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Cantor Fitzgerald CEO: Bitcoin Is a Commodity, Should Be Treated Like Gold and Oil

Cantor Fitzgerald CEO: Bitcoin Is a Commodity, Should Be Treated Like Gold and OilHoward Lutnick, CEO of Cantor Fitzgerald, says bitcoin is a commodity. “When you truly understand bitcoin, it’s hard to see it any other way,” he said, adding that the crypto “should be treated like gold and like oil.” While stating that other digital assets may vary, he firmly maintained that BTC is a commodity. Howard […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper

FTX advisors billed the bankrupt firm for a whopping $103M in Q1

After Sullivan & Cromwell, Consulting firm Alvarez & Marsal billed the second largest invoice for its finance and accounting work.

The lawyers and consulting firms assisting cryptocurrency exchange FTX through its bankruptcy proceedings are set to cash in a total of $103 million over the first quarter.

March saw five firms — Sullivan & Cromwell, Alvarez & Marshal, AlixPartners, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb — bill FTX a combined $36.4 million according to several court filings between April 28 and May 2.

The invoices from March were slightly higher than January and February’s figures of $34.2 million and $32.5 million respectively.

New York-based law firm Sullivan & Cromwell again walked away with the biggest paycheck, billing $14.1 million in fees and expenses for March, adding to a total of $44.4 million over the first quarter.

Sullivan & Cromwell billed FTX $14.1 million for March. Source: Kroll

Partners at the firm took home $2,165 per hour while paralegals and legal analysts were paid $425 and $595 per hour for their contributions.

Consulting firm Alvarez & Marsal came in next, invoicing over $13.8 million in March for the tens of thousands of hours it collectively committed to avoidance actions, financial analysis and accounting procedures.

It was the third successive billing of over $10 million for the firm, which has served as FTX’s restructuring advisor since Sam Bankman-Fried’s former empire filed for bankruptcy on Nov. 11.

Alvarez & Marsal invoiced FTX $13.8 million for March. Source: Kroll

Fellow law firms Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb respectively billed FTX $3.19 million and $644,000 in March for respective totals of $7.3 million and $1.9 million over the first quarter.

As Landis Rath & Cobb serve as FTX’s special counsel, the firm has spent most of its hours in the courtroom attending court hearings and undergoing litigation procedures.

Over 180 lawyers from Sullivan & Cromwell, Quinn Emmanuel Urquhart & Sullivan and Landis Rath & Cobb have been assigned to work on the FTX case.

Related: Sam Bankman-Fried’s holding company files for bankruptcy

Forensics consulting firm AlixPartners invoiced its largest bill at $4.51 million in March, totaling $10.2 million over the quarter for the firm’s work in analyzing decentralized finance products and tokens in FTX’s possession.

Despite a severely troubled six months, FTX hasn’t put the nail in the coffin yet.

With $7.3 billion in assets recovered FTX’s legal team is eyeing a potential reboot of the trading platform as early as April 2024.

Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Top 7 Wall Street movies you must watch

Discover the best of Wall Street cinema with these top seven films, featuring captivating tales of finance, ambition and power.

Wall Street movies offer insightful perspectives into the worlds of business, finance and power. They also emphasize how vital creativity, risk-taking and tenacity are to success. Viewers can learn more about the financial sector and its effects on society by watching these films. They can also serve as a source of encouragement and inspiration for people wishing to pursue a profession in business or finance.

Here are the top seven Wall Street movies that individuals keen on learning about the financial sector must watch.

“The Wolf of Wall Street”

The Wolf of Wall Street is a 2013 biographical black comedy film directed by Martin Scorsese and starring Leonardo DiCaprio as Jordan Belfort, a stockbroker who becomes wealthy through fraudulent practices. The film, which is based on Belfort’s memoir of the same name, tells the story of his rise and fall in the financial industry as well as his outlandish conduct, drug use and eventual arrest and fraud conviction.

The film’s direction, script and acting won praise from critics; DiCaprio even garnered an Oscar nomination. It has generated controversy due to its graphic content and humorous depiction of Belfort’s actions.

“Wall Street”

Wall Street is a 1987 drama film directed by Oliver Stone and starring Michael Douglas as Gordon Gekko, a wealthy and unscrupulous stockbroker who takes a young and ambitious stockbroker named Bud Fox, played by Charlie Sheen, under his wing.

As Gekko manipulates the stock market for his own gain and Fox gets drawn into his schemes, the movie examines the greed and corruption of the financial world. The iconic and well-known phrase from the movie, “Greed, for lack of a better word, is good,” has come to represent the excesses of the 1980s. Wall Street was critically acclaimed and garnered Douglas an Academy Award for Best Actor.

“Margin Call”

Margin Call is a 2011 drama film that takes place over a 24-hour period at an investment bank during the early stages of the 2007–2008 global financial crisis. As the bankers become aware that their investments are unsustainable and would cause a financial disaster, the movie investigates the ethical and moral ramifications of their behavior. A stellar cast for the movie includes Kevin Spacey, Jeremy Irons and Stanley Tucci.

Related: Top 5 Bitcoin documentaries to add to your watchlist

“The Big Short”

The Big Short, released in 2015, is based on Michael Lewis’ book of the same name and follows a group of investors who predict the collapse of the housing market and decide to bet against it. The movie, which stars Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt, has received accolades for its levity and clarity in presenting difficult financial ideas.

The movie was nominated for Best Picture and won an Academy Award for Best Adapted Screenplay. This movie presents provocative and critical perspectives on the financial sector and the events that contributed to the 2008 financial crisis.

“Boiler Room”

Boiler Room is a 2000 crime drama film directed by Ben Younger and starring Giovanni Ribisi, Vin Diesel and Ben Affleck. The story revolves around Ribisi’s character, Seth Davis, a college dropout who is hired by a brokerage firm that turns out to be a pump-and-dump scheme.

As Davis becomes more closely connected with the company and its dubious tactics, he is forced to face his own moral principles and choose between continuing down the route to success and fortune or taking a chance on doing the right thing. The movie was met with mixed reviews when it first came out, but it has since developed a cult following and is seen as a warning about the high-stakes world of banking as well as the perils of greed and corruption.

“Trading Places”

Trading Places is a 1983 comedy film directed by John Landis and starring Eddie Murphy and Dan Aykroyd. The film centers on two affluent and dishonest brothers who wager on the outcome of a life-for-life swap between a successful trader named Louis Winthorpe III, played by Aykroyd, and a streetwise con man named Billy Ray Valentine, played by Murphy.

The two men discover a scheme by the brothers to manipulate the stock market for their personal gain as they try to adjust to their new situation. During its initial release, the movie was a critical and financial hit and has since gone on to become a comedy genre classic. Jamie Lee Curtis and Denholm Elliott both gave excellent performances.

Related: Top 9 cyberpunk movies of all time

“Inside Job”

Inside Job is a 2010 documentary film directed by Charles Ferguson that explores the global financial crisis of 2008 and the events leading up to it. The movie examines topics such as deregulation, conflicts of interest and the power of big money in politics as it critically examines the role of the financial sector and government regulators in the crisis. The movie mixes archive footage and visuals to teach difficult financial topics and includes interviews with economists, financial experts and political leaders.

Inside Job won the Academy Award for Best Documentary Feature and received accolades for its sharp analysis and understandable informational flow. The movie is credited with increasing public awareness of the causes and effects of the financial crisis, and it is still relevant in light of ongoing discussions about economic inequality and financial regulation.

Cosmos co-founder proposes peer-to-peer clearing system in white paper

UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin Value

UBS Strategists Predict Minimal Impact of Upcoming Mt Gox Payouts on Bitcoin ValueA recent report published by market strategists from the investment bank and financial services company UBS says that the upcoming Mt Gox payouts won’t destabilize bitcoin’s value. While a new supply will come to the market, UBS strategists insist that “it would be less concentrated.” UBS Market Strategists Believe Mt Gox Payouts Won’t Destabilize Bitcoin’s […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital Arm

Japanese Banking Heavyweight Nomura to Launch Crypto-Focused Venture Capital ArmOn Wednesday, the Japanese financial holding company and principal member of the Nomura Group, Nomura Holdings, announced the launch of a crypto-focused venture capital unit called Laser Digital Holdings. Nomura’s move follows a number of financial giants entering the cryptocurrency industry this year. Nomura Introduces Laser Digital Holdings The investment banking giant from Japan, Nomura […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Deutsche Bank to Exit Russia, Says There Will Be No New Business There

Deutsche Bank to Exit Russia, Says There Will Be No New Business ThereGermany’s Deutsche Bank has become the latest financial services giant to confirm it’s leaving Russia over Moscow’s military assault on Ukraine. The bank has been reducing its Russian exposure since 2014 when Russia annexed Crimea and the conflict in Eastern Ukraine erupted. Amid Ongoing War in Ukraine, Deutsche Bank Pulls Out of Russia Deutsche Bank, […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Executive Leaves Goldman Sachs for Coinbase — Says It’s Time to Embrace Crypto, Create Economic Freedom

Executive Leaves Goldman Sachs for Coinbase — Says It’s Time to Embrace Crypto, Create Economic FreedomAn executive at Goldman Sachs is joining Coinbase after 16 years at the global investment bank. “It’s time to embrace the crypto economy,” he said, adding that the change is a “once in a lifetime opportunity to be part of building the next stage of the digital evolution.” From Goldman Sachs to Coinbase Roger Bartlett […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper

JPMorgan says BTC’s ‘fair price’ is $35K… but it still expects crypto to ‘outperform’

Investment bank strategists say that BTC could climb as high as $73,000 if markets remain frothy.

American multinational investment bank JPMorgan has put a price on Bitcoin and it is a lot less than the asset currently trades for.

In a report to investors as part of the bank’s inaugural outlook focused on alternative investments, strategists stated that alternative assets which include cryptocurrencies “should continue to outperform into 2022.”

They also asserted that Bitcoin’s “fair value” is around $35,000 based on the firm’s price model, which roughly 45% lower than its current trading price of $63,281. Nevertheless a price target of $73,000 seems reasonable should the relative volatility continue into next year, the strategists added, but not the sky high targets many expect.

“This challenges the idea that a price target of $100K or above, which appears to be the current consensus for 2022, is a sustainable Bitcoin target in the absence of a significant decline in Bitcoin volatility.”

They did suggest that the current entry point “looks unattractive,” but crypto assets are on a “multiyear structural ascent.”

The analysts concluded that the alternative asset class, which includes private debt and private equity, will return 11% next year, double the 5% gain from stocks and fixed income. However, they did not recommend crypto as a “core holding” due to its volatility.

Related: JPMorgan sounds alarm over ‘frothy’ crypto markets after August boom

The JPM strategists warned about volatility in early September following bullish market activity in August which saw total crypto capitalization top $2 trillion by the end of August. Two months later, that market cap has increased by 35% to $2.87 trillion according to CoinGecko.

In late September, JPMorgan CEO Jamie Dimon said that Bitcoin prices could still increase by ten times, but he isn’t interested in investing in it. He also said the asset was “worthless” the following month.

The bank’s retail wealth clients clearly are interested in it and they were granted access to the crypto asset class in July. In early October, JPMorgan strategists noted that institutional investors were favoring Bitcoin over gold as a hedge against inflation.

Wall Street investment bank Morgan Stanley has also been providing analysis on crypto assets. On Nov. 1, the bank published a report for its wealth management clients detailing industry trends, crypto market metrics, and potential regulatory impacts.

Morgan Stanley is one of a number of major investment banks including JPMorgan, Wells Fargo, UBS, Citigroup, and Goldman Sachs that have been scrambling to hire crypto experts recently according to reports.

Cosmos co-founder proposes peer-to-peer clearing system in white paper

Goldman Sachs Leverages Crypto Management Firm Galaxy Digital to Swap Bitcoin Futures

Goldman Sachs Leverages Crypto Management Firm Galaxy Digital to Swap Bitcoin FuturesGalaxy Digital’s co-president Damien Vanderwilt announced today that his firm has partnered with Goldman Sachs to help provide bitcoin futures products. The partnership marks one of the first occasions where an American multinational investment bank has partnered with a crypto asset service provider. Galaxy Serves as Goldman’s Counterparty for Bitcoin Futures Trading Goldman Sachs is […]

Cosmos co-founder proposes peer-to-peer clearing system in white paper