on ftx. he says that ftx gave a more join loan to alameda. he was unaware of how big it got. >> margin loach is loan allows to borrow against the amount of security you own in this case alameda using ftx up house crypto currency as collateral, when the market started to fall in spring of 2022, the bets soured. >> other problem as they lose more money. that token was class ral collateral it should have been sold off and margin called, it didn't happen, auto liquidoing provisions that apply over other count at ftx were turned off in alameda. >> sam bankman-fried gave his personal hedge fund unlimited access to money deposited by the ftx customers. >> i am jam jamie dimon. the ceo of j.p. morgan, imagine if you put your money in a j.p. morgan account, you thought you were just depositing there for safekeeping, you find out it is gone, it was transferred to jamie dimon's personal hedge fund, and only collateral he gave was a token he made up and as loan got bigger and bigger there was nomar j the

sonali: you were a senior executive at ftx. you were the head of ftx u.s.. brett: yes.ld you have known what was going on? brett: one thing i said publicly was what i and other senior executives had a struggle to get more information about what was happening, trying to establish more protocols for separation between the entities and increase communication between sam, the other officials, and myself. it was a frustrating thing, how little we were kept in the loop about how many decisions were happening. obviously this misconduct but day-to-day operations of the company, various deals that took place, various acquisition targets, decisions that would affect u.s. business. sonali: you said you were left out of certain deals, were you involved in certain things like block five? we look at the bankruptcy filings, a lot of ftx tokens were being used in that deal. brett: that is a good example. i found out about that because a reporter called me and asked me to tell her about the specifics of that deal. i knew nothing about it. it was interesting and frustrating for me, being

we will see youfor the trend five . >> >> tonight our documentary on collapse of ftx, founded by the founder sam bankman-fried. enjoy. >> what's up, i'm here with my boy sam from ftx. >> talk about what is going on with sam bankman-fried. >> he drives a corolla to the ftx office, in bahamas he lives with 10 roommates. >> one of america's youngest billionaires. >> you were called j.p.

former ftx u.s.dent brett harrison. what went wrong from an insider view is next on bloomberg. ♪ ed: it has been less than three months since ftx collapsed. a former top executive is eager to get it behind him. former ftx u.s. president brett harrison insists he did not have a clue what sam bankman-fried was up to. he sat down with sonali bassett in an exclusive interview. brett: there were primarily disputes i would attribute to the growing pains of any high-growth company. you know, problems around internal communication, around structuring the company for providing better governance. especially, as we are growing larger. around hiring enough developers and other senior staff that we needed to be able to accomplish many of the goals we were seeking to accomplish. and, when i would try to bring up these criticisms internally at the company they were never met well. and, at some point, we truly were not speaking much to each other over the course of the last part of the time i was there. sonali: the

former ftx u.s. president brett harrison. what wentisnext on bloomberg. online personal styling? what's that? that's stitch fix. and how can you help me? we do the shopping for you. how do you know what i like? and what fits? you tell us your size, budget and style. wait, is it a subscription? no commitment required here. and i only pay for what i keep? yup. i live in denim, can you send me jeans? we've got you. what about shoes? mhhm. styled for me? for me? always. we'll pick the clothes. you enjoy the great fit. stitch fix. ed: it has been less than three months since ftx collapsed. a former top executive is eager to get it behind him. former ftx u.s. president brett harrison insists he did not have a clue what sam bankman-fried was up to. he sat down with sonali bassett in an exclusive interview. brett: there were primarily disputes i would attribute to the growing pains of any high-growth company. you know, problems around internal communication, structuring the company for providing better gover

to ftx. here's the thing. that basically sounds what every single megadonor does. >> sure, in a sound like that, but here's the catch. if you want to compare to something else. mega donors can use llc, its right to donate to a super pack. >> all with the same attack intention, to curry favors with legislators solely to legislation's favor them. >> you're 100 percent right. the only catch with this, this is a whole crazy situation with the campaign finance laws right now. the really, the red line is what we saw from sam bankman-fried, it's the straw donors scheme. you're right, billionaires across the country try to use the money to influence politics all the time. so many people a lot wall street and tried to keep things away they are. but with sam bankman-fried's, alleged illegality as he turned to his colleagues, allegedly used ftx funds and those funds were never released to the public until now that those donations were not only under ftx executive names, but they were actually from ftx c

but new ftx ceo john ray, he's opposed to that.uing that the examiner in the enron case that he worked on wasted creditor money, spending $90 million investigating enron, but only producing what he called very shallow results. so maybe an eye on the expenses there, guys. back over to you >> eamon, thanks >>> still to come, markets whipsawed yesterday as investors reacted to fed chair powell comments what is the action telling us about what's ahead for the tech sector but in today's market, investors are bullish on cybersecurity fortnet smashing fourth quarter earnings, bringing other names along for the ride, including palo alto networks, crowdstrike, some non-security names in there, as well we will be back in just a couple moments. the first time your sales reached 100k was also the first time you hit this note... ( screams in joy) save 20% with the lowest transaction fees and keep more of what you make. with a partner that always puts you first. godaddy. tools and support for every small business first. >>> two hours into trade,

ftx, genesis, every week there's another go the zero blow-up.d the hearings and testified at the senate about this. and let me tell you something i learned there. after the hearings were over, i went and talked to the senators in attendance. they are sick and tired of gathering every six months for the next crypto company that goes to zero -- >> by the way, who paid his bail, do you know? >> nobody knows. i can assure you, it wasn't me. [laughter] liz: it's the great to see you, kevin. please come back because we know somebody's going to be asked to every. it may be you. we love having you here. thank you. charlie, appreciate it. we are coming right back. dow is still down 191 points. ♪ ♪ -diversification, futures, options. fiduciary. leverage. [whispering] -frothy markets. psst. virtual real estate is a lock. ♪ cold hard cash ♪ j.p. morgan wealth management knows the world is full of financial noise. i'm looking at your asset mix and plan. you are right on track. great, thanks. our easy-to-use app and local advisors are here to help you figure

ftx ceo john ray billed $674,000 between november 11 and the end of the year.e, the enron bankruptcy didn't break the billion dollar mark in fees, but the collapse of lehman brothers was the most expensive bankruptcy in history, with lawyers and others charging an astonishing $6 billion in fees so we have a ways to go er here before ftx fees enter that record territory >> thank you very much >>> still ahead, the average monthly auto loan payment is now more than $700, and demand remains strong we'll talk about the impact on auto sales and when dealers will maybe bringing in incentives agai tt'nen,has xt conventional results.delivs at allspring, we break away with purpose. harnessing data-driven insights and boundless curiosity. we dissect the market from every angle. helping to build portfolios that redefine what's possible. because investing isn't one size fits all. allspring. purposefully divergent. [office sounds] ♪upbeat music♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely

ftx was not an isolated incident. celsius, voyager, acxiom imported a comet genesis, mangled market. how many more must fail before we conclude the entire barrel is rotenberg another line is that policymakers must embrace innovation with a crypto industry will migrate to other jurisdictions with a more favorable regulatory climate for this in place innovation is an unmitigated good. the truth is innovation is value neutral commutes for good or bad. instagram for kids is technically innovative to sin and think it's a good idea? looking at crypto it's clear the costs outweigh the benefits. so why would we want to embrace it? minds of americans and invested in crypto only to see the hard earned money evaporate do not care whether crypto is classified as a commodity or security. they do not care for the industries regulated by the scc, cftc or some other agency. they only care about having the same basic safeguards that have come to know and expect from traditional financial e system. unfortunately, we have let them down.

you know, ftx gave a lot of speaking fees.n a half a million dollars to speak at a conference. are the clintons going to give the money back? >> jesse: have the clintons ever given the money back? >> it's just wild, jesse. i think if he was devoting half as much time and energy to actually running ftx as he was to basically trying to pull off this massive election interference, i think ftx would have worked out pretty well. >> jesse: that's true. if you get dirty money from someone and then you go buy an escalade and then it turns out the guy's crooked as hillary, and everybody is demanding the money go back, shouldn't you have to give the escalade back, too? what i'm saying is, lydia, shouldn't we get the senate now? >> fraudulent conveyance. we also know for a fact that these funds were stolen. this is one of the things we learned today is tha sbf taking customer funds that jesse and lydia deposited into this bank. he was taking that money and disseminating those tens of millions of dollars to politicians. we know this is st

ftx is no different. bahamas without proper regulatory frameworks, propped up as a trusted business, a lot of partners that were involved with ftx that gave consumers a lot of confidence but there was no the true oversight many ftx didn't have a board of directors. sam was the only person on the board. without having true governance in a business of that size, we're running into those problems. i think the extension that the judge did was very much appropriate in this instance. jackie: it's pretty amazing that the firm was able to operate in that way. that generally speaking this issue of the customer accounts being looted for him to go on spending sprees to buy real estate and other things, that part isn't necessarily crypto related. i wonder where the s.e.c. and the cftc were on they that basic issue alone. >> yeah. i mean, they just weren't there. they simply did not exist on had that problem. there was extensive commingling of funds that happened between ftx and their partner alameda. due to that we'r

we will see youfor the trend five . >> >> tonight our documentary on collapse of ftx, founded by the founder sam bankman-fried. enjoy. >> what's up, i'm here with my boy sam from ftx. >> talk about what is going on with sam bankman-fried. >> he drives a corolla to the ftx office, in bahamas he lives with 10 roommates. >> one of america's youngest billionaires. >> you were called j.p.

for some time, ftx was considered the darling of the crypto industry. unfortunately, instead of protecting customer interests, sam bankman-fried ftx is on our stall millions of dollars, customer funds and used them to finance risky bets and pay for luxury penthouse was in the bahamas. i wonder whether or regulators what they were supposedly already with the authority using the authority. the fdc specifically noticed it is also the responsibility of regulators to enforce existing regulations and conduct appropriate effective supervision. the american people deserve to know why no action was taken prior to the comp ops and how millions of dollars just vanished into nothing. not just ftx, the sec provided the slightest bit of guidance, i wonder if we would have been able to protect investors. this is particularly alarming when we see the reports that 44% of americans who own and trade digital assets are new investors or people of color. where there is a trillion dollar drop, our most vulnerable solo since -- citizens. we must empower consumers so they can

maria: because of ftx. everyone is thinkerring ftx is simple fraud.t talking about china being behind it, the tipping point. >> not at all a. that's the sort of national security discussion that we need to have relative to this. now, i saw the senate banking committee the other day with senator vance, senator scott, and senator haggerty, they all have really good ideas. you know, i don't want to send the wrong message that we shouldn't be involved in some digital currencies. we need to. that's going to be the wave of the future. i don't believe central bank digital currencies are necessarily where we need to go and of course that's exactly what russia has done, that's exactly what communist china has done and even the european union has done a huge strategic plan. we don't have one here in the united states. we need to have that strategic plan that deals with decentralized finance, that deals with block chain, that deals with nfts, that deals with smart contracts because those are going to be the wave of the future. they are too efficient, so much of

you'll remember in addition to ftx, the luna stable coin that blue up last year.es that make exchange safer that separate exchange and custody. that's how we do it in traditional financial services world. if we had done with ftx, we wouldn't be dealing with that mess and regulators and legislators will do that. this will be good for crypto. you will see crypto regulation and legislative headlines and they are going to sound scary to crypto industry. they are critical to moving us forward into the next bull market. i'm excited to see that progress, i think we will see that in

the founder of ftx was hit with additional charges. details in cbs "money watch." hey!r? there are new covid-19 booster shots designed for recent omicron variants. thank you. pfizer. the more you want to do, the more we want to do. schedule yours at vaccines.gov. ♪♪ (vo) at the tidy cats innovation lab. schedule yours at vaccines.gov. we live to solve litter issues. odor control? under control! absorption? absolutely! clumping? conquered! performance is part of every tidy cats litter. no wonder, we're america's #1 litter! ♪ma ma ma ma♪ [clears throut] for fast sore throat relief, try vicks vapocool drops with two times more menthol per drop*, and the powerful rush of vicks vapors for fast-acting relief you can feel. vicks vapocool drops. fast relief you can feel. postmenopausal women with hr+ her2- metastatic breast cancer are living longer with kisqali. so, long live family time. long live dreams. and long live you. kisqali is a pill proven to help women live longer when taken with an aromatase inhibitor. and kisqali helps preserve quality of life. so you're not just l

the problem with ftx there was no audit. liz: why would they audit? can you imagine no audits?g? >> there are probably, i say probably i haven't investigated coinbase's operations but i'm sure if they're publicly-traded everything we heard about them they fit the pattern of someone you want to do business with. so keep an eye on this story. again we're going to have a full writeup on foxbusiness.com about this, laying out all the possibilities and you know, it's, you get the news here first even on crypto. liz: yes even on crypto. can we just look right now? we are, okay, session lows coming into this hour was a loss of 708 points. we're now down 704 points. we're seeing acceleration here. s&p and nasdaq are having their worst day of the entire year, granted we're only a month 1/2 in here but dow jones industrials mark it here down 704. s&p losing 82. the nasdaq down nearly 300 points. tomorrow we're getting earnings reports from names that maybe could change the narrative here. tjx, pretty much retail here, ebay, etsy. also we're getting chipmaker nvidia and ev macher lucid. p

i have a full track of the unusual >>> it's getting worse for the founder of ftx. sam bankbankman-fried is on tri for fraud and illegal contributions. prosecutors say he used customer money as campaign donations, and they argued that was an attempt to influence crypto currency regulation. he and other ftx executives put over $70 million into the 2022 mid-term elections. these charges could mean up to 40 extra years in prison. >>> now in our bay area proud series, we're all about people doing acts of kindness, asking for nothing in return. but what if there was a reward, say a thousand dollars. would you get more kindness? there are some people in berkeley willing to give it a try. >> it was in the not too distant past, back in the days of zoom lectures and distance learning that alan ross got in the habit of taking long walks in the berkeley hills to relieve some pandemic stress. and it was on one of those walks, allen came across a little girl behind a little stand. she wasn't like these girls selling lemonade. in fact, she wasn't selling anything. >> this young g

comments the public submitted in support of the conversion of the product. >> cannot ask ask about ftxexposure? >> we don't. >> you must be serious because it set the entire industry back several miles, don't you think? >> i think it is very difficult to say anything other than we are sad to see how many people have been disadvantaged by places like ftx but for grayscale and me personally, it's a third crypto winter we've been through so what we see is development activity, we don't see investors running. we are actively engaged in conversations in washington and legislators want to do something here, move policy forward in the wake of ftx. >> that's the irony, you do it the right way, you went to see gary gensler and went to congress. i.e. speak for the security lawyers who tell me they warned clients like you never go for gary gensler did. >> if you look at the commentary out of the sec today, it come in and register, talk to us. grayscale went in and registered. within a reporting company. >> they screw you. >> that's unfortunately why we engage in litigation. liz: what you say for

susan li, thank you very much on ftx.and two time super bowl champion and great to have you, sean duffy. first, you want the eagles to win. what kind of game are you expecting, close? >> yes, i am expecting a close game and two best teams in the league this year. both outstanstanding and both ae great beyond the quarterbacks qs and should be a wonderful game and can't wait to see it. ashley: you know, there's an experience that many of us would have never or never will get close to and you've been into a super bowl. what's it like? before the game, maybe on the morning of the game, do you get the nerves going? >> everybody is very excited. it's something you dream about your whole life and have a chance to play in the game and watch it on tv as a kid and really is everything it's cracked up to be. it's so difficult to get there and it's even hard tore win the game and great experiences and all of us that got a chance to be in it. we always remember it this time and braise up a lot of winners. ashley: do you get the feelin

ftx has filed for bankruptcy.rrested for fraud and it adds to the super bowl ad curve. coin base plummeted since its levels and secondhand car seller carvana on the brink of bankruptcy. and he doesn't age. liz: he does. thank you very much. we are now roughly 51 hours from nachos in my face. why do i keep saying that? super bowl lvii. the league mvp, patrick marhomes taking on the eagles and ice going battle and people who can really use the points are sports betting companies. since the start of 2,022 draft kings is down 42%. these are's has lost 34% and the apps down 10%. those stocks are doing well this year, what happens after the super bowl? joining us live from the super bowl road in arizona, drafting ceo jason robin. describe the atmosphere behind me. what is exciting? >> tons of media companies, just like every super bowl, gets taken over and a lot of great energy. they were expecting half a million people. huge crowds, a great set up. liz: it is something like 50 plus million americans are expected to wag

shery: the former ftx u.s. president. shares fell in extended trading after first quarter revenue missed expectations. revenue fell 5.5%. it says services were a bright spot and china showed marked improvement in december as covid zero was dismantled. amazon shares dropped in trading. big corporate customers reassess their tech spending. alphabet tumbling as fourth-quarter sales fell short of expectations. the ceo put ai front and center in his response saying that the technology will soon be incorporated into the court search business. the market opens insolent tokyo or next. -- the market opens in seoul and tokyo are next. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comca

the bankruptcy of ftx had a big impact in the industry and people want justice to be served. to be a process that it may not be immediate and conflicting information from some of the members of ftx and people want to get to the bottom of it. i think the industry is going the move beyond this because the products to have assets are helping people everywhere. the sentiment that recent price action show that. yes, it may take some time but the industry will move ahead of it. >> there's always the challenge of crossing the casm and i look at crypto and look at alleged fraud as impediment and crypto trading fell off the cliff. from your view, you're closer to it than i am. what do you see that gives you confidence where people and bitcoin and people are synonymous? do you think we will get there? >> i think it's a great question. the reality is that people, you know, these products are solving problems for people all over the world. if you look at places like nigeria and what is happening in lebanon, people are coming into bitcoin because it's solving problems for them. we have le

then in the fall came the mighty collapse of the exchange ftx. it's founder, sam bankman fried, spent years cultivating. he claimed cryptoand the ftx platform would democratize findings, that he was giving a leg up to the little guy finally and stimulus billing it to the barons of traditional finance. it was all a lifetime while he was burning millions of dollars branding himself as some noble disrupter, the reality is he was steals his own users' money to fund his own riskiests about. here is the worst part -- for americans who were scammed into investing in ftx, there is little hope of retrieving any of their money. yearly this week annie lawry wrote a piece about one ftx user whose money was steelen. gregg has been a cryptoinvestor for quite a while, pretty vigilant, even protected his assets with a technique he calls cold storage. so gregg knew about the risk with trading crypto. he knew that his assets were loosely recreated, ifeth ared at all. and he knew about the volatility of the market. but gregg never expected that the company he trust

ftx is asking for the funding to be returned by february 28th.quest in december asked for donations returned voluntarily that doesn't work out very well. ftx says failure to return the money colead to further legal action. we haven't heard the last of this story. stuart: lawyer up. thank you, ashley. ashley: yes. stuart: president biden is expected to tout his policies at state of the union tomorrow. will this be biden's re-election campaign launch? good question. we'll try to answer it. >>> some trump top security officials deny claims that chinese balloons flew over the u.s. during his administration. watch this. >> they either find a way to blame the trump administration or they try to find a way to say the trump administration did it too. that is what they're trying to do. it happened during the trump administration. it didn't. stuart: it didn't. congressman mike waltz on the show later. will deal with the white house's latest blame game. congressman waltz coming up. ♪ thinkorswim® by td ameritrade is more than a trading platform. it's an ent

i mean, the ftx collapse really undermined a number of digital asset bulls. your thoughts?he most interesting and horrifying events i've seen in my lifetime. it's right up there with better with berniemadoff and what we sh enron. it's important to note the distinction that what happened at ftx really has nothing to do with cryptocurrency other than that was their product. fraud is fraud. bad actors have existed probably more or less since the beginning of time, at least for humanity. and so it's had a very negative event in terms of sentiment and definitely damaged the market affecting millions or tens of millions of people and more recently we saw the additional indictments raised against sam bank andbankman-fried and everyl pay attention to this throughout his trial. it's a t terrible thing. the market has come back. what we've seen in the last couple weeks is nothing significant or material as far as i'm concerned. maria: so how much of this was due to china pulling back in terms of its binance coins? i want to get your take on where the boundaries are. we're waiting for

initial investor in ftx.cryptos? how has it changed you in that sector? >> no, no, no. in fact, i have doubled down. i've bought, one of my best performing assets frankly is bitcoin since the beginning of the year. i've bought more, but what i am doing is spending a lot more time on the hill. what i like about the downside, look ftx was horrific. the whole thing is a disaster. everybody gets it and those of us that invested in it looked like idiots. however investing 8 out of my 10 investments are the two that win and in this case it looks like alleged fraud but my point is it doesn't stop what i do everyday. i get up every morning and invest in entrepreneurs but now this ftx hearing that occurred late last year on the hill has poked the bear and regulators are now really looking at regulation. you saw gensler make a move last week. he's on a war path and backed by a lot of people including people like me who want to see regulation. we want to see some guardrails. i'm tired of going to the hill for hearings e

none, not one airing last night after ftx fallout and bankruptcy filing.ve, we've got the famed venture capital investor alan patricof about the hot sector that has replaced crypto. up next, the commercial that aired during last night's game, but will it resonate with vcs? closing bell, 25 minutes away. the dow's continuing to gain points up here, up 330 at the moment. saw stay tuned. ♪ ♪ this isn't just freight. these aren't just shipments. they're promises. promises of all shapes and sizes. each, with a time and a place they've been promised to be. a promise is everything to old dominion, because it means everything to you. permex petroleum is leading the charge in the prolific permian basin with an attractive portfolio of oil, natural gas, and royalty assets. with expanding drilling operations and plans to uplist to the nyse, permex petroleum is poised for growth. for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose the largest, fastest reliable

he soleimani out of ftx to fund both but also used -- funneled money through certain third parties thatt the firm's to make contributions so they wouldn't show up in his name. they want too much heat on himself so he used outside, people inside the company using his name, they were given money for him so he could craft crypto regulation with various congressmen and regulators he's doing it through this third-party, campaign finance violations. the real thing that got me, look at the indictment and i read it and checked it, they mentioned charitable contributions twice in terms of money misappropriated from ftx. why is that important? something like $100 million, maybe more, 150, we have to get the exact number including broward county talked about kids in broward county competing to get money, the kids got scholarship money separate third parties that meant toward the kids, we are talking a lot of money, $100,000, go to foxbusiness.com to get the exact numbers but if you read this indictment, that money could have been part of the scheme. here's why, they say the scheme began as far bac

. >> founder of the failed crypto exchange ftx was in court. the judge extended the communications ban barring him from contacting any current or former employee of the company or using any apps that allow encrypted messaging. this comes after prosecutors raised concerns of witness tampering and that he previously reached out to the general counsel for ftx. he has pleaded in the. if convicted he could face up to 115 years in prison. >> chick-fil-a is adding a new menu item. announcing it is testing a new sandwich made of cauliflower. probably pretty good. it is being rolled out in three markets, denver, charleston, south carolina and greensboro, north carolina. chick-fil-a said the sandwich has been in development nearly four years and tried many other protein substitutes but kept coming back to pressure-cooked pressure-cooked cauliflower. >> burt bacharach has died at the age of 94. ♪ ♪ >> that was one of bacharach's well known hits "do you know the way to san jose." a melo alternative to rock and roll in the 60s and 70s. "raindrops keep falli

as we discussed on twitter spaces, the key the romans of the ftx -- key develop and sit on the ftx.week where risk assets take on board the future outlook from the fed and we try to draw a conclusion going forward. caroline: let draw more conclusions with jill, digging in about the correlations. we have started to see a movement away. the fact that crypto had been relatively well bit wild -- while tech stocks had been under pressure. romaine: crypto has performed robustly this week so far, notwithstanding. it has taken a lot of people in industry, both asset allocators and builders by surprise. the running joke in the industry is what bear market? it feels like we deserved much worse in terms of price action. overall crypto has been very well bid. over the course of the start of this year. particularly when you start take into account the hangover psychologically as you mentioned from the ftx fallout at the end of last year. also from the united states the state of regulatory pressure the industry has been coming under. caroline: we have heard time and time again, that some of it is

sonali: he was one of the top deputies in the ftx empire in the u.s..ys it was pretty walled off. he says there are a lot of ways he felt misled and there is a lot of information he did not yet and he was specific in the relationship with sam bankman-fried who he worked with for 10 years. 10 years ago he worked with them. the relationship seriously deteriorated toward the end. take a listen to what he had to say. >> it's so clear that there were deliberate steps taken to mislead investors and mislead internal employees like myself to hide what was happening from the general public and that has been the most shocking part of all this month that this was not something we could ever have really known given the steps that were taken to hide this from everyone. sonali: i kept asking him if he should have known and there are lessons he said he is taking from ftx as he starts a new venture which is backed by coinbase. kriti: stick with us, more markets ahead. this is bloomberg. ♪ these days, our households depend on the internet more and more. families grow, h

it declined to license the now bankrupt ftx. >> literally when ftx collapsed, because of the protections people in new york had, new yorkers were better protected when ftx collapsed then california was. michael: last year, the legislature passed a similar licensing bill in california, but governor newsom vetoed it, saying it would be too costly, and the state should see what federal regulators do. patrick disagrees and says more oversight is needed. >> if they are regulated, at least the state can come in and say something to them. they can be audited, they can be looked at. michael: i am michael finney, 7 on your side. gloria: when we come back another object in the sky taken , down, this time over canada. the criticism president joe hi, i'm katie. i live in flagstaff, arizona. i'm an older student. i'm getting my doctorate in clinical psychology. i do a lot of hiking and kayaking. i needed something to help me gain clarity. so i was in the pharmacy and i saw a display of prevagen and i asked the pharmacist about it. i started taking prevagen and i noticed that i had more cognitive clar

the house financial service committee services committee is planning hearings into the ftx scandal. they want to find out how the securities and exchange commission missed red flags still draft rules to prevent that from happening again. >> state regulators are ordering california utilities to immediately rollout assistance meant to lower skyrocketing natural gas bills that assistance which comes in the form of climate credits as they're called, are typically apply to customers utility bills in april. but people who are eligible to get those credits can expect to see their bills dropped by 43 to $56 depending on their natural gas provider prices recently spiked due to below normal temperatures around our region and a drop in supply. >> still ahead, tonight's alameda county's district attorney is reopening 8 cases that involve police shootings. how officers in the county will be affected will have michael cardoza, our legal analyst joining us live t >> we continue to follow breaking news at this hour. fire crews in oakland have contained that 3 alarm house fire which spread to 2 othe

two people who helped former ftx ceo sam bankman-fried will remain a mystery for now.legal team is keeping their identities a secret. >> john: an arizona rancher is facing first-degree murder charges, after a man who repeatedly crossed the border, but was he in self-defense? >> something goes wrong, i will defend myself but i hope that doesn't happen. i'm bill lockwood, current caretaker and owner. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may qualify. go to getrefunds.com. when aspen dental told me that my dentures were ready, i was so excited. i love the confidence. i love that i can blast this beautiful smile and make the world smile with me. i would totally say aspen dental changed my life. aspen dental makes new smiles affordable. right now, get 20% off dentures. we do anything to make you smile. we all have a purpose in life - a “why.” no matter your purpose, at pnc private bank we will work with you every step of the way to help you ac

the hearing was set after prosecutors said that the former ftx ceo contacted the general counsel of ftx us to a messaging app and indicated he might be trying to influence a witness with incriminating evidence against him. bankman-fried has been free on bail after his december arrest on charges of fraud. >> well, california officials are warning people who rely on government food assistance to keep an eye on their transactions. they say criminals have been using skimming devices to steal money from evt cards. those are the special debit cards at manager person's public assistance, money. state officials say cases of abt fraud have skyrocketed. nearly 4,000% this last year in july of 2021, california, social services paid around $92,000 in fraud claims by the same time last year that had jumped almost 4 million dollars. the state has lost a total of nearly 24 million dollars in scams in the last 12 months. it is a 42. we'll be right back. >> a 44 inching towards the weekend and looking at sunshine whole time. you it's going to be pretty fantastic. looking forecast ahead. >> except for a

you were a spokesperson for ftx, sam bankman-fried's crypto company. we saw what happened to it.o crypto overall, do you think we are entering kind of the dodd-frank era of crypto where there will be legislation and regulation? >> if there is a silver lining to this catastrophic flaps of ftx which cost so many people so much, it's forced regulators to regulate. gensler really hammered kraken, said no more lending of crypto. it's not a law yet for everybody. he is saying read the room. i shut down one exchange and i am going to do it for everybody else. and then this morning we hear the regulator in new york has basically shut down the minting of binance tokens. there are $64 billion of binance tokens held in two wallets. well, i wonder who owns those? if one of those people wants to sell, that's binance down the drain. it's going to get very interesting. >> real quick, you said that you would do everything -- because you are a spokesman for the sam bankman-fried, ftx, do everything to track down the money. have you made any progress? >> it's the narrative on the situation for eve

>> ftx.>> eh, i don't think so. >> reporter: they're not around this year after ftx's meltdown. >> hey! try this. >> reporter: but the super bowl promises to be a battle off the field to have the most memorable ad. >> eat it, kyle. >> reporter: michael george, cbs news, new york. >> i love it for the commercials. that is the news for this saturday. first thing tomorrow "cbs sunday morning" with jane pauley followed by "face the nation" with margaret brennan. i'm adriana diaz in chicago. good night. >>> ♪ ♪ from cbs news bay area, this is the evening addition. >>> now at 6:00, police say the arrest the man who caused a deadly explosion in san francisco's sunset district. the exclusive video showing the blast and what police say may have triggered it. >>> tackling homelessness and addiction in san francisco. the new program offering culinary and life lessons to help people find a better path forward. >> i am john ramos in san francisco, where a citizenship ceremony was held in a unique location

i think ftx showed how bad things could be but ftx, you know, do we not have -- do we not want financeeoff? he was operating offshore and didn't very much look like a regulated u.s. company and if anything it really showed the weaknesses of traditional finance more than it did decentralized finance. maria: all right, we will leave it there. alex, great to get your insight. thank you so much. >> thanks for having me. maria: next hour of mornings with maria begins right now. ♪ ♪ maria: and good tuesday morning, everybody, it is time for the word on wall street, top investors watching your money. joining me strategic wealth partner ceo mark tepper an

that happened with ftx.kly sports is wanting to have a partnership with it >> well, i had started looking into it about ten years ago. there was this website called silk road that was basically an open-air drug market on the dark web, but real drug dealers don't sell drugs on the web. so you knew it wasn't real drug dealers, but they were making all their trades with bitcoin, and then the fbi showed up and then all these not actual drug dealers panicked. and i was like, "well, tell me more about this bitcoin. and then i raised the question, why would i trade my money for money that's not money, right? like when i go out of the country, i take my money, and i trade it for other money you're telling me that i got this money that works perfectly well, and i'm going to trade this for some other money because this other money might be worth more. well, what's going to make the value of that other money go up? i'm going to tweet about it, right? and we're just going to make the value of this other money come up an

if you don't want track what you're doing and the disgraced former head of ftx has been free on that dollars bail since being charged with fraud and conspiracy in december on the contingency that he not be on the internet and looks like he what he says it was because you want to watch the super bowl and everything else. but i don't think it's going to satisfy judge will see. >> president biden says there is no indication that the 3 objects shot out of the sky last weekend had surveillance capabilities. defense officials have been on pretty high alert as a suspected chinese spy balloon traveled over the u.s. earlier this month. biden criticized china's loan program saying he plans to talk about it. china's president in the future. the president says the last 3 objects were most likely from private companies or even research institutions. so interesting. >> well, the white house is also observing black history month by showing the recently released movie about emmett till the president and the first lady hosted a screening of the film till with cast members there, too, along with famil

the hearing was set after prosecutors said the former ftx ceo contacted the general counsel of ftx throughessaging app and indicated that he might be trying to influence a witness with incriminating evidence against him. bankman-fried has been freed on bail after his december arrest on charges of fraud. >> well, in the east bay, vandals in pleasantville are causing thousands of dollars in damage at local parks. and now the police department and the park district are cracking down. graffiti has damaged the city's 14 parts for years. but things have gotten especially bad in the last few months. and this video, you're seeing some examples of what's been done. pleasant oaks has been hit the hardest park superintendent tom bradley says that students from pleasant hill middle school right across the street are to blame. >> there's handful of kids from the junior high across the street. come over waiting for their parents be picked up lot of time on their hands. unfortunately, they're doing things like tagging things are vandalizing property in the bathrooms are on play structures. >> now police

but they weren't able to stop an ftx and sbf, in fact, they were charmed by him.-hanging fruit. but really the big bigger picture is they messed up, they're trying to come in heavy-457bed, coming out swinging -- charles: you mean the regulators. >> yeah, the regulators. and, look, it would be good if there was a road map so that thousands of these would finally go away. bitcoin is obviously different and would be showcased as being different so that the institutions can come in, but i think it's even bigger than that, charles, honestly. i think regulators and the bureaucrats, they're threatened by this space because, honestly, it threatens their monopoly on money. innovation is happening too fast, they don't fully understand it, so they see it as chaotic, and they were embarrassed by ftx. if the space is able to consolidate from a trillion dollar market cap down to half a trillion and in the next leg up moves up to 5 trillion, 10, 20 trillion, they -- charles: they can't ignore it. >> they want their chance to try to stop it, but they want the future to look like

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could printed limited immunity to surety tells about what happened at ftx. this is very close to coming down the pipe as well as potential suit from the fcc. ed: thank you. i think we had some issues there with your mic but i appreciate your reporting and getting across the key details. let's stick in the world of crypto. the largest crypto exchange is considering ending relationships with u.s. business partners as regulators turn up heat. i want to bring in the person who broke the story, thank you for joining us. what are the latest details? >> we are learning that the global exchange is starting to have to think about a plan to retreat from the u.s. especially the remaining business relationships in the u.s.. binance is considering pulling back investments in the country. looking at cutting ties with some of the intermediary firms such as banks and other services firms and also an assessment after u.s.-based tokens potentially including a major staple coin and i have to at these are still preliminary considerations. no firm decisions have been made this i