Capitalism, The Fed and Economic Policy
Comments
-
This jobs market is insanewww.myspace.com0
-
You wouldn't know by watching Fox. I didn't see an article about it all day long.The Juggler said:This jobs market is insane0 -
gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
WE'VE LOST OUR COUNTRY.....ARGHHHH0
-
Damn you Brandon! What are you doing about litter boxes in schools and drag story hour, you putz??!!mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
Libtardaplorable©. And proud of it.
Brilliantati©0 -
What about... what about...Halifax2TheMax said:
Damn you Brandon! What are you doing about litter boxes in schools and drag story hour, you putz??!!mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
That's what Fox has going...0 -
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....0 -
tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
It's "spending" on everything.
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-september-2023-10-27/#:~:text=Adjusting for inflation, consumer spending,match last quarter's blockbuster performance.
www.myspace.com0 -
I think it's important that we evaluate each of the FOUR major business sectors in isolation:tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
1. Tourism
2. Food Service
3. Railroads
4. Sales
And hospitals/manufacturing. And air travel.
0 -
Is it because everything is expensive? Are people still saving or has that gone away in favor of spending?The Juggler said:tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
It's "spending" on everything.
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-september-2023-10-27/#:~:text=Adjusting for inflation, consumer spending,match last quarter's blockbuster performance.
0 -
That article answered my question, ty.
"Growth, however, is unlikely to match last quarter's blockbuster performance. Consumer tapped their savings and put away less money with the saving rate dropping to 3.4% from 4.0% in August."
0 -
Expensive or not, people are still spending. Fed wants to see this cool down before dropping ratestempo_n_groove said:
Is it because everything is expensive? Are people still saving or has that gone away in favor of spending?The Juggler said:tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
It's "spending" on everything.
https://www.reuters.com/markets/us/us-consumer-spending-beats-expectations-september-2023-10-27/#:~:text=Adjusting for inflation, consumer spending,match last quarter's blockbuster performance.www.myspace.com0 -
I got your reference Matt 😉mrussel1 said:
I think it's important that we evaluate each of the FOUR major business sectors in isolation:tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
1. Tourism
2. Food Service
3. Railroads
4. Sales
And hospitals/manufacturing. And air travel.0 -
Thank you! Geez... that's honestly one of the funniest and saddest scenes in the Office. So absurd and hilarious.RunIntoTheRain said:
I got your reference Matt 😉mrussel1 said:
I think it's important that we evaluate each of the FOUR major business sectors in isolation:tempo_n_groove said:
I'm actually shocked at this. Ive seen the opposite in the sportscard and clothing world. I am curious as to what people are spending money on? Housing and utilities are a must though and shouldnt be considered as "spending".mickeyrat said:gift articleU.S. economy grows at blockbuster pace in third quarter
By Abha Bhattarai
October 26, 2023 at 8:31 ET
The U.S. economy grew by an annual rate of 4.9 percent in the third quarter, the strongest pace since 2021, as spending — by families, businesses and the government — accelerated, even in the face of fast-rising borrowing costs.
New government data released Thursday by the Bureau of Economic Analysis shows that gross domestic product expanded between July and September, capping five straight quarters of growth and eluding a long-feared recession.
The economy’s resilience is a product of a strong job market and extra pandemic savings, which have made it possible for people to keep spending despite inflation and rising interest rates. Robust government hiring — including 214,000 new jobs between July and September — also added to overall strength.
“It’s enough to knock me over with a feather,” said Diane Swonk, chief economist at KPMG. “We’ve had the most aggressive credit tightening from the Federal Reserve since the 1980s and, guess what, the economy’s accelerating. We really underestimated how much consumers could keep spending."
[Americans, especially wealthy ones, are still spending big]
That spending was broad-based in the third quarter, with U.S. households doubling down on both necessities, such as housing, utilities and prescription drugs, as well as luxuries including dining out, hotel stays and recreation. Businesses and the federal government also continued to spend, though GDP was dragged down by lower non-residential investments.
Overall, the latest spike in GDP is more than double the previous quarter’s annual growth rate of 2.1 percent.continues....
1. Tourism
2. Food Service
3. Railroads
4. Sales
And hospitals/manufacturing. And air travel.0 -
wasn't sure where to put this so......https://apnews.com/article/sam-bankman-fried-ftx-crypto-bitcoin-baa4c94f2c4237c860475ff92e6bcf42 FTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customersFTX founder Sam Bankman-Fried convicted of defrauding cryptocurrency customersBy LARRY NEUMEISTER20 mins ago
NEW YORK (AP) — FTX founder Sam Bankman-Fried’s spectacular rise and fall in the cryptocurrency industry — a journey that included his testimony before Congress, a Super Bowl advertisement and dreams of a future run for president — hit rock bottom Thursday when a New York jury convicted him of fraud in a scheme that cheated customers and investors of at least $10 billion.
After the monthlong trial, jurors rejected Bankman-Fried’s claim during four days on the witness stand in Manhattan federal court that he never committed fraud or meant to cheat customers before FTX, once the world’s second-largest crypto exchange, collapsed into bankruptcy a year ago.
“His crimes caught up to him. His crimes have been exposed,” Assistant U.S. Attorney Danielle Sassoon told the jury of the onetime billionaire just before they were read the law by Judge Lewis A. Kaplan and began deliberations. Sassoon said Bankman-Fried turned his customers’ accounts into his “personal piggy bank” as up to $14 billion disappeared.
She urged jurors to reject Bankman-Fried’s insistence when he testified over three days that he never committed fraud or plotted to steal from customers, investors and lenders and didn’t realize his companies were at least $10 billion in debt until October 2022.
Bankman-Fried was required to stand and face the jury as guilty verdicts on all seven counts were read. He kept his hands clasped tightly in front of him. When he sat down after the reading, he kept his head tilted down for several minutes.
After the judge set a sentencing date of March 28, Bankman-Fried's parents moved to the front row behind him. His father put his arm around his wife. As Bankman-Fried was led out of the courtroom, he looked back and nodded toward his mother, who nodded back and then became emotional, wiping her hand across her face after he left the room.
U.S. Attorney Damian Williams told reporters after the verdict that Bankman-Fried “perpetrated one of the biggest financial frauds in American history, a multibillion dollar scheme designed to make him the king of crypto."
“But here’s the thing: The cryptocurrency industry might be new. The players like Sam Bankman-Fried might be new. This kind of fraud, this kind of corruption is as old as time and we have no patience for it,” he said.
Bankman-Fried’s attorney, Mark Cohen, said in a statement they “respect the jury’s decision. But we are very disappointed with the result.”
“Mr. Bankman Fried maintains his innocence and will continue to vigorously fight the charges against him,” Cohen said.
The trial attracted intense interest with its focus on a fraud on a scale not seen since the 2009 prosecution of Bernard Madoff, whose Ponzi scheme over decades cheated thousands of investors out of about $20 billion. Madoff pleaded guilty, was sentenced to 150 years in prison, where he died in 2021.
The prosecution of Bankman-Fried, 31, put a spotlight on the emerging industry of cryptocurrency and a group of young executives in their 20s who lived together in a $30 million luxury apartment in the Bahamas as they dreamed of becoming the most powerful player in a new financial field.
Prosecutors made sure jurors knew that the defendant they saw in court with short hair and a suit was not the man with big messy hair and shorts that became his trademark appearance after he started his cryptocurrency hedge fund, Alameda Research, in 2017 and FTX, his cryptocurrency exchange, two years later.
They showed the jury pictures of Bankman-Fried sleeping on a private jet, sitting with a deck of cards and mingling at the Super Bowl with celebrities including the singer Katy Perry. Assistant U.S. Attorney Nicolas Roos called Bankman-Fried someone who liked “celebrity chasing.”
In a closing argument, defense lawyer Mark Cohen said prosecutors were trying to turn “Sam into some sort of villain, some sort of monster.”
“It’s both wrong and unfair, and I hope and believe that you have seen that it’s simply not true,” he said. “According to the government, everything Sam ever touched and said was fraudulent.”
The government relied heavily on the testimony of three former members of Bankman-Fried’s inner circle, his top executives including his former girlfriend, Caroline Ellison, to explain how Bankman-Fried used Alameda Research to siphon billions of dollars from customer accounts at FTX.
With that money, prosecutors said, the Massachusetts Institute of Technology graduate gained influence and power through investments, contributions, tens of millions of dollars in political contributions, Congressional testimony and a publicity campaign that enlisted celebrities like comedian Larry David and football quarterback Tom Brady.
Ellison, 28, testified that Bankman-Fried directed her while she was chief executive of Alameda Research to commit fraud as he pursued ambitions to lead huge companies, spend money influentially and run for U.S. president someday. She said he thought he had a 5 percent chance to be U.S. president someday.
Becoming tearful as she described the collapse of the cryptocurrency empire last November, Ellison said the revelations that caused customers collectively to demand their money back, exposing the fraud, brought a “relief that I didn’t have to lie anymore.”
FTX cofounder Gary Wang, who was FTX’s chief technology officer, revealed in his testimony that Bankman-Fried directed him to insert code into FTX’s operations so that Alameda Research could make unlimited withdrawals from FTX and have a credit line up to $65 billion. Wang said the money came from customers.
Nishad Singh, the former head of engineering at FTX, testified that he felt “blindsided and horrified” at the result of the actions of a man he once admired when he saw the extent of the fraud as the collapse last November left him suicidal.
Ellison, Wang and Singh all pleaded guilty to fraud charges and testified against Bankman-Fried in the hopes of leniency at sentencing.
Bankman-Fried was arrested in the Bahamas last December and extradited to the United States, where he was freed on a $250 million personal recognizance bond with electronic monitoring and a requirement that he remain at the home of his parents in Palo Alto, California.
His communications, including hundreds of phone calls with journalists and internet influencers, along with emails and texts, eventually got him in trouble when the judge concluded he was trying to influence prospective trial witnesses and ordered him jailed in August.
During the trial, prosecutors used Bankman-Fried’s public statements, online announcements and his Congressional testimony against him, showing how the entrepreneur repeatedly promised customers that their deposits were safe and secure as late as last Nov. 7 when he tweeted “FTX is fine. Assets are fine” as customers furiously tried to withdraw their money. He deleted the tweet the next day. FTX filed for bankruptcy four days later.
In his closing, Roos mocked Bankman-Fried’s testimony, saying that under questioning from his lawyer, the defendant’s words were “smooth, like it had been rehearsed a bunch of times?”
But under cross examination, “he was a different person,” the prosecutor said. “Suddenly on cross-examination he couldn’t remember a single detail about his company or what he said publicly. It was uncomfortable to hear. He never said he couldn’t recall during his direct examination, but it happened over 140 times during his cross-examination.”
Former federal prosecutors said the quick verdict — after only half a day of deliberation — showed how well the government tried the case.
“The government tried the case as we expected," said Joshua A. Naftalis, a partner at Pallas Partners LLP and a former Manhattan prosecutor. “It was a massive fraud, but that doesn’t mean it had to be a complicated fraud, and I think the jury understood that argument.”
___
Associated Press reporter Ken Sweet contributed from Palm Springs, California.
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
Lil softer jobs numbers today. Some softer stuff earlier this week. Good for interest rates!www.myspace.com0
-
Let them eat cake.
https://www.boston.com/news/national-news/2023/11/07/behind-the-gates-of-a-private-world-for-only-the-wealthiest-new-yorkers/?p1=hp_secondary
09/15/1998 & 09/16/1998, Mansfield, MA; 08/29/00 08/30/00, Mansfield, MA; 07/02/03, 07/03/03, Mansfield, MA; 09/28/04, 09/29/04, Boston, MA; 09/22/05, Halifax, NS; 05/24/06, 05/25/06, Boston, MA; 07/22/06, 07/23/06, Gorge, WA; 06/27/2008, Hartford; 06/28/08, 06/30/08, Mansfield; 08/18/2009, O2, London, UK; 10/30/09, 10/31/09, Philadelphia, PA; 05/15/10, Hartford, CT; 05/17/10, Boston, MA; 05/20/10, 05/21/10, NY, NY; 06/22/10, Dublin, IRE; 06/23/10, Northern Ireland; 09/03/11, 09/04/11, Alpine Valley, WI; 09/11/11, 09/12/11, Toronto, Ont; 09/14/11, Ottawa, Ont; 09/15/11, Hamilton, Ont; 07/02/2012, Prague, Czech Republic; 07/04/2012 & 07/05/2012, Berlin, Germany; 07/07/2012, Stockholm, Sweden; 09/30/2012, Missoula, MT; 07/16/2013, London, Ont; 07/19/2013, Chicago, IL; 10/15/2013 & 10/16/2013, Worcester, MA; 10/21/2013 & 10/22/2013, Philadelphia, PA; 10/25/2013, Hartford, CT; 11/29/2013, Portland, OR; 11/30/2013, Spokane, WA; 12/04/2013, Vancouver, BC; 12/06/2013, Seattle, WA; 10/03/2014, St. Louis. MO; 10/22/2014, Denver, CO; 10/26/2015, New York, NY; 04/23/2016, New Orleans, LA; 04/28/2016 & 04/29/2016, Philadelphia, PA; 05/01/2016 & 05/02/2016, New York, NY; 05/08/2016, Ottawa, Ont.; 05/10/2016 & 05/12/2016, Toronto, Ont.; 08/05/2016 & 08/07/2016, Boston, MA; 08/20/2016 & 08/22/2016, Chicago, IL; 07/01/2018, Prague, Czech Republic; 07/03/2018, Krakow, Poland; 07/05/2018, Berlin, Germany; 09/02/2018 & 09/04/2018, Boston, MA; 09/08/2022, Toronto, Ont; 09/11/2022, New York, NY; 09/14/2022, Camden, NJ; 09/02/2023, St. Paul, MN; 05/04/2024 & 05/06/2024, Vancouver, BC; 05/10/2024, Portland, OR;
Libtardaplorable©. And proud of it.
Brilliantati©0 -
Every few years a see another story like this. It's always changing and reinventing itself in the posh world.Halifax2TheMax said:0 -
_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140 -
sorta qualifies as capitalism, no?_____________________________________SIGNATURE________________________________________________
Not today Sir, Probably not tomorrow.............................................. bayfront arena st. pete '94
you're finally here and I'm a mess................................................... nationwide arena columbus '10
memories like fingerprints are slowly raising.................................... first niagara center buffalo '13
another man ..... moved by sleight of hand...................................... joe louis arena detroit '140
Categories
- All Categories
- 148.8K Pearl Jam's Music and Activism
- 110K The Porch
- 274 Vitalogy
- 35K Given To Fly (live)
- 3.5K Words and Music...Communication
- 39.1K Flea Market
- 39.1K Lost Dogs
- 58.7K Not Pearl Jam's Music
- 10.6K Musicians and Gearheads
- 29.1K Other Music
- 17.8K Poetry, Prose, Music & Art
- 1.1K The Art Wall
- 56.7K Non-Pearl Jam Discussion
- 22.2K A Moving Train
- 31.7K All Encompassing Trip
- 2.9K Technical Stuff and Help