American International Group Inc. said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis. AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material…
Gold Is Better Portfolio Diversifier Than Bitcoin: Goldman Sachs
Goldman Sachs expects gold, with its real demand drivers, to outperform the highly volatile bitcoin in the long term, the bank wrote in a Monday research note. Gold is less likely to be influenced by tighter financial conditions, meaning it is “a useful portfolio diversifier,” said Goldman, especially given that gold has developed non-speculative use…
Wife Should Avoid Debt for Husband’s Fraud, Supreme Court Hears
A wife whose husband defrauded a man who bought their home should not be held financially responsible because she played no part in the fraud, the woman’s attorney told a seemingly unsympathetic Supreme Court on Dec. 6. The case is Bartenwerfer v. Buckley, court file 21-908. The petitioner, Kate Bartenwerfer, who filed for bankruptcy after an ill-fated…
Crypto Exchange Bitfront Shuts Down
Bitfront, a U.S. crypto exchange backed by Japanese social media firm Line Corp., said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to overcome challenges in the rapidly evolving industry. “However, despite our efforts … we have regretfully determined that we need to shut…
BlockFi Tells Bankruptcy Court It Is ‘The Antithesis of FTX’
BlockFi, the first direct casualty of crypto exchange FTX’s collapse, told a U.S. bankruptcy judge on Tuesday that the U.S. cryptocurrency lender was “the antithesis of FTX” and that it would seek to return customer funds as quickly as possible. BlockFi filed for Chapter 11 protection on Monday, citing FTX’s collapse and volatility in the…
New Bill Will Protect Employee Pensions if Company Declares Bankruptcy
The House of Commons passed a private member’s bill on Nov. 23 that will protect employee pensions if a company declares bankruptcy. Sponsored by Conservative MP Marily Gladu, Bill C-228 passed unanimously with a vote of 318 to 0. The bill was based on a concept that had previously been attempted in multiple legislative attempts over the…
New CEO of Bankrupt FTX Being Paid $1,300 an Hour, Court Filings Show
November 21, 2022
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John Ray, who has been hired as the new CEO of bankrupt crypto exchange FTX, is being paid a hefty sum of money for his services, according to legal documents filed by the company. Ray, who once led the infamous energy firm Enron through its bankruptcy proceedings, replaced FTX’s former CEO Sam Bankman-Fried. Ray is…
Biden Admin Rolls out ‘Easier’ Process for Student Loan Borrowers to Discharge Debt in Bankruptcy
November 18, 2022
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The Department of Justice on Nov. 17 announced a new process that it says will make it easier for individuals struggling with their student loan debt to discharge it in bankruptcy. “The new process will help ensure consistent treatment of the discharge of federal student loans, reduce the burden on borrowers of pursuing such proceedings and…
New FTX CEO Blasts Sam Bankman-Fried for ‘Complete Failure’ of Corporate Controls
John Ray, who replaced Sam Bankman-Fried as CEO of crypto platform FTX, said in a new court filing that in his decades of experience overseeing some of the biggest bankruptcies ever, he had never seen anything as bad as FTX, including a “complete failure of corporate controls.” Ray, who once led the infamous energy firm…
Fraud, Romance, and Regulatory Neglect: The FTX Scandal Deepens
U.S. politicians are calling for stricter regulations on the crypto industry as a result of the FTX bankruptcy and potential fraud. “It shows the weaknesses of this entire sector,” Secretary of the Treasury Janet Yellen told Bloomberg on Nov. 12, emphasizing the need for “very careful regulation.” “The notion you could use the deposits of…
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