Lawyers representing former FTX CEO Sam “SBF” Sam Bankman-Fried conducted their cross-examination of Nishad Singh, pressing the former engineering director on events leading to Alameda Research using funds from the crypto exchange.
According to reports from the courtroom on Oct. 17, Singh admitted “there was a lot” he didn’t remember from June to July 2022 under questioning from SBF defense attorney Mark Cohen. The former FTX director reportedly said he had no knowledge of a software bug that exaggerated Alameda’s liabilities until overhearing a discussion between former FTX chief technology officer Gary Wang and former FTX developer Adam Yedidia.
“It was an $8 billion hole,” Singh said, according to reports on the fallout from the bug. “Caroline posted a screenshot of a graph showing Alameda’s unexplained balance breaks over time, and the bug explained it.”
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Defense attorneys’ cross-examination of Singh marked the 10th day of SBF’s criminal trial in New York, where Bankman-Fried faces seven charges related to fraud at FTX and Alameda. Singh testified on Oct. 16 that he had been experiencing suicidal thoughts amid FTX’s financial troubles in November 2022, expressing concern about the lack of transparency in Alameda using FTX customer funds for investments.
Prosecutors are expected to continue calling witnesses to testify on SBF’s alleged actions and the events leading up to the downfall of FTX until Oct. 26 or 27, after which the defense team will present its theory of the case. To date, former Alameda CEO Caroline Ellison, Wang and Yedidia have all testified at trial, as have a few former FTX clients.
Bankman-Fried’s first criminal trial is expected to wrap in November. He will face an additional five counts in a second trial scheduled to begin in March 2024, and has pleaded not guilty to all charges.
Wes Streeting “crossed the line” by opposing assisted dying in public and the argument shouldn’t “come down to resources”, a Labour peer has said.
Speaking on Sky News’ Electoral Dysfunctionpodcast, Baroness Harriet Harman criticised the health secretary for revealing how he is going to vote on the matter when it comes before parliament later this month.
MPs are being given a free vote, meaning they can side with their conscience and not party lines, so the government is supposed to be staying neutral.
But Mr Streeting has made clear he will vote against legalising assisted dying, citing concerns end-of-life care is not good enough for people to make an informed choice, and that some could feel pressured into the decision to save the NHS money.
Baroness Harman said Mr Streeting has “crossed the line in two ways”.
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“He should not have said how he was going to vote, because that breaches neutrality and sends a signal,” she said.
“And secondly… he’s said the problem is that it will cost money to bring in an assisted dying measure, and therefore he will have to cut other services.
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“But paradoxically, he also said it would be a slippery slope because people will be forced to bring about their own death in order to save the NHS money. Well, it can’t be doing both things.
“It can’t be both costing the NHS money and saving the NHS money.”
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2:09
Review into assisted dying costs
Baroness Harman said the argument “should not come down to resources” as it is a “huge moral issue” affecting “only a tiny number of people”.
She added that people should not mistake Mr Streeting for being “a kind of proxy for Keir Starmer”.
“The government is genuinely neutral and all of those backbenchers, they can vote whichever way they want,” she added.
Prime Minister Sir Keir Starmer has previously expressed support for assisted dying, but it is not clear how he intends to vote on the issue or if he will make his decision public ahead of time.
The cabinet has varying views on the topic, with the likes of Justice Secretary Shabana Mahmood siding with Mr Streeting in her opposition but Energy Secretary Ed Miliband being for it.
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The Terminally Ill Adults (End of Life) Bill is being championed by Labour backbencher Kim Leadbeater, who wants to give people with six months left to live the choice to end their lives.
Under her proposals, two independent doctors must confirm a patient is eligible for assisted dying and a High Court judge must give their approval.
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Labour MP Kim Leadbeater discusses End of Life Bill
The bill will also include punishments of up to 14 years in prison for those who break the law, including coercing someone into ending their own life.
MPs will debate and vote on the legislation on 29 November, in what will be the first Commons vote on assisted dying since 2015, when the proposal was defeated.
Former CFTC Acting Chair Chris Giancarlo said he’s “already cleaned up earlier Gary Gensler mess,” shooting down speculation he’d replace the SEC Chair.