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FTX founder Sam Bankman-Fried previews his defense against fraud charges. Morgan Stanley appoints Ted Pick as new CEO. The escalating security situation in the Middle East is discussed.
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Quick takeaways
- Sam Bankman-Fried claimed he thought he was following legal advice when his hedge fund borrowed money from FTX customers.
- Ted Pick has been announced as the new CEO of Morgan Stanley, facing the challenge of making his mark on the bank's strong performance.
Deep dives
Bankman Freed's defense against fraud charges
Sam Bankman Freed, the former Golden Boy of Crypto and FTX founder, defended himself against fraud charges, claiming he thought he was following legal advice when his hedge fund borrowed money from FTX customers. This resulted in an $8 billion hole in FTX's balance sheet. The judge overseeing the case expressed skepticism towards Bankman Freed's defense.
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