Economy Archives - Page 21 of 58

Sam Bankman-Fried Ran FTX as His ‘Personal Fiefdom,’ Lawyers Say

FTX founder and former CEO Sam Bankman-Fried ran his company like a “personal fiefdom,” lawyers for the failed cryptocurrency exchange say. FTX's legal team made the statement in a Wilmington, Delaware bankruptcy court on Tuesday. The comment came during the first bankruptcy hearing for the collapsed crypto exchange. The company…

FTX Funneled Millions into Political Campaigns before Bankruptcy

Three FTX executives funneled over $70 million to political campaigns during the 2022 election cycle, ranking third in donations overall, records show. Former FTX executives sought to gain influence in Washington by contributing significantly to this year’s midterms. The big beneficiaries of FTX’s donations have attracted attention following the spectacular collapse…

S&P Global Warns: Corporate Defaults Will Double Even in Mild Recession

Leading analysts with S&P Global have warned that corporate default rates will more than double, even if the United States only suffers a mild recession. According to the Monday warning from S&P Global Ratings, the default rate for American companies could reach 3.75 percent by September 2023. The rates will…

Elon Musk Restores Project Veritas’ Twitter Account

Elon Musk's Twitter has restored the account of the non-profit investigative journalism watchdog Project Veritas as several high-profile users have had bans lifted in recent days. The Project Veritas, headed by James O’Keefe since 2011, is the latest account to be reinstated after the social media platform was taken over…

Alameda: The Firm at the Heart of FTX’s Epic Collapse

In late 2017, MIT alumnus Sam Bankman-Fried left the quantitative trading firm Jane Street to start his own cryptocurrency trading firm, Alameda Research. Founded prior to FTX, Alameda got its start by taking advantage of bitcoin price differentials between Japanese and U.S. exchanges, namely by buying bitcoin for a low price in the…

Questions Emerge over Biden’s Push to Install Electric Car Chargers at Gas Stations

A new report raises questions about President Joe Biden's push to install electric vehicle (EV) chargers in gas stations across America. A well-known independent newsletter on fuel prices and gas stations has expressed skepticism about the plan. The addition of many more EV charging stations to U.S. gas stations has…

New CNN CEO Reveals How Network Will Cover Trump after 2024 Announcement

CNN’s new CEO Chris Licht has revealed that his network plans to reduce its coverage of President Donald Trump following the launch of his 2024 presidential campaign. Speaking during a new podcast interview, Licht said CNN will not cover Trump as much as the network did during his White House…

Grain Deal Between Russia & Ukraine Extended by 120 Days

The grain deal between Russia and Ukraine that facilitates the export of Ukrainian agricultural exports via Black Sea ports has been extended by 120 days, according to reports. The deal extension was confirmed by Russia, Turkey, Ukraine, and the United Nations. “I welcome the agreement by all parties to continue…

Electric Cars Less Reliable Than Gas-Powered Vehicles, Consumer Reports Reveals

Electric vehicles are less reliable than their gas-powered counterparts, a new Consumer Reports survey has revealed. According to the Consumer Reports 2022 Annual Auto Reliability survey released Tuesday, electric vehicles, including those from Tesla, are among some of the least reliable automobiles sold in America. Consumer Reports (CR) is a…

FTX Scandal Deepens as Details of Fraud and Regulatory Neglect Emerge

Following the implosion of cryptocurrency company FTX last week, details are still emerging that reveal fraud and regulatory neglect as the scandal deepens. In the U.S., politicians are calling for stricter regulations on the cryptocurrency industry amid the FTX bankruptcy and potential fraud. “It shows the weaknesses of this entire…