The Week in Business: The Rapid Fall of FTX Founders

Sam Bankman-Fried, founder of failed cryptocurrency exchange FTX, was expected to appear. House Committee on Financial Services Last Tuesday — one of several attempts to investigate the collapse of the exchange. But the day before, he was Arrested in the Bahamas After US attorneys filed criminal charges. He faces eight charges, including multiple counts of fraud and conspiracy to defraud the United States and violating campaign finance laws. Separately, the Securities and Exchange Commission filed civil chargesMr. Bankman-Fried is accused of misleading investors who paid $2 billion for FTX, among other charges. It wasn’t long ago that the volatile crypto mogul was discussing his role in FTX’s downfall. With New York Times reporters and elsewhere.

It started with private jets. Last week, Elon Musk Suspended 25 accounts On Twitter, government agencies, billionaires and Mr. Dedicated to tracking the flights of other important people, including Musk. (His flights were tracked by the account @ElonJet using public data.) Shortly after completing the acquisition of Twitter in October, Mr. Musk said he would allow the account to remain on the platform. . But on Wednesday, Mr. Musk suspended not only @ElonJet, but two dozen similar accounts. Soon, he was suspended Accounts from half a dozen journalists The person who wrote about the suspension of private-flight trackers, or on Twitter, Mr. A critic of Musk’s franchise. But early Saturday morning, he said he would restore the accounts of several journalists.

Inflation data for November brought good news to Federal Reserve policymakers, but it wasn’t enough to change the central bank’s plans to continue its campaign to raise interest rates. The Consumer price index fell to 7.1 percent Last month, it was 7.7 in October and a far cry from its most recent peak of 9.1 percent in June. Nevertheless, the day after the data was released, the central bank made clear that it intended to continue its campaign to cool the overheated economy. Officials slow pace of interest rate hikes – Raised rates by half a percent Instead of three quarters, they signaled that rates would continue to rise in the new year — the size of the past four consecutive increases. The Fed remains committed to its target of 2 percent inflation, and Fed Chairman Jerome H. Powell said the plan would “probably have higher rates and maybe hold it for a long time.”

Inflation may start moderate, but deflationary mood persists. For holiday shoppers, the latest data should be more cost-conscious Retail sales in November It was foreboding. US retail sales fell 0.6 percent from October Thank you very much, nearly 200 million Americans shopped during a five-day period that included Thanksgiving, Black Friday and Cyber ​​Monday. Some analysts have suggested that consumers may now spend more on travel, entertainment and other personal experiences, and less on traditionally popular gift categories such as clothing and sports goods. Some gifts under the tree can be exchanged for gift cards or tickets to events. And many more consumers will follow Look for deep discounts When it comes to shopping for loved ones, they are counting on tighter budgets than in recent years.

Source link

Denial of responsibility! newsnaveen.online is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – admin@newsnaveen.com. The content will be deleted within 24 hours.

Similar Articles

Popular post