SET Training - Banking and Fintech

FTX has sued Joseph Bankman and Barbara Fried, the parents of Sam Bankman-Fried, claiming they enriched themselves by siphoning off millions of dollars in “fraudulently transferred and misappropriated funds” from the cryptocurrency exchange their son founded.  In a court filing earlier this week, the FTX debtors said Joseph Bankman and Barbara Fried, both of whom are tenured professors at Stanford Law School, used their influence to funnel money from the business to themselves and their pet charitable causes.  Bankman, a tax lawyer, also lavished gifts upon his friends and family using FTX funds, they alleged, including, flights and tickets to the Formula One Grand Prix in France.  Fried used her influence to obtain millions of dollars in donations from Bankman-Fried and an associate for Mind the Gap, a Super Pac she co-founded to help Democrats win office in the 2020 US election cycle. She further pressured “certain FTX Insiders to unlawfully avoid (if not violate) feder...

There is some bad news for NFT fans. The digital collectibles are pretty much worthless now. Using data from NFT Scan, the crypto platform  dappGambl  found that 95% of the 73,257 non-fungible token collections (e.g., Bored Ape Yacht Club) it analyzed are worth  0 ether . In other words, if NFTs were physical objects, it’d be time to put them on the same garage shelf where your Beanie Babies went to die. The report estimates that 23 million people are now the owners of worthless digital files. The crash is mainly for one reason: There just isn’t enough demand to keep up with supply. (Culled from the  MORNING BREW )

Sam Bankman-Fried was supposed to be a billionaire genius running the world's largest Crypto exchange: FTX. In only a few weeks, his $32B empire crumbled, leading to his arrest. In this video, we unravel one of the decade's most significant cases of financial fraud.

Since the Ukrainian counteroffensive against Russian forces began, there’s been a dramatic increase in Ukraine’s use of FPV, or first person view drones to execute kamikaze-style attacks on Russian tanks, troop positions and other large-scale weapons. The aim is to operate cheaply and to make the military less dependent on Western weapons.  WSJ gathered dozens of videos from Ukrainian units on the frontlines, to break down how their drone teams execute these attacks on Russia’s military.

Panic: The Untold Story of the 2008 Financial Crisis examines the major players and various factors leading to the 2008 US financial crisis and the ultimate prevention of devastating economic collapse.  The documentary takes a political and economic microscope to the atmosphere just before, during, and after the end of the 2008 market decline. With exclusive interviews from politicians, entrepreneurs, and leaders of the big banks such as Lehman Brothers, the story unfolds itself into gritty layers of a complex socioeconomic mashup.  US Presidents George Bush and Barack Obama give their account of the crisis that occurred during their delicate transition of power. Members of Congress Nancy Pelosi and Judd Gregg discuss their efforts to stabilize the economy and support an American people on the brink of destitution. Included are perspectives from the likes of investment guru Warren Buffet and the former head of Goldman Sachs Lloyd Blankfein.

In 2022 news broke that $2.5 billion had been stolen in Iraq, the biggest bank heist ever.  Nicolas Pelham, The Economist's Middle East correspondent, follows the money.

In 2008, Lehman Brothers went bankrupt, causing the global financial crisis.  In this video, we'll explore the history of Lehman Brothers and the 2008 financial crisis, from sub prime mortgages to the global recession. This video is for history buffs, financial experts, and anyone who wants to learn more about the 2008 financial crisis.  Lehman Brothers is a key player in this epic story, and we'll tell you all about the bank that broke the world.   This is a definitive account of the September 2008 collapse of the banking giant Lehman Brothers that precipitated the global financial crisis. A panel of world leaders and CEOs discuss the tense negotiations that took place in New York and London as the investment bank spiralled towards bankruptcy.  Among those featured in this BBC documentary are the then UK Prime Minister Gordon Brown, UK Chancellor of the Exchequer Alastair Darling and US Treasury Secretary Tim Geithner.