News Analysis On Sept. 3, 2022, veteran short-seller Marc Cohodes leveled several bold accusations at crypto exchange FTX and its founder Sam Bankman-Fried. Among the many predictions made by the short-seller was the fact that FTX did not have as much money as it claimed. “Everything reads like this thing is a complete scam,” Cohodes…
Citizen Journalism Faster on the Draw Than Mainstream Media in Uncovering FTX Scandal
FTX’s Sam Bankman-Fried Reveals He Can’t Account for Billions Sent to Alameda Research
FTX founder Sam Bankman-Fried revealed Thursday that he doesn’t know what happened to billions of dollars that customers of his cryptocurrency exchange sent to accounts of his trading company Alameda Research. Speaking to the Wall Street Journal Thursday, Bankman-Fried said that the funds “were wired to Alameda, and … I can only speculate about what happened after…
Senate Committee Threatens to Subpoena Bankman-Fried to Compel Him to Testify on FTX Collapse
December 8, 2022
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Business & MarketsCompaniescongresscryptocurrencyDemocratseconomyFTXMarketsMedia & Big TechPoliticsRepublicansSam Bankman-Friedsenate committee hearingUS
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Two U.S. senators are threatening to subpoena Sam Bankman-Fried, the founder of FTX, to compel him to testify at a Senate committee hearing on the collapse of his crypto exchange next week. Senators Sherrod Brown (D-Ohio) and Patrick Toomey (R-Pa.) demanded that Bankman-Fried testify at a Senate Committee on Banking, Housing, and Urban Affairs on…
US Online Goods Prices Fall in Positive Sign for Fed: Adobe
December 8, 2022
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AdobeBusiness & MarketsCompanieseconomic policieseconomyGold and CommoditiesgoodsinflationMarketsonlinerecessionUSUS News
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WASHINGTON—Prices for online goods in the United States fell at a nearly 2 percent annual pace in November, the fastest decline since the onset of the COVID-19 pandemic and a sign that one important aspect of overall inflation continues to slow. The month-to-month decline in the Adobe Digital Price Index, a measure of online shopping…
Financial Regulatory Bodies Vie for Power Over Crypto Industry
The FTX collapse has reignited a power struggle between the two federal agencies—the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). Many in the crypto business have pointed to the fact that the two agencies have been battling for domain over digital assets for a long time, which may be one of…
ESG a Key Risk Issue in Disputes Related to Mergers and Acquisitions: Survey
Environmental, social, and governance (ESG) factors are playing a “more significant role” when it comes to mergers and acquisitions (M&A) disputes, according to a recent study by Berkeley Research Group (BKG) which surveyed a group of M&A lawyers and corporate finance professionals. From the perspective of M&A lawyers, 6 percent believed that a lack of…
US Weekly Jobless Claims Rise; Continuing Claims at 10-Month High
WASHINGTON—The number of Americans filing new claims for jobless benefits increased moderately last week, while unemployment rolls hit a 10-month high towards the end of November, suggesting the labor market was gradually slowing down. Still, labor market conditions remain tight, keeping the Federal Reserve on course to continue increasing interest rates as it fights inflation….
Stocks Open Higher on Wall Street but Remain Lower for Week
NEW YORK—Stocks are opening modestly higher on Wall Street, but remain lower for the week after five straight losses. The S&P 500 was up 0.2 percent in the early going Thursday and the tech-heavy Nasdaq was down 0.1 percent. The Dow Jones Industrial Average was up 0.5 percent. Energy companies were doing better than the…
Dollar Edges Up, Investors Weigh Outlooks for Rates and Economy
LONDON—The dollar edged up on Thursday, supported by a push higher in U.S. Treasury yields, as investors weighed the outlook for Federal Reserve policy against the chances that high interest rates could lead to a recession. Next week brings a raft of major central bank decisions, including those from the Federal Reserve, the European Central…
Oil Rebounds From 2022 Lows on China Demand Hopes, Tanker Delays
December 8, 2022
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a G7 price cap came into effect. China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since…
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