The most important stories, explained through the lens of business. A podcast about money, business and power. Hosted by Kate Linebaugh and Ryan Knutson, with Jessica Mendoza. The Journal is a co-production from Spotify and The Wall Street Journal.After a short break, court is back in session as Sam Bankman-Fried takes the stand to testify in his defense.were inside the courtroom to hear some of Bankman-Fried’s side of the story and how the prosecution worked to pick it apart.
Caitlin Ostroff: Yes. And today was the first time we also saw him be cross examined by the government. Caitlin Ostroff: Yeah, I think the last slots were filled by 4:30 AM this morning. And everyone was really excited again, because it's the day that Bankman-Fried took the stand. But we actually didn't get Bankman-Fried until the afternoon. And the morning was pretty uneventful, except for the fact that we lost a juror. One of the jurors showed up sick, he had been vomiting, and Judge Kaplan was like, "I can't risk you infecting the rest of the courtroom.
Caitlin Ostroff: Yeah, I was really surprised. I was starting to wonder slash panic if we weren't actually going to hear from Bankman-Fried at all. Caitlin Ostroff: Yeah. And he sat there, and we were in the background, but he looked quite small. He was staring out at the courtroom wearing this dark suit and a lilac tie. And this is the big huge courtroom on the 26th floor of the Federal Courthouse.
Caitlin Ostroff: Yeah, Dan Friedberg was the former Chief Regulatory Officer at FTX, and he was a lawyer within the company. He had previously worked for a law firm called Fenwick & West. And Bankman-Fried testified that Friedberg set up the bank account that routed FTX customer deposits to Alameda Research.
Caitlin Ostroff: Honestly, we've heard Bankman-Fried speak a lot before, and I thought this was actually a new side to Bankman-Fried that we were seeing. He came across, as you said, calm and coherent, and he seemed very poised. And then came the prosecution and the cross-examination of him. And we're going to talk about all of that after the break.
Caitlin Ostroff: Yeah. That composure he had on the direct questioning, really slipped away. He started going into a lot of ums in his testimony. He was tripping over his words. And he wouldn't answer questions directly, which frustrated both Sassoon and Judge Kaplan. And Judge Kaplan at one point said, "Part of the problem is that the witness has what I'll simply call an interesting way of responding to questions.
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