FTX founder’s mega mea culpa
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 11 November 2022
⏱️ 10 minutes
🧾️ Download transcript
Summary
US stocks roared ahead on Thursday in their strongest day in more than two and a half years, and FTX's founder apologizes for the cryptoexchange's collapse. Plus, how a breakaway firm from PwC is testing western sanctions against Russia.
Mentioned in this podcast:
US stocks surge on lower than expected inflation data
Sam Bankman-Fried apologises for FTX crisis
Accountants in Cyprus break from PwC to retain Russia-linked clients
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.3 | Today is Friday, November 11th, and this is your FT News Briefing. |
| 0:18.2 | FTX Founder Sam Bankman freed tweeted sorry for his company's $32 billion collapse. |
| 0:25.0 | Plus a group of partners at PWC in Cypress Quit, |
| 0:28.7 | they set up a firm that will take on clients linked to Russia. |
| 0:32.0 | We'll look at what that means for Western sanctions. |
| 0:34.6 | But first, we'll talk about yesterday's stock market euphoria, |
| 0:38.0 | and the better than expected inflation report that caused it. |
| 0:41.8 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:50.5 | Markets soared yesterday through the roof. |
| 0:54.3 | The S&P 500 was up more than 5.5%, the NASDAQ flew more than 7% higher. |
| 1:00.6 | The excitement came after the latest US inflation report. |
| 1:04.4 | Consumer prices for October came in lower than expected, |
| 1:07.6 | and while inflation is still pretty high, it's cooling. |
| 1:11.4 | Here's the FT's Colby Smith. |
| 1:14.4 | So the market reaction was quite dramatic. |
| 1:16.9 | It was one of the biggest jumps in the S&P 500 that we've seen in quite some time, |
| 1:20.4 | and I think that what that really reflects is how sensitive investors are to |
| 1:24.9 | incoming economic data at this point, |
| 1:27.2 | and how that's really going to be taken in by federal reserve officials |
... |
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