Trial for former FTX CEO Sam Bankman-Fried set to begin

The Street

TheStreet’s J.D. Durkin brings you the biggest news of the day, including a slew of economic indicators to watch for, and the start of Sam Bankman-Fried’s criminal trial.

Transcript

00:00 I'm JD Durkin reporting from the New York Stock Exchange. Here's a look at what we are watching

00:03 on the street today. Wall Street is coming off a mixed trading session on Monday as stocks attempt

00:08 to rebound from the September lows. And there's no shortage of economic data points to digest

00:13 in the following days. Investors will be watching for key data on job openings today while looking

00:18 ahead to the September jobs report due out Friday morning. These are both things for the Federal

00:23 Reserve to pay close attention to when it meets in November. Wall Street is now pricing in a 26%

00:29 chance that the U.S. Central Bank will raise rates at its next meeting compared to a 16% chance just

00:35 a week ago. Meanwhile, today marks the start of Sam Bankman-Fried's criminal trial. Sam Bankman-Fried

00:41 was the CEO of FTX, which was one of the largest digital currency exchange platforms. The company,

00:47 at its peak, was worth more than $30 billion. But the crypto empire crumbled quickly with authorities

00:53 alleging that Bankman-Fried used billions of dollars of customers' funds for personal purchases

00:59 as well as covering up bad business decisions. Prosecutors claim more than $8 billion of FTX

01:05 customers' money has gone missing. In what will be the first of two separate criminal trials,

01:10 Sam Bankman-Fried faces seven criminal charges, including wire fraud, securities fraud,

01:16 and money laundering. The former CEO has been held in a Brooklyn jail since August and, if convicted

01:21 on all counts, could face more than 100 years in prison. Sam Bankman-Fried has pleaded not guilty

01:27 on all charges. That'll do it for your daily briefing. From the New York Stock Exchange,

01:31 I'm J.D. Durkin with The Street.

01:33 [BLANK_AUDIO]

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