A federal judge slapped Sam Bankman-Fried with a 25-year sentence today for his role in bankrupting cryptocurrency platform FTX and defrauding its customers, completing his downfall from quirky billionaire philanthropist to felon.
Why it matters: Judge Lewis Kaplan chose a much harsher sentence for the disgraced crypto mogul than the defense's request of five to seven years, Axios Crypto's Brady Dale writes.
In pre-sentencing comments, Kaplan ripped the disgraced entrepreneur for his "apparent lack of any remorse."
"He knew it was wrong, he knew it was criminal, he regrets he made a very bad bet about the likelihood of getting caught," Kaplan said.
Reproduced from Instacart; Note: "Top-selling" candies were ranked by total number of items sold in each state during the week ending Easter Sunday; Map: Axios Visuals
Consumers are feeling the pinch of inflation this year with skyrocketing cocoa prices reaching new heights, Axios' Kelly Tyko writes.
Why it matters: Cocoa prices topped $10,000 per metric ton for the first time this week.
The big picture: Consumers are expected to spend $3.1 billion on candy this year, down from $3.3 billion for the holiday in 2023, the National Retail Federation's annual holiday survey found.
ESG investing is dead. Long live ESG investing, Axios' Javier E. David writes.
Driving the news:A Pitchbook analysis of the often derided environmental, social and governance investing trend paints a mixed picture of what some critics have denounced as "woke capitalism."
Pitchbook notes that asset managers are retreating from ESG commitments — at least in public.
But it also found others are leaning into it as a method of "value creation and protection … in the challenging macroeconomic environment."
Zoom in: Pitchbook's study found that programs were being downplayed in favor of more silent support for ESG (known as "greenhushing" in certain circles).
Immigrants started new businesses last year at more than double the rate of U.S.-born citizens, according to a recent analysis.
Why it matters: Entrepreneurship can lead to financial success for immigrants, especially those who lack legal status to work. They in turn help fuel the nation's economic growth.
Here's what's new on Max, Peacock, Hulu, Netflix, Apple TV+, Prime Video and Disney+.
What we're watching: New documentaries about a rehab program turned religious movement and comedians including Jerrod Carmichael, Steve Martin and Mike Birbiglia.
One year after a massive bank run led to Silicon Valley Bank's failure, top banking scholars have ideas for how to contain the risks of a new era in which customers can yank deposits with a tap on their phone.
Why it matters: Last year's regional bank failures showed how quickly customers can pull funds in response to fast-moving information, a key cause of the collapses of SVB and First Republic Bank.
First nickel, now cocoa. The commodities world is again being rocked by a short squeeze.
Why it matters: Just as with nickel in 2022, arcane financial contracts are taking on a life of their ownand hurting those you'd think the price spike would help — companies that own large amounts of cocoa.
Boeing's largest union is in contract talks with the beleaguered airplane company for the first time in more than a decade — and it's seizing the moment to push for cultural change.
Why it matters: The negotiations are taking place amid a full-blown corporate crisis, giving the union incredible leverage.
The stunning collapse of the Francis Scott Key Bridge on Tuesday will have economic impacts far beyond the city of Baltimore.
The big picture: The Port of Baltimore, one of the busiest in the U.S., has halted vessel traffic indefinitely in the wake of the bridge's collapse — which is expected to affect the flow of commerce in the U.S.
