What we’re reading (10/25)
“Sam Bankman-Fried To Testify In FTX Fraud Trial, Attorney Says” (CNBC). “FTX founder Sam Bankman-Fried will take the stand to testify in his own defense, his attorney said in a conference call Wednesday. The decision by his legal team sets him up for a cross-examination by federal prosecutors, who will be able to press him on the collapse of his crypto exchange FTX.”
“UAW, Ford Expected To Announce New Tentative Labor Deal” (Wall Street Journal). “As part of the proposed contract, Ford has agreed to give factory workers a 25% wage increase over the life of the agreement, including a 11% bump in the first year, according to people familiar with the details. The wage increase would bump the top pay for assembly line workers from around $32 an hour to roughly $40 an hour.”
“Odey Asset Management Set To Shut Another Subsidiary” (Financial News). “Odey Asset Management is gearing up to close down another subsidiary, as it continues overhauling its business in the wake of sexual harassment allegations against founder Crispin Odey. A first Gazette notice has been filed for Brook Asset Management, alerting creditors that the company is set to be struck off Companies House records.”
“Morgan Stanley Names Ted Pick As Next Chief Executive” (Wall Street Journal). “Pick, who leads Morgan Stanley’s investment-banking and trading operations, was one of three finalists selected as possible successors for Gorman, who said in May he would step down from the CEO role he has held since 2010. At the company’s annual meeting in May, Gorman said he planned to step down as CEO within a year and noted the board had three internal candidates to replace him but didn’t name them. Gorman, who currently chairs the bank’s board, will become executive chairman.”
“The Startup Extinction Wave Is Rising And It’s beginning to wash Over The Cloud Industry” (Insider). “In June, we told you about a startup mass extinction event that was just beginning. Four months later, this wave of shutdowns is rising fast, and it's beginning to drag on the cloud sector. 212 startups went bankrupt or dissolved in some other way during the third quarter, according to data from Carta, which tracks startup shutdowns closely. This doesn't capture all the closures as not every startup is a client of Carta. But the rate of change is notable. So far this year, Carta has seen 543 startup shutdowns. That was by far the most of any year going back to 2019.”
