Sam Bankman-Fried, the former billionaire cryptocurrency wunderkind, is set to be sentenced on Thursday over his conviction for stealing $8 billion from customers of the now-bankrupt FTX exchange he founded. Bankman-Fried, 32, faces the prospect of decades behind bars after a jury found him guilty in November on seven fraud and conspiracy counts. The hearing will mark the culmination of Bankman-Fried's downfall from an ultra-wealthy cryptocurrency entrepreneur and major political donor to U.S. authorities' biggest trophy to date in a crackdown on malfeasance in digital asset markets.
The owner, operator and charterer of the container ship that struck Baltimore’s Francis Scott Key Bridge on Tuesday are likely to face lawsuits over its collapse and the people killed or injured, but legal experts say U.S. maritime law could limit the companies’ liability. U.S. laws pertaining to open-water navigation and shipping, which are created through court decisions and by acts of Congress, could restrict the kinds of lawsuits filed against the registered owner of the Singapore-flagged ship, Grace Ocean Pte Ltd, its manager Synergy Marine Group and its charterer Maersk, and could limit the damages they would have to pay, three legal experts told Reuters. The economic damages suffered by the city of Baltimore from the closure of the port, the busiest port for car shipments in the U.S., or by businesses that rely on it and the now-collapsed bridge would not be recoverable through lawsuits, said Martin Davies, director of the Maritime Law Center at Tulane University School of Law.
Owning a home can feel like risky business, from coming up with the mortgage payment every month to worrying about disasters like fires or floods or tornadoes. But here is something riskier still: Going without home insurance in the U.S. altogether. It is called “going bare,” and 12% of American homeowners report doing just that, according to a study from the Insurance Information Institute (III) and Munich Re.
With Wall St set for its final trading day of a bumper first quarter, the Federal Reserve seems in "no rush" to lower interest rates just yet - buoying the dollar as other central banks chomp at the bit. Fed Governor Christopher Waller set the tone for the Easter break on Wednesday indicating the central bank was being patient rather than hesitant in lowering borrowing costs this year. Although the comments marginally shaved expectations for a rate cut as soon as June - and nudged two-year Treasury yields back up - it was also clear Waller was merely talking about timing.
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