>> either/or >> talking about crypto, maybe other things, let's talk about what's going on with sam bankman-fried. he is now worth an estimated $11 billion. he could have bought that jordan jersey if he wanted to the exchange is worth $32 billion. it brought in about $1 billion revenue last year. cnbc's kate rooney has more on the ceo's rise in the crypto industry they call him the jpmorgan of crypto. >> reporter: the michael jordan of crypto.

in crypto and ftx and sky bridge we will hear about it first from anthony scaramucci and ftx ceo sam bankmannext hour they call sam the jp morgan of the crypto business. they gated some of the investors. will this investment allow them to be able to funnel money back to the clients we have now seen sam taking pieces of businesses throughout the sort of crypto eco atmosphere >> it is part a shark tank model. you come in and do these things. the other thing is like roy -- i don't know if you watch "ted lasso. he is here, he is there. he is everywhere >> he is touching all parts of the space. little bit like ken griffin if you think of all of the component parts of the exchange market >> i like his house in coconut grove. have you seen his house? >> i have not. >> $104 million. beautiful. i like bankman hey, bankman >> appropriately named >> you remember we have eugene profi profitt come on. good name for the business phil dow he would talk about the dow. i like bankman tell me off camera we have been sharing too much lately >>> stocks looking to add to the gains yesterday despite headwinds. gu

anthony scaramucci and sam bankman-fried.a 30% share in skybridge capital a look at bank man-fried's growing empire, which apparently does not involve shoes. >> that's right, brian the big crypto industry news of the day, sam bankman-fried buyinga 30% stake in anthony scar scaramucci's skybridge capital, $40 million of that will go directly to skybridge's balance sheet to buy more crypto it comes after skybridge had gated some redemptions earlier this year as crypto prices crashed. still less than 8% of that firm's assets are in its crypto fund it will show up investor confidence in that fund. it also adds to bankman-fried's growing empire an equity holder in voyager founded alameda research, and he's got a personal stake in robinhood as well. ftx ventures also has its own web of startup bets on top of that, and bankman-fried telling "squawk box" it was really about merging digital assets in traditional wall street, which is really key here bankman-fried is moving further into that world of traditional finance. it has shown s

sam: yeah. david: one was professor fried and one was professor bankman. sam: yeah.id: whose idea was it to combine them into one name? sam: i think they both had the idea. i think there was hashing out of what that would look like. would it be bankman-fried or fried-bankman, but they mutually came to that agreement. david: if you ever got married -- sam: oh, i would be [bleep] if i married someone with a hyphenated last name, you've got four names. david: so, you thought about that. would that be particularly attractive to find someone with a hyphenated name or not really? sam: it would be worth one good story. that is what i would get out of it. on the scale of life partners, not the most important criteria. david: you're growing up, your parents are distinguished professors at stanford law school. were you interested in the law growing up? sam: not at all growing up. i become more interested recently. my parents said when i was growing up, you could do whatever you want with your life. you're welcome to do whatever you want. david: were you a bit of a math prodigy

one of the most successful entrepreneurs in cryptocurrency is sam bankman-fried. he is the ftx platform. it has been so successful in the cryptocurrency world, he has become one of the wealthiest man in the world. it is now focusing his energy on philanthropy. i sat down with him at the burke headquarters to talk about the future crypto, is desired to change the world and make it a better place. his crypto down for the account or is it coming back? sam: i think it's coming back. we see markets crash again, we are going to crash with it. if we see market recovery, we are going to see recovery with it. it is flushed out anyway. david: in may of 2022, began a meltdown in the text values and also crypto. did you get nervous at all the world was falling apart? sam: not nervous. it was definitely a rocky road for the industry. if we saw these meltdown much further than they did, we saw nasdaq drop 30%, 40%, and bitcoin go down 10,000 per token. david: didn't get angry hair i can see. sam: a little bit. i put those out. to keep up appearances. david: when the bitcoin wor

a lot of that is the man, sam b bankman-fried. >> we talk about him a lot sam bankman.is he the jpmorgan of our era? >> yet to be determined. >> is he vanderbilt? >> could be. >> is he carnegie? >> if he gives a lot of libraries, he is >> that would be nice. >> this is, carl, the central issue. will sam bankman-fried corner bitcoin? >> we'll watch that. wells definitely sees 15% downside on coin opening bell here in the cnbc realtime exchange. at the big board, it's jpmorgan chase celebrating hispanic heritage month, education services provider of china celebrating its 20th anniversary. >> is jamie up there >> no, he's not. >> did you look? >> i did >> yeah, me too. you never know where he's going to pop up. hurricane diamond, you know? you ever see that song bob dylan wrote a song about him. >> hurricane diamond >> no, he wrote a song about reuben "hurricane" carter. >> okay, okay. >> obviously, pretty negative breadth here at the open dow is going to open down about 200, jim >> this is a do-over it never should have happened yesterday. you wanted so badly for people t

sam: yes. dave: in one's name was professor fried and one was professor bankman. who's idea was it to combine the two into one name? sam: they both had the idea, there was some hashing out of what that would look like. but i think they kind of mutually came to that decision. david: if you got married sunday -- sam: [beep] dave: he would have two hyphens? sam: especially if i married someone with a hyphenated last name. then you've got four names. at that point, we just have to roll the dice and choose one. david: ok, so you have thought about that. sam: come up with a totally new name. david: would it be particularly attracted to find somebody with a hyphenated name? sam: i think, it would be worth it if that's what you want to get out of it. david: so you're growing up, your parents are distinguished professors at stanford law school. were you interested in the law at any point, or not? sam: not at all growing up. i have become more recently -- more interested in it recently, but when i was growing up my parents told me you can do whatever you want with your life

one of the most successful entrepreneurs in the world of cryptocurrency is sam bankman-fried. created the ftx, a platform that has been so successful that sam has become one of the wealthiest men in the world. as a result of this, he is focusing a lot of his energy on philanthropy i sat down with him at the bloomberg headquarters to talk about the future for cryptocurrency and his desire to change the world and make it a better place. so, is cryptocurrency down for the count or is it coming back? sam: i think it is coming back. the macro environment, we see markets crash again, we will see a crypto crash along with it. if we see a recovery, we will take crypto recovery along with it. i think it has flushed out a lot of the things that needed to be fleshed out. david: in may of 2022, began i think a meltdown in tech values and also cryptocurrency. did you get nervous at all that the world was going to fall apart? sam: not super nervous. it was going to be a rocky road for the industry and when bitcoin hit 20 k. i think if we saw thinks meltdown much further than they did, we th

. >> the potential infusion into sam bankman-fried's financing earlier this year for ftx. negotiations are ongoing ftx has been on a buying spree >>> credit suisse is weighing plans to split up the investment bank into three units. according to the financial times, the swiss lender hopes to sell units to avoid a damaging capital raise. the move would involve res resurrecting a bad deal. credit suisse is trying to emerge three years of bad deals. >>> and the ftc is looking at amazon's prime service and other subscription service and both ceo ass are looking to testify amazon must comply with the demand no later than october 7th. >> hesilvana henao, thank you >>> and still to come, stephen roach is here and why he says a u.s. recession is looking more likely >>> and world leaders increasingly condemning russia following the military ramp up in ukraine the moves still in play to curb moscowc moscow's growing aggression. >>> and after 99 days, the pain at the pump is stopping. is this temporary or a sign of things to come a very busy hour sllti ahead when "worldwide exchange"

>> sam bankman freed said this morning we are in a dollar rush right now, there's a bull market for dollarsly not until that bull market for dollars is over and until the fed starts to shift position to where they are in the interest rate cycle, and when is that i don't know three months six months a year i don't think it could be longer than a year because i don't think the fed wants to break the back of the core u.s. economy, so to me it's probably six months >> are we still highly correlated to the stock market itself, and higher risk assets are going to have a bigger issue, no? >> i think we are very tightly correlated for the time being to the nasdaq and the riskier elements of the nasdaq, and when that ends i can only guess at that, and the products associated with bitcoin today versus a year ago have gone up exponentially, and for now, the bitcoin atheiram, you are going to see, i think, expediential growth in the applications that will lead to higher prices, and i have my money in that. >> i know you do a lot of that, by the way. you told me the last time you were on with me at the

most of that is for voyager's assets and marks sam bankman-fried's second attempt calling it a low balledas a rescue bankman-fried told me in an interview he was surprised by that because there were no cons consulting fees involved another one of those companies, celsius, this morning announcing its ceo is stepping down amid its own bankruptcy hear gsz. in a statement saying he's, quote, very sorry about the difficult financial circumstances members of our community are facing regulators are paying very close attention to this space. late yesterday we also reported eight states are bringing actions against the platform nexo for offering unregistered interest bearing accounts. those offered 36% interest in some cases nexo said it's working with regulators and really trying to separate itself from other lenders that didn't offer uncollateralized loans or freeze exposure. nexo, that same company announcing it was acquiring a state in a chartered u.s. bank, summit national bank, nexo to link bank accounts directly to clients. we'll see how lenders feel about that president of ftx stepping dow

and it makes one wonder why sam bankman freed feels relatively comfortable to try to bail out firms. who knows what the actual mechanics of that are, carl. but private equity, however you might feel about it in general, those that are good at it have built their reputations on being consistent and having a model that they operate under, and we'll have to see whether crypto develops that same kind of reputation over time. >> yeah, and orlando bravo, you could probably argue -- i know david rubinstein gave an interview to the tooimes a few weeks ago in which he gave bravo quite the shout-out as being in best in the new generation of investors. we'll see how it plays out in the years to come. >>> overall it's not going to be a busy week for earnings we're going to get nike and p paychex and it's just a smattering it's going to be much more driven by fed speak. we mentioned earlier today some 22 fed speakers just in the next five sessions. >> the earnings this week will be important nike is a big consumer name. we talked about this a little earlier on the consumer has been very resilient

plus crypto prices moving higher today and sam bankman fried making a big bet and bitcoin up almost 10%ave more on that when "power lunch" returns. the market at session highs and you can see that's up 2% and you've also got the s&p up a percent and a half and the nasdaq composite up more than 2% now. oil heading toward the highs of oil heading toward the highs of the day and let's show you that. what if you were a global bank who wanted to supercharge your audit system? so you tap ibm to un-silo your data. and start crunching a year's worth of transactions operating costs are lower. and everyone from your auditors to your bankers feels like a million bucks. let's create smarter ways of putting your data to work. ibm. let's create bubbles bubbles so many bubbles! as an expedia member you earn points on your travels, and that's on top of your airline miles. so you can go and see... or taste or do absolutely nothing with all those bubbles. without ever wondering if you're getting the most out of your trip. because you are. >> all right welcome back, everybody, to "power lurch," time for t

what was it like three hours long, i admit, i didn't watch the entire thing, with sam bankman fried,feels like there's some kind of backstop to bitcoin itself but sits at 19 and kind of holds that, i feel like there's some defense force out there, protecting the blind side in a football analogy. >> the interview is competing with the nfl on sunday you have an excuse for not watching the whole thing that's a great thing as more institutional money comes in, it's been seen as a bottom if bony goals low enough, there's thought that whales or larger investors would support the miss we have seen it languish it's really been between $19,023,000. bitcoin versus the other cryptocurrencies out there is seen as safe haven if you look at it as a whole it's been a lot more steady than smaller coins. there is a downside protection built in that others have called out but not a lot of momentum to the upside which has been a big issue for bitcoin to regain that momentum not a lot of retail buyers, not a lot of positive momentum. >> bitcoin down 2%, but it is holding on to that $19,000 level. k kate

apps one crypto company, though, voyager, this is one close one to watch -- >> i wonder with this sam bankmanegend emerging there are these leaks about how he's managed to stay afloat, but these profit numbers from 2021 from him and ftx that's a long time ago for crypto how much do we know about how that company is doing, and how leveraged it is and how much money he's really got? >> that's a great point, john, about this being a private company. a lot of people will really want to see that s1 if and when the company does go public we talked some of the numbers from audits last year in q1, but the world from crypto has completely changed we don't know if that profitability has stayed they're roughly on track to do roughly the same revenue but we don't know if the profits from the bottom line is going to look the same they're profitable but not to the point they could be spending this much money it be bailing out. yes, they might be profitable but not enough to take on these deals. >> old on a second he said he's looking at consumer finance apps, crypto consumer finance apps or something along

. >>> crypto surging this morning after ftx and sam bankman agreed on a -- we have more with this continueding spree, good morning, kate. >> hey there, carl, yeah, crypto getting relief to end this week following broader markets. bitcoin was up as much as 10% after hitting a three month low a couple days ago. it's been particularly sensitive to the rising u.s. dollar in recent months. you can see that inverse correlation on the chart there really picking up in may or so and another factor this week, there's been a strong uptick in short liquidations, the past day or so, about $343 million worth of crypto shorts closed out their positions, the largest level in more than a month according to glassnode, coin glass data there, that sparks the jumps in prices. that may not be driving bitcoin's -- the venture arm of ftx, buying a 30% stake in sky bridge capital, after sky bridge gated some redemptions earlier this year as the prices of cryptocurrencies crashed, less than 8% of the if i rfirm's ass. $40 million of the roughly $50 million stake is going to go into sky bridge's balance sheet directl

sam bankman-fried has played a big role in the crypto industry. of dollars to bail out struggling companies facing bankruptcy, liquidity, you name it he's got a relatively understated life he drives a toyota carolla he lives with ten roommates. sometimes sleeps under his desk on a bean bag chair as well. i sat down with bankman-fried to talk about his role as lender of last resort. >> we only had a few days to make these decisions what we came to believe was the following, the first was that if possible it would be extremely valuable to the ecosystem to back stop some of these places first off backstopping customers and making sure they're okay stopping the contagion anyone that trans sitivelily did business with any chain of people who did business with one of the troubled assets themselves became troubled then the secondary goal was maybe there are good trades. maybe there's an investment or acquisition that can be done at terms we would be excited about given the sort of need for capital right now. but that was usually not the standard we were

sam, pause, and then b bankman-fried. >> that's my new way of doing it sam bank man fried. >> cramer'sdash will count down to the opening bell as we got a collective 562 basis points in aggregate hikes this week alone and we're not done yet. ba ia me ckn mont shh! stealth mode? yeah. [cricket sounds] shh! shh! [light switch clicks] don't pta meetings end at nine? -it ran... late. -oh got lost. the lexus rx built for modern families. ♪ ♪ power e*trade's easy-to-use tools make complex trading less complicated custom scans help you find new trading opportunities while an earnings tool helps you plan your trades and stay on top of the market this... is the planning effect. this is how it feels to have a dedicated fidelity advisor looking at your full financial picture. this is what it's like to have a comprehensive wealth plan with tax-smart investing strategies designed to help you keep more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. >>> take a look at futures here, and yields there's the t

month for conference, we have salt next week in new york city, brings to mind this investment from sam bankmanto sky bridge. what crypto has done, defending 19 k >> about 21 k now, it's come back crypto has been bullied around by the macro environment yes, it's got its own share of problems with all these companies in the ecosystem halting withdrawals and facing liquidity issues, but look at the dollar when it weakens, that's good for crypto it's really become sort of like gold in that way it's got an inverse relationship and it's got a close relationship with the nasdaq as well not maybe as close as when we saw at the height of the bear market when there was much more liquidation in bitcoin, unwinding some of that leverage. clearly the relief we saw in the dollar has helped a lot of assets including bitcoin this week, including stocks s&p now looking at a 3% gain on the week >> after three losing weeks. we mentioned ftx and the sky bridge deal. and overall discussion about that and the point at which we are in a so-called crypto winter here is what he said >> the digital office will start to

your thoughts on where crypto is >> well, i think that they're -- you know, sam bankman-fried is tryingle of jpmorgan, the original j.p. morgan he managed to stem the decline rather amazing, coin base going up and big holders are being bailed out i still think that bitcoin is part of a speculation, carl, that the fed doesn't want. i think that he -- that when you think about what should go down, what the fed wants to go down, i think it's speculative assets wherever they are. and you're looking at the most speculative asset there is >> we also want to get to the rails, jim i know david mentioned it earlier. the possibility of a strike by the end of the week, and because of that, we do face the prospect of some of the major lines starting to reduce their levels in advance of that starting today, actually although, there's been some defense on the street of some of the canadian lines i know you've been talking about this for months. >> yeah. look, i thought that bank of meas america's call about upgrading union pacific, perhaps the most stressed when it comes to labor, was pretty gutsy i

is going to teach a master class on real estate, and mike will talk about crypto i think we have sam bankman-friedpoverty in the city and does incredible work >> what's the need for it now, just poverty in the city >> i mean, sadly, poverty is something you can always keep fighting it's october 11 and 12, by the way. you know, i think that we raise over $140 million a year and a lot of it comes from small gifts, and we disperse all of it and the board pays all the overhead there are 200 organizations that we empower to fight poverty and bring education and social services to people in need it's a great, great, incredible organization led by a great ceo, richard barry. >> people should look for tickets now. and by the way, come back when you're in town to talk about it. bring as many guests as you want >> thanks. >> i got a different real estate question for you >> good. >> a guy we used to talk a lot about. adam newman. former wework. what do you think of the fact that mark and horowitz are backing this new real estate venture? it seems like it's about residential real estate, branding residential