.- finally heard from mr bankman-fried. ~ , ., bankman-fried.ive you the updates _ bankman-fried. we will give you the updates as _ bankman-fried. we will give you the updates as soon _ bankman-fried. we will give you the updates as soon as _ bankman-fried. we will give you the updates as soon as we - bankman-fried. we will give you the updates as soon as we get i the updates as soon as we get those. marking the biggest game for the girl of biggest economy before the indo 20 and 21 —— at the end. contributing to much of that increase in the quarter despite increases in rates. it could give the central bank some reasons to keep policy tight to tamper inflation. i have been speaking to tiffany wilding, who explained why a consumer spending has remained strong despite higher prices. looking at the underlying drivers of the consumption boom in the us, we think it's still to do with the fact that the us government officials and had a very large response. in terms of the fiscal transfers, they were large relative to history as well as to our develop m

bankman-fried had pled not guilty. >> he thinks he's innocent.s ago. you offered me plead guilty and do six months of house arrest, i would still say no. >> what do you think the fear is having to go to prison? >> not having the internet. that sounds crazy, but if he had the internet he could survive jail forever. robert having a constant stream of information to react to, he would go mad. if you gave sam bankman-fried a choice, this is quite serious, of living in a $39 million penthouse in the bahamas without the internet or the metropolitan detention center in brooklyn with the internet, there's no question in my mind he'd take the jail. >> michael lewis has never before written something that dove tails so dramatically with the sensationalized news, vent. lewis' book comes out tuesday, the same day bankman-fried's trial begins. >> he made a mockery of crypto in the eyes of many. how do you see him? >> everything you said is true. it's more interesting than that. every cause he sought to serve he damaged. every cause he sought to fight, he help

the marketing of sam bankman—fried and the reality of sam bankman—fried were very different. was surprised when fdx collapsed? we found out in courtjust last week from his ex—girlfriend that sam was aware that his hair was a selling point, that he was aware of his image, that the dishevelled genius was actually a character that he could play. and quite effectively, he is quite a good actor. you know about playing characters. i know about playing characters. it's such a bold character to play, if at the end of the day it's not true, most of us would sort of shy away from that sort of exaggeration, if not outright fabrication, but sam really didn't have that... he had a high risk tolerance, is i guess how the people in finance might mention it. he reallyjust went for broke all times. now, a special report on millets: a gluten free grain that india has been working hard to put on the global map. they found their way onto the menu too when global leaders met in delhi for the recent 620 summit. nikhil inamdar reports on whether india can whet the world's appetite while trying to b

mr bankman-fried i criminal trial. mr| bankman-fried is criminal trial. the criminaltrial. mr bankman—fried is the founder and former chief executive of the crypto currency exchange, ftx. he is at the centre of what prosecutors are calling one of the biggest financial frauds in us history. prosecutors say he engaged in a years long scheme to use billions of dollars of ftx customer money to enrich himself and prop up his crypto hedge fund, a la metre research. along the way he tried to make ftx a household name, from branding sports arenas to buying a super bowl ad. ., ., , arenas to buying a super bowl ad. ~' . , , arenas to buying a super bowl ad. ~ . , _ , ad. like i was saying, it is ftx. ad. like i was saying, it is m, it— ad. like i was saying, it is m, it is— ad. like i was saying, it is m, it is a— ad. like i was saying, it is ftx, it is a safe _ ad. like i was saying, it is ftx, it is a safe and - ad. like i was saying, it is ftx, it is a safe and easy| ad. like i was saying, it is. ftx, it is a safe and easy way to get into crypto. i ftx, it is a

is high on _ own defence, sam bankman—fried is high on that— own defence, sam bankman—fried is highon that list. you told me that she thought sam _ high on that list. you told me that she thought sam bankman-fried l high on that list. you told me that i she thought sam bankman-fried and she thought sam bankman—fried and crypto rose together. does she thought sam bankman-fried and crypto rose together.— she thought sam bankman-fried and crypto rose together. does that mean the fall crypto rose together. does that mean they fall together? _ crypto rose together. does that mean they fall together? i _ crypto rose together. does that mean they fall together? i don't _ crypto rose together. does that mean they fall together? i don't think i they fall together? i don't think they fall together? i don't think the fall they fall together? i don't think they fall at _ they fall together? i don't think they fall at the _ they fall together? i don't think they fall at the same _ they fall together? i don't think they fall at the same rate i they fall together? i don't think they fall at the sa

the marketing of sam bankman—fried and the reality of sam bankman—fried where very different.n—fried present himself such that everyone was surprised when fdx collapsed? we found out in courtjust last week from his ex—girlfriend that sam was aware that his hair was a selling point, that he was aware of his image, that the disheveled genius was actually a character that he could play. and quite effectively, he is quite a good actor. you know about playing character. i know about playing characters. it's such a bold character to play, if at the end of the day it's not true, most of us would sort of shy away from that sort of exaggeration, if not outright fabrication, but sam really didn't have that... he had a high risk tolerances i guess how the people in finance might mention it. he reallyjust went for broke all times. staying with news in the us, where china's top diplomat wang yi is set to visit on thursday. he is expected to meet us state secretary antony blinken and the us national security adviserjake sullivan. his trip is set against the war in the middle east, but the m

but now, mr bankman—fried is telling his side of the story.ns up the accused to cross—examination. but those who've met mr bankman—fried think testifying on his own behalf is just the sort of risky move he relishes. sam's a gambler, you know? sam has always had a high risk tolerance, so if there were a defendant to take the stand in his own defence, sam bankman—fried is, you know, high on that list. given what's at stake, appearing on the witness stand may be mr bankman—fried's biggest gamble yet. that's it for the moment, thank you for watching. stay with us on bbc news, take care. hello there. it's been a wet 0ctober so far. for many of us, but not all of us. especially wet across eastern areas of scotland, not a lot set to change as we head through to the end of the month, it will stay unsettled, low pressure close by. heavy showers and longer spells of rain. wet again for eastern scotland where the ground is already stacked all saturated. if we look at the rainfall accumulation, you can see the bright colours are starting to emerge in east

if sam bankman-fried is found guilty _ insiders. if sam bankman-fried is found guilty of— insiders.am bankman-fried is found guilty of all seven charges l insiders. if sam bankman-fried is. found guilty of all seven charges he could spend decades in prison. and this case has wider implications, forcing the debate over how crypto is regulated back into the spotlight. if you're squeamish about creepy crawlies please look away now. the coalition parties in france are proposing laws to combat the spread of bed bugs. there's been a resurgence in the number of the parasites, and france is hoping to bring the situation under control before next year's olympics in paris. sticking with bugs — the warm autumn so far in the uk has meant bugs and biting insects which normally fade away after summer are still around. crispin rolfe has been finding out more. i love gardening. i'm not even stepping out the door, just out the door and into the car. we stepping out the door, 'ust out the door and into the car._ door and into the car. i've hung washin: door and into the car. i've hung washing this —

the marketing of sam bankman—fried and the reality of sam bankman—fried were very different.uch that everybody was surprised when ftx collapsed? we found out in court just last week from his ex—girlfriend that sam was aware that his hair was a selling point, that he was aware of his image, that the dishevelled genius was actually a character he could play, and quite effectively. he was quite a good actor. ben, you know about playing characters. i know about playing characters! it's such a bold character to play — if, at the end of the day, it's not true, most of us would shy away from that sort of exaggeration, if not outright fabrication, but sam really didn't have that... he had a high risk tolerance, is a guess how the people in finance might call it, he really just went for broke at all times. in other news.... here in the uk — airlines have warned passengers that they will face higher fares after the aviation regulator increased air traffic control charges. the costs, paid by airlines, come after a uk air traffic control meltdown in august which led to long flight delays

now to new york, where sam bankman—fried's fraud trial has been taking place.ilty to fraud and conspiracy charges related to the collapse of ftx, the now bankrupt crypto currency exchange he was running. thejury has been hearing testimony from his former colleagues, including his one—time girlfriend caroline ellison. 0ur north american business correspondent erin delmore was in the court when she testified, and explains her significance in this case. the government is calling at least three key witnesses in this case, but caroline ellison is their star. that's because she is the former ceo of alameda research, the crypto hedge fund that sam bankman—fried founded, also the former romantic partner of sam bankman—fried and she spoke about both roles today. the two were close, having dated off and on over a couple of years, and having lived together in a penthouse in the bahamas with other executives from both companies. but after arriving in court on tuesday, ms alison was asked to look out into the courtroom and point out mr bankman—fried, and she couldn't immedi

but now, mr bankman—fried is telling his side of the story.mination. but those who've met mr bankman—fried i think testifying on his own behalf is just the sort of risky move he relishes. sam's a gambler, you know? sam has always had a high risk tolerance, so if there were a defendant to take the stand in his own defence, sam bankman—fried is, you know, high on that list. given what's at stake, appearing on the witness stand maybe mr bankman—fried's biggest gamble yet. sam bankman—fried's testimony had an unconventional start. the judge sent thejury home. he said unconventional start. the judge sent the jury home. he said there were topic areas the defence wanted to introduce that the prosecution rejected two and his solution was to hear it for his is only and then decide to stop the proceedings focused on what company policies or advice from lawyers made mr bankman—fried i think his companies actions are legal, including alameda's use of ftx funds. the judge told the jury to come back tomorrow morning and said they may decide the case in the

bankman-fried took stand in his own federal fraud trial.ll be back in just a moment. >>> this week sam bankman-fried took the stand at his criminal drill in lower manhattan. the department of justice accuses him of orchestrating one of the biggest financial frauds in recent american history. the 31-year-old founder of the cryptocurrency ftx has pled not guilty to charges. what should we make of bankman-fried from wall street trader to billionaire and disgraced, the arthor on "the cristo titan," the rise and fall of a new tycoon. >> michael, welcome back to the show. >> pleasure to be here, fareed. >> let me ask you something top ginn with, after doing all of this, did you figure out what is cryptocurrency? [ laughter ] >> and why does it exist? [ laughter ] >> well, so -- this is a very good question. to start with, what's curious about the story is you don't really need to know and he didn't need to know. he saw it -- it -- cryptocurrency is in the eye of the beholder. >> yeah. >> he almost says that. >> in that bloomberg interview, what h

sam bankman—fried once held court with reporters from his $30 million bahamas penthouse.n court, marking another turn in the crypto billionaire�*s meteoric rise and cataclysmic fall. he was hailed as a visionary of crypto and someone who was going to take the industry to new heights. now he is an indicted fraudster, who is facing a criminal trial. mr bankman—fried is the founder and former chief executive of the crypto currency exchange, ftx. he is at the centre of what prosecutors are calling one of the biggest financial frauds in us history. prosecutors say he engaged in a years�* long scheme to use billions of dollars of ftx customer money to enrich himself and prop up his crypto hedge fund, alimeter research. along the way he tried to make ftx a household name, from branding sports arenas to buying a super bowl ad. like i was saying, it is ftx, it is a safe and easy way to get into crypto. yeah, i don't think so. but when ftx collapsed in september, more than $8 million in customer funds went missing. he is facing charges including wire fraud, security fraud and money

she said she did that at the direction of mr bankman—fried.stimony today. erin, what can we expect next in the trial? now, miss ellison is just one piece of the prosecution's showcase here. we do expect her to continue her testimony tomorrow. we also expect them to call in nishad singh, who's a former co—founder of f2 and former director of engineering. beyond that, we expect them to bring people who have lost money using the ftc�*s crypto exchange. a really big question, though, is whether mr bankman—fried himself will choose to testify. we don't know. it is his right and it would be highly unusual in a case like this, but it would also give him a chance to make his own case in front of the jury. the footwear is around $46 per share. the footwear is around $46 per share, , .,, the footwear is around $46 per share. , ., share. some people have described _ share. some people have described them _ share. some people have described them as - share. some people have described them as the i share. some people have - described them as the worlds ugl

but those who've met mr bankman—fried i think ——but those who've met mr bankman—fried think testifying if there were a defendant to take the stand in his own defence, sam bankman—fried is, you know, high on that list. given what's at stake, appearing on the witness stand maybe mr bankman—fried's biggest gamble yet. marfrom mar from delmar marfrom delmar on asia mar from delmar on asia business reports coming marfrom delmar on asia business reports coming up after this. business reports coming up afterthis. do business reports coming up after this. do stay with us. before we go, the incredible story of a man who was struck by a whale and lived to tell the tale. jason breen, a watersports enthusiast from sydney in australia, was wingfoiling — which is a type of surfing when his bodycamera recorded the moment a whale crashed into him. jason captured this footage — as a humpback whale breached the water and collided with him. the 55—year—old said he was lucky that it was a young whale because if it was a fully grown one, things may have turned out differently. that's all for now — stay wit

in new york where the trial of crypto giant samuel benjamin bankman—fried is under way.rosecutors and his defence team both made their opening statements to jurors in was expected to be a six—week long trial. our north american business correspondent erin delmore reports. the prosecution and defence offered the newly selected jury duelling narratives that are set to define this trial, asking them to decide whether sam bankman—friedor asking them to decide whether sam bankman—fried was a hapless but well—intentioned ceo in over his head or a conniving crypto king intent on defrauding customers for his own gain. mr bankman—fried's trial as a flashpoint in the ongoing battle over how crypto should be regulated in the united states with mr bankman—fried, once the poster boy for ethical and responsible management of digital markets on trial forfraud and money laundering. at the heart of the case, whether mr bankman—fried unlawfully used customer deposits from his crypto exchange, ftx, to cover debts, expenses and investments of his crypto hedge fund, alameda research, and to

could sam bankman-fried's trial lead to the end of the cryptocurrency craze? but first, breaking news out of the nation's capital. house speaker kevin mccarthy was just voted out of that job in an historic vote that could throw the house of representatives into utter chaos. this has never happened before in our history. mccarthy's nemesis, congressman matt gaetz, forced the vote on a motion to vacate, arguing mccarthy is unworthy after the california republican worked with democrats to reach the last minute funding deal. it was that stopgap bill. gaetz went after mccarthy again following the vote. kevin mccarthy is a feature of the swamp. >> he has risen to power by collecting special interest money and redistributing that money in exchange for favors. we are breaking the fever now, and we should elect a speaker who is better. >> congressman patrick mchenry of north carolina was named speaker pro tem to serve in the office until a new speaker is chosen. but there is no obvious successor here, and the rules are unclear about how long the chamber can go without

. >> and then sam bankman fried was a subject of a ton of bus and then it all collapsed. this week he took the stand in his federal fraud trial, michael lewis was by bankman's side to witness his rise and fall and tells fareed the fascinating tale. >>> yesterday, israel's prime minister benjamin netanyahu called it the second independence war and warned it will be long. the president of the international committee of the red cross has called the humanitarian situation in gaza a catastrophic failing that the world must not tolerate. sara sidner joins me live from tel aviv with the latest. what more are you learning about this expanded operation into gaza? >> reporter: look, we heard from the prime minister as you mentioned there. and he really tried to frame thises in an existent shall threat to the survival of israel. and you're seeing not a huge ground invasion, but soldiers are in gaza as we speak. we've seen the volley of air strikes that have been going on there and in gaza with devastating effect. we have also seen plenty of rockets that have come over. they come ove

. >>> opening statements in the trial of sam bankman-fried. the one-time crypto king now accused of billions in fraud. >>> the suspect arrested in the 1996 killing of tupac shakur in court for the first time the new evidence shown to the grand jury >>> making history simone biles leading team usa to a seventh straight victory on the world stage. s >>> this is nbc nightly news with lester holt. >>> good evening and welcome. if you've been wondering who would want to become speaker of the house after kevin mccarthy was unceremoniously shoved aside yesterday with a push from members of his own party, the answer has come quickly. two republicans officially stepping forward today saying they will compete for the speaker's gavel, setting off a scramble to gather support and votes from within a splintered republican caucus that's governing with a slim majority uncertainty over the next speaker rendering congress paralyzed tonight at a critical moment a new threat of a government shutdown looms on the not-too-distant horizon. a vote on a successor to

so they did put sam bankman—fried on the stand. questions from his own defence lawyers, and through cross with prosecutors, but thejury wasn't in the room. lawyers, and through cross examination with prosecutors, but the jury wasn't in the room. a lot of what happened today focused on what advice from lawyers made mr bankman—fried think his company's actions were legal. they did get into alameda research customer funds and the loans that alameda research doled out to mr bankman—fried and other members. tomorrow, thejury is due back in, and judge kaplan said they may actually spend the first half of next week talking about the case, coming up with their own verdict. that would be an accelerated timeline. we had originally projected this could go possibly to thanksgiving but they are moving along quickly and in fact the defence even went through a couple of witnesses this morning before we had that unconventional break and finally heard from sam bankman—fried. staying with the us, we are tracking another big story. 4.9%, that is how

sam bankman-fried having adhd. they plan to ask people if they never had any personal or professional experience with adhd. they say it will potentially affect sam bankman-fried's mannerisms in the courtroom. over the collapse of what was once a $32 billion crypto exchange ftx. he has been in custody since august. he didn't know about some of the financial issues going on at ftx despite being ceo at the time. prosecutors need to prove intent here. four of the top lieutenants have pleaded guilty. it will make it hard and challenges for the defense here. at least three executives do plan to testify. we'll see if bankman-fried actually testifies. the judge addressed bankman-fried directly at the start of today saying you have the right to testify, even if your legal team advises you not to. the judge said raise your hand if you want to testify, essentially stand up at any point, but really directly was speaking to bankman-fried there. kelly, tyler? >> so, of the former ftx executives who had pleaded guilty, did i hear

ftx file for bankruptcy and sam bankman-fried resigned as ceo.me month, he apologized at a public event. >> i made a lot of mistakes, things i would give anything to do over again. i never tried to commit fraud on anyone. >> a few weeks later, he was indicted, accused of misappropriating billions of dollars at the cryptocurrency exchange. >> it's fair to say that by anyone's measure, it's one of the biggest financial frauds in history. caroline: a great breakdown from kailey leinz. what has it meant for institutional adoption for the hope of crypto more broadly? let's talk about it with matt hogan. you've got your own news to bring to the table about offerings to institutions. just focus on the trial start today. will this be a cathartic moment for the industry or more pain before the sun comes out again? >> i think it is mostly old news. we work with primarily institutions and financial advisors and from november-april, they wanted to talk about ftx and what it meant. earlier this summer, blackrock said it was trying to launch a spot bitcoin etf

sam bankman—fried, known better by spf, has testified in his own defence.aces several charges including defrauding his customers as much as $10 billion. charges that he has denied. my colleague erin delmore has the latest. it was a stunning beginning. this is the most eagerly awaited moment in this trial. we expect that he would take their trial in front of a jury today. that was surprise number one. judge lewis kaplan dismissed the jury, saying there is something they need to work out. he then told the rest of us that there were topic areas that the defence wanted to introduce. he admitted it was an unconventional way to move forward. he said his solution was to hear it for his ears only, so they did put sam bankman—fried on the stand. he answered questions from his own defence lawyers, but the jury wasn't in the room. a lot focused on what advice from lawyers made mr bankman—fried think his company's actions were legal. they got to the research of customer funds and the loans that alameda research doled out to mr bankman—fried and other members. tomorrow,

now to new york where sam bankman—fried's fraud trial has been taking place.guilty to fraud and conspiracy charges related to the collapse of ftx, the now bankrupt crypto currency exchange she was running. the jury exchange she was running. the jury has been hearing testimony from his former colleagues, including his one—time girlfriend caroline alison. 0ur north american business correspondent erin delmore was on the court when she testified and explains the significance in this case.— and explains the significance in this case. the government has at least _ in this case. the government has at least three _ in this case. the government has at least three key - has at least three key witnesses that it wants to showcase in this trial, but make no mistake, caroline alison is their star. that's because she is the former ceo of alameda research, the crypto hedge fund that sam bankman—fried founded, also the former romantic partner of sam bankman—fried and she spoke about both roles today. she talked about having a personal closeness with mr bankman—fried but also

no, i did not, bankman-fried answered. did you take customer funds? no.n-fried did for "gma" when george stephanopoulos asked him whether ftx customers were aware alameda was using their money. >> there existed a lending facility on ftx, and i think that's probably covered -- i don't remember exactly where but somewhere else in the terms of service. >> but they'd have to approve it of that. they're saying they didn't approve of it. they're saying you approved of it. >> reporter: keurig -- during trial, another witness testified no part of ftx's terms of service warned customers their money could be used as bankman-fried's personal piggy bank as prosecutors allege. during his testimony he did concede he made mistake, a number of small mistakes and a number of larger mistakes, he said. the biggest one, he said, we did not have a dedicated risk management team. we didn't have a chief risk officer. bankman-fried told the jury, he started ftx to move cryptocurrency forward, but he testified it turned out basically the opposite of that. % taking questions from

prosecutors need to prove intent on the side of bankman-fried.especially challenging. at least three of those executives plan to testify. caroline ellison is bankman-fried's former girlfriend as well as ceo. she already said she knowingly misled investors. >> kate rooney, we'll be watching all of this and i know we'll be visiting with you many a times throughout the trial. thanks very much. joe, i don't know if you saw this -- we actually published it this morning. the questions for the jurors, tell me if you think you can be an impartial juror. do you have a negative opinion about cryptocurrency? i think you're going to say you like cryptocurrency. >> prime. >> if a company involved in the crypto industry or financial industry fails, do you feel that only the owners of the company must be to blame? >> throw away the key. i don't want to sit on a jury. these are the answers i give when they ask me to sit -- >> do you have negative opinions about amassing wealth to support causes to help others? >> i don't know. what? >> finally, the defendant in

then we will see sam bankman-fried.got a signal last night basically saying what he's going to talk about our advice from his lawyers, blaming this on his lawyers telling him it was ok, and industry practices. arguing he thought it was ok all along. sonali: do you think that is convincing? >> the prosecution's case has been strong and detailed. unfortunate for sam bankman-fried, we are seeing many witnesses, basically everyone close to him except for his parents, saying very damning things about him. and backing it up with evidence. sonali: why do you think he was to testify? typically, they are advised other lawyers not to testify. you have covered him well. what is in his mind? >> anyone -- traditional criminal defendants do not testify in their own defense, especially on cases like this. sam bankman-fried is not a traditional criminal defendant. he loves to talk. loves to hear the sound of his own voice. he is very effective at it. he is a good talker. it allowed him to grow devaluation of ftx to these crazy heights,

she described feeling differential to mr sam bankman—fried.neglected in their personal relationship. she also said she ran all major decisions by him. when asked, did you commit any crimes while at the company, she answered yes, we did, including sam bankman—fried. their testimony squarely put mr bankman freed in the decision maker's chair. she will be back on the stand on wednesday. aaron delmore there who is keeping a that case for us in new york. let's get some of the day's other news now. the european union has written a strongly—worded letter to elon musk, the owner of x — formerly twitter — warning him that the platform is being used to disseminate illegal content and information after the hamas attack on israel. the single market commissioner, thierry breton, also wrote that despite warnings, violent content, and false information, hadn't been removed from x. mr musk, responded that the company's safety team has taken action and removed certain accounts. all flights have been suspended until wednesday afternoon at one of england's busie

to new york now — where prosecutors have accused former cryptocurrency tycoon sam bankman—fried of runningempire "built on lies". the prosecution and defence have been making their opening statements to jurors in what is expected to be a six—week long trial. our north america business correspondent erin delmore has been following proceedings. the prosecution and defence offered the newly selected jury duelling narratives that are set to define this trial, asking them to decide whether sam bankman—fried was a hapless but well—intentioned ceo in over his head, or a conniving crypto king intent on defrauding customers for his own gain. mr bankman—fried's trial is a flashpoint in the ongoing battle over how crypto should be regulated in the united states, with mr bankman—fried, once the poster boy for ethical and responsible management of digital markets, on trial for fraud and money laundering. at the heart of the case, whether mr bankman—fried unlawfully used customer deposits from his crypto exchange, ftx, to cover debts, expenses and investments of his crypto hedge fund, alameda research,

in the room and interviewed bankman-fried in the fast will join us, next. mohammadi mohamm. >>> he deliberately lied to the world leading one of the biggest financial fraud cases in american mystery. that's what federal prosecutors said this week at the start of the criminal trial of sam bankman-fried. yesterday the co-founders at ftx told prosecutors he and bankman-fried committed multiple crimes. prosecutors say sbf stole billions by illegally diverting massive sums of ftx to his piggy bank, of sorts. >> he was pled not guilty to seven counts of fraud and conspiracy. if convicted could spend the rest of his life in prison. our next guest was in the courtroom yesterday as an interview. he interviewed spf for his book. also testified last december at a senate hearing focused on the collapse of ftx. >> in my opinion, the cryptocurrency industry represents the largest ponzi scheme in history. in fact, by the time the dust settles, crypto may represent a fraud at least ten times bigger than madoff. >> ben mckenzie joins us now. good to have you with us. you we

bankman-fried has been in custody since august. he argued he didn't know about some of the financial situation at ftx. for his top lieutenants, some have pleaded guilty. legal experts tell me it will make this case especially challenging for the defense. at least three of these executives do plan to testify. we have a marching band nearby, if you can hear it. back to you guys. >> and a dog we heard, kate. seems pretty busy down there. and do we have an anticipated time when they may actually impanel a jury here? is this going to be a one-day process? do we know? >> reporter: judge kaplan, i'm told, is known for moving quickly. other legal experts and lawyers that have been in court with him say he tends to move pretty fast. he seems like a no nonsense type of guy. he seemed to move the process quickly. could be as soon as today. we could get opening statements and opening remarks later today. they could adjourn and jom back tomorrow. we're told it should start today but you never know. it's a high-profile case. a long list of quest

in new york, the trial of the ftx crypto exchange founder sam bankman—fried is under way.ty to fraud and conspiracy charges related to the collapse of ftx, the now—bankrupt cryptocurrency exchange he ran. 0n the witness stand today is a key member of his inner circle, caroline ellison, who is continuing her testimony from yesterday. 0ur north america business correspondent erin delmore was at the court and joins us now. tell us more about who caroline is and what the testimony was about. caroline ellison is the star witness for the prosecution. this was reflected yesterday in the level of excitement at the court in an absolutely packed cortez. she is the former ceo of a crypto hedge fund founded by sam bankman—fried and was personally close with the defendant. they dated off and on for a number of years and even live together in a $30 million penthouse in the bahamas with executives from both companies. she told the jury yesterday that she had sam bankman—fried committed financial crimes together. she said dated billions of dollars from ftx customer funds and used to pay f

>> day one of the criminal trial for sam bankman-fried.e's facing seven counts of conspiracy and fraud over the collapse of his company ftx. there's kate rooney live from the courthouse, not too far from where we are at the nyse. kate, what are we expecting today? >> reporter: we're not far from the stock exchange. we're here in lower manhattan. it's set to be a roughly six-week trial. we're waiting for sam bankman-fried's parents to arrive outside the courthouse. the process of jury selection will start in about 20 minutes. sam bankman-fried faces seven counts of fraud and conspiracy over the collapse of what was once his $32 billion exchange at ftx. to get a sense of the scale, investigators say at the time of the collapse $8.9 billion in customer funds were missing. prosecutors accused sam bankman-fried of syphoning customer money to his sister hedge fund alameda and using that to enrich himself and other insiders, also make campaign donations as well. this started back in november when he resigned at ceo. the company filed for bankrupt

in other parts of sam bankman-fried's world like affective all truism. that is another thing the jury as to a sure there won't -- there would not be negative vibes coming from the jury with serious criminal counts being faced by sam bankman-fried. the jury has been selected and we know generally who these people are, what they do for a living. how they have been questioned. opening arguments power -- are starting imminently. we will hear from the prosecution for the first time to lay out their argument and we don't know how to make been freed from -- we don't know how sam bankman-fried prepares to defend himself against the charges and we will hear from him in a series of opening remarks. charlie: he was pleading -- caroline: he has pleaded not guilty. it is quite a change, sam by conferring -- sam bankman-fried, he is slimmer and he is changed from a here perspective but how has his demeanor changed? sonali: in a a lot of ways, a lot of people have talked about the way his appearance has changed and he was noticeably in her -- thinner. he is buying suit

i have even written a book about sam bankman-fried. if the narrative in the book is more nuanced than the narrative in their head, they don't like that either. i often hope to feel that with the material and given to make a book out of that it is so good i'm only constrained by my literary powers. in this case, this seemed like it rose to the level of great tragedy or shakespeare. >> or to many tracking the trial, sank to the level of simple fraud. more book sales than he has ever had in a first week. more than 100,000 with many to come. in the film rights were sold before publication for 5 million dollars. sam bankman-fried is still worth real money it seems, as a subject. >> for more on the drama in washington from the search for house speaker to the plea for national security funding, we turn to the analysis of david brooks and jonathan, associate editor for the washington post. let's start with the chaos and paralysis on capitol hill starting with you. your reaction to congressman jim jordan losing his third vote for speaker and ul

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sam bankman-fried maintains his innocence.und guilty, he could face decades behind bars. >> here in york, germany's top financial regulator is sending a supervisor to deutsche bank. the decision comes following complaints from customers that they were locked out of their accounts and could not reach call centers. deutsche bank began its acquisition during the 2008 financial crisis and completed a final phase of integration in july of this year. this marks a setback. let's have a look at the markets now. u.s. stocks started the month on a mixed note. the dow jones end of the day in the red. the s&p turned positive in the final minutes of trading and ended almost flat. the nasdaq closed up .7%. finally, if you have ever dreamed of maneuvering your own mobile suit, it could be yours for $3 million. it has developed a 4.5 meter tall robot inspired by the cold and i made franchise. it -- the one upright -- it has two modes and one can travel up to 10, but is per hour. it has cockpit monitors. the machine is set to debut at the japa

the defense will likely argue sam bankman-fried did not intentionally commit fraud.ing sam bankman-fried himself has said repeatedly in the lead up to this child and of course he has pleaded not guilty to all seven of the charges. the trial is going to take some time to play out. . it could last up to six weeks. if he is convicted of the seven charges, some of them carry large maximum sentences of 20 years, for five of these counts. so it's very possible if found guilty, that sam bankman-fried could spend the rest of his life in prison or be sentenced to it at least. kailey leinz, for bloomberg news. shery: let's get you the latest corporate news. the top pick is palantir, the front runner for a five-year deal. . the relationship with the nhs has been criticized by civil rights advocacy groups worried about data privacy. intel, also gaining in late trade after announcing a spinoff or its pgrammable chip unit. altera will become a stand-alone business from january 1 through an ipo or new investment as part of a plan to raise funds for costly turnaround efforts intel p

he flipped early on bankman-fried.ow that he had a close personal relationship with sam bankman-fried's younger brother. ed: what was interesting to me was the timing of this, he says he only learned about the $8 billion hole in the company balance sheet two months before everything fell apart. where are we in the trial? i know it is hard to weigh the evidence. are we in -- near the end of the process of what we expect to come? hannah: the latest estimate for the verdict is november 8. we have the potential witness list but that could be adjusted. there are many colorful characters and people close to sam bankman-fried who are set to testify. caroline: but we are also getting is a story -- it seems that the prosecution is trying to identify flashing's, excess done by -- flashiness, excess done by sam bankman-fried. the fact that they were left out of the loop on many of these deals until after the fact. hannah: a lot of what the prosecution has been doing is showing the lifestyle that sam bankman-fried another ftx inve

we don't know if sam bankman-fried will testify. roster is expected to include the top deputies at his inner circle. that includes his former girlfriend caroline ellison and his best friend from math camp who co-founded ftx. they have been cooperating with the u.s. attorney's office for months in manhattan. as for the legal strategy, his lawyers hinted at advice of counsel defense. he was following the guidance of lawyers and did not realize what he was doing was illegal. worth noting, frank, this is the first of two separate criminal cases against sam bankman-fried. a second trial is slated for march of 2024 and that deals with additional charges after he was brought to the u.s. from the bahamas. >> mackenzie sigalos, thank you. >>> before we head to break, we are celebrating hispanic heritage month. here is frank del rio jr. >> as a first generation cuban american, my parent emigrated here. growing up in miami, it was a comforting feeling because i was surrounded by folks who understood my culture. now i'm able to raise my kids in

charles: sam bankman-fried taken the stand outside of the jury.ge is molding a hearing for his ears only debate the defense motion what is admissible to his testimony. the jury in fact has been sent home this is not a hearing, now a hearing now not a trial. we'll keep you updated on this, what is being said during this hearing. time for some "money mail." of course i love hering from you. my segment yesterday finding happiness with arthur blocks generating a whole lot of comments. steven tweeting, one of the things one learns they control their own happiness. dawn added saying i will be happy when is the trap. gratitude for what is instead instead of what could be helps us feel more empowered and happier. another viewer want to know on a different topic, charles, can you show us a private central bank that ever got it right? the answer is no. great questions. love it. keep them coming. heck, the fed got it wrong out the gate, right? in 19134 they promised us no more wild gyrations no more panics. immediately we had a recession it was huge. we forg

sam bankman-fried will face more cross-examination under oatoath if he was found guilty, it could addith sam bankman-fried and the judge over the summer where he revoked bail accusing him of witness tampering. we expect the judge to rule on what the jury will hear. the jury will be back downtown in awe few hours. >> what is the upside of him taking the stand >> it is a gamble. the upside is to convince one juror that he did not have criminal intent. there is reasonable doubt and get a retrial. the big win is all 12 jurors and acquittal and convince the jury he did not intend to defraud all of the cross-examination is up for his future. there are guidelines, but it is up to the judge's discretion and based on the tension inside the courtroom, the bar is high squa sam bankman-fried needs to be seen as credible it will play into the defense if he is found guilty >> kate, thank you very much >>> coming up on "worldwide exchange," the one word every investor needs to know today and a top wealth adviser reveals the tech stock that may not be m magnificent, but it is high on her radar. we wi

he lives with sam bankman-fried.re were some texts shown with sam bankman-fried and some of his top executives, talking about paying rent and the thought that alameda, the hedge fund involved here that sam bankman-fried also founded and controlled was going to pay the rent. they were essentially going to live there for free. that was interesting. we heard about some of the lifestyle there. they did talk about the issues that sam bankman-fried is accused of committing. fraud in this case, there was $8 billion hole that this witness sai h confronted sam bankman-fried about on a pickleball court in the bahamas, and sam bankman-fried was well aware of some of the issues and tried to, at least, in some cases, cover that up, and that's really what they're arguing about. inside this gentleman went to m.i.t. with sam bankman-fried, it is one of his inner circle. we're expecting to hear from more of those types of executives. we're expecting to hear from one top executive, a cofounder of ftx, as well as caroline ellison, sam

the failed crypto—tycoon sam bankman—fried — better known to many by his initials sbf — has taken thechief of the collapsed crypto exchange ftx faces several charges, including defrauding his customers by as much as $10 billion, charges that he has denied. he told a judge in new york that he was acting on legal advice in good faith. our correspondent erin delmore was in court. interesting one, because he was testifying to the judge, there was no jury testifying to the judge, there was nojury president, and thejudge will decide whether to present his testimony to the jury. what will decide whether to present his testimony to the jury.— will decide whether to present his testimony to the jury. testimony to the “ury. what is that about? it testimony to the “ury. what is that about? awas— testimony to the “ury. what is that about? it was so — testimony to the jury. what is that about? it was so unusual. - testimony to the jury. what is that about? it was so unusual. the - testimony to the jury. what is that i about? it was so unusual. the judge said to bejury about? it was so unusual. the

. >> a short break when we come back, day two of sam bankman-fried trial, fox business kelly o'grady outside the courthouse kelly. >> good morning, maria. . that is right, day two prosecution is calling could be one of the biggest financial frauds in history coming up after the break i tell you what happened yesterday what we're looking for today, how sam bankman-fried political donations will factor into the trial. that is next. . why choose a sleep number smart bed? because only the sleep number climate360 smart bed lets you each sleep up to 13 degrees cooler or warmer on either side, while you both sleep at your ideal level of firmness, comfort and support. your sleep number setting. and now, our new next gen smart beds have temperature benefits, so you sleep better night after night. now at its lowest price ever. the all-new queen sleep number® c2 smart bed is only $880. sleep next level. shop for a limited time at sleep number. . maria: welcome back. jury selection this morning in case against sam bankman-fried, as federal prosecutors gear up to argue the ftx founder or being ca

so they did put sam bankman—fried on the stand today.tors, but the jury wasn't in the room. and a lot of what happened today focused on what company policies or what advice from lawyers made mr bankman—fried think that his company's actions were legal. they did get into alameda research's use of ftx customer funds and also the loans that alameda research doled out to mr bankman—fried and to other members of high ranking ftx employees. tomorrow, thejury is due back in and judge kaplan told them that they may actually spend the first half of next week talking about the case, coming up with their own verdict. that would be an accelerated timeline. we had originally projected that this could go up possibly until thanksgiving, the third week of november here in the united states. but they are moving along quickly. and in fact, the defence even went through a couple of witnesses this morning before we had that unconventional break and finally heard from mr bankman—fried. around the world and across the uk. this is bbc news. bbc news, bringing