Guilty on All Counts: The Fall & Fraud of SBF 11/3/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 3 November 2023

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sam Bankman-Fried was found guilty on all 7 criminal charges he faced in the weeks-long trial that captivated Wall Street and Main Street. CNBC’s Kate Rooney reports on the prison-time the FTX founder is facing (a maximum of 115 years), and the evidence that got him there. The SEC’s former Internet Enforcement Chief John Stark explains what the verdict means for crypto regulation going forward. Transportation Secretary Pete Buttigieg discusses the UAW’s deals with American automakers after negotiations finally ended a six-week strike. He discusses aviation’s biggest challenges, American infrastructure, and investing in autonomous vehicles. Plus, Kraft Heinz is cashing in on the Taylor Swift economy, which–if you hadn’t noticed–is booming. Kate Rooney - 2:17 John Stark - 6:41 Pete Buttigieg - 17:29 In this episode: Kate Rooney, @Kr00ney Pete Buttigieg, @SecretaryPete Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Katie Kramer, @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm C. NBC producer Katie Kramer,
0:07.0	today on Squack Pod.
0:09.0	Sam Bankman Freed Guilty.
0:11.0	One of the biggest financial frauds in American history.
0:14.0	He's facing more than 100 years in prison.
0:17.0	The disgraced FTX founder convicted on seven counts of fraud and money laundering.
0:21.0	Bankman-free's father, burying his head in his hands, his mother was crying.
0:25.4	After a jury's stunningly swift deliberation.
0:28.4	There was three hours including dinner.
0:30.1	Including dinner.
0:31.1	And dessert. John Stark, a former SEC internet enforcement chief
0:34.5	on the SBF of it all.
0:36.5	He's an absolute sociopath, an absolute egot maniacal lunatic.
0:41.2	And the impact on the crypto industry.
0:43.2	People should not think that it's safe to go back in the water.
0:47.1	It's not safe.
0:48.1	We're going to talk about FTX and I don't know.
0:50.1	Wow did we get sidetracked.
0:51.6	But you know... It's metaphorical.
0:53.3	And three deals to end the UAW strikes. Transportation Secretary Pete Budajedge
0:59.6	weighs in. The bottom line is there there is more than enough in terms of the value being created for more of it to be shared with the workers who create it.
	...

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