Carolina CNN — When Judy Stines first heard about cryptocurrency, “I always thought it was smoke and mirrors,” she said. “But if that’s what you want to invest in, you do you.” But then she heard the sound of crypto, a noise that neighbor Mike Lugiewicz describes as “a small jet that never …

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China’s reopening will be an inflationary event, suggests Short Hills Capital’s Steve Weiss – CNBC Television

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China’s reopening will be an inflationary event, suggests Short Hills Capital’s Steve WeissCNBC Television Despite inflation declines, rates need to be sufficiently restrictive, says Fed’s BrainardCNBC Television Brand hotels stand to benefit from China’s reopening, says UBS analyst Robin FarleyCNBC Television Inflation continues but the pace has slowed, says Gilbert Garcia of Garcia Hamilton AssociatesCNBC …

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Crypto is a ‘hot ball of money’ with very little intrinsic value, hedge fund says

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new York CNN — Crypto’s biggest critics often argue that the digital assets have virtually no intrinsic value, that the technology underlying it has failed to prove its usefulness, and that the market for digital currency is built on little more than hype. And that’s all true, according to a report by researchers at Starkiller …

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