tyb
>>18259222 lb
HEEL54 USAFSOC 'Special Ops' C-146A went to Santo Domingo, DR from it's Martinique depart and has now left after about 55m
Sullivan & Cromwell’s Crypto Clients Are in Growing Distress
The 144-year old law firm, Sullivan & Cromwell, which previously prided itself on being the go-to law firm for Wall Street, decided a few years back to get deep in the swamp with all things crypto. That dicey decision is now playing out in negative headlines that are dragging down the reputation of the 900-attorney law firm.
Adding to questions swirling around its past legal representation of now indicted crypto kingpin, Sam Bankman-Fried, as well as his bankrupt crypto exchange, FTX, and his hedge fund, Alameda Research, is the fact that a growing number of Sullivan & Cromwell’s other crypto clients are also in various stages of distress. Notwithstanding that reality, the presiding judge in the FTX bankruptcy proceedings, John Dorsey, signed an order on January 20 naming Sullivan & Cromwell the lead counsel in the FTX bankruptcy case. But long before Judge Dorsey’s order was signed, Sullivan & Cromwell was billing large bucks to FTX, acknowledging in a bankruptcy court filing that over the prior 16 months it had collected legal fees and expenses of $8,564,487.50 from FTX and its affiliates, plus a $12 million retainer for FTX bankruptcy work. According to Bloomberg Law, Sullivan & Cromwell “has more than 150 people working on the FTX case, including 30 partners…” A court filing from Sullivan & Cromwell shows that its partners can charge as much as $2,165 per hour. The final tab in the bankruptcy case is expected to land in the “hundreds of millions of dollars” according to the Bloomberg Law article.
Sullivan & Cromwell snagged this very lucrative bankruptcy work, according to a screen shot (see above) shared by Sam Bankman-Fried in the testimony he was prepared to present to the House Financial Services Committee on December 13, because it had a friendly former partner at FTX. (Bankman-Fried was arrested by federal prosecutors from the Justice Department and thus prevented from delivering his testimony in person, but Forbes obtained a copy of the document.)
The inside man was Ryne Miller, who left Sullivan & Cromwell and went directly to FTX.US as General Counsel in August of 2021. Despite Miller’s eight years at Sullivan & Cromwell and more than three years working as legal counsel at a federal regulator, Miller somehow managed not to notice the following at FTX: there was no functioning Board of Directors; there was no accounting department; there was no functioning compliance department making sure that customer funds were not co-mingled with Sam Bankman-Fried’s personal piggy bank, his hedge fund, Alameda Research. This lack of corporate controls was described by the new FTX CEO, John Ray, at the December 13 hearing of the House Financial Services Committee.
Despite these failures by Ryne Miller, John Ray reported in a declaration filed on January 17 with the FTX bankruptcy court that Miller is “still employed” by FTX.US, which is also part of the bankruptcy proceedings. As a direct result of this lack of corporate controls, Ray told the House panel that over $8 billion of customers funds are missing at FTX.
https://wallstreetonparade.com/2023/01/sullivan-cromwells-crypto-clients-are-in-growing-distress/
>>18256013 pb Alameda Seeks to Claw Back $446 Million From Voyager Digital
SAM841 C-32A departed Tel AvivBlinkenNW after stops at Cairo and Ramallah previous
In Ramallah, Blinken Expresses 'Sorrow' For 'Innocent' Palestinians Killed
https://www.barrons.com/news/in-ramallah-blinken-expresses-sorrow-for-innocent-palestinians-killed-01675175409
https://twitter.com/SecBlinken/status/1620423494931722242
>>18259773 PF: HEEL54 USAFSOC 'Special Ops' C-146A went to Santo Domingo, DR from it's Martinique depart and has now left after about 55m
>>18259976 PF: SAM841 C-32A departed Tel Aviv Blinken NW after stops at Cairo and Ramallah previous
they own an ass-ton of equities and that is just one of them (AAPL)
>Assets include stakes in some 9,300 businesses globally, representing about 1.3% of all listed stocks
https://www.dw.com/en/norway-sovereign-wealth-fund-reports-164-billion-loss/a-64563253
>I looked to see if this was connected to the opening of the Polish Pipeline, but didn't get far.
Likely because of carrying costs with interest rates going up and they own A LOT of tech stocks too.
>>18259863, >>18260074 Norway’s wealth fund posts heavy losses ($164.4B)
Notable
This will only accelerate when they allow market drops as when they own 1.3% of ALL WW stocks and just lost $164.4b…..
see here
>Assets include stakes in some 9,300 businesses globally, representing about 1.3% of all listed stocks
mebby they are
the big problem is allowing consequences-since it's an entire country and Wall St is currently on squeeze short bus mode (at least in NAS) and also waiting for Jerry's paltry 25bp raise tomorrow-it'll go higher after that and when he opens his mouth tomorrow after said rate hike since most ANALysts are telling everyone to get out but the Algo's are all positioned (at least at the end of last weeks Flow of Funds) to buy but that can and does change pretty quickly