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SBF scolded by his own lawyer

If the ongoing Sam Bankman-Fried trial is not enough to showcase how the former FTX chief was in over his head self-managing two giant crypto firms, his latest testimony would probably move the needle past the breaking point.

In an unexpected twist that ratcheted up the intrigue surrounding his high-profile crypto fraud trial, Bankman-Fried did not make his scheduled appearance before the jury on Thursday. Instead, he testified without the jury present, allowing Judge Lewis Kaplan to determine the admissibility of his testimony.

You can read more on the matter here.

What’s going on?

• Inflation and Gaps in Support Drive Record Food Bank Usage in Canada (theDeepDive)

• 407 International Sees Revenues Jump 7% In Q3 (theDeepDive)

• US consumer spending rises solidly; monthly core inflation picks up (Reuters)

• Japan Is About Done with YouTubers: Authorities to Investigate Foreigners Accused of Evading Train Fares and Stealing Hotel Food (theDeepDive)

• Ford Government Tells NDP to Call 1-800-JAGMEET … But It’s the Wrong Number (theDeepDive)

• Chinese fighter jet flies within 10 feet of US B-52 bomber (FoxNews)

• Toronto Unveils Ambitious $36 Billion Plan for 65,000 Rental Homes (theDeepDive)

• Taylor Swift Vaults Into Billionaire Ranks With Blockbuster Eras Tour (Bloomberg)

• Hertz Hurting On Tesla’s Price Cut Spree (theDeepDive)

• National Bank of Canada Cuts Staff in Capital Markets Division (Bloomberg)

What’s the latest?

• SBF Trial: SBF yesterday took the stand for the first time in the high profile court case that has seen him charged with seven criminal counts that could land him in jail for over 100 years. The defense is centering their arguments on SBF’s reliance on FTX’s former chief regulatory officer, Dan Friedberg. Judge Kaplan however found SBF's responses vague and took over questioning to seek more specific answers in a sign that things are not going well.

• PM Protection: The cost of protecting Canada's prime ministers, especially Prime Minister Justin Trudeau and his family, has significantly increased over the last two decades. In the past two fiscal years, over $30 million was spent annually on their security, compared to $10.4 million in 2003/04 for then-Prime Ministers Jean Chrétien and Paul Martin. Factors influencing these costs include global threat levels, political obligations, and economic aspects.

• US Consumer Spending: U.S. consumer spending rose 0.7% in September, driven by purchases of cars and travel. The Commerce Department noted inflation's uptick was mainly due to housing costs. Adjusted for inflation, September spending increased 0.4%. Income and wages saw rises of 0.3% and 0.4% respectively.

• UAW Strike: GM and the UAW are in intensive talks to resolve a six-week strike following Ford recently settling strikes with 45,000 workers. Despite lengthy discussions, including participation from GM CEO Mary Barra and UAW President Shawn Fain, some issues remain, especially around temporary workers. The Ford deal, which awaits union ratification, offers a 25% wage increase over its term among other benefits.

• Air Canada Settlements: Air Canada is offering settlements to certain passengers whose compensation cases are caught in a backlog with the Canadian Transportation Agency (CTA). The CTA, responsible for resolving airline-passenger disputes, reported over 61,000 pending cases, with an estimated 18-month wait time for resolutions. Air Canada asserts it provides full compensation for valid claims and the recent lower offers or vouchers aim to conclude cases they consider without merit.

Airbnb vs. Affordable Housing

The stock market and stuff

• Chevron's third-quarter profit slumps, shares fall 5% (Reuters)

• Ford Miss On 3Q 2023 Earnings Includes Huge Losses in EV Segment (theDeepDive)

• Dimon Plans to Sell $141 Million Worth of JPMorgan Shares (Bloomberg)

• Airbnb Hired A Former National Director of the NDP As Its Lobbyist (theDeepDive)

• Exxon posts sharply lower $9.1 billion profit on lower oil, gas prices (Reuters)

In the juniors

• Lumina Gold Sees Ross Beaty Convert $15.3 Million In Debt To Shares (theDeepDive)

• Eldorado Gold surges after Q3 earnings topper, higher production (SA)

• PyroGenesis To Drop Nasdaq Listing To Conserve Costs (theDeepDive)

FULL DISCLOSURE: Big Gold is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Big Gold. The author has been compensated to cover Big Gold on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.