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Sam Bankman-Fried stands as forewoman reads the verdict to the court.

Artist: Elizabeth Williams

Just before 8 p.m. on Thursday, 12 jurors found Sam Bankman-Fried guilty of all seven counts against him. You could have heard a pin drop in the courtroom as the forewoman repeated the word “guilty” seven times in a row into a handheld microphone.

Bankman-Fried stood facing the jury box, neither flinching nor betraying any sort of emotion. In less than three hours of deliberation, jurors had swiftly come to the conclusion that Bankman-Fried had defrauded FTX customers, as well as lenders to its sister hedge fund, Alameda Research.

Bankman-Fried’s criminal trial was held in room 26b on the top floor of 500 Pearl Street, one of two federal courthouses of the Southern District of New York. The building fast became the de facto headquarters for many journalists over the last five weeks.

The courthouse had a few hard-and-fast rules, and a number of looser guidelines depending on who was on duty.

The big non-negotiable was no electronics in the courthouse. There were certain workarounds, like having a seat in the media room, which required your publication to have covered around half a dozen SDNY cases. There, you have access to electricity and internet, an absolute game changer when every second counts. (CNBC put out a note requesting access ahead of the trial — an email which was ultimately ignored.)

The second workaround involved borrowing the resources of CNBC’s capable and kind television photographers. Stashing a backpack with electronics in a car parked on Pearl Street made it possible to sprint from the courtroom to the car, then to a nearby park bench, where this CNBC writer could type and dispatch notes to editors in San Francisco. A 65-watt power bank compatible with a USB-C laptop charging cord proved essential to the operation.

As the days grew colder, it was essential to have a seat in a car to keep your fingers warm. Every exit to file a report included another breakneck trip through security, in a sort of run, rinse, repeat cycle — security, courtroom, exit, photographer’s car to file, back up through security, over and over again. Running shoes were part of the daily uniform.

If you had neither a seat in the media room nor a trusted colleague with whom to stash your electronics, the alternative was opting into the court’s coat check system, which looks like a scene from a Vegas casino. Depending upon the number of electronics you have, you get a different colored poker chip.

For CNBC, the chip was always black, and this writer was able to sprint past the coat check and get up to the courtroom faster than people who had to check their belongings. It also made for a swifter exit not having to wait in line to retrieve checked items.

No electronics inside the courthouse meant relying on a steady stash of notebooks, pens, and highlighters. A non-smart watch was another must-have, as were easily hidden snacks like Starbursts and mini chocolate chip Clif bars.

And perhaps second in importance only to pen and paper was an opaque water bottle that could hold coffee — tantamount to illicit contraband in the courthouse. (Rumor had it that a spilled coffee resulted in a $100,000 expense to replace the portion of carpet affected by the mishap.)

Another essential hack was keeping all supplies in a clear Auburn University totebag, an accessory that garnered a lot of attention from one security guard who was a Georgia fan. The bag’s transparency expedited the process of getting through security in a game where every second made a difference.

A cafe on the 8th floor offered the cheapest quality lunch you can find in downtown Manhattan, including discounted prices on candy like M&Ms and Starbursts.

In the courtroom, only 21 seats were reserved for the public, including journalists. Some days, it was easier to land a spot than others. On the eve of Bankman-Fried’s second day of testimony before the jury, for example, the line began at 10 p.m. the night before, and the 21st seat was taken by around 3 a.m. the following morning.

CNBC correspondent MacKenzie Sigalos reporting on the Sam Bankman-Fried trial from outside the SDNY courthouse at 500 Pearl Street in downtown Manhattan.

Dan Mangan

Over time, some long-haul reporters grew to prefer the overflow courtrooms on the 23rd and 24th floors. In overflow, events from the proceedings were live streamed on a series of monitors, and unlike the room where it was all going down, you had a bit more freedom to sometimes eat and drink whatever you wanted, to (reportedly) vape and take side bets on government objection tallies, and critically, to laugh out loud when testimony seemed especially evasive or outrageous.

Overflow contained a veritable who’s who of journalists, actors, bestselling authors, and white-collar criminals.

During the first week of the trial, Martin Shkreli, the so-called “Pharma bro,” who was sent to federal prison for hiking the price of a life-saving drug by around 5,000% overnight, showed up to watch.

Across the multiple days of Bankman-Fried’s testimony, CNBC correspondent Andrew Ross-Sorkin popped into overflow after he wrapped his morning show, as did the defendant’s recent biographer, Michael Lewis, who always had on a pair of HOKA sneakers — off-white from wear, with neon-peach colored laces and bright yellow soles.

Lewis would often slip in at the last minute, queueing in the security line around 9:26 a.m. one morning, allowing just a few minutes before the trial was due to resume. Intentionally arriving late is a pro move. If you aren’t going to be one of the first 21 people to arrive, the goal is to cut it as close as possible to the start of court. Staying with your electronics allowed you to optimize for time writing while concurrently skipping the long wait in line. One journalist compared the just-in-time strategy to an Indiana Jones-style entrance.

Lewis, whose book about Bankman-Fried and his inner circle was released on the first day of trial, was often swarmed in the elevator and on breaks from testimony by other writers keen for a moment with the author.

Then there was Ben McKenzie, an actor who first rose to stardom with his leading role on the long-running show, The O.C. McKenzie, who has had a lengthy acting career since, recently ventured into the world of crypto reporting with a book he co-wrote, “Easy Money: Cryptocurrency, Casino Capitalism, and the Golden Age of Fraud.”

Attorneys and interested civilians also filled the pews of overflow.

This motley crew of characters became close over the course of five weeks. Cut off from electronics and connections to the outside world, an inevitable bond of camaraderie formed. These were the people who helped you fill a missing name or finish a quote when you had 20 seconds in the elevator before sprinting out to grab your laptop.

Sam Bankman-Fried’s parents, seated to the left, react to the verdict. U.S. Attorney Damian Williams is seated to the far right.

Artist: Elizabeth Williams

The moment of truth

Back in the courtroom on Thursday evening, the anticipation was palpable in room 26b on the top floor of 500 Pearl Street. Every pew was filled with the same faces that had crowded the courthouse since the trial began on Oct. 3 — a group comprised of some of the top names in business and crypto news media.

Most in the gallery were dressed in multiple layers of fleece-lined jackets, sweaters, and a mix of jeans and sweatpants. Any hint of formal dress was gone by the second week of court, in part thanks to the weather. Over the course of the monthlong trial, the temperature had plunged from 79 degrees Fahrenheit to 42 degrees on the evening the verdict was read.

But in Judge Kaplan’s courtroom that evening, there was no way of knowing what it was like outside. Typically, during the day, the ceiling-high windows along the perimeter of the courtroom would offer unrivaled views over the Manhattan skyline. But that night, opaque white blinds obscured the world beyond the domain of the 78-year-old judge.

The jury had been sent to deliberate at 3:15 p.m. and had been given an hour to eat pizza for dinner, courtesy of the government. By 7:30 p.m., it was unclear to the room of writers whether the jury would reach a unanimous decision by the deadline of 8 p.m., when the last security shift ended. They’d had less than four hours to consider the evidence in a trial that had run for a month and consisted of nearly 20 witnesses and hundreds of exhibits.

Then, at 7:37 p.m., attorneys for both the government and the defense rushed back as the clerk announced, “The jury has reached a verdict.” A minute later, jurors were back in their seats.

FTX founder Sam Bankman-Fried is questioned by prosecutor Danielle Sassoon (not seen) during his fraud trial over the collapse of the bankrupt cryptocurrency exchange at federal court in New York City, U.S., October 31, 2023 in this courtroom sketch. 

Jane Rosenberg | Reuters

All eyes were trained on Bankman-Fried, as well his parents, Joe Bankman and Barbara Fried, who sat clutching one another in the second row. Neither they nor their son shed a tear over the course of the proceedings, in what appeared to be stoicism or perhaps a reflection of an emotional callus built up over months of fighting against regulators, prosecutors, the FTX bankruptcy estate, and paparazzi.

A scene in the security line outside the courthouse one morning was typical. A photographer, standing outside tinted glass designed to conceal the faces within, held a portable light above his head as he stalked Bankman-Fried’s parents along a thirty-foot stretch. Over the course of ten minutes, he inched along the line with them, flashing his light hundreds of times to capture the perfect shot of two people at the lowest point in their lives.

Joseph Bankman and Barbara Fried arrive for the trial of their son, former FTX Chief Executive Sam Bankman-Fried, who is facing fraud charges over the collapse of the bankrupt cryptocurrency exchange, at Federal Court in New York City, U.S., October 26, 2023. 

Brendan Mcdermid | Reuters

The defendant wore a purple tie with his black suit, which hung loose on his gaunt frame. His face, drawn, made his ears stand out a bit more than usual, and his iconic curls had returned. The fresh haircut he donned during the first week of trial, reportedly given to him by a fellow inmate, had lost its form and given way to the wild tendrils now synonymous with the man once regaled as the king of crypto.

Kaplan instructed Bankman-Fried to stand and face the jury box as the verdicts were read. The only other person standing was the forewoman.

By 7:47 p.m., Bankman-Fried’s fate had been delivered. Bankman-Fried’s parents hunched over and buried their head in their hands, but true to form, they stopped short of crying.

Immediately after the guilty verdicts, the defense’s principal trial attorney, Mark Cohen, asked for a poll of the jurors. A courtroom official went juror by juror, asking each if their verdict was read properly. Each said yes.

Judge Kaplan thanked the jurors for their service, adding a flourish of personal anecdotes to his final address to the jury. The twelve civilians stared blankly as the judge thanked them for paying attention and for learning the inner workings of the crypto industry.

The jurors were escorted out. Judge Kaplan congratulated attorneys on both sides on having done a “good job,” then departed himself.

Bankman-Fried, his parents, and a few dozen reporters lingered behind in the courtroom.

Bankman-Fried had never sat back down after the judge left. His gaze, angled downward, remained facing the judge’s bench. He stood flanked by attorney Christian Everdell on his left and Cohen on his right. Cohen, whispering into his ear, occasionally placed his left hand on Sam’s back as a sign of support.

It was silent in 26b. Writers stood and gathered toward the center aisle leading to the bar separating the defendant’s table and jury box from the gallery. Standing at the back of the crowd, people gathered as if behind a prophet, waiting for a word.

Around 8:02 p.m., Bankman-Fried, speechless, began to walk to a room just adjacent to the main court. His parents were standing at the front of the center aisle, waiting for their son.

What's next after Sam Bankman-Fried's conviction in fraud trial: CNBC Crypto World

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Memorial Day deals are here: These EVs you can snag for under $300 a month

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Memorial Day deals are here: These EVs you can snag for under 0 a month

Forget the patio set. This Memorial Day, the real deals are on EVs. While some savings, including the $7,500 federal EV tax credit, could soon disappear, there’s still time to take advantage of the discounts. We rounded up all the EVs you can lease right now for under $300 a month.

Best EV lease deals this Memorial Day

After a record year with over 1.3 million EVs sold in the US in 2024, several new models arrived this year, giving you more options than ever.

Nearly 300,0000 electric vehicles were sold in the first three months of the year. New Acura, Chevy, Honda, and Porsche EVs helped drive sales higher.

General Motors sold over 30,000 EVs in Q1, surpassing Ford and Hyundai Motors to become the second-best seller of EVs behind Tesla. Chevy is now the fastest-growing EV brand with the new Equinox, Blazer, and Silverado EVs sparking growth.

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Honda and Acura are getting into the game, selling over 14,000 EVs in the US in the first quarter, which is up from zero just a year ago.

According to S&P Global Mobility (via Automotive News), new models, including the Honda Prologue and Chevy Equinox EV, pushed EV registrations up 20% in March. Both are available to lease for under $300 this month.

Cheapest-EVs-lease-March
Hyundai’s new 2025 IONIQ 5 Limited with a Tesla NACS port (Source: Hyundai)

Hyundai and Kia Memorial EV lease deals

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2025 Kia Niro EV $129 24 $3,999 $295
2024 Kia EV6 $179 24 $3,999 $345
2025 Hyundai IONIQ 5 $209 24 $3,999 $375
2025 Hyundai IONIQ 6 $169 24 $3,999 $335

Kia and Hyundai continue to offer some of the most affordable, efficient electric vehicles on the market. The Niro EV is one of the cheapest EVs you can lease in May at just $129 per month.

The new 2025 IONIQ 5, now with more range and a Tesla NACS charging port, and the IONIQ 6 are arriving with significant discounts.

Last month, Hyundai launched a promo giving those who buy or lease a new 2024 or 2025 model year IONIQ 5 or IONIQ 6 a free ChargePoint Level 2 home charger. If you already have one, you can also opt for a $400 public charging credit.

Cheapest-EVs-lease-March
2024 Honda Prologue Elite (Source: Honda)

Honda Prologue and Acura ZDX

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2024 Honda Prologue $239 36 $1,399 $335
2024 Acura ZDX $299 24 $2,999 $424

Honda’s electric SUV is on a hot streak. In the second half of 2024, the Prologue was the second-best-selling electric SUV behind the Tesla Model Y. Through April, Honda’s electric SUV remained a top seller with nearly 11,500 models sold.

With an ultra-low lease rate of just $239 per month, the Prologue is even more affordable than a Civic this month. No wonder sales are surging.

Honda launched the 2025 model earlier this month, which now offers more range (up to 308 miles) and power, but retains the same low starting price.

This Memorial Day, Acura’s luxury electric SUV is one of the best EV deals and is actually cheaper to lease than the Honda CR-V. The ZDX can be leased for as low as $299 for 24 months. With only $2,999 due at signing, the effective cost is just $424 per month. In some states, ZDX discounts reach as high as $28,000, also making it more affordable than a Civic to lease this month.

Cheapest-EVs-lease-March
Chevy Equinox EV LT (Source: GM)

Chevy Blazer and Equinox EVs

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2024 Chevy Equinox EV $299 24 $3,169 $431
2025 Chevy Equinox EV $289 24 $2,399 $389
2024 Chevy Blazer EV $299 24 $3,879 $461

Chevy’s new electric SUVs are quickly rolling out. The electric Equinox was among the top five best-selling EVs in the final three months of 2024. Both can be leased for under $300 a month this Memorial Day. The Blazer EV is still slightly more expensive, at $3,879. Keep in mind that the Blazer EV deal also includes a $1,000 trade-in bonus.

The electric Equinox SUV, or “America’s most affordable +315 miles range EV,” as Chevy calls it, is even cheaper than the gas model this month with up to $8,500 in savings.

Chevy’s new 2025 Equinox is even more affordable at just $289 for 24 months. With $2,399 due at signing, you’ll pay only $389 per month.

Cheapest-EVs-lease-March
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)

Ford F-150 Lightning and Mustang Mach-E

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2024 Ford Mustang Mach-E $213 36 $4,462 $337
2024 Ford F-150 Lightning $233 24 $6,792 $421

Ford’s F-150 Lightning overtook the Tesla Cybertruck to regain its title as America’s best-selling electric pickup in March. The Mach-E remains one of the top-selling EVs with over 14,500 models sold through April.

Ford is sweetening the deal with a free Level 2 home charger for any EV purchase or lease through its “Power Promise,” along with a host of other benefits.

Cheapest-EVs-lease-March
2024 Subaru Solterra (Source: Subaru)

Toyota bZ4X and Subaru Solterra

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2025 Toyota bZ4X $259 36 $2,999 $342
2024 Subaru Solterra $279 36 $279 $287
2025 Subaru Solterra $299 36 $299 $307

Japanese automakers are starting to find their rhythm. Toyota bZ4X and Subaru Solterra sales are finally picking up. With an effective cost of only $287 per month, the Solterra may be the better option this month, especially with its standard AWD.

After cutting lease prices this month, the 2025 Subaru Solterra is now listed at just $299 for 36 months. With $299 due at signing, the effective monthly cost is only $307.

Other EV lease Deals at under $300 this Memorial Day

Lease From Term
(months)
Due at Signing Effective rate per month
(including upfront fees)
2025 Nissan LEAF $259 36 $2,279 $322
2025 Nissan Ariya $129 36 $4,409 $251
Fiat 500e $159 24 $1,999 $242

In some states, Nissan is offering Ariya lease prices as low as $129 for 36 months. That’s with $4,409 due at signing for an effective cost of $251. For an electric SUV with an MSRP of nearly $42,000, that’s a steal.

Some of these rates may vary by region. The $239 per month Honda Prologue lease deal is offered in California and other ZEV states. Acura’s $299 ZDX promo is only available in California, New York, Oregon, and other select states.

In other parts of the country, the Prologue is still listed at just $269 per month for 36 months. With $3,199 due at signing, the effective monthly cost is still just $358. However, a $1,000 conquest or loyalty offer can lower monthly payments to around $330.

Trump’s “Big Beautiful Bill Act” was passed by House Republicans on Thursday, essentially ending the $7,500 EV tax credit and other clean energy incentives. By the end of 2025, automakers that have delivered over 200,000 electric vehicles in the US will lose access. In other words, they won’t be able to pass it on to you, the buyer.

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Wheel-E Podcast: Velotric Nomax 2X, Meepo Flow test, more

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Wheel-E Podcast: Velotric Nomax 2X, Meepo Flow test, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a new launch of a full-suspension e-bike from Velotric, Yamaha-backed company’s plan for battery swapping in electric bicycles, buying a super-cheap e-bike from China, testing the Meepo Flow electric skateboard, PodBike closes its doors, the impending launch of the Royal Enfield Flying Flea electric motorcycle, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 8:00 a.m. ET (or the video after 9:00 a.m. ET):

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Bye-bye buybacks? Big Oil’s record-breaking shareholder payouts are under threat

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Bye-bye buybacks? Big Oil's record-breaking shareholder payouts are under threat

Oil prices held near two-week highs in early trading on Wednesday, supported by an agreement between the U.S. and China to temporarily lower their reciprocal tariffs and a falling U.S. dollar.

Imaginima | E+ | Getty Images

A protracted slump in crude prices has ramped up the pressure on Big Oil’s commitment to allocate cash to shareholders.

Western energy supermajors have long sought to return cash to investors through buyback programs and dividends to keep their shareholders happy. Energy executives have also expressed confidence that they can continue to reward investors following a relatively robust set of first-quarter earnings.

Some analysts, however, are less convinced about Big Oil’s pledge to return ever-higher shareholder returns, citing already stretched balance sheets and a sharp drop in crude prices.

Oil prices have fallen more than 12% year-to-date amid persistent demand concerns and U.S. President Donald Trump’s back-and-forth trade policy.

Espen Erlingsen, head of upstream research at consultancy Rystad Energy, said recent market volatility has left the energy majors with “few economically attractive options” that allow for reinvestment while maintaining a competitive capital returns framework.

“As companies like Shell and ExxonMobil continue to push ahead with large-scale buyback programs despite shrinking cash inflows, the durability of these strategies is in question. For now, the majors are holding the line. But if oil prices remain depressed, adjustments may be inevitable,” Erlingsen said in a research note published Thursday.

Share buybacks, which are typically more flexible than dividends, are “likely to be the first lever pulled,” he added. In that vein, weaker crude prices mean energy majors will have less cash to return to shareholders.

BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.

Nurphoto | Nurphoto | Getty Images

Investor concern over the sustainability of Big Oil’s shareholder returns comes after a year of record-breaking payouts.

Analysts at Rystad said total shareholder rewards from the likes of Shell, BP, TotalEnergies, Eni, Exxon Mobil and Chevron climbed to a whopping $119 billion in 2024, beating the previous record set in 2023.

The payout ratio, which refers to shareholder payouts as a share of corporate cash flow from operations (CFFO), meanwhile jumped up to 56% last year, Rystad said. That was well above the 30% to 40% range that was typical for the industry from 2012 through to 2022, the analysts added.

If shareholder payouts were to remain at 2024 levels throughout 2025, Rystad said this would imply companies distribute more than 80% of their cash flow to investors. The estimate was based on Big Oil’s first-quarter CFFO as a proxy for full-year performance.

Point of maximum weakness

For European majors, analysts at Bank of America said at the start of the year in a note entitled “bye-bye buybacks?” that it anticipated cuts in such returns, from companies whose balance sheets were already stretched.

The Wall Street bank cited BP, Repsol and Eni at the time. It added that only Shell, TotalEnergies and Equinor were among the regional players likely to keep their respective 2025 buyback run-rates intact.

Spokespersons for Repsol and Eni were not immediately available to comment when contacted by CNBC.

So far, BP is the only European energy major to have trimmed its buyback run-rate. The beleaguered British oil company last month posted a sharp fall in first-quarter profit and reduced its share buyback to $750 million, down from $1.75 billion in the prior quarter.

BP, which has been the subject of intense takeover speculation, also reported significantly lower cash flow and rising net debt for the first quarter.

BP’s future is bright — if it can get through the next 6 months, analyst says

Lydia Rainforth, head of European energy, equity research at Barclays, said BP’s future appears to be “really bright” — on the condition that the company can get through the next six months.

“If I think about when is that point of maximum weakness for BP, it is over the next six months, ultimately. Debt continues to go up a little bit, production continues to fall until mid-2026,” Rainforth told CNBC’s Steve Sedgwick on Thursday.

“As I get towards the end of the year, hopefully we’ll see that sum of divestments taking down debt. Things like … selling their lubricants business, that could raise between $12 billion to $15 billion. It brings down debt, you start to see the benefit of cost savings coming through, and then production growth starts kicking in next year,” she added.

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