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This chapter discusses Sam Bankman-Fried's defense against fraud charges, the announcement of Ted Pick as Morgan Stanley's new CEO, and the military presence in the Middle East. It covers Bankman-Fried's claim of following legal advice resulting in a financial hole for FTX, the judge's skepticism, and explores Gorman's legacy at Morgan Stanley.

FTX founder Sam Bankman Fried gave a preview of his defence against fraud charges, the US is worried that Iran and its proxies will escalate attacks on American forces in the Middle East, and the FT’s Josh Franklin explains what Morgan Stanley’s leadership change means for the company.

Mentioned in this podcast:

Sam Bankman-Fried previews ‘advice of counsel’ defence in FTX fraud trial

Morgan Stanley makes its choice: how Ted Pick won the succession race

US moves to deter Iran ahead of Israel’s invasion of Gaza

The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Monica Lopez, Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.

Read a transcript of this episode on FT.com

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