♪ hello, everyone. i'm bianna golodryga. >> and i'm victor blackwell. the collapse of ftx, today its

founder sam bankman-fried, was hit with criminal and civil charges. bankman-fried was arrested in the bahamas, and indicted on eight different criminal charges. >> it's alleged they funneled money to a hedge fund called alameda research. he paid himself and debts all with ftx customer and investor money. the disgraced founder was supposed to testify to a house committee today. instead, the man who replaced him was the only witness and described the absolute corporate chaos he found inside the company. >> even if the most failed company, you have a fair road map of what happened. we'll dealing with literally sort of a paperless bankruptcy,

in terms of how they created this company. it makes it very difficult to trace and track assets, particularly, as i've said, in the crypto world. we have lost $8 billion, right? of customer money. so, by definition, i don't trust a single piece of paper in this organization. >> it's stunning to hear from this ceo, who also helped unwind enron, who says he's seen nothing like this. but tell us more about the charges. >> we're at the federal prosecutor's office waiting for the press conference to get underway. what we do know is eight criminal counts, two counts of

wire fraud, multiple counts of conspiracy, all related to the misappropriation of billions of customer deposits. prosecutors say bankman-fried had used it to cover his personal loans. he also used it to buy luxury real estate in the bahamas, for him, his family and other top executives. he also diverted money to go to tens of millions in political donations. colleagues of mine have tallied the numbers and we have seen more than $900,000, and nearly $30 million to outside groups. the u.s. attorney, damian williams will tick it out of and we'll hear from the fbi. and the commodities regulation. and bankman-fried is in the bahamas. we'll wait to see how soon he appears in a court in new york.

>> you've been following the hearing, the court is in a break, what has happened so far? >> victor, the court is in recess until 2:00. a bit -- 15 minutes after 2:00. that's when we're told a judge here in nassau could decide whether sbf is given a bond, pending extradition back to the u.s. the magistrate here in the bahamas said she expressed reservation about whether or not and allow sbf to post bond, in large part, because she said in her experience on the bench, she's had a number of individual folks who left the bahamas after posting bond, no matter the amount. the 30-year-old has been in court for much of the day. he's been sitting in the front row of this courtroom behind me, really showing no emotions throughout this hearing, either staring at the floor and occasionally looking over at his defense attorneys.

earlier in the day, he was asked if he would waive he right to extradition. he said he was not going to do so. he told the judge he would not be doing that, so there will be a legal process that plays out before he's taken back to the u.s. to fake charges there. it is important to note, that bahamian authorities are also conducting their own investigation into the collapse, and in fact, the s.e.c. complaint unsealed this morning makes notes that he used some of the money from ftx to buy a number of expensive pieces of properties here in the bahamas. it's also worth pointing out he was arrested yesterday in a gated community, a rather wealthy part of the bahamas, taken to jail around 6:00 at night. he spent the night in jail, and we're told he did not get much

of a chance to meet with his attorneys until this morning. a judge handling this case could have a decision on whether or not he's going to be given a bail at 2:15 this afternoon when she comes back to hear the remaining arguments and whether or not to move forward. >> it's very active course. kara is there at the prosecutor's office. as we get updates, we'll bring you all back. carlos and kara, thank you both. the host of the podcast "it's complicated" regnatto, good to see you. the s.e.c. fraud office at the doj, the explanation from sbf has been, i didn't know. he talks about naivete or not having information. these claims suggest something far more nefarious and

deliberate. >> 100%. if you are acting as somebody naive or careless, that's civil light. here that's not what was charged the justice department charged deliberate fraud, very why-ranging fraud schemes to fraud nonhis customers, but investors. they also charged wide-ranging conspiracies to commit campaign, very serious charge, and i will just say that the early indictment here, victor, the fact they indicted him a little over a month after the collapse, tells me that prosecutors are confident in their case. >> there was also a civil indictment filed by the s.e.c. at the same time as well. if we can get your reaction to just the speed with which the doj acted here, because you had said you had never seen a case of this scope proceed so quickly. this is a company that had 100

offices and companies around the world. are you surprised with how quickly the doj acted? >> i'm actually shocked. i have worked -- when i was a federal prosecutor, i worked on wide-ranging, compression fraud cases. i worked on case with international components, and now i defend clients sometimes who are facing problems from regulators around the world. i have never seen a case move this quickly. this is such a large, consequentially case. it's shocking how quickly the united states government has acted here. the only thing that makes sense is a couple things. one, the fraud that's been laid out by the doj, s.e.c. and ftc is wide ranging and braising,

but also sam bankman-fried himself was talking to everyone who would listen with his thoughts and feelings and answers to all sorts of hard-hitting questions to journalists, twitter, and really anyone else. i think he made the job of prosecutors much easier. >> let's listen to a portion of an interview he granted to the bbc. >> i don't think i committed fraud. i didn't want any of this to happen. i was certainly not nearly as competent as i thought i was. >> yeah, again he says incompetent. we talked about this area of -- it's unregulated in large part. is he spared any charges because of the lack of regulation that he would face if this were a big bank, the head of a big bank instead?

>> absolutely not. let me make something clear to all the viewers. if you defraud people in the united states, whether you defraud them with baseball cards, bulbs or crypto, the united states justice department will come at you, and if it involves a security, the s.e.c. will as well. i think he has a false sense -- >> renato, let's go to the federal prosecutor's office here in new york. >> let me be clear. my remarks today are going to be limited. that is by design. this investigation is very much ongoing, and it is moving very quickly. i also want to be clear about something else. while this is our first public announcement, it will not be our last. the indictment has eight counts, but effectively outlines four

different areas of misconduct. first, sam bankman-fried defrauded customers at the currency exchange he founded. and second alameda research, third we alleged he defrauded investors in ftx. lastly we alleged he violated campaign finance laws. first, we charge from 2019 until earlier this year, bankman-fried and co-conspirators stole money, and used it for personal expenses and investments and debts of the company alameda. and secondly, he lied about the source of the money he was using

to pay those debts. third, he lied to investors in ftx about the fact he had spent billions of customer money to alameda. fourth, we charge that bankman-fried violated campaign finance laws, by causing tens of millions in illegal contributions to be made to candidates and committees associated with both democrats and republicans. they contributions were disguised to look like they were coming from wealthy co-conspirators, yet they were funded bially immediata research with stolen customer money. all of this was used in service was his desire to buy bipartisan influence and impact the direction of public policy in washington. to anyone who is watching this or hears about this prosecution, if you believe you have been a victim of these schemes or have information about the conduct that we have alleged in our

indictment we unsealed today, please let us know. for anyone person, entity or political campaign that received stolen money, we asked that you work with us to return that money to innocent victims. for anyone who participated in wrongdoing and who has not yet come forward, i would strongly encourage you to come see us before we come see you. now, let me say a word about our partners at the fbi, the s.e.c. and the cftc. the women and men of the fbi are some of the finest public serve isn't in this country and they've been with us since day one, and there is no one, no one better to work with. i want to thank the brilliant lawyers at the s.e.c. and cftc. this is complex. we embrace that kind of

challenge here in the southern district of new york. we always want the cftc and s.e.c. by our side when we do that, and i want to thank the prosecutors from my office and their supervisors, the chiefs of our security and commodities fraud task force. i want to acknowledge the hard work, including samb ilraymond, and jessica feinstein and tara l'amour, and acknowledge the contribution from our chief -- unit. this should be very clear, but it's a all hands on deck investigation, and i couldn't be prouder of the team i'm privileged to lead. now, i want to invite up to the podium. fbi assistant director in charge, michael driscoll.

>> thank you, damian. thank you all for joining us for this important announcement. this case came together at great speed, in such that it's only possible to be standing here today through tremendous coordination and cooperation from many people and agencies. bankman-fried defrauded customers. in addition, he executed deliberate transactions designed to obscure and disguise the misuse of customer funds he prey on his customers, abusing the trust placed not only in his company, but in himself as the lead of that company. we are determined to help the victims of this case gets a sense of justice. we will continue to make every attempt to recover as much of their funds as possible.

if you're willing to deceive customers and attempt to hide your actions, we will be persistent in pursuing you and ensuring are brought to justice. i thank damian williams and his team at the southern district for their partnership on this case. i want to thank our partners at the s.e.c. and cftc to their outstanding work, and thanks for the foreign operations group for their logistics and resource assistance. our field office is in boston, miami, washington, d.c. and bridgetown. fbi headquarters that worked on this case from the criminal investigative division, our incident response group and international operations division, and special agents and forensics accountants from the securities fraud squad. the justice department of international affairs has been an important partner in this,

and, of course, as damian floated before, his team in securities and commodities fraud, money laundering and trans-national criminal enterprise unit has been a true partner in this case. i also thank our international law enforcement partners. these cases do not happen without that kind of coordinate. i specifically want to note the assistance by the royal bahama police force. this case is about fraud. fraud is fraud. it does not matter the complexity of the investment scheme, it does not matter the amount of money involved. if you mislead and deceive to take what does not belong to you, we will hold you accountable. i would like to thank everyone who has been working on this case for helping us to adhere to that principle today. thank you. good afternoon, i'm the director of the s.e.c.'s division of enforcement.

today in a parallel civil complaint, the s.e.c. filed charges against sam bankman-fried, alleging that he orchestrated a years-long scheme to defraud equity investors, in the company he cofounded and led as ceo until its collapse last month. as alleged in our complaint, starting in 2019, and continuing through november 2022, bankman-fried raised more than $1.8 billion from equity invest offers on the basis of lies. you see, ftx operated behind a veneer of legitimacy that he created by, among other things, repeatedly touting to investors ftx is top-notch automated risk controls that he claimed protected customer assets, and by repeatedly claiming that those assets were at all times safe, segregated and secure.

as we allege in our complaint, that veneer wasn't just clear, but fraudulent. in reality from ftx's inception, bankman-fried secretly diverted funds to his crypto hedge fund, alameda research, and then misused those funds to make lavish real estate purchases, and large political donations. his claimants about ftx's sophisticated risk controls and other customer protections were simply bog news. similarly, his representations to ftx investors and trading customer also kernel alameda were also part of the carefully crafted veneer. in truth, he directed that

alameda be exempt from the very risk management measures he touted to ftx investors and to its customers. he also provided alameda a virtually unlimited line of credit, funded by ftx customers. he also diverted billions of dollars in customer funds from ftx to alameda. hills entire house of cards started to crumble as crypto asset prices pluism etted in may of 2022. as alameda's lender demanded repavement on billions of loans. continuing to prop it up, we allege that he diverted more in customer assets to alameda, even though it is increasingly clear that they could not make the customers whole. in fact, through the summer of 2022, he diverted hundreds of millions more in ftx customer funds to alameda, which he used

to venture investments and for lorens to his slim and other ftx executives. all the while he continued to make misleading statement about the financial condition and about its risk management. even in november 2022, faced with billions in customer withdrawal requests that ftx could not fulfill, he misled investors from which he sought more money to plug the holes he had created. his braising multiyear scheme finally came to an end when the tangled web of affiliates filed for bankruptcy on november 11, 2022. that collapse has had far-reaching consequences for ftx customers, for its investors, and for its counter-parties. our investigation into those consequences, into those individuals and entities volume remains ongoing. one immediate takeaway shook

that noncompliant trading plat manies pose dramatic rests to investors and to their customers. among other things, they don't provide them with the same robust levels of exposures and protections against fraud and conflicts of interest. that's what traditional u.s. registered securities and exchanges provide. so it's important that they come into compliance, as chair gensler has made clear, the runway is getting shorter for them to come in and register with us. for those who done, the enforcement division stand ready to take action. i want to recognize our incredible team responsible for today's action. definitely sue, ivan snyder, pascha salimi investigated this matter under the supervision of amy hartman, michael brennan, jorge, and david hirsch, amy burkeheart will lead the

litigation against bankman-fried, and finally, i want to commend or partners here at the southern district of new york under the leadership of damian williams and our partners at the fbi and cftc. this is yet another strong example of the collaboration that you see before you this afternoon. with that, i'll turn it back to u.s. attorney williams. thank you. i'd like to welcome questions from. >> from the fbi and the s.e.c., going through the criminal charges against sam bankman-fried, going into detail about the scheme he had orchestrated for years now to defraud investors. and we're also talking about campaign finance laws, wire fraud charges, defrauding investors, lenders, civil charges filed by the, i have to go back to renato.

i'm curious what stood out to you. what i heard is we heard officials say for other investors to reach out to them if they feel they've been defrauded. i'm curious, what is the likelihood they'll get the money back, even a penny's worth, given the majority of the money has to go back to the creditors. >> yeah, it's very different situation, and it's not atypical for fraud cases. usually the fraudster spends all the money. in cases like this, it's very challenging, i think another important thing that you heard a moment ago is a call for those involved in wrongdoing to come forward as well, and to cooperate with authorities, which i thought was very interesting as well.

>> very stark line here from the u.s. attorney, when he says come see us before we come see you, for those people who might be involved. renato, the degree of detail, specifically in the civil documents from the s.e.c., how much does that tell you about how many people and how much information they have already given in the last couple weeks. i have. >> there's a very wide-ranging investigation goods on here. i know and have worked with many of the people whose names were mentioned a moment ago, on investigations when i was a federal prosecutor. there's just a lot of people on this case. this is -- i think the words were all hands on deck. i think that's revealed in the civil complaints, just a massive amount of data, really a wide-ranging scheme that was charged here. >> it seems as if -- we talked

about the speed with which this all came together and how it stood out to you. it seems that the prosecutors established for themselves a strong case in terms of determining the intent here. we've heard all of these interviews from sam bankman-fried saying this is something he didn't know what was happening, to quote him, i just eff'd up, but from the details laid out in these indictments, it looked as if he specifically knew what he was do doging by. >> you adopt strip and fall and commit a fraud. it's an intentional choice. really, the problem for him is by making all these statements, the once that are self-serving will never make it into trial,

because they'll by hearsay, but prosecutors will be able to take the bits and statements that do incriminate him and theeism be able to put all of those in as admissions against him. hi's painted his attorney into a corner. i think his defense team will have a difficult time. it's not easy to take a team that is as big as they have, and to put something like this -- put a marker down, saying they're going to take this case on, this early, just weeks after the collapse of ftx, but i think it really says something about the scale of the fraud and the measure to which mr. ban bankman-fried. >> thank you very much. a big indication that inflation is finally easing. the consumer price index shows

prices rose 7.1% in november year to year. that is still high, yes, but it's the lowest this figure has been since last december. >> and will factor into the federal reserve's decision on further interest rate hikes. this morning president biden said this data is the reason for optimism. >> the flation is rising in double digits in many parts of the world, and inflation is coming down here in america. make no mistake, prices are still too high. we have a lot more work to do, but things are getting better, headed in the right direction. >> cnn's matt egan is here to help break this down. matt, we now have consist president indication that inflation is cooling. we are expected an interest rate hike tomorrow about 50 basis points. does the data suggest we could see a change by to 23?

>> it does suggest there is a growing body of evidence that the worst may be behind us, that it's moving towards healthier levels. today the report is -- that was cooler than expected, it's the fifth straight month of cooling inflation, the lowest figure for that metric all year. core prices, month over month, were the lowest, but i do think we have to be careful we don't know for sure this trend will continue. we also don't know how long it's going to take. healthy, in some parts of the economy are still running hot. food prices have continued to rise sharply. we've seen egg prices, butter, flour, all of them up sharply. shelter is another sore spot.

if you had told me two years ago that wall street and the white house would be celebrating 7% inflation, i would have said no way, but everything is relative. inflation was above 9% earlier this year. the trend is certainly going in the right direction. that's good news for families who have been hurt by the high cost of living. it's also good news for the federal reserve. the fed has been slamming the brace on the economy, trying to get inflation under control. as we speak, the fed is meeting and debating what to do next. in less than 24 hours, it's expected to have another hike. the expectation is to go from 75 basis points the last four meeks to 50 basis points. today's report does give them some cover to do just that. victor and bianna, the hope is if inflation keeps cooling off,

the fed won't have to race raise quite as much next year. >> matt egan, thank you, matt. we are following a massive winter storm that tens of millions of americans are see in some way. 40 million people right now are in the path of the storm, as tornado threats and storm warns head east. we'll have more, next. better luck next time. but i haven't even thrown yet. you threw good money away when you bought those glasses. next time, go to america's best - where two pairs d a free exam start at just $79.95. can't beathat. can't beat this, eher. book aexam today at americasbest.com did you know your health has more to do with your zip code than your genetic code? that doesn't seem fair. we agree. but where you live determines access to doctors, green spaces and fresh food. that's why we grow our own.

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ongoing in southern nebraska where we've had winds of 45 miles per hour, and zero visibility, with the snow just coming down. so that's going to continue. travel will be impossible across many of these areas. more than 50-mile-per-hour wind gusts in cheyenne. current visibility down to almost nothing across a large port of this area. this will continue throughout the overnight hours and then into tomorrow we'll still see the severe side of this across the south. >> it's going to be here for a while. jennifer, thank you. triple wave -- covid, flu, rsv, the cases are flooding hospitals across the country. bed space is scarce. you'll hear from doctors trying to manage the emergency.

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it's being hailed as a major scientific breakthrough that could revolutionize the way we power our world. for the first time in history, u.s. researchers have triggered a fusion reaction that created more energy than the energy needed to make it happen. this is a first step towards ending our reliance on fossil fuels. here is energy secretary-general fer granholm speaking with cnn about the importance of this moment. >> the president has a ten-year goal of getting to a commercial fusion reactor, and he announced that goal this past summer. we're hopeful that within a decade we might be there. of course we have a goal of getting to net zero energy by 2050. that would be within that time

frame. now that this breakthrough has happened, the scientists can go to work on improving the process. >> hakim is an astrophysicist and visiting professor at george mason university and the author of "a kwan tun life: my unlikely journey from the street to the stars." hakim, thank you for joining us. talk about this real milestone in science and the achievement there. give us an explanation of why this is so significant in the quest for clean energy. >> thank you for having me. this is not hyperbole. this is truly a fundamental breakthrough in developing the energy of the future. so the greatest stores of energy that we have is what we call matter. albert einstein informed us 100 years ago that matter, as we think about it, may not really

exist at all. basically what we call matter may, in fact, be combined energy. we now know this has been confirmed. if you take the proton, the particle that makes up the nucleus of all of our atoms, along with neutrons, 99% of what we call mass is energy inside of them. so the question is how can we get that energy out. there are three ways to do it. the first way we've been doing for decades. that's with this fission reactors. energy is at a prime yum and stars have the ability to pump out energy for billions of years. now we may be able to do that. the final is matter-antimatter conversion chambers like star trek does. >> so what is creating the energy? i want to be as excited about this as you are. but there's a little bit i'm missing here. i need you to tell me what's

creating the energy. >> so the energy is there. the energy is just sitting there inside of nuclear matter. so when you combine small nuclei like these isotopes of fusion, you start with these products. we'll say two plus three equals five. but when you add those things together, two plus three does not equal five. two plus three equals four. you ask yourself where does that other one go? the other one was converted into energy. so you end up with less mass when you plug these things together, and that mass was converted to energy. e equals mc squared tells you how much energy you get. for one unit of mass you get a one followed by 17 zeros units of energy. that's a big win. >> to not be debbie downer here -- >> here you go. >> let me finish.

follow me here. scientists were surprised. some of the technology they had and equipment they had there actually got damaged because of the power of this energy they finally produced. my question to you is, now they can do it. how do you scale it? do we have the infrastructure and support systems for it to actually make this feasible to use? >> the devil is in the details. there are so many tiny details they had to get and trips they had to do to make this happen. you're shooting all these lasers into this capsule. you expect the energy of the lasers to go into the capsule, right? what they found when they started doing experiments is sometimes the energy from one laser got diverted and went back up the other laser. so, you know, there's all these little things you have to do. what you're looking at here is primarily a way of making heat. so most energy reactors that we have that produce heat like coal burning, wood burning -- i don't know if we have any of those --

but also fission reactors. they take the heat and boil water with it. the water turns to steam. the steam turns the turbine that produces electricity. so there's another step. the step is you create the heat. now let's create the energy. it's not just the laser energy that goes in. there's energy that goes into making the laser energy. making this breakthrough is the key step, but you still have to make it way more efficient and then you have to have a means of making electricity from it. >> this little step was a big one. >> it is the big one. >> it shows it can be done -- you've got victor getting really excited here now. >> i'm init now. >> hakeem, thank you. we appreciate it. in just minutes president biden will sign the bipartisan bill protecting same-sex and interracial marriages in this country. we'll bring that to you live.

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