Friday's Fast Five: Week of 10.6
Rising Rates Likely Hit Bank Balance Sheets in Quarter (The Wall Street Journal): A surge in interest rates likely worsened unrealized losses on bonds and loans held by U.S. banks in the third quarter, further straining their balance sheets as they face pressure to pay more to keep depositors.
The Trial of Sam Bankman-Fried, Explained (Wired): In January, Bankman-Fried pleaded not guilty to each of the seven charges against him. He has spent most of the intervening period under house arrest but was taken into custody in August after the prosecution alleged he was tampering with witnesses. If convicted at the end of the trial, which is expected to last around a month, the one-time crypto wunderkind could face decades in prison.
This Time Really Is Different for the Economy. Just Look at the Job Market’s Confounding Strength (Barron's): Unemployment remains near historic lows even after the Fed's aggressive rate hikes. What's behind the job market's resilience---and why it could last.
A $12 Million Request to Cover a Crypto Scam Sank a Bank CEO (Bloomberg): Shan Hanes ran Elkhart’s Heartland Tri-State Bank. When he asked to borrow a hefty sum from a wealthy farmer, it was the beginning of the end.
An Orange County entrepreneur’s $60-million legal battle to stop Apple from steamrolling startups (Los Angeles Times): In 2013, “Apple came and said, we want to work with you,” Kiani recalls, he saw it as an opportunity to bring an innovation that could help millions to the largest stage possible. Now, 10 years later, Kiani is locked in an acrimonious legal battle with the world’s biggest tech company, alleging Apple infringed on his patents and stole trade secrets. If Kiani wins, it could stop Apple Watches, which are manufactured in China, from being imported into the U.S.