Sam Bankman-Fried takes the stand
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 27 October 2023
⏱️ 9 minutes
🧾️ Download transcript
Summary
FTX founder Sam Bankman Fried gave a preview of his defence against fraud charges, the US is worried that Iran and its proxies will escalate attacks on American forces in the Middle East, and the FT’s Josh Franklin explains what Morgan Stanley’s leadership change means for the company.
Mentioned in this podcast:
Sam Bankman-Fried previews ‘advice of counsel’ defence in FTX fraud trial
Morgan Stanley makes its choice: how Ted Pick won the succession race
US moves to deter Iran ahead of Israel’s invasion of Gaza
The FT News Briefing is produced by Fiona Symon, Sonja Hutson, Kasia Broussalian and Marc Filippino. Additional help by Monica Lopez, 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 | Good morning from the Financial Times, today is Friday, October 27th, and this is your |
| 0:06.9 | FT News briefing. |
| 0:09.4 | The former Golden Boy of crypto took the stand in his own defense yesterday, Morgan Stanley |
| 0:14.5 | announced its pick for a new CEO, plus Washington is boosting its military presence in the Middle |
| 0:20.5 | East. |
| 0:21.5 | But it is a kind of delicate dance with a lot of potential for miscalculation, and I think |
| 0:27.5 | that's what makes people so nervous. |
| 0:29.5 | I'm Mark Filipino, and here's the news you need to start your day. |
| 0:46.7 | We got a little preview yesterday of Sam Bankman Freed's defense against the fraud charges |
| 0:51.1 | he's facing. |
| 0:52.3 | The FTX founder told a judge that he thought he was following legal advice when he allowed |
| 0:56.6 | his hedge fund to borrow money from FTX customers. |
| 1:00.2 | That left FTX with an $8 billion hole in its balance sheet. |
| 1:04.8 | Bankman Freed could face a lifetime in prison over the collapse of his crypto empire. |
| 1:09.8 | The jury wasn't present for yesterday's hearing. |
| 1:12.7 | The judge overseeing the case will decide what evidence can be repeated in front of jurors |
| 1:16.9 | today. |
| 1:18.4 | Just the heads up, the judge seemed pretty skeptical about Bankman Freed's defense. |
| 1:29.5 | So what's leadership at Morgan Stanley looking like these days? |
| 1:32.4 | Well, we got a clearer picture this week. |
| 1:35.3 | Starting in January, the new CEO will be Ted Pick. |
| 1:38.4 | He's been at the bank for decades. |
... |
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