The Intelligence: The fallen crypto king learns his fate
Mar 28, 2024
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Alice Forward, a Wall Street correspondent and co-host of Money Talks, and Catherine Nixey, Britain correspondent, dive into the fallout from the dramatic FTX collapse. They discuss the legal fate of Sam Bankman-Fried and the staggering $8 billion misappropriation of customer funds. The conversation takes an intriguing turn as they explore the challenges and potentials of building new cities globally and even touch on how M&S underwear has historical significance in women’s lives. The episode connects finance, urban development, and social history in compelling ways.
Sam Bankman-Fried faces up to 110 years in prison for financial fraud in FTX collapse.
Building new cities poses challenges but offers potential for societal benefits and urban advancements.
Deep dives
Conviction and Sentencing of Sam Bankman-Fried
Sam Bankman-Fried, the former boss of the cryptocurrency exchange FTX, was convicted on multiple charges including wire fraud conspiracy and money laundering. He faced a possible 110-year prison sentence, with prosecutors seeking between 40 and 50 years. Despite maintaining his innocence, his former colleagues testified against him, highlighting his involvement in the fraud.
New City Developments and Criticisms
Around the globe, new cities are emerging, aiming to address urban challenges and attract new industries. Critics question the effectiveness of these projects, branding them as wasteful endeavors driven by wealthy individuals seeking legacy projects. However, proponents argue for the diversity of city projects and the potential for positive societal impacts, exemplified by Stephen Jennings' focus on practical urban infrastructure advancements.
Challenges and Prospects of New Cities
Creating new cities presents significant challenges, such as high upfront costs and prolonged periods of negative cash flow. While some projects face economic setbacks, successful examples like Milton Keynes and Brasilia demonstrate sustainable growth. Experimentation with new city models, such as Telosa City's communal land ownership, showcases innovative approaches to urban development and offers valuable insights for future projects.
It has been called one of the biggest financial frauds in American history. After the collapse of cryptocurrency exchange FTX, its founder is facing a maximum jail sentence of 110 years. Why the race to build new cities is difficult, but potentially worthwhile (10:01). And how M&S knickers can help solve murders (16:15).