she is not making eye contact with sbf, and the prosecution has accused sbf of attempting to intimidatend. the prosecution shared concerns about the defendant's reaction to her testimony. he's been shaking his head and even scoffing at one point. today thus far the defense is taking -- painting a very different picture than what we got from the prosecution. they've gotten ellison to anytime there were times early on when sbf really didn't engage with alameda research, and she was in charge of accounting directly and lobbied to be the sole see crow when her co-ceo left. that's very different from the flavor we got from the prosecution. yesterday we heard sbf ordered caroline alleged wily to doctor balance sheets. thus far the defense is focused on her tenure early on versus when sbf was heavily involved later on. now, stuart, we just learned that she actually faces the same sentence as sbf, 110 years behind bars, and she's testifying in exchange for leniency. so really at this point it's he said/she said. who is the jury going to believe, and do you think she's saying anything in exchang

will sbf testify in his own defense? >> we'll have to wait and see. we do know a lot of people who are very close to him, including his ex-girlfriend, his business partner, have been listed as witnesses by the prosecution. but if he did testify, one strategy might be advice of counsel defense, that he thought what he did was legal because company lawyers okay'd it. sam bankman-fried is accused of stealing billions of dollars from the company he founded. he's pleaded not guilty to seven counts of fraud and conspiracy. prosecutors say he took depositors money for himself, moved some of it to a different company he owned and committed fraud by trying to cover the whole thing up. ftx at one point was a huge company, worth 30 billion with its name on a basketball arena and commercial endorsements by sports heroes including steph curry. the trial is expected to last at least six weeks. one issue, cryptocurrency is complicated but it's likely the prosecution will keep its accusations simple. stealing is stealing. whether it's crypto or cash or diamonds. now,

and one major aspect of their case will be how sbf allegedly used customer funds to garner political the midterms, he donated over $40 million to democrats and alleged hi used his colleague as a strawman to further donate money to democrats. ryan solomon, also a colleague, funneled money in his name to republicans, but i'll highlight only george soros gave more to democrats during the midterms than sbf, is so a big democrat donor there. the defense's opening statement, they're really going to try to paint sbf as this man who got over his skis in the crypto industry which is really confusing. i was talking to ira sorkin, bernie madoff's defense attorney, he said, listen, fraud is fraud whether it's crypto or the car dealership, and that's what the prosecution will try to are the prosecute. elizabeth: that's a great line. kelly to gradely, thank you so much -- kelly o'grady. we welcome back to the show grover norquist. grover, we see storm clouds gathering over bidenomicss. that adp job growth number, just 89,000, that's about half the 160,000 expected. we're looking at three straight

. >>> coming up, sbf on the stand. how the founder of failed crypto exchange ftx is expected to make his case. >>> but first, tanks roll into gaza, why israel said its gaza, why israel said its overnight mission is somedays, i cover up because of my moderate to severe plaque psoriasis. now i feel free to bare my skin, thanks to skyrizi. ♪(uplifting music)♪ ♪nothing is everything♪ i'm celebrating my clearer skin... my way. with skyrizi, 3 out of 4 people achieved 90% clearer skin at 4 months. in another study, most people had 90% clearer skin, even at 5 years. and skyrizi is just 4 doses a year, after 2 starter doses. serious allergic reactions and an increased risk of infections or a lower ability to fight them may occur. tell your doctor if you have an infection or symptoms, had a vaccine, or plan to. thanks to clearer skin with skyrizi - this is my moment. there's nothing on my skin and that means everything! ♪nothing is everything♪ now's the time. ask your doctor about skyrizi, the #1 dermatologist-prescribed biolog

we had a curve ball yesterday, sbf took the stand but not in front of a jury.to take the stand, go forward with the trial. we are now expecting that to happen today but yesterday we did get a preview of what he might say and how he's faring in front of the prosecution. the judge sent the jury away in a mid trial hearing to determine if sbf can use key examples, one of the biggest questions is whether he can pass blame to the lawyers, the defendant claims the counsel knew and approved of the loans that they took from customer funds and he alleged that lawyers were the ones that defined the document retention policy that allowed auto deleting messages which if true would explain why there were few records of company conversations. >>> when he was questioned by the defense h he was confident d calm. on the cross, he began to crumble. he took long pause as, his most used phrase was i'm not entirely you sure. the judge admonished him. he said he had an interesting way of responding to questions. the judge will rule on what will be admissible when sbf is exacted to a

ben, you told me you you felt like sbf and crypto rose together. does that mean they fall together? at the same rate, at the same time. there are enough people that want to gamble, there are enough criminals that find it useful, and enough sort of real money stuck in there that it's probably going to be around for awhile, unless law enforcement really takes severe action. which is what i think is really necessary. and you have sat down with sam bankman—fried. you kept in touch with him in the months leading up to ftx's collapse. how did he market himself to you? i think he marketed himself to me as a version of his public persona. california wunderkind billionaire philanthropist. however, he had trouble answering basic questions, one of which was, what does crypto currency do? give me one thing that it does that cannot be done better by other means, and sam said remittances, sending money overseas. i had just come from el salvador, which is the only country in the world to use crypto currency as money, or try to use it, and el salvador�*s economy is heavily reliant on remittances, i

[laughter] is sbf is alleging that they oversaw everything, they approved everything to do with thisinteresting because we got a bit of a preview of what he will tell jurors today many terms of content -- in terms of content as well as his delivery. so yesterday the judge sent the jury away for a rare mid-trial hearing to determine if sbf can use key examples in the expected testimony today in front of a jury. in fact, one of the biggest questions is whether the judge will allow him to blame his lawyers. so the defendant claimed ftx counsel approveddal heed da using customer funds, that they even design the policy for auto-deleting documents and messages. prosecution did get sbf to admit that he hired in-house counsel knowing he had a lady pass and because he felt freed eberg would allow him to take more risk. he was very confident, calm in his answers, but he really struggled on the prosecution's cross, he looked very nervous. i think the most used phrase was i'm not entirely sure and i can't recall. now, we are hearing reports that the judge is ruling at this very moment whether th

the marketing of sbf and the reality— using it.e very different. listening to that, it makes you wonder how closely it is being followed by the crypto world but also americans. what can you tell us? ~ �* , , ., , us? we've seen people in the courtroom — us? we've seen people in the courtroom for _ us? we've seen people in the courtroom for not _ us? we've seen people in the courtroom for not only - us? we've seen people in the i courtroom for not only investors that invested in crypto is and it speaks to how he was hailed as such a figure and tighten in the industry before his stunning full when fdx collapsed in november 2022, many are watching to see what impact it has on the wider crypto currency industry as a whole.- on the wider crypto currency industry as a whole. erin, thank you ve much industry as a whole. erin, thank you very much and _ industry as a whole. erin, thank you very much and i'm _ industry as a whole. erin, thank you very much and i'm sure _ industry as a whole. erin, thank you very much and i'm sure we - indust

who worked closely with sbf.one of the few people who might know the psychology of the leadership and how he ran the business. really interesting insight from him as well. a few angles there. some in-depth coverage of the story we have been covering for a year. >> it is hard to imagine it has been almost a year. we see the movements in the crypto market. kate roonrooney, looking forwar it. >> thank you, frank. >>> still on deck on "worldwide exchange," the federal government filing a lawsuit over the data leak of the richest customers. >>> and it is hispanic heritage month. here is coca-cola's senior vice president beatriz perez. >> my heritage is deeply rooted in family values and the businesses they own. innovating science and tech are winning nobel prizes in chemistry. it also plays critical roles in public service from congress to the u.s. supreme court to many other areas. hispanic americans are and will continue to be a driving force for progress. meet the portable blender we can barely keep in stock. blend

all of this at the direction of sbf.eda had special privileges and unlimited access to the customer accounts. took $8 billion of customer funds and had ability to withdraw money with the negative balance of $65 billion line of credit. wang received a personal loan and said it wasn't for him. that borrowed money was used to make investments. we expect to hear more insiders in the next six weeks. that includes caroline ellison. frank. >> kate, so much to unpack here. first question is sbf. is he the face of the criminal corruption? we are talking high profile celebrities. tom brady and steph curry involved as inveinvestors. >> i can't tell you how many times tom brady was brought up this week. they were showing photos of the celebrity endorsements and customers who testified and one said that is the reason why ftx had a veil of legitimacy. there was a lot of brand awareness. we don't expect celebrities to testify. they have not been on the witness list. they are facing their own class action lawsuits. that could be theger

the judge has not yet decided whether sbf's testimony will be heard by the jury.azon. the ftse 100 up by reporting we have heard from amazon. the ftse100 up by a fifth of 1%. in paris, down byjust over half of 1%, and that is the check of the price of brent crude, inching towards $90 a barrel. stay in touch with the @bbcbusiness team and me on socials, i'm @tadthnright. i'll be back in a few hours, until then, goodbye. bbc news, bringing you different stories from across the uk. - it don't get much worse than this. just look at the height of it. then and now. but in the space of two months, there's been no clear—up here on the streets of west marsh and mark lawless, who's campaigning against fly—tipping, says the problem has only got worse. what have we got here, then, mark? prams. tinned food. plastic bottles. food waste. you can tell by the smell, the area doesn't smell too pretty. it's even on the street corners. all over the town. both grimsby and cleethorpes. if you go round, you'll notice there's hundreds of discarded trolleys full of rubbish. what a shock,

if you were wondering, sbf has a nice trim haircut and the defense and prosecution undergone pretrialroceedings and the judge confirmed the prosecution has not offered a plea deal and i lay that out because they think is case is airtight and have four cooperating witnesses that are sbf's former friends and colleagues. i'll note that the judge addressed sbf this morning directly and can choose to take the stand even if the defense council rests and he was willing to share his side of the story throughout the process with the media and we're keeping aen eye on if he chooses to take the stand. potential jurors are undergoing questions and will last the day and the prosecution seeking older college educated jurors and the defense is looking for younger open minded demographic and the first question that jurors were asked today is is there anything that would make them not be able to give a fair judgment in this case? 11 stood up and were immediately dismissed and of course social media played a huge role in the down fall of ftx and public record may influence potential jurors going forwar

the judge sent them away for a rare mid trial hearing to determine if f sbf.e will be able to use loose standards in the crypto-currency as a defense. the sorry whether bankman-fried can cast blames on ftx lawyers for providing incorrect device. he claimed dan freedberg knew and approved of how al mate da was using ftx funds further he claimed lawyers auto delete messages. confident and calm in his answers. when the prosecution started their examination he began to crumble, taking long pauses and heavily cav yoght his statements. at one point judge admonished him for being so evasive quote part of the problem is the witness has what i'll simply call an interesting way of responding to questions. the judge will rule in the morning on what will be admissible when sbf is expected to appear in front of the jury. the question becomes does the defense see how their client struggled as a test run for tomorrow and do they still choose for sbf. can he still decide not to take the stand until the very last moment. bret? >> bret: kelly owe gaede in new york. thanks. up n

sbf quote, ftx is fine. assets are fine.e. contrary to the prosecution's assertions he deceived customers as the company neared its collapse. if you go back to his twitter feed, x feed, deleted that shortly afterwards, you can wonder maybe it didn't age well or a jury i don't remember could wonder was he already trying to cover his tracks. charles, fraud or not, all that matter is how this last landing to the jury. back to you. >> thank you very much. i want to bring in cleo capital, managing director there, sarah kuntz. i don't want to dwell much on the sbf part of this. the fact that he called, customers, dumb mfs and f the regulators showed his arrogance out there, but we do know he was in a position to craft rules. he laid out so much money on congress. they were allowing him to write the rules for crypto. this is mind-boggling stuff. i wish they would look at themselves but now there is legislation being written out there. how, how do we know as the public, can any of this be trusted? >> yeah, you know it's interesting

. >>> sam bankman-fried's former friends have testified against him, now it's sbf's turn.ourthouse with what may be blockbuster testimony on deck, next. ♪ ♪ this is american infrastructure. megawatts of power, rails and open road, and essential services of every kind. all running on countless invisible networks, making it a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends the systems running america's infrastructure. for these services. for the 336 million of us living here. ♪ this is a special alert. israel is under attack and israel's enemies seek our destruction. the people of israel need immediate help. rockets have us squarely in the crosshairs. our people are targets in their own homes. many have lost everything and fear for their lives. the international fellowship of christians and jews has launched an urgent response to rescue those affected by this violent attack. our teams are on the ground across israel delivering lifesaving aid. your urgently needed gift of only $45 will help rush food, water, medicine an

you told me you felt like sbf and crypto rows together. does that mean they fall together? yes. that they fall, you know, at the same rate at the same time. there's enough people that want to gamble. there are enough criminals that find it useful, and there is enough sort of real money stuck in there that it's probably going to be around for a while, unless law enforcement really takes severe action, which what i think is really necessary. and you sat down with sam bankman—fried and kept in touch in the months leading up to fdx's collapse. how did he market himself to you? i think he marketed himself to me as a version of his public persona. california wunderkind billionaire philanthropist. however, he had trouble answering basic questions, one of which was, "what does crypto currency do? " give me one thing that it does that can't be done better by other means. and sam sent money overseas, i had just come from el salvador committee in the country and the royalties crypto currency as money, or try to use it, and el salvador�*s economy is heavily reliant on this. it's a quarter o

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part of the fox nation promo, i fronted it is streaming now. >> even if he didn't look like it, sbf wasggering $22.5 billion. he was the poster boy of crypto success. >> when he spoke in 2020, 2021, the world listened to his vision of what crypto was going to be. >> sbf became the crypto king. >> he was never worth that much money. if you believe prosecutors, it was a ponzi scheme, he was worth whatever he was stealing. >> sandra: very interesting stuff, really is. we dig deeper and deeper into the story, it affected a lot of people, he fooled a lot of people, again, available on fox nation, streaming now. thank you, charlie. good to see you. john. >> john: some good news in a terrifying case. police arrested the man accused of stabbing a person to death in brooklyn, that's coming up next. a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends these services for everyone who lives here. ♪ >> tech: cracked windshield on your new car? bring it to safelite. my customer was enjoying her new car, when her windshield cracked. [gasp] >> custo

us could mean in for hostile questioning what we may get out of that testimony, is a window into how sbfcurried political influence accused of funnel customer funds to political campaigns during midterms donated over 40 million dollars, to democrats allegedly used as a straw man for further donations, to fun evil over 24 million dollars to republicans prosecution expected to use that as evidence for fraud i will highlight george soros gave more than sam bankman-fried. >> michael lewis profiling sbf reportedly crypto king to funded midterm senate candidates to beat out those aligned with trump considered paying former president trump directly to sit out 2020 election, biggest takeaway from yesterday, is that the judge confirmed no plea detail offered by prosecution indicates they think their case is airtight back to you kelly o'grady. >> the trial of sam bankman-fried on fox news podcast. >> so much to talk about as far as, sam bankman-fried most of all the fact a story out 60 minutes, piece i don't know if you saw it a book coming out saying that sam bankman-fried tried to bribe or think

she said sbf was the one directing employees to set up the systems.nd said sbf directed her to use customer funds to repay loans and adjust alameda's balance sheet in a way that made it look less risky. ban bankman-freed has pleaded naturnot guilty to charges. we also heard this morning from another witness who said sam bankman-fried knew about money being taken illegally. >>> tech check is next. we'll be right back. we'll bwe planned well for retirement, but i wish we had more cash. you think those two where have any idea? that they can sell their life insurance policy for cash? so they're basically sitting on a goldmine? i don't think they have a clue. that's crazy! well, not everyone knows coventry's helped thousands of people sell their policies for cash. even term policies. i can't believe they're just sitting up there! sitting on all this cash. if you own a life insurance policy of $100,000 or more, you can sell all or part of it to coventry. even a term policy. for cash, or a combination of cash and coverage, with no future premiums. someone ne

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

i confirmed with sbf's team he received a timed release pill this morning as well as yesterday.oes testify this could be a necessary hail mary there is no smoking gun from the prosecution. this would give him the chance to tell his own narrative. the risks are obvious. beyond alienating the jury anything he said could be used in number of upcoming civil trials. ftc is going after minimum, cfpb, he has class action civil suits against him. if he gets off the trial he could still face monstrous fines. >> if he said i made a mistake. larry: i messed up we should have more safeguards. now taking about safe guards in sec standard of civil liability. that is different standard than the recognize ray yaw intent. >> reporter: we're own break for a week. the defense may start next thursday with the defense and closing arguments and it would be in the jury's hands. liz: thank you, kelly, very much. the united states retirement system, this matters to all of you earning a c plus in the mercer 2023 global pension index. blackrock unveiling what it thinks is an answer to the retirement probl

the trial of sam bankman-fried gearing up for another big week and sbf could take the stand and defensed he needs his adhd medication first. kelly o'grady reports next. (sfx: stone wheel crafting) ♪ the biggest ideas inspire new ones. 30 years ago, state street created an etf that inspired the world to invest differently. it still does. what can you do with spy? ♪ stuart: let me confirm that the rally is holding and dow is up 330 and nasdaq up 143 points better than 1% and same with s&p up 44, better than 1% higher. it's a rally. tough week for sam bankman-fried. his attorneys may put him on the stand. kelly o'grady with me here in new york. what's this about him needing his adhd medication before testifying? >> the defense saying whether he testifies will be predicated on whether he has access to adderall. he has adhd and they filed a motion saying he's been struggling to focus during trial. they said this "as we approach, the critical decision of whether mr. bankman-fried will testify, the defense has a growing concern that because of mr. bankman-fried's lack of access to adderall, he

now, sbf conveniently regained his memory on redirect as the defense sought to do damage control.the jury believes. we expect them to start deliberating thursday. bret? >> bret: kelly, thank you. up next fbi director christopher wray raises the possibility of hamas terror attack inside the u.s. our panel tackles that and the war funding feud brewing in congress. first, here's what some of our other fox affiliates around the country are covering tonight. khon in honolulu as maui police show " 60 minutes of body camera video the day fire through lahaina town in august. rescuing 15 people from a coffee shop and taking a severely burned man to a hospital. wfxt in boston as a new rule begins tomorrow giving police authority to dismantle a homeless tent city that has been used to shield drug use and other crimes. the corner known as methadone mile has for years been occupied by tents and tarp covers and also occupied by people struggling with substance addiction. and this is a live look at minneapolis from fox 9. our affiliate there. one of the big stories there tonight the first snow o

going to see from them over the next couple of weeks will feed into the picture they are painting of sbffraudster. they said he hung out with actors and politicians. the money he was stealing from ftx's customers. those celebrity connections are being used to bolster the false credibility the prosecution is saying sbf created. they played the tom brady and larry david commercial and underscored safety on the platform. one of thieves witnesses they called was a victim. a trader who lost $1 hundred thousand. he argued he never would have invested if he knew his money would be used for other things. when the defense pressed him if he read the ftx terms of service he said no. you see how the defense is creating doubt in the minds of the jurors. today we hear from a crypto coder. the prosecution has to be careful not to muddy the evidence and confuse jurors. send it back to you. >> bill: a crypto coder. that could be thick. kelly, thank you very much. we'll see how it goes there in lower manhattan. thank you. you have something coming up, right? >> sandra: a fascinating story. i go back to my

she's was saying sbf was the mastermind behind it all.he stand, it started strangely. there's a moment where witnesses are asked to identify the defendant. she pointed around, looking for him, couldn't find him. now, to be fair, he has had a haircut. perhaps that confused her. she did go on to accuse sbf of directing her to do a number of illegal things including doctoring the balance sheet for investors, using customer money to fund loans and investments and when she shared concerns, she claims sam had the spend customer money to make money attitude. she alleged shy was forced to sign loans used for political fleinfluence, sending a $10 miln donation to biden's campaign. she gave him a test of his ego, saying he was interested in politics and talked about wanting to use his money to have influence on politics. he said at one point he thought there was 5% chance he would become president. we've begun to get details of their relationship, she said working together made things weird and felt he didn't spend enough time with her and would ge

three years after founding crypto company ftx it was valued at $32 billion, with sbf, as he's called, worth half that he got a boost from super star power >>> >> with ftx, a safe and easy way to get into crypto >> eh, i don't think so. >> reporter: michael lewis, who was working on a book about bankman-fried telling 60 minutes he considered paying donald trump to not run for president again to the tune of $5 billion. >> the question he had is not just is $5 billion enough to pay trump not to run, but was it legal. >> reporter: a spokesman says he is a liar and trying to deceive people his face was splashed over the magazines, comparing him to warren buffett >> what would you like it leave long term? >> i don't give a [ bleep ] about my legacy. >> holy hot dogs the spectacular collapse of one of the world's largest crypto exchanges is bigger than enron >> he's broke. and he's in big trouble. >> reporter: in november tw2002 t 2022 the whole operation went down >> i think it's fair to say this is one of the biggest financial frauds in american history >> reporter: in december, he was arr

most of the emotion has come from ellison and sbf himself.ars on the stand yesterday and the prosecution in a side bar accused sam bankman-fried of trying to intimidate her as a witness, laughing at some of the things she said and scoffing openly but, liz, the defense as you said wrapped and ellison is off the stand and it was not as -- sorry my producer is giving me a note that she just left the building and said nothing. would not answer any questions, looked stoic, liz. but like i said, she's off the stand and we will see how the jury reacted. at this point, it's been he said she said. there's not been a smoking gun. i will send it back to you. liz: kelly o'grady, thank you very much and price of bitcoin down slightly at the moment. fox market alert. keep an eye on this because it's been a turnovers and lent day of trading -- turbulent day of trading for the markets and individual stocks and start with delta airlines and stock gave up early gain after reporting earnings before the bell and delta said revenue rose 13% and earnings increased

sbf was informed of all of this messiness early on, and he even acknowledged to the witness that ftxhe witness asserted he quit because he discovered alameda was using ftx customer money to pay loans. the defense had a chance to cross-examine this witness. theta teased him in questioning that he heard secondhand through several employees that they were using ftx funds, so that tarts to bring about doubt potentially in the jury's mind and that he was also only testifying you were an immunity agreement because he was worried that the code that he wrote was used to commit crimes. now, all of this, cheryl, is sparking doubt in the jury's minds, you know, of his motivation, why is he testifying. so the takeaway here really is that this whole case thus far has been pretty messy both from what we're learning of how the company was set up, but also the prosecution's case. this is very complicated stuff. they're showing spread sheets, they're talking about how the code was built, and that's something where you could confuse a juror so that when they're in the dhix room, things aren't very cle

one thing sbf focused on was how alameda and ftx spend its money.ed political donations. sbf refuted that testimony saying he never directed any of his lieutenants to donate to anything specific but he did admit that "he thought he could have substantial impact on the world through those donations. neil, being bad at your job, a ceo not as plugged in as you should be, that's not really a crime, but remember ellison, they all pled guilty to fraud, so will the jury believed he really didn't know what was going on? the fun comes monday. he is back on the stand fear of the prosecution is going to get there crack at him. yesterday we got a taste of what that was like any hearing that that was close to the jury and believe me neil, he was not confident, nervous and fidgeting, that to look forward to. back to you. >> neil: anyway, i told you he would testify. great job, kelly. kelly o'grady in new york. just unreal. right? want to take you to israel, tel aviv in particular, dealing with bombings of its own coming its way. alex hogan has the latest from the

we remember sbf was the face of the crypto industry just 11 months ago. he was the crypto king. he's being accused of stealing billions in customer funds there are his -- for his personal use and to cover losses atal immediate georgia -- alameda research are. $7.3 billion of that $8.7 billion has been recovered. it is unclear though if we will ever see that remaining $1.4. they are attempting to recoup it with asset sales and lawsuits. today's trial though is not about the complicated crypto world. it's good, old fashion fraud. sam's charged with 7 counts of paid and conspiracy to commit. if he's convicted of everything, he could face up to 110 years in prison. now, the prosecution is expected to hang their case on a handful of star witnesses including his ex-girlfriend who also happened to be the ceo of alameda, caroline ellison. the defense is hinting at what's called an advice of counsel defense. that means sbf doesn't know his actions were illegal, and he was following the guidance from this-house -- in-house counsel. this is called one of the biggest financial frauds in his

his legal team announced wednesday that bankman—fried, known by his initials sbf — will take the standd money laundering charges, and has pleaded not guilty. 0ur north america business reporter is a cross that case for us so we will no doubt hear later today, as that takes place in new york. let's have a quick look at financial markets today. it is really busy for markets because of course we are getting all the earning stories coming through from big names. today has been very tech heavy. we have had alphabet, microsoft yesterday, we had meta delyn eco meta overnight. that is wall street. if you look at the next page, the markets in the us saw heavy falls. alphabet was a big loser, down some 10% during the trading session in response to its results. that is the latest business, i will see you soon. good morning, welcome to breakfast with charlie stayt and naga munchetty. 0ur headlines today. us media report that at least 22 people have been killed in a mass shooting in the state of maine — with the gunman still on the run. ca rd card is considered armed and dangerous. if card is consi

meanwhile, wall street multi-millionaire turned sec chairman gary gensler held multiple meetings with sbfle this fraud was happening. now, gensler refuses to answer to congress. rep mchenry: you refuse to be transparent with congress regarding your interactions with ftx and sam bankman-fried. narrator: why won't gensler answer congress' questions? what is he hiding? (inspirational music) - [speaker] at first, just leaving the house was hard. - [speaker] but wounded warrior project helps you realize it's possible to get out there - [speaker] to feel sense of camaraderie again. - [speaker] to find the tools to live life better. - [narrator] through generous community support, we've connected warriors and their families with no cost physical and mental health services, legislative advocacy, career assistance, and life skill training for 20 years, and we are just getting started. >>> cbs news producer marwan lives in gaza and joins us by phone. marwan, i know it's difficult to communicate with the outside world right now. what can you tell us about what has changed since israel expanded its o

sbf was asked about the ftx collapse at a conference last november. >> were you truthful with us todaythful as i -- as, you know, i'm knowledgeable to be. there's some things i wish i knew more about. >> he was gambling in his own casino, and it created conflicts of interest. >> reporter: author michael lewis profiled bank man-fried for his new book, going infinity. he recently spoke to 60 minutes. >> it was all sam's world, and there was nobody there to say, like, don't do that. >> right. >> reporter: the ftx melt down wiped out nearly $8 billion of customer deposits. prosecutors also allege bankman-fried spent billions of customers' money to pay for speculative venture investments, to make charitable donations, and to enrich himself. now he's preparing for trial from a new york jail. three of his former colleagues pleaded guilty to lesser crimes, including his ex-girlfriend, caroline ellison, a former co-ceo of alameda research. >> how does that impact his ability to win here? >> when you have three who each saw different things, it forms a composite picture that is truly difficult t

at first sbf was trying to say it was a big mistake and then, i was pretty sure, you made the decisionthe more we looked into it, the more we started to see fraud may have started with an earlier than we thought. but at the trial more and more has come out in how they do for -- defrauded lenders to alameda and the affiliate hedge fund how they misled venture capitalist who invested. katie: and ruins coming out, it is a great look at the past. going forward with the trial, what do we have to expect here? zeke: the prosecution is almost wrapped up their case. they may finish it tomorrow. we do not know whether the defense is going to present a case at all. what i'm curious about is whether sam will take the stand. he loves to talk. he took every call from everywhere order on the way out -- every reporter on the way out and -- way up i don't think he will skip this chance especially with his team not being convincing so far. tom: and this is amazing. it is amazing what you're doing. i think dicaprio for zeke that is what i had look for. and seriously, this is extraordinary, hard-hitting,

sbf already testified against him, and caroline ellison told the court everything bankman-fried did,and she was his former girlfriend, and his former best friend testified against him. at this point there may not be a lot to risk by putting him on the stand, and trying to avoid the decades in prison. you have eyewitnesses that really put you in a corner. >> thank you. >> you bet. >>> marcus? >> now to a follow-up about a puppet show brought to a halt by thieves. the police are telling officers in richmond they recovered a stolen u haul truck that contained the costumes and puppets. this is a thousand-year-old persian love story this weekend in seattle. the thieves stole the truck late sunday night, and this was outside of the van ness hotel after their san francisco show. their publicist tells us they took the electrical equipment, but the show will go on as planned. >>> it's nice and clear in san francisco. >> yeah, we are enjoying a clear and crisp morning across the bay area. we are not yet seeing any fog, but as the sky clears and the wind calms down, the temperatures will drop o

to new york, where sam bankman—fried — known better by his initials sbf — has taken the stand to testify charges, including defrauding his customers by as much as $10 billion — charges that he has denied. 0ur corespondent erin delmore has the latest on the latest from the courtroom. it was a stunning beginning to sam bankman—fried's testimony. this is the most eagerly awaited moment in this trial. we expected he would take the stand in front of a jury today. that was surprise number one. judge lewis kaplan dismissed the jury. he told them simply, "there's something that "we need to work out here. "we'll see you tomorrow morning at 9.30." and then he told the rest of us in the courtroom that there were topic areas that the defence wanted to introduce, that the prosecution objected to. and he admitted it's an unconventional way to move forward, but he said his solution was to hear it for his ears only. so they did put sam bankman—fried on the stand today. he answered questions from his own defence lawyers and through cross—examination with prosecutors, but the jury wasn't in the room. and

that's why you see sbf's defense trying to straddle the line and use a quasi advice of counsel defense. it was kind of unofficially sanctioned by counsel, maybe the judge is probably not going to let them straddle the line. he's probably going to make them commit one way or another, or compl completely say no to the evidence >>> is this a broad are sign of the economy? we'll trade that name it three stock lunch, coming up l services of every kind. all running on countless invisible networks, making it a prime target for cyberattacks. but the same ai-powered security that protects all of google also defends the systems running america's infrastructure. for these services. for the 336 million of us living here. ♪ in the u.s. we see millions of cyber threats each year. that rate is increasing as more and more businesses of us living here. move to the cloud. - so, the question is... - cyber attack! as cyber criminals expand their toolkit, we must expand as well. we need to rethink... next level moments, need the next level network. [speaker continues in the background] the network with 24/

she went on to say she started working for sbf and the hedge fund was in much worse financial shape than she thought. it had suffered large losses. she described lenders pulling out and said more than half of the staff had quit. the prosecution really came out swinging today. she was the ceo. they asked if she committed financial crimes. she said without hesitation, yes. quote, sam directed me to commit these crimes. we're getting a slight break right now, scott. heading back in but we'll keep you posted. >> kate rooney, thank you so much. appreciate that. we're just getting started on "closing bell." shannon saccocia is with us as we round out a busy week as we head into earnings season. she joins us after the break. we're monitoring neel kashkari's remarks. you see steve liesman monitoring those. we'll get you the biggest headlines as soon as we get those. you're watching "closing bell" on cnbc. nice footwork. man, you're lucky, watching live sports never used to be this easy. now you can stream all your games like it's nothing. yes! [ cheers ] yeah! woho! running up and down that fiel

he krdescribed a tense relationship with sbf. i asked to describe the company's financial health when he left. >> i had no reason to suspect that ftx wasn't anything other than profitable and in great shape. sam was, you know, embarking on fund raising again. he said both on some internal all hands and extensionally that ftx.com had $2 billion in excess capital with the result of the raises. ftx had $600 million and in amazing shape. you think ftx is going to eat the world. >> some of the top employees at the time at ftx didn't have a sense of the actual financial health of the company? >> i can only speak for the people on the u.s. side. we had absolutely no clue. >> how is that possible? >> look, imagine yourself in our position. you are in a high ranking position, but not the ceo, do you think sam has made all of the public and private reporting of the finances of the company. i should get all of the bank statements or access to all of those and run through those and see if i agree with the accounting. sam testified in front o

gary wong, co-founder of ftx pleaded guilty, on the stand, said sbf knew about customer money taken ando you. >> we'll be in touch all day. kate rooney talking about the trial there. coming up after the break, gaming expo in vegas with the ceo of mgm international bill hornbuckle. a lot to talk about from the cyberattack to labor strike, as the-ekock is trying to bounce to a rewe high. stay with us. kate rooney talking about the your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire this is spring semester at fairfield-suisun unified. they switched to google tools for education because there's never been a reported ransomware attack on a chromebook. now they're focused on learning knowing that their data is secure. ( ♪♪ ) >>> thousands of workers in las vegas set to picket mgm resorts and ceasars entertainment for the first time in nearly two decades as they consider a possible strike. this comes on the back of a recentl

she told the court everything sbf did, and she was also his former girlfriend.laura, his former best friend testified against him as well. this is not going his way, and taking the stand may be worth it. >> like you say, hey, i want to tell my story, which is interesting. >> thank you. >>> let's take a live look this morning near communications hill in san josÉ. a dark and early start to our morning. meteorologist, kari hall, is looking at what we can expect. >> it's going to be a nice afternoon, but we start out chilly. outside in oakland as you head off to work, we are already seeing a lot of people out the door. pleasant hill, starting out at 45 degrees. take a look at the recovery we will have. for the afternoon and even after a cool start, we will head for the upper 60s and low 70s. 68 in fremont. 69 in los gatos and novato. as we take it into the day tomorrow, really not much of a change. some of our coastal areas get cooler, and as you make saturday plans expect it to be a touch warmer with the low 70s. >>> relatively speaking, folks who are not familiar

kate rooney will have the very latest on the sbf trial.ny over the last few days has been astonishing. we'll see what happens today in that courtroom. we will track the final hour of trade. do want to note a stock before "final trades." you see broadcom today? up near 5%. having a great day, but then i saw some headlines about the vm ware deal. that's what is moving the stock you think? >> yeah, absolutely. i like the deal. it's going to increase their software mix and incurring revenue mix, as well. at 24 times forward, the stock is trading at a big discount. you can see that multiple rise if they do get the approval. >> what is your find trade, stef? >> amazon. prime day is going really well. aws is stabilizing and the retail margins are just getting going. >> jimmy, what about you? >> cisco systems is a goldilocks stock. it's got great growth, little drama. >> do you miss farmer jim? >> i think i prefer farmer jim. >> jason? >> palo alto networks. the stock keeps going up. >> and reits, they've been up the last couple of days. >> see yo

. >>> also happening today, the trial of disgraced crypto man who testified he and sbf committed multiple financial crime. we're going to dig in coming up. >>> we're back now with more of christiane amanpour's exclusive sitdown interview with hillary clinton and her outlook on a potential rematch between drnt a donald trump and president joe biden. >> when you look how to go forward with the country you say, is there any area of coalition building that could happen? there are pragmatic republicans, as you say. could there be a new a whole new way of trying to, you know, get legislation going and cross-party governance going by democrats and certain republicans forming a coalition? >> you saw the number of republicans who voted along with democrats to keep the government open. so there's clearly a common sense, you know, sane part of the republican caucus in the house. but i think they are intimidated. they oftentimes you know, say and do things which they know better than to say or do, and it will require us defeating those most extreme measures, and the people who promote them, in order

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 were actually in court for part of the day yesterday. there as an observer. take us inside that courtroom if you would. >> there is a lot of media interest. trump's trial is next door. >> it's a little busy downtown. >> but a lot of reporters. i was in the overflow room, there were 30 or 40 of us watching on a closed-circuit monitor. gary wong, the co-founder of ftx, testified that osam bankman-fried excited time to write back door

we were having a pretty optimistic conversation around crypto adoption even in spite of svb, sbf.stry feeling now in the world of fintech and putting money into these startups? >> fintech has been, as the entire second -- tech sector has been, fairly slow through the year. i will say the story of q2 was inflection point. round sizes is going up for the first time. also valuations have slowly ticked up. it might be that q1 could have been the bottom both her fintech but also for early-stage startup investing in general. i'm definitely seeing signs of optimism in both fintech and the broader tech ecosystem and environment. caroline: what do you think was the catalyst for that bottoming? is it that these companies have taken bitter pills and rectified how their revenue and burn rate's are or are we getting more broad ideas of optimism like exits in the ipo market? >> i think it's a combination of both. everybody is looking at the ipo market very carefully. the story of arm and clavio, the ai story is pretty clear. if you have an ai story, you will trade up in the public markets and a

spf -- sbf, as he is known, has had several former colleagues testify against him.f convicted, he could potentially face life in prison. a bit harsh. who among us has not misplaced the odd $8 billion here and there? no harm, no foul. mark: brian quinn. that's all i can say. brian quinn with business. time now for truth or fake. in this edition, a "new york times" investigation sheds light on evidence of the gaza hospital blast. >> that's right. the blast that hit a hospital in gaza as israel and palestine continue pointing fingers at each other as the majority of evidence remains inconclusive. there has never been such a lack of evidence for a weapon site ever, but "the new york times" just posted an investigation where they examine key evidence in the blast, bringing new evidence into the investigation. they do not answer in any way who is responsible. the article's main focus is this al jazeera live footage that was widely cited as a central piece to this investigation. apparently it is not so central after all. let's take a quick look at this video where, just as

bankman-fried will be back on the stand for a third day of testimony in his fraud trial, yesterday sbfrs and friends for the collapse of the exchange which caused investors billions. sam bankman-fried faces up to 110 years behind bars if found guilty on all charges, closing arguments are expected later this week. the kids may get halloween candy and for free today but somebody has to pay for, that is you the price of halloween candy soaring 13% from last year that is on top of the 14% gain the year before that comes from data from data assembly. if you take a look at the most cpi report they showed annually sugar is up 6.5%, candy ups evident have present, cakes, cupcakes a 5% increase. the package halloween candies, were talking about 27% increase in two years time do you think anyone will be at the house against the king size bars. cheryl: not without inflation. >> there's always one i'm wondering who it's going to be. >> i was at target had to get a big bag my dad was like i want the good candy, it was nearly $30 for a big bag of three musketeers and the whole thing. are you dressin