The FTX drama continues. Co-founder Gary Wang and former Alameda Research co-CEO Caroline Ellison have both pleaded guilty to federal charges. Wang pleaded guilty to conspiracy to commit wire fraud, wire fraud, conspiracy to commit commodities fraud and conspiracy to commit securities fraud. Ellison pleaded guilty to two counts of wire fraud, two counts of conspiracy to commit wire fraud, conspiracy to commit commodities fraud, conspiracy to commit securities fraud and conspiracy to commit money laundering. Ellison and Wang become the second and third individuals to be charged in connection with FTX's multibillion-dollar collapse. Sam Bankman-Fried has already been indicted.
In this episode Chris and Saied examine these latest developments as well as Sam Bankman-Fried's recent release on $250 million dollar bail.
They discuss an article from Bloomberg Business claiming that inflation reports are so important, staff were once instructed to have no facial expressions when walking them into the West Wing of the White House.
Chris and Saied look at a seemingly skewed chart from Keeping Current Matters revealing home price forecasts for 2023, with Realtor.com predicting a 5.4% increase and Zelman going the other way with a -5.1% decrease.
They also discuss a report stating that Mortgage applications to refinance a home jumped 6% last week as interest rates hit their lowest level since September, according to the Mortgage Bankers Association’s seasonally adjusted index.
Join Chris and Saied for this fascinating and informative conversation.
What You’ll Learn in this Show:
- Caroline Ellison and Gary Wangs's plea bargain deal and what that means for Sam Bankman-Fried.
- Why economists are now predicting a 7-in-10 likelihood that the US economy will sink into a recession next year.
- A report from the NAR stating that sales of existing homes fell 7.7% in November compared with October.
- Why a new Bloomberg Economics model projection predicts that a recession by late-2023 is a '100%' likelihood.
- And so much more...
"Caroline Ellison, Associate of FTX Founder Sam Bankman-Fried, Pleads Guilty to Criminal Charges" (article from The Wall Street Journal)
"It takes a lot to keep inflation data secret, including NDAs" (Bloomberg Business via Instagram)
"There is a 70% risk of recession in 2023, economists say" (Bloomberg business via Instagram)
"Brace for Recession Next Year. But the Outlook Isn’t All Doom and Gloom" (article from Barron's)
"Home price forecasts for 2023" (Keeping Current Matters via Instagram)
"Forecast for US Recession Within Year Hits 100% in Blow to Biden" (article from Bloomberg)