Getting approval for a financial loan, insurance coverage otherwise home financing are stressful


By Lydia Kibet

  • Exactly what a keen Underwriter Try
  • What a keen Underwriter Does
  • Sorts of Underwriters
  • Underwriters compared to. Representatives and Brokers

Your application needs to go through a strict process to verify that the monetary risk the firm is going to grab are well worth giving. This is where an underwriter will come in. Underwriters play the role of gatekeepers to suit your monetary qualities acceptance.

Underwriting is one of the most important services regarding the monetary world, skilled primarily when you look at the insurance policies, loan and you will investment companies. An enthusiastic underwriter evaluates debt health insurance and determines whether or not to just take their package predicated on the quantity of risk.

What’s an enthusiastic Underwriter?

An enthusiastic underwriter is an individual or group that evaluates various other party’s economy and you can assumes the risk at a fee. Constantly, an enthusiastic underwriter gets commission in the form of a paid, fee, otherwise each other a made and commission.

If you are talking about an enthusiastic underwriter, you may be probably applying for approval for the majority types of higher get in just one of multiple marketplace, eg mortgage loans, insurance coverage, fund otherwise security locations. All of the community has its own underwriters who concentrate on specific industries.

These people use the assistance to assess the degree of exposure of each applicant ahead of and if the danger. If your team identifies the risk is actually far rates, the fresh underwriter try held responsible.

Role out-of a keen Underwriter

An underwriter uses the systems to check whether or not the chance they go for about when deciding to take is definitely worth they. According to the particular economic provider you might be seeking recognition for – let’s say a loan – an enthusiastic underwriter often assess yours recommendations just like your credit score to find the superior amounts so you’re able to charges.

The latest part regarding an underwriter was risky. Considering their chance comparison, an enthusiastic underwriter has to assess an acceptable level of exposure so you’re able to see whether you be eligible for recognition or otherwise not.

Sort of Underwriters

As mentioned, for each and every industry possesses its own underwriters one to play an important role from the monetary business. It include the following items.

Insurance coverage Underwriter

Insurance rates underwriters determine and you may analyze the risks in providing acceptance for an agenda. They consider an excellent organizations risk within the guaranteeing a home, vehicle or driver or health and life insurance for individuals. After determining the dangers on it, the brand new underwriter kits an amount energized when it comes to an advanced in return for the chance drawn.

Insurance coverage underwriters are benefits which have certified studies from inside the exposure assessment. They incorporate its assistance to choose if an applicant is eligible having approval or otherwise not. When they determine an enthusiastic applicant’s qualification for the coverage, then they present the sort of rules.

To own outstanding circumstances, an enthusiastic underwriter spends automated application – a computer-made process – to find the level of exposure and whether or not an applicant try qualified to receive the policy in accordance with the insurer’s specific conditions. Insurance coverage underwriters understand the dangers and you can know how to prevent them.

Mortgage Underwriter

Mortgage loan underwriters are the typical type of underwriters, and reasonable. To acquire a house try a risky venture, even though you have a great credit rating otherwise higher earnings. A home loan underwriter can do a thorough research to decide if the chance is down.

Best that you See

A home loan underwriter could possibly get feedback your own personal information, as well as your credit history, credit score, yearly income and you will complete offers to determine your eligibility to possess mortgage mortgage approval. They will certainly as well as measure the possessions you should get.

The new underwriter next uses their exposure review to weighing certain activities of real estate loan software to determine the acceptable number of chance. Your loan underwriter ‘s the latest individual that decides whether or not otherwise perhaps not you could qualify for a mortgage.

Bonds Underwriter

Ties tend to be personal carries and you can personal debt securities, including bonds, which are tradable economic tools that provides control rights to people. Ties underwriters regulate the brand new issuance and you can distribution regarding ties. They often times manage initial social offerings to check the chance and determine a fair price to have particular ties. The fresh underwriting techniques is frequently performed with respect to a possible trader, usually an investment financial.

A financial investment financial buys (underwrites) ties provided from the providers trying IPO and then deal people bonds in the market. This means the fresh issuers of your shelter can raise the fresh full quantity of money they want when you find yourself making this new underwriters good advanced in exchange for their service. Underwriting securities, not, occurs that have dangers – as an example, the newest funding bank is likely for the difference in the first valuation and also the actual rates.

Financing Underwriter

Financial underwriting is one of prominent particular financing underwriting, in which an underwriter analyzes your financial updates to decide if or not you qualify for loan recognition. Included in the acceptance procedure, banks have a tendency to make use of the mortgage underwriter’s human investigations and you can automatic software with her to evaluate the risk of lending.

The loan underwriting processes just assesses the creditworthiness plus the ability to pay off the mortgage but whether your meet all of the conditions of financing system. A loan underwriter fundamentally approves or rejects a loan.

Difference in Underwriters, Representatives and Agents

There can be usually an agent or representative with regards to monetary products. Underwriters will often have the last say, plus they are the ones to decide whether or not you will get recognition or not. Likewise, agencies and you can brokers act as salespersons. They promote products to people and you can enterprises – however, just with new underwriter’s consent.

Latest Get

If you find yourself trying to recognition getting an economic provider, be it home financing, financing or insurance, then you may need an underwriter. An enthusiastic underwriter often determine your current finances to determine the acceptable level of chance according to research by the organizations certain standards. Getting what things to avoid better, talk about the underwriting techniques along with your broker, agent or company to higher comprehend the techniques.

All of our inside the-house look cluster and on-site financial experts interact to make blogs which is perfect, unbiased, or more thus far. We truth-examine every single figure, quote and you can reality playing with leading number one info to ensure this new recommendations we provide is correct. You can discover a lot more about GOBankingRates’ process and you may requirements inside our article plan.

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Sri Lanka central bank holds rates steady, says mkt interest rates must fall

Sri Lanka cenbank holds rates steady as expected amid slowing inflation By Reuters

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(C) Reuters. FILE PHOTO: People walk past the main entrance of the Sri Lanka’s Central Bank in Colombo, Sri Lanka March 24, 2017. REUTERS/Dinuka Liyanawatte

COLOMBO (Reuters) – Sri Lanka’s central bank held rates on Thursday, adding it expects a moderation in market interest rates in line with the prevailing policy interest rates.

The Standing Lending Facility rate was held steady at 15.50% while the Standing Deposit Facility Rate was kept unchanged at 14.50%.

“The Board was of the view that the prevailing tight monetary policy stance is necessary to rein in any underlying demand pressures in the economy,” the central banks said in a statement.

Sri Lanka cenbank holds rates steady as expected amid slowing inflation

Dollar slips as risk sentiment improves after Fed minutesBy Reuters – Nov 23, 2022

By Ankur Banerjee SINGAPORE (Reuters) – The U.S. dollar was broadly weaker on Thursday as investors, encouraged the prospect of a slower pace of interest rate hikes from the…


Brazil’s electoral court rejects Bolsonaro election challengeBy Reuters – Nov 23, 2022

BRASILIA (Reuters) -The head of Brazil’s electoral court Alexandre de Moraes on Wednesday rejected a complaint from President Jair Bolsonaro’s allies to challenge the presidential…


S.Korean central bank hikes rates by 25 bps, slows tightening paceBy Reuters – Nov 23, 2022

By Cynthia Kim and Jihoon Lee SEOUL (Reuters) – South Korea’s central bank raised interest rates by a more modest 25 basis points on Thursday, slowing the pace of policy…

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What it would mean for Tesla to buy back shares


Tesla investors are begging CEO Elon Musk and the board of Tesla to consider buying back shares as the company’s stock price slumps to a two-year low. Tesla stock was trading at $183.20 after hours on Wednesday, and its market capitalization has plunged by almost $700 billion since its peak a year ago.

Musk said during Tesla’s Q3 earnings call that the company is likely to do a “meaningful buyback” next year, possibly between $5 billion and $10 billion. Last week, he said it would be “up to the Tesla board” to decide.

Buying back shares from the marketplace would reduce the number of outstanding shares available, which increases the ownership stake of current shareholders. That’s because reduced supply of shares often causes a price increase. Tesla bull and influencer Alexandra Merz recently put up a petition on to advocate for a swift buyback before the end of the year. Merz said this would allow Tesla to “benefit from a currently very unvalued stock price” and avoid the 1% excuse tax that any buybacks exceeding $1 million will be subject to by January 1, 2023.

Merz and other investors have also argued a stock buyback would be a show of confidence in Tesla’s future results and would return wealth to shareholders.

“I’m a huge Tesla fan and past stock holder but in order to preserve my capital I’ve been forced to go to the dark side,” commented one petitioner, of which there are currently 5,807. “I’ve recently began to short the stock and have earned back roughly half my loses. I believe in Tesla’s long term growth but I need to see some action from the board before going long again. A nice buy back would show confidence from the board that Tesla is still a good investment.”

Tesla’s stock has taken a hit lately for a variety of reasons, including decreasing investor confidence in Musk to run the company effectively. Many have complained that Musk is, at best, distracted by his recent purchase and takeover of Twitter, a social media platform on which the executive has lately been airing his politics even more than usual. Musk and certain members of Tesla’s board are currently in court over the CEO’s $56 billion pay package after a Tesla shareholder accused Musk of being a “part-time CEO.”

Drops in Tesla shares also followed massive stock sales by Musk who needed liquid cash to finance the $44 billion Twitter deal.

Some analysts, like Adam Jones at Morgan Stanley, worry the Twitter fiasco and Musk’s rampant tweeting could hurt consumer demand for Tesla, as well as commercial deals and government relations.

Musk’s involvement in Twitter isn’t the only reason for plunging shares. While Tesla still remains the market leader of electric vehicles in the U.S., the company is rapidly losing market share to other automakers as new models come online. In the third quarter, Tesla held 64% market share in EVs, which is down from 66% in Q2 and 75% in Q1. Ford, GM and Hyundai brands are quickly catching up as they scale production of popular EV models like the Mustang Mach-E, the Chevy Bolt and the Ioniq 5.

Tesla is also losing ground to Chinese EV makers like BYD and Wuling Motors in China, where the automaker recently slashed prices to lure buyers, receiving reportedly lackluster enthusiasm. On top of that, Beijing is now on lockdown and more restrictions have been imposed in China as coronavirus cases surge. This might not only affect Tesla’s ability to run its gigafactory in Shanghai, but further restrictions will affect China’s weakened economy further and reduce demand for luxury products like Teslas.

Then there are the back-to-back recalls that Tesla issued over the weekend — over 350,000 vehicles from U.S. customers with software glitches that disable tail lights or activate air bags during minor collisions in some cars. That’s on top of the 17 other recalls this year.

Finally, Tesla has gotten plenty of bad press this year around its advanced driver assistance systems Autopilot and “full self-driving,” or FSD, which have been tied to some fatal crashes in the worst case and in the best case have simply not performed as expected. In September, drivers filed suit against the company for falsely advertising the autonomous capabilities of its tech.

All of the above, coupled with a down market, have resulted in Tesla’s market cap going from $1.2 trillion last November to $574 billion as of Wednesday’s close.

Billionaire Leo Koguan, who says he’s the third largest individual shareholder in Tesla, has been advocating for a buyback for months. Last week he tweeted that Musk should stop selling shares and should take advantage of the “right timing” to buy back shares “before Q4.” Musk responded to the tweet saying it was “up to the Tesla board.”

In October, Koguan called on Tesla to buy back at least $5 billion worth of stock, and in the past has argued for up to $15 billion worth of buybacks, saying Tesla should use its free cashflow to fund the buyback.

As of the third quarter, Tesla has a free cash flow of $3.3 billion.

Koguan has said Tesla can still invest in FSD, its Optimus bot and new gigafactories while also buying back “undervalued stocks.”

Why FTX Implosion Is Not Good News for Coinbase


Coinbase isn’t directly exposed, but the scandal further erodes trust in cryptocurrencies.

Less competition may seem like a good thing for cryptocurrency exchange Coinbase (COIN -7.23%). A major competitor essentially disappearing overnight would be a godsend in nearly every industry. Imagine if Pepsi just packed it in. Or if FedEx decided that packages just weren’t its thing.

The cryptocurrency industry, if you can even call it an industry, is not like this. Coinbase makes most of its money by charging fees when its customers trade. For customers to want to trade, they need to believe that they can turn a profit. And for customers to believe they can turn a profit, they must have at least some confidence in the crypto economy.

The collapse of FTX, which turned out to be a toxic stew of fraud and sloppy accounting, is the latest hit to the collective confidence of crypto speculators. It’s still not known how many billions of dollars in client funds are missing, or if those funds will ever be recovered. Worse, other crypto companies that custodied assets with FTX are now facing their own crises. Cryptocurrency lender BlockFi, for example, is reportedly preparing a bankruptcy filing of its own, according to The Wall Street Journal.

The king of nothing

Coinbase doesn’t appear to be directly exposed to FTX in any meaningful way. The company said it had little exposure to FTX and no exposure to the FTT token, which has collapsed in value. The real problem, though, is not direct exposure.

Cryptocurrency was a bonanza during the first two years of the pandemic. Not only did the price of Bitcoin soar, but so did the price of myriad other tokens. Non-fungible tokens tied to images were fetching millions of dollars each . Companies popped up promising too-good-to-be-true rewards for depositing cryptocurrency. It all worked as cryptocurrency prices continued to soar.

As cryptocurrency prices began to sink earlier this year, the fragility of the crypto economy started to rear its ugly head. Companies started to fail. Crypto lender Celsius filed for bankruptcy in July after freezing customer assets; the $60 billion Terra network imploded when its crypto backed stablecoin collapsed; and crypto hedge fund 3AC fell apart after once managing $10 billion in assets.

Each failure individually is not particularly problematic for crypto as a whole. What is problematic is when these failures cause a cascade. Counterparties to failed companies face crises of their own, then counterparties to those companies come under pressure, and so on and so forth. Those who hold and trade crypto currencies have no idea who to trust.

One bull case for Coinbase is that the company can emerge as the last man standing. Presumably, it’s not doing anything shady with its customer deposits, and it has around $5 billion in cash to ride out the current storm. As other cryptocurrency exchanges collapse around it, Coinbase can act as a beacon of stability.

The problem with this argument is the assumption that this storm doesn’t mark the end of the cryptocurrency industry as we know it. Bitcoin will still be around, but at this point, trust has been shattered. The era of easy profits trading nonsense digital currencies is probably over. And if that’s the case, Coinbase will sit on its throne as the king of nothing.

Coinbase could fail, too

Coinbase is no immediate risk of failing, assuming its financial statements are accurate, and that it doesn’t have some outsized exposure to something yet to collapse. But its entire business depends on retail investors being willing to pay a premium to buy and sell cryptocurrencies. All its other revenue from services is also ultimately dependent on continued interest in cryptocurrency trading.

Coinbase has been catering to institutional investors, but it generates very little revenue from those transactions. And institutions burned by a never-ending stream of scandals may start to think twice about getting involved in the cryptocurrency markets at all.


Despite Coinbase’s cash-rich balance sheet, the bond market is screaming at the top of its lungs that something is wrong. Notes issued by Coinbase in late 2021 that mature in 2028 are currently selling for 56 cents on the dollar. Rising interest rates explain part of this collapse, but not all of it. Bond investors clearly don’t like what they see.

Coinbase has made progress cutting costs, but it’s still burning through its cash as revenue tumbles. Cash and cash equivalents declined by $2.1 billion during the first nine months of this year. Even if Coinbase gets through this “crypto winter,” the idea that interest in cryptocurrencies will surge anew like it has in the past requires a leap of faith.

My guess: Bitcoin will stick around as a novelty, but certainly not as “digital gold”, and everything else will fade away. That’s not an environment where Coinbase can succeed.

South Korea Freezes $104 Million in Assets Belonging to Terra Co-Founder – Bitcoin News


South Korea’s prosecutors have reportedly obtained a court order to freeze assets worth about $104 million belonging to Terraform Labs co-founder Daniel Shin. The authorities allege that he unfairly profited from selling cryptocurrency LUNA at high prices before the token crashed. Shin has denied the allegation.

South Korean Authorities Freeze Terraform Labs Co-Founder’s Assets

The Seoul Southern District Court reportedly approved local prosecutors’ request Thursday to freeze about 140 billion won ($104 million) in assets belonging to Terraform Labs co-founder Shin Hyun-seung, aka Daniel Shin. The pre-indictment freeze order is a precautionary measure to prevent a suspect from disposing of criminal proceeds before a trial.

The prosecutors have accused the Terra co-founder of making “unfair” profits of about 140 billion Korean won by selling pre-issued cryptocurrency LUNA, now known as luna classic (LUNC), without proper disclosure to investors. However, Shin reportedly told the prosecutors Thursday that he did not sell the crypto at its peak price before the token crashed.

Hwang Suk-jin, professor of information security at Dongguk University and a regular speaker on crypto policy at South Korea’s National Assembly, was quoted by Forkast as saying:

It’s a problem with pre-mining. It’s because they did not make proper disclosure in issuing the tokens.

The professor added that for example, if investors “thought 1,000 tokens have been issued and in fact 10,000 have been issued, investors inevitably suffer losses.”

Shin and Chai corp., a local payments tech company he founded, are currently under investigation for allegedly using customer information without consent in launching Chai’s Terra payment services. The payments company was reportedly raided by local authorities on Thursday.

South Korean prosecutors have also been investigating the collapse of LUNA since May and have issued an arrest warrant for Kwon Do-Hyung, aka Do Kwon, who co-founded Terraform Labs with Shin. Interpol has also issued a Red Notice for him. Last month, South Korean authorities said they have frozen crypto assets belonging to Kwon. However, Kwon denied that the frozen coins were his.


Sen. Lisa Murkowski received max campaign funding from FTX’s Sam Bankman-Fried, who ripped off investors to support Democrats in office

Sam Bankman-Fried, the Democrat crypto-scammer who took millions of dollars from over one million investors in the cryptocurrency exchange FTX and passed his ill-gotten gains to Democrat Party candidates and political organizations, gave the maximum amount allowed by law to the reelection campaign of U.S. Sen. Lisa Murkowski.

Murkowski is the Alaskan incumbent who will most likely be reelected due to the ranked-choice voting methodology created by her supporters in 2020. Bankman-Fried also gave thousands of dollars to the Alaska Democratic Party.

Project Veritas, in Anchorage, says it has smoking gun on Murkowski, ranked-choice voting mess

Bankman-Fried donated $2,900 to Murkowski’s campaign in 2021 and the same amount in 2022.

The crypto-crook also donated to Maine Sen. Susan Collins’ campaign, and Sen. Mitt Romney of Utah. They were among the only Republican candidates Bankman-Fried donated to, while his list of donations to Democrat candidates and causes is extensive.

The story of FTX being a money-laundering operation for Democrats is a case study in corruption in Washington, D.C.

Bankman-Fried’s brother Gabriel, who runs a fake nonprofit created by Sam called Guarding Against Pandemics, also donated the maximum amount of $2,900 to Murkowski’s reelection campaign. All of Gabriel’s money comes from Sam, who has financial interests in pandemics, and shaping the policies in response to pandemics.

Bankman-Fried donated $9,700 to the Alaska Democratic Party, and listed his employer as Alameda Research, which is a venture-capital and trading firm affiliate of the now-collapsed crypto exchange FTX.

Bankman-Fried donated millions to over 100 Democrat campaigns and political action committees such as SMP, to which Bankman-Fried gave $250,000 to in support of candidates such as Democrat Sen. Raphael Warnock of Georgia, John Fetterman of Pennsylvania, and Sen. Mark Kelly in Arizona.

Some political action committees, such as Protect Our Future PAC, received millions of dollars from Bankman-Fried.

Democrats in the House and Senate, who were facing an uphill battle as a result of President Joe Biden’s disastrous policies, had a secret weapon during this election season: A major money laundering operation from unregulated cryptocurrency scams controlled by Bankman-Fried.

“As Democrats spent the lead-up to the 2022 midterm elections fretting and hand-wringing about a potential red wave, they had one silver lining: the emergence of a new superdonor,” writes The National Review. “Sam Bankman-Fried, the wunderkind 30-year-old founder and CEO of FTX, the upstart cryptocurrency exchange, was splashing money around everywhere. He was young. He was rich. He seemed smart. And he looked like the successor to George Soros, the 92-year-old billionaire who had given Democrats more than $100 million during the midterm cycle. Bankman-Fried gave a more modest $40 million—including $6 million to Nancy Pelosi’s House Majority PAC—but he suggested it was merely a grace note. During the 2024 contest, which will decide the presidency, he planned to spend ‘north of $100 million,’ he said, even flirting with $1 billion in total.”


Bankman-Fried is under investigation by the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Manhattan U.S. Attorney’s Office. A lawsuit by investors has been filed in Florida.

FTX filed for bankruptcy last week and Bankman-Fried is holed up in the Bahamas, where the company is based. Evidence emerged on Thursday that Bahamian regulators allowed former Bankman-Fried, who resigned as CEO when the company collapsed, to gain “unauthorized access” to FTX systems in order to get digital assets belonging to the company after it had filed for bankruptcy protection. The court filing indicates that Bankman-Fried transferred those assets to the custody of the Bahamian government, which appears to be bribery.

RIP FTX: Democrat Ponzi scheme whose founder conned billions and gave millions to leftist candidates like Peltola

“The Debtors thus have credible evidence that the Bahamian government is responsible for directing unauthorized access to the Debtors’ systems for the purpose of obtaining digital assets of the Debtors—that took place after the commencement of these cases. The appointment of the JPLs and recognition of the Chapter 15 Case are thus in serious question,” the filing continued, according to reporting by CNBC. This appears to be a bribe of Bahamian government officials.

The accusations about the transferred funds were made by FTX and came to light in the United ls.States Bankruptcy Court in Delaware.

Alaska Permanent Fund had invested millions in now-broke FTX crypto exchange

TUCKER CARLSON: Sam Bankman-Fried was considered a moral leader even as he was ripping off millions of people


The collapse of the cryptocurrency exchange FTX is, even if you’re not interested in cryptocurrency, a history changing event. It may turn out to be the biggest single-day loss of assets in the history of money. Billions of dollars evaporated in just moments and it’s still not clear what happened to a lot of that money. It just disappeared and as it did, it sparked a growing financial crisis across entire sectors of the economy, a disaster that quite possibly could get very worse very soon, but the story of the FTX implosion is bigger even than the global recession it may cause.  

It is the story of the complete and utter corruption of the people who run our country. The very people who should have been covering and regulating and reining in FTX and its 30-year-old founder, Sam Bankman-Fried were instead profiting from this scam, not just a few of them, nearly all of them—from the news media paid off by Sam Bankman-Fried; to the leadership of the Democratic Party, also paid off by Sam Bankman-Fried; to the chairman of the Securities and Exchange Commission, the SEC commissioner himself, Gary Gensler. They all knew that FTX was not a real company and that Sam Bankman-Fried was a fraud and if they didn’t know that, they certainly should have known that because it was very obvious to anyone who bothered to pay attention.  

One of the few who did pay attention was a short seller called Marc Cohodes, who took one look at Sam Bankman-Fried (SBF for short) and recognized here is a con artist obviously. Watch this tape which aired on Hedgeye TV, a small investment advice channel back in October.  

HEDGEYE TV: When anyone tries to pin SBF down on where he made his money, you can’t get a cogent answer. Then you take into account that SBF is bailing out known ponzis and frauds in the crypto space, everyone who’s gone bankrupt or is a proven fraud, but nothing here fits. Everyone, everything reads like this thing is a complete scam and I think this thing is dirty and rotten to the core.  


Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, DC, US, on Thursday, Oct. 13, 2022. 
(Ting Shen/Bloomberg via Getty Images)

If that guy on a small audience investment channel could tell that Sam Bankman-Fried was a fraud, where was Gary Gensler of the SEC and by the way, the tell in the sentence you just heard is that Sam Bankman-Fried couldn’t explain where he got his money. Here you are, a 30-year-old billionaire, how did you do that? If you can’t tell us that, maybe that’s a red flag and you would think most investors would have recognized it, but for the most part, they didn’t, nor do they seem to notice the obvious incompetence of Sam Bankman-Fried’s business partner/girlfriend, Caroline Ellison.  

Ellison was totally and obviously unqualified for the job she claimed to have. She had no track record of success at anything. She reportedly wrote online about her drug use and then on a podcast back in May, months before the collapse, Caroline Ellison just came out and admitted that she had no idea what she was doing. Watch this.  

QUESTION: Do you think that you have been able to pull this thing off without your mathematics degree or it has been the pillar of your trading activity? 

CAROLINE ELLISON: Uh, yeah, absolutely. I could pull it off without my math degree. I use very little math. When you start out as like an intern and you, you know, do something and accidentally lose, you know, maybe $1,000 or your desk, you’re like, “Oh, God, like, everyone’s going to hate me now. Like, this is terrible” and, yeah, over time, you have to sort of, yeah, get comfortable with larger and larger swings of money. Yeah, I’m trying to think of a good example of a trade where I’ve lost a ton of money. Well, I don’t know. I probably don’t want to go into specifics too much about. 


Oh, I’ve lost a ton of money. No big deal. It’s not mine and no, there’s no math here at the cryptocurrency exchange. Let’s send her billions of dollars! Lost a lot of money. A lot of money that investors, including institutional investors, including individuals who are hoping to retire with that money all gone because we don’t do math, it’s so outdated, but here’s the amazing thing. 

None of this seemed to face the biggest institutional investors, Sequoia. Their entire job is to what? Assess risk, but it wasn’t really about risk and reward. It was about something else. Earlier this year, Michael Grimes, a former spokesman for Bill Clinton who seemed to be making an awful lot of money somehow in the financial world, approached Elon Musk, the world’s richest man, with an investment offer on behalf of SBF. Sam Bankman-Fried wants you to invest. 

Elon Musk didn’t get to be the richest man on the planet by investing in things like that, so he apparently smelled B.S. and turned Grimes down, but in their exchange, which has since become public, Grimes multiple times told Musk that, by the way, Sam Bankman-Fried is a huge donor to the Democratic Party. “Major Democratic donor” Grimes wrote to Musk, second to Bloomberg and donations to Biden campaign. 


A picture of the  U.S. Capitol on October 7, 2013 in Washington, DC, as well as Elon Musk, the new owner of Twitter.  
((Photo by Mark Wilson/Getty Images))

What does that have to do with the investment? It should be irrelevant, but that was the substance of the pitch. What is this exactly? It doesn’t quite sound like a business. It sounds like a hybrid of some kind and not in a reassuring way. Now, some of this was happening in secret, but a lot of it was happening right out in public, right in front of the news media and of course, a lot of them knew Sam Bankman-Fried because he was sending a lot of the money and when he wasn’t, he was desperate for the publicity they could provide. Sam Bankman-Fried was on the cover of more magazines than Madonna. So, they probably should’ve been asking questions about his business, but none of them did. They promoted him. Watch. 

CNBC VIDEO: They call him the J.P. Morgan of crypto, right?  

Yeah. The Michael Jordan of crypto, if you will.  

CNBC VIDEO: So, why should you care about a floppy haired, vegan fidget spinning crypto billionaire who occasionally sleeps on a beanbag chair?  

CNBC VIDEO: During the so-called “crypto winter,” the 30-year-old CEO has been referred to as “Crypto’s White Knight.” 

CNBC VIDEO: JPMorgan of this generation: Sam Bankman-Fried’s FTX. Is he the Jay Gould of our era or is he the JPMorgan of our era?  

I think it’s yet to be determined. Yet to be decided.  

Is he Vanderbilt? 

He could be.  


Is he Carnegie? 

If he gives a lot of libraries, he is. 


He’s the JPMorgan of finance of crypto. He’s the Michael Jordan of crypto. Wait a second. Michael Jordan is not in crypto. He played basketball well. Sam Bankman-Fried is not really a crypto either. How are we all getting rich? Who knows. Don’t ask questions. He’s a JPMorgan. He’ll be a trillionaire. So, why were all these people pushing a scam that any normal person, even a person with no background in finance and just sort of an elementary understanding of profit loss equations could have seen was probably going to collapse in the end? Now, we’re not sure. Stupidity clearly plays a role and so does the herd instinct. All we can ask, really, is: who is benefiting from all of this?  

Well, we know that the Democratic Party benefited. As we told you, Sam Bankman-Fried donated $40 million to Democrats this cycle. That’s more than any other donor, apart from Soros. Then he pledged another billion dollars for the next election. A billion in one election because that’s democracy! He wasn’t doing this in private. He was bragging about it and then he was going on in public about how politicians, Democratic politicians, were begging him for money. Watch this.  

QUESTION: So, how do you find political fundraisers? They come to you directly. Is it easy to get to you and say, “we need this money for this candidate” and what type of candidates you tend to support?  

SAM BANKMAN-FRIED: Oh, yeah. Well, if you, if I pulled out my phone here and just looked at my last ten text messages, you know, about half of them are going to be people asking for, you know, politicians asking for contributions. 


So why were you telling us this in public and by the way, if you’re shaking like a naked man in a snowstorm in the middle of an interview, maybe there’s something wrong with you. Send that boy another billion dollars. how substantial are we overstating this? Are we making a partisan points? So, things collapse. It was clearly a Ponzi. Are we trying to attack the Democratic Party now? No, it’s actually justified. This guy was a major donor. Major donor! According to the head of Citadel, defeating Donald Trump was literally on the balance sheet of FTX. Watch this.  

BLOOMBERG NEW ECONOMY FORUM: FTX crosses into a zone that all of us are worried about. You know, on the balance sheet of FTS is a line called “Trump lose” And Sam was the second biggest donor to Democratic candidates.  

BLOOMBERG NEW ECONOMY FORUM: I’m going to leave it to everybody else to draw their own conclusions about what you’re saying here.  

Another reporter says we’re out of time. We can’t go too deeply into that. Really? Let’s go more deeply into it. It’s pretty interesting. So, of course, politicians love the guy because he was just a cash spigot and that’s what they want most. Where were the regulators because there is a government that’s supposed to be independent of office holders, a regulatory state that keeps Ponzi from happening? Where were they? Well, Sam Bankman-Fried was himself invited to Washington to consult on crypto regulations and then he posed for a picture with Maxine Waters, who’s the head financial regulator in the Congress and then The Washington Post, who is the hometown newspaper of government, did no reporting on his actual business. They just wrote a puff piece about how cool it is that the guy with funky hair, can’t sit still and sleeps on a beanbag is getting super rich.  


How did he pull this scam? How did he do that? Well, he did it with religion. That’s the quickest way to blind people. If they think you share a common faith, maybe they’ll do it and that religion is effective altruism. There are a lot of effective altruists. Maybe you haven’t heard of that. It’s a kind of religious movement. It’s very popular in the tech world and the finance world throughout Silicon Valley and parts of New York.  

The idea is that you make money not because you’re greedy, not because you have a bottomless pit inside you of need that can never be filled, but because you want to help other people and you want to help them in the most efficient way. You want to benefit the greatest numbers of people in the most efficient way, so that means effective altruists get to underpay their housekeepers. They get to stiff the waiter on the tip, but of course, needless to say they do, but that’s okay, because they’re deeply concerned about abstract tragedies like global warming. 

So, if nothing else, effective altruism gives you a moral cover as you rip off investors in order to live tax-free in splendor in some beachfront paradise, as Sam Bankman-Fried did and to this day continues to do. He’s still in Albany and the Bahamas. It goes without saying that Sam Bankman-Fried talked a lot about effective altruism and return, FTX enjoyed a very high ESG score, higher than Exxon, which gets your ambulance to the hospital and your plane in the air to see your kids and heats your home. 


Sam Bankman-Fried was considered a moral leader even as he was ripping off millions of people, but no one benefited long-term from this collapse or will benefit more than government regulators. They are pointing to FTX and demanding more control over cryptocurrency and ultimately the end of the cash economy. Why do we think they’re going to do that? Because they’re already working on it. SEC Commissioner Hester Peirce said this week the demise of FTX could be a “catalyst for more regulation.” Why should you worry about that? Well, because, as we saw in Canada last year, crypto is a huge problem for governments. Governments can’t control, ideally, cryptocurrency. You can’t freeze someone’s personal cold wallet with crypto in it if you don’t like what they say. What does this have to do with the collapse of FTX?  

Well, it turns out that Sam Bankman-Fried girlfriend’s Caroline Ellison, has a lot of connections to regulars, in fact, the biggest regulator of all in this country. Her father, Glenn, is an MIT professor who worked at that university alongside drum roll, please, Gary Gensler, the head of the SEC, which is in charge of cryptocurrency regulation. FTX’s general counsel used to work with Gensler on the Commodity Futures Trading Commission. Now Gensler is about to get a lot more power, so this thing swells to unsustainable size and inevitably implodes. It collapses and that collapse is used for a pretext to do what they’ve been planning to do all along. So, iy probably shouldn’t shock you that right after this collapse, every major bank in this country announced a new partnership with the New York Fed to establish a new digital currency. 


Sam Bankman-Fried, founder and chief executive officer of FTX Cryptocurrency Derivatives Exchange, during an interview on an episode of Bloomberg Wealth with David Rubenstein in New York, US, on Wednesday, Aug 17, 2022.
(Jeenah Moon/Bloomberg via Getty Images)

Oh, digital currency, the one they can regulate and control. Citigroup, Wells Fargo, MasterCard, HSBC, all working on a 12-week digital dollar pilot. The Fed describes this project as a regulated liability network. What does this mean long-term? Well, if they have control of your money because it’s digital, you can’t stash it under your bed. If they don’t like what you say, they can turn it off and you’re impoverished. In other words, this whole thing is a bigger scam even that it seems and it was made possible by political sloganeering and Sam Bankman-Fried. If nothing else, he is not stupid and he knows that well.  

As he put it in a message to a reporter the other day from his hideout in the Bahamas, the woke posturing is the most effective possible business ploy, and we’re quoting “I feel bad for those who get effed by it”, he wrote. “By this dumb game we woke Westerners play where we all say the right chivalrous and everyone likes us.” In other words, if you suspected all this was a scam, all the moral posturing, all the lectures you get about how they’re great and you’re bad, this was all the way to blind you to the fact that there was a massive rip-off going on, you might be on the right track. 

New FTX CEO John Ray III Says Crypto Firm’s Failure Worse Than Enron


John Ray III presided over the Enron bankruptcy, so he knows what a toxically troubled company looks like. That’s why Ray’s declaration that the bankrupt crypto exchange FTX was the result of “a complete failure of corporate controls” carries heavy weight.

In a 30-page FTX Chapter 11 bankruptcy filing submitted to a Delaware court Thursday, Ray also stated that an autopsy of the exchange’s records revealed “a complete absence of trustworthy financial information” and “compromised systems integrity and faulty regulatory oversight.”

He was just getting started. In this “unprecedented” situation, Ray wrote, there was a “concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals.” Later in the document, he described FTX’s sloppy security in searing terms:

Unacceptable management practices included the use of an unsecured group email account as the root user to access confidential private keys and critically sensitive data for the FTX Group companies around the world, the absence of daily reconciliation of positions on the blockchain, the use of software to conceal the misuse of customer funds, the secret exemption of Alameda from certain aspects of’s auto-liquidation protocol, and the absence of independent governance as between Alameda (owned 90% by Mr. Bankman-Fried and 10% by Mr. Wang) and the Dotcom Silo (in which third parties had invested).

Near the end of the declaration, Ray’s words seemed to make it clear that FTX’s actions under founder and former CEO Sam Bankman-Fried weren’t merely incompetence, writing, “One of the most pervasive failures of the business in particular is the absence of lasting records of decision-making.”

“Mr. Bankman-Fried often communicated by using applications that were set to autodelete after a short period of time,” according to Ray, “and encouraged employees to do the same.”

Debtors, Ray said, did write things down. And in his position as the new CEO, the attorney has begun an investigation led by himself and a team that includes “a former Director of Enforcement at the SEC, a former Director of Enforcement at the CFTC, and a former Chief of the Complex Frauds and Cybercrime Unit of the United States Attorney’s Office for the Southern District of New York.”

This is all in addition to investigations reportedly underway by the Dept. of Justice and the Securities Exchange Commission.

It may not be surprising to learn that in an interview with Vox, Sam Bankman-Fried reportedly revealed that he wished his company had been more careful with its accounting, he believes regulators “make everything worse,” and he regrets filing for Chapter 11.

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FirstFT: Masayoshi Son owes SoftBank $4.7bn


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Masayoshi Son personally owes SoftBank close to $5bn because of growing losses on the Japanese conglomerate’s technology bets, which have also rendered the value of his stake in the group’s second Vision Fund worthless.

The billionaire’s ballooning personal liabilities, discovered through a Financial Times analysis of SoftBank’s recent filings, comes as the world’s biggest tech investor was hammered by plunging tech stocks and valuations in private companies over the past year.

The 65-year-old chief executive and founder of SoftBank last week said he would step back from running day-to-day operations at SoftBank. His main focus, he said, would be on the company’s British chip subsidiary Arm, after the technology conglomerate posted quarterly investment losses of $10bn.

The widening losses in SoftBank’s various investment vehicles have also added billions of dollars to the tab that SoftBank’s founder owes the group in relation to its technology bets. This is because SoftBank fronted Son the money to invest in its technology-related funds, which he is under no obligation to repay for many years.

1. G20: Japan and China agree to improve strained ties In their first in-person meeting, Fumio Kishida and Xi Jinping agreed to try to improve relations between their nations, even as Japan’s prime minister expressed “grave concerns” about China’s military activities in the region.

  • More from the summit: Xi Jinping’s carefully choreographed return to the global stage took an unprecedented turn on the final day of the G20 summit as he upbraided Canada’s prime minister for allegedly leaking the contents of a conversation between the two leaders.

2. New FTX chief details extent of corporate failure The new chief executive of FTX, an insolvency professional who oversaw the liquidation of Enron, has said that the bankruptcy of the crypto group is the worst case of corporate failure he has seen in more than 40 years.

3. Guangzhou struggles to rein in record Covid outbreak A Covid-19 outbreak in one of China’s biggest cities is on a knife edge following public protests and intense political debate among top officials over conflicting guidance from Beijing on how to handle the record surge in cases.

  • The impact of zero-Covid: Alibaba reported sluggish growth in the third quarter as the ecommerce giant continues to feel the effects of China’s lockdowns, which have hammered economic growth and consumer spending.

4. Saudi Aramco leads Riyadh’s investment push into South Korea Saudi Aramco has announced a $7bn investment in a petrochemical factory in South Korea, as part of a $30bn package of agreements between Riyadh and Seoul as Crown Prince Mohammed bin Salman forges closer partnerships in Asia.

5. Three found guilty of murder over roles in downing of flight MH17 A court in the Netherlands has found three men with links to the Russian military guilty of murder for their roles in the downing of Malaysia Airlines flight MH17 over eastern Ukraine in 2014, sentencing them to life imprisonment.

How well did you keep up with the news this week? Take our quiz.

The days ahead

COP27 draws to a close The UN climate change conference in Sharm el-Sheikh draws to a close today, but negotiations are likely to continue through the weekend.

Asia-Pacific Economic Cooperation Economic Leaders’ Meeting Heads of state from 21 nations including China, Japan, Russia and the US will gather in Bangkok, Thailand today.

Elections in Asia and the Middle East Malaysia goes to the polls on Saturday, and on Sunday the Nepalese will vote for parliamentary and provincial government seats. Also on Sunday, Kazakhstan’s general election will represent the most significant constitutional change since it declared independence from the former Soviet Union. (Nikkei)

Fifa World Cup The tournament is set to kick off with a game between host country Qatar and Ecuador on Sunday at 7pm in Doha. To say this is likely to be a contentious tournament would be something of an understatement. Our weekly Scoreboard newsletter will be devoted to the World Cup over the next four weeks. Premium subscribers can sign up here.

What else we’re reading

Australia’s defence dilemma Competition between China and the US in the Indo-Pacific is driving the biggest military build-up anywhere in the world over the past 70 years. Australia, however, has a difficult line to tread as it strengthens military ties with European and American allies while trying to cool tensions with Beijing.


Iraq reels from $2.5bn tax ‘heist of the century’ For almost a year, armoured vehicles carrying hundreds of thousands of Iraqi dinar bills have wound their way through Baghdad’s busy streets on a weekly basis. The trucks, laden with tax funds siphoned off from state-owned bank Rafidain, were allegedly pulling off in broad daylight what has since been dubbed Iraq’s “heist of the century”.

Ireland learns of its over-reliance on big tech Mass global job cuts at Meta, Twitter, Stripe and other technology giants are bitter news for their staff in Dublin, coming just before Christmas. But analysts said they were a “wake-up call” for the side-effects of Ireland’s over-dependence on big tech.

New military tech is the surprise twist in Ukraine’s gutsy defence The collapse of Sam Bank-Friedman’s FTX empire this month has visibly damaged other crypto players. But it has also had another, less obvious, impact: on a network of Ukraine-linked technologists, writes Gillian Tett

The true believers saving tequila If you lift the lid off decades of marketing and misunderstanding, tequila is actually one of the most interesting spirits you’ll find behind the bar. It’s time it finally got its due, writes Lilah Raptopoulos.


Yesterday we launched the first edition of Fashion Matters newsletter, in which editor Lauren Indvik takes you behind the scenes of the $2.5tn fashion industry. Sign up here.

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