Episode 101

Published on:

27th Dec 2022

Caroline Ellison Does SBF Dirty, SBF Goes Home and Understanding a Recession

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)

"Home sales tumbled more than 7% in November, the 10th straight month of declines" (article from CNBC)

"Homebuilder sentiment drops for the 12th straight month, but a bottom may be near" (article from CNBC)

"Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September" (article from CNBC)

"With new mortgages down 47%, US lenders are starting to go bankrupt — could this one factor trigger the worst surge of failures since 2008?" (article from Yahoo! Finance)

"FTX’s Gary Wang, Alameda’s Caroline Ellison plead guilty to federal charges, cooperating with prosecutors" (article from CNBC)

"FTX founder Sam Bankman-Fried to be released on $250 million bail, will live with his parents" (article from CNBC)

"Forecast for US Recession Within Year Hits 100% in Blow to Biden" (article from Bloomberg)

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About the Podcast

The Higher Standard
This isn’t a different standard, it’s the higher standard.
Welcome to the Higher Standard Podcast, where we give you ultra-premium, unfiltered truth when it comes to building your wealth and curating the lifestyle of your dreams. Your host; Chris Naghibi is here to help you distill the immense amount of information and disinformation out there on the interwebs and give you the opportunity to choose a higher standard for yourself. Sit back, relax your mind and get ready for a different kind of podcast where we elevate your baseline with crispy high-resolution audio. This isn't a different standard. It's the higher standard.

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About your host

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Christopher Naghibi

Christopher M. Naghibi is the Founder and Chief Executive Officer of Black Crown Inc. and Black Crown Law APC, a disruptive collective of attorneys, property managers, real estate agents and contractors who handle home sales and purchases, commercial and multifamily real estate brokerage, primarily for high net-worth and celebrity clients.

His team has over 20 years of experience, 1000+ satisfied clients, $10 million in recovered costs for clients, and in excess of $20 billion dollars in closed transactions.

As a licensed attorney, real estate broker, general contractor, and now Top 100 podcast host, Chris aims to provide free financial education that allows people to take control and democratize fear in the financial world.