A three-judge panel from the United States Court of Appeals for the Second Circuit has denied a motion for early release for former FTX CEO Sam Bankman-Fried, or SBF.
In a Sept. 21 order, Circuit Judges John Walker Jr., Denny Chin, and William Nardini denied SBF’s motion for early release, which his team argued largely was due to First Amendment issues. The ruling said Lewis Kaplan — the judge overseeing SBF’s criminal case — had “correctly determined” that Bankman-Fried’s speech amounted to witness tampering.
“The record shows that the district court thoroughly considered all of the relevant factors, including [Bankman-Fried’s] course of conduct over time that had required the district court to repeatedly tighten the conditions of release,” said the Sept. 21 order. “It also shows that the district court contemplated a less restrictive alternative offered by [SBF] —an order limiting his communications with the press—but reasonably concluded this was not ‘a workable solution longer term.’”
The judges added:
“[T]he district court did not err in concluding that [SBF] had failed to rebut the presumption in favor of detention. We have reviewed [the defense team’s] additional arguments and find them unpersuasive.”
Bankman-Fried previously admitted to releasing former Alameda Research CEO Caroline Ellison’s private journals to a New York Times reporter, resulting in some of its contents being published — an act prosecutors labeled as witness intimidation. SBF’s lawyers also argued for early release from jail on the grounds the lack of consistent Internet access prevented him from preparing an adequate defense for his criminal trial.
The court had been deliberating on the matter following a Sept. 19 hearing in which both the Justice Departure and SBF’s defense team had roughly five minutes to present their cases for the former FTX CEO remaining in jail and early release, respectively. Judge Kaplan revoked SBF’s $250-million bail on Aug. 11, whereupon he was remanded to the Metropolitan Detention Center in Brooklyn.
The appellate court ruling was likely one of the last chances for Bankman-Fried to be freed ahead of his first criminal trial, scheduled to begin on Oct. 3 — less than two weeks. His second trial is expected to start in March 2024. He has pleaded not guilty to all charges.
Union boss Sharon Graham has said she does not agree with Labour’s fiscal rules and the party should borrow more to invest.
Speaking to Sky News’ Sunday Morning With Trevor Phillips in an interview that will be broadcast in full today, the Unite general secretary said other countries with growing economies have a larger debt-to-GDP ratio than the UK, “so there is wiggle room”.
Rachel Reeves, the shadow chancellor,has promised to retain the Tories’ commitment that debt as a proportion of GDP must be on track to fall in five years if Labour win the election on 4 July.
She has ruled out borrowing to fund day-to-day spending, saying her focus will be on reforms to grow the economy.
But Ms Graham said: “I don’t agree with Rachel Reeves in terms of what has been said about the plans on growth.
“If you look at other countries – in France, their debt to GDP is 112%. In America, where the economy’s growing, it’s 130% debt to GDP. Ours is around about 99%. We have wiggle room. Give Britain a break.”
The union leader said that workers “are literally hurting beyond anything that you could comprehend” due to the cost of living crisis.
She added: “We need the straitjacket off a little bit, get some wiggle room there.
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“Borrowing to invest is not the same as other borrowing. It’s borrowing to invest.”
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Reeves: ‘No plans’ for Labour tax increases beyond manifesto
Ms Graham has been an outspoken critic of Sir Keir Starmer in the past, previously warning him not to “limp into Number 10” and calling on him to be bolder with his pledges, by nationalising energy, for example.
There has also been a row about his plans to phase out oil and gas licenses in the transition to clean energy, which Unite has called a “ban without a plan” and said threatens job losses.
Ms Graham’s concerns echo those of thinktanks which have said public services need far more investment than what any of the major parties have pledged during the election campaign.
Sir Keir has rejected that argument, insisting there will be no return to austerity despite his party’s commitment to “iron discipline” with the country’s finances.
He has previously defended his U-turn on big spending commitments, like nationalising utilities, by saying the policy became too expensive after the Tories damaged the economy.
In response to other criticisms from Ms Graham, he has insisted he is “not turning off the taps” on oil and gas while arguing his package of workers’ rights will boost wages and raise living standards.
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Ms Graham has said she still wants to see a Labour government in Number 10 but thinks the party’s proposals for the country don’t go far enough “after years of Tory neglect”.
The Labour Party has been contacted for comment.
You can watch the full interview with Sharon Graham on Sunday Morning With Trevor Phillips from 8.30am on Sky News.
The Cheshire Show is a world away from Westminster – but amid the agriculture machinery displays, the pony club races and pens with the best of British livestock, we have smuggled our unwieldy parliamentary bench to an industry at the mercy of changing weather and politics.
On the seat of power in a sheep pen in a far corner of the show, Ruth Howard, a ruminant nutritionist, laments the rising price of animal food. “Over the last two years in particular we’ve seen massive increases,” she says.
“I would say about two or three years ago our price for a compound feed would be about £200 a tonne. Last winter we saw them rocket to £400.
“Our motto is that we feed the animals that feed the nation, and we need support to be able to do that.
“The subsidies that are out there have helped soften the blow to the housewife in your shopping basket. Without that and without the support behind agriculture, the cost of living crisis will only get worse.”
Image: Cow and sheep nutritionist Ruth Howard and sheep farmer Richard Gate
The agricultural budget is a common theme of conversation. Sheep farmer Richard Gate says: “Subsidies are given to us and there’s a misperception that it’s to the farmer and it is not. It is to help the farmers produce cheaper food for the general public.”
Responding to the launch of party manifestos, the National Farmers Union (NFU) has expressed concern that while the Conservative Party has committed to increasing the farming budget by £1bn over the course of the next parliament, the Labour Party is yet to give a clear commitment to a budget.
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Rachel Hallos, vice president of the NFU, told Sky News: “That does concern us. We need to know what sort of budget is going to be allocated to farming.
“It’s as simple as that. I think the devil is in the detail and there doesn’t seem to be overly amounts of detail.”
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Image: National Farmers Union vice president Rachel Hallos
Labour do say in their manifesto that “food security is national security” and promise to “champion British farming”, with a target for half of all food purchased across the public sector to be sourced locally.
At the Cheshire Show, we meet dairy farmer Ray Brown who has recently spoken to both Prime Minister Rishi Sunak and Labour leader Sir Keir Starmer. He was impressed with their understanding of the issues.
Image: Dairy farmer Ray Brown (centre) with colleagues
“We’re very, very reliant on imported food,” he said. “And we only need to look at the recent events around the world. It’s made us surely think about food security.”
He warns that some environmental schemes linked to government payments to farmers are forcing them to stop using good farming land.
Mr Brown says: “The main problem is the government thinking through the policies they’re bringing out, making sure that we can firstly feed everybody and bring environmental schemes out that make sense, use areas which we can’t grow food on, rather than letting land go, which is prime land for producing food.”
Andrew Dutton, from Cheshire Farm Machinery, says his sales are down this year due to the wet spring that has dulled crop and produce yields. He says farmers are lacking confidence to invest.
“We need more support for our farmers. We need to back British farming. We need to buy locally, buy British. The farmers need some confidence going forward that they’re going to receive the funding that they need.”
Image: Andrew Dutton, Cheshire Farm Machinery
Held in Tatton, the Cheshire Show sits in a safe Conservative constituency once held by chancellor George Osborne. The red rosettes on the prize bulls are unlikely to be worn by winners in this constituency on election night, but there’s uncertainty.
Mr Dutton says: “I’m still on the bench really?”
He taps the green cushions on our House of Commons chair. “Personally, I voted Conservative my whole life. But no one’s offering what I want at the moment.”
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A passing woman in jodhpurs says “I’m voting Reform, and a lot of my friends are voting Reform”, but she decides not to take a seat to tell us more.
We do, however, manage to speak to two horsemen fresh from jousting, dressed as knights, in the main arena. Both come from rural, Conservative-held seats in the Midlands. Clutching an axe, Sam Conway from Knights of Nottingham says he traditionally votes Conservative but wants “clarity and honesty”.
He adds: “I don’t feel like I’ve had any of that so far. I don’t feel like anyone’s come out with some clear policies. We see a lot of political jousting.”
Image: Sam Conway and Mark Lacey, jousters for the Knights of Nottingham
Sam’s fellow knight Mark Lacey leans forward on his broadsword and adds: “It’s just time for a change, and let’s see what happens. And I’m happy for it to change.
“I’ve lived in a blue area my whole life, but let’s have a change. Let’s see what somebody else does.”
On our journey across Britain – to Cornwall, Gloucester, Luton, Southall, Kent, Leicester and now Cheshire – there is a lot of indecision. Shy Tories seem extremely shy while Labour voters question whether their vote will bring the changes they want.
The farming community certainly wants more assurances from Starmer, but it also feels like this area, which is not usually an election battleground for Labour, is open to some form of change. And if Labour can capture a seat like Tatton, it would be a killer blow to the heart of their rivals.