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While still CEO of now-collapsed FTX, Bankman-Fried transferred millions of dollars to his father. Some of those funds have since been used to pay for his mounting legal fees, according to two sources close to the company. By Sarah Emerson and Steven Ehrlich S am Bankman-Fried, founder of fallen cryptocurrency exchange FTX who claimed to have just $100,000 in his bank account last November, is preparing for trial in October backed by a roster of powerful attorneys. But it has remained unclear, until now, how the former billionaire would afford his pricey defense. Forbes has learned that Bankman-Fried has been paying legal fees from a multi-million dollar gift he gave his father with money borrowed from FTX’s sister company. In 2021, while CEO of FTX, Bankman-Fried made a large monetary gift to his father, Stanford Law professor Joseph Bankman, two sources with operational knowledge of both companies told Forbes . It was funded by a loan from the … [Read more...] about Sam Bankman-Fried’s Legal Defense Is Being Funded With Alameda Money He Gifted His Father

Share to Twitter Share to Linkedin Calls for the immediate scaling back and even discontinuation of fossil fuel use have grown strident again recently, on the heels of this month’s release of the final installment of the IPCC’s Sixth Assessment Report. It spawned urgent rhetoric like that from United Nations Secretary General Antonio Guterres , who said, “…it is possible to limit global warming to 1.5 degrees [Celsius] with rapid and deep emissions reductions across all sectors of the global economy.” His comments were accompanied by yet another round of demands for an immediate halt to funding of any further hydrocarbon investments . That comes in the wake of last year’s anti-fossil fuel mania, when the news was dominated for weeks by the actions of activists from groups like Just Stop Oil . They made headlines by trying to destroy precious works of art and gluing themselves to roadways, all in the name of fighting climate change through their demand … [Read more...] about Want Clean Energy? We’ll Need More Fossil Fuels

Share to Twitter Share to Linkedin Today we look at the first U.S. president to be indicted. Trump Indicted By Manhattan Grand Jury—Arraignment Expected Tuesday On Over 30 Charges, Reports Say “A Manhattan grand jury voted Thursday to indict former President Donald Trump over an alleged hush money payment to porn star Stormy Daniels, a source with knowledge of the proceedings told Forbes , with an arraignment reportedly expected Tuesday—marking the first time in American history a former president has been criminally charged,” report Nicholas Reimann and Sara Dorn. Trump’s team has indicated he will surrender to authorities in New York for his arraignment, where he will briefly be under arrest at the district attorney’s office—he will likely be fingerprinted, have his mugshot taken and enter a plea before being released from custody. The investigation into Trump—led by the Manhattan District Attorney’s office—centers on a $130,000 payment … [Read more...] about Checks & Imbalances: Trump Indicted

Journalism is not a profession given to pleasing the rich and powerful on a regular basis. One certainty of the trade — at least if you are doing it correctly — is that not everyone appreciates seeing the truth about themselves in print for all the world to read (or at least the Baltimore metropolitan area). In its nearly two centuries of following the promise of “Light For All,” The Baltimore Sun’s reporters, photographers, editors and others have received their share of bluster, threats and legal filings thrown at them from influential politicians, public figures, business people and, yes, even the owners of sports franchises inconvenienced by objective reality. You think your job has its annoyances? Try getting in a shouting match with Baltimore Colts’ owner Bob Irsay as he blatantly lied about his plans to move the NFL franchise out of Charm City three decades ago. Was The Sun wrong to challenge his false narrative? To press for answers? To look out for the interests of all … [Read more...] about How can The Sun dare to hold O’s ownership accountable? How can we not? | COMMENTARY