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1. Sam Bankman-Fried ordered fake balance sheets, paid $100M in Chinese bribe, was OK with lying: Ellison
More testimony from Alameda CEO Caroline Ellison:
She prepared 7 fake balance sheets to show to lenders, and SBF decided which one would look better.
FTX paid a $100M bribe to Chinese officials in 2021 in exchange for the release of around $1B of Alameda's money on OKX and Huobi.
SBF was irritated she didnāt hedge enough, although not hedging with customer funds doesn't seem like a strong defense.
SBF was conscious about his eccentric founder image, purposively switching from luxury cars to a Corolla.
SBF was a āutilitarian,ā OK with lying and stealing.
SBF wanted to buy Snapchat. - Bloomberg
Alameda lost $190M to phishing, according to a former engineer. - The Block
2. Fed minutes suggest 1 more rate hike, but markets don't buy it
Markets price in stability, then timid rate cuts starting in June:
āA majority of participants judged that one more increase in the target federal funds rate at a future meeting would likely be appropriate, while some judged it likely that no further increases would be warranted.ā
āPolicy should remain restrictive for some time until the Committee is confident that inflation is moving down sustainably toward its objectiveā: point of complete agreement among FOMC members. - CNBC, Fed minutes
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