Caroline Ellison met Sam Bankman-Fried trading at Jane Street. The two would go on to have a close professional and personal relationship as his crypto empire grew and then eventually imploded. Now, she has pleaded guilty and is testifying against him. Producer Rachel Humphreys and WSJ’s Caitlin Ostroff discuss her testimony and how the government is using it to build their case against Bankman-Fried. 

Further Reading:

- What’s Happening Today at the Sam Bankman-Fried Trial 

Further Listening:

- The Trial of Crypto’s Golden Boy 

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Early Saturday, Hamas fired thousands of rockets into Israel as its fighters poured across the border from Gaza, killing hundreds and taking others hostage. In response, Israel declared war on Hamas and began retaliatory strikes on Gaza, also killing hundreds. WSJ’S Dov Lieber on a “game-changing” moment in Israeli-Palestinian relations and what comes next. 

Further Reading:

- Iran Helped Plot Attack on Israel Over Several Weeks 

- Israel Readies for Ground War in Gaza 

- What is Hamas? What to Know About the Militant Group Fighting Israel 

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We're off today for the holiday, but we still have an episode for you!

WSJ's Take On the Week is a new WSJ show that breaks down the most important things to watch in business and financial news to help you make smarter investment decisions. This week, host Dion Rabouin looks at big banks, a big yield and a big release for Taylor Swift.

If you like the show, follow it for more. 

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Gary Wang, FTX’s former chief technology officer, took the stand in the government’s case against Sam Bankman-Fried. Producer Rachel Humphreys and WSJ’s Caitlin Ostroff discuss what Wang says he knows about the secret code that allowed Alameda Research to borrow billions of dollars of customer money from FTX. 

Further Reading:

- What’s Happening Today at the Sam Bankman-Fried Trial 

Further Listening:

- The Trial of Crypto’s Golden Boy 

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When the Federal Trade Commission filed a lawsuit against Amazon last week, there was a big redacted section. WSJ’s Dana Mattioli on what she discovered underneath the redactions. 

Further Reading:

- Amazon Used Secret ‘Project Nessie’ Algorithm to Raise Prices 

- FTC Sues Amazon, Alleging Illegal Online-Marketplace Monopoly 

Further Listening:

- Congress’s Case to Break Up Amazon 

- Biden’s New FTC CHair Squares Off With Big Tech 

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A legal battle is unfolding in New York City over a law that sets a roughly $18 minimum wage for food delivery workers. Four major app-based delivery companies — DoorDash, Grubhub, Relay and Uber Eats — have sued to block the law. WSJ’s Erin Ailworth unpacks the legal arguments, and a food delivery worker explains what’s at stake for him.

Further Reading:

-Judge Allows App-Based Delivery Workers in NYC to Make $18 an Hour 

-DoorDash, Uber Eats and Grubhub Sue New York City Over Minimum-Wage Law 

Further Listening:

-The Real Cost of 15 Minute Grocery Delivery 

-Can Food Delivery Make Money? 

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With a jury selected, lawyers from the prosecution and defense make their opening statements. Rachel Humphreys and WSJ’s Caitlin Ostroff get their first clues into some of the strategies that will unfold throughout the trial. 

Further Reading:

- What’s Happening Today at the Sam Bankman-Fried Trial 

Further Listening:

- The Trial of Crypto’s Golden Boy 

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In 2021, Philip Morris International acquired three pharmaceutical companies for more than $2 billion as part of a plan to pivot away from cigarette sales. The deals inserted the Marlboro maker into the market for inhalers and other treatments for respiratory diseases that are linked to cigarette smoking. We talked with WSJ’s Jennifer Maloney about how the company’s plan hasn’t gone so smoothly.

Further Listening:

- The ‘Existential Threat’ Facing Big Tobacco 

- The Fight Over a Menthol Cigarette Ban 

Further Reading:

- Marlboro Maker Hits Reset on $2 Billion Bet on Medicine 

- Philip Morris Raises Offer for Swedish Match and Buys U.S. Rights for IQOS 

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On the first day of trial, Sam Bankman-Fried debuts a new haircut and the judge begins the process of selecting a jury. WSJ’s Caitlin Ostroff delves into the judge who will preside over this historic trial, and the jury who will determine Bankman Fried’s fate.

Further Reading:

- Sam Bankman-Fried’s Courtroom Look Spells a Personal Vibe Shift 

- Crypto Could Be a Mystery to Jurors in Bankman-Fried Case 

Further Listening:

- The Trial of Crypto’s Golden Boy 

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Long-time rivals ​​Ford and General Motors are battling over how a $7,500 tax credit for electric cars should be interpreted. WSJ’s Andrew Duehren explains how this bleeds into the Biden administration’s conflicting priorities of reducing American reliance on Chinese batteries while also achieving clean energy goals. 

Further Reading:

-This Ford vs. GM Feud Could Shape the Future of EVs in America 

Further Listening: 

-‘We’ll Strike All Three’: The UAW’s Historic Walkout 

-Biden’s New Move Against Chinese Tech 

-Ford and GM's Battle for the Hottest Electric Vehicle Startup 

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