The firm handles high profile work such as complex mergers and acquisitions, securities litigation, and white . [22] Under Foster Dulles, the firm had helped the regime's arms buildup effort by including the German company I.G. The firm feels its generalist approach makes for better partners, and the vast majority of those partners begin their legal careers with S&Ceither directly out of law school or after clerkships or government servicewith a very limited number of lateral hires. The firm founders, Algernon Sydney Sullivan and William Nelson, advised J.P. Morganas in the man himselfduring the creation of Edison General Electric in 1882 and later guided key players in the formation of U.S. Steel and the financing of the Panama Canal. But he also recognizes that being in trial requires his attention 24/7.. An associate at one of the country's most prestigious law firms, Sullivan & Cromwell, filed a state lawsuit in Manhattan yesterday accusing the firm of a systematic campaign of . That means its not headed by a CEO-style managing partner sitting and looking at spreadsheets all day long, he said, but rather by practicing lawyers -- first among equals. "The enacted 1991 amendment to Section 13 (3) authorized the Fed to make emergency loans to nonbanking firms as long as those loans are 'secured to the . [15] The firm also worked with less-successful businesses during the volatile decades before the establishment of modern federal bankruptcy laws; it pioneered efforts to reorganize insolvent companies through what became known as the "Cromwell plan. Kraken is another crypto exchange that is a current client of Sullivan & Cromwell. S&Cs litigators take a global, multidisciplinary approach to every aspect of litigation and regulatory matters, with a practice strengthened by S&Cs deep experience and leadership position as a corporate, financial and transactional firm. sccontactUs@sullcrom.com. Numerous Big Law Firms Had Zero Ties to Sam Bankman-Fried; So Why Did John Ray Hire Two Deeply Conflicted Law Firms? ESSENTIAL DUTIES AND RESPONSIB With . It filed for bankruptcy in November and its court filings indicate that it blames FTX for its own bankruptcy. S&C mobilises teams of lawyers worldwide for clients on their largest and most important domestic and cross-border M&A transactions. Share profile. Opinions expressed are those of the author. Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks. Law360 (February 6, 2023, 2:02 PM EST) -- Sullivan & Cromwell LLP's financial services team last year advised the U.S. Department of the Treasury on a program that issued more than $8.3 billion in . Notwithstanding that reality, the presiding judge in the FTX bankruptcy proceedings, John Dorsey, signed an order on January 20 naming Sullivan & Cromwell the lead counsel in the FTX bankruptcy case. A lawyer, Marshal Hoda, who was representing two FTX customers who were challenging Sullivan & Cromwell being named lead counsel, asked Judge Dorsey to question Friedberg. Ms. Martens is a former Wall Street veteran with a background in journalism. Jan. 17, 2007. (The law firm filed a listing of its current and former crypto clients with the court so that potential conflicts could be explored by a correctly suspicious U.S. The genuine firm employs a genuine Whitney Chatterjee who is a Partner in the genuine firm's New York office. Sullivan & Cromwell represented European bankers financing the construction of railroads and other elements of the nation's infrastructure. Labor & Employment
For Giuffra, 61, and Miller, 60, sharing the job is key. Attorneys (2022):
Sullivan & Cromwell LLP provides the highest quality legal advice and representation to clients worldwide. Tokyo. The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs. The U.S. Department of Justice seized the Robinhood stock in early January. [49] Cornblum committed suicide by jumping from a bridge as he was under investigation and shortly before he was to be arrested but before criminal charges were laid against him, one day before his alleged co-conspirator pleaded guilty. It includes some of the most experienced US trial and regulatory lawyers. 9th year: $415,000
4,000 Employees . This does not look good for the 144-year old law firm because the Securities and Exchange Commission is now charging that FTX was a fraud from the very beginning and Sam Bankman-Fried illegally used FTX customer funds from the very beginning. A perennial leader in M&A, S&C ranks first by value among law firms over the last 20 years, having acted in over $9 trillion in announced transactions worldwide. No. [14] Cromwell developed the concept of a holding company, persuading New Jersey to include it in state law and enabling companies incorporating there to avoid antitrust laws. Sullivan & Cromwell designed many of the equity and debt agreements used during this period, including 94 loan agreements to European borrowers during one seven-year period. Hiring Partner: Sergio J. Galvis, Inosi M. Nyatta
125 Broad Street
S&Cs corporate governance practice is thoroughly multidisciplinary, drawing from across the firms preeminent practice areas. . "the physician of Wall Street" for his ability to rescue failing companies. Wouldnt you rather have them in the game? On January 5, Silvergate reported that its total deposits from digital asset customers declined to $3.8 billion as of December 31, 2022 (down from the previously reported $11.9 billion on September 30, 2022.) In fact, both men laughed when I asked if their duties as co-chairs would take up more than half their time. In an increasingly complex regulatory environment, S&C has been at the forefront of educating clients on legislative and regulatory developments. The general counsel's comprehensive guide | USA. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers. It revealed that FTX and Sam Bankman-Frieds hedge fund, Alameda Research, owe it over $1 billion. The results we achieve have set us apart for more than 130 years and become a model for the modern practice of law. S&C remains the leading global law firm on transactional, regulatory, enforcement and other matters affecting financial institutions. Lincoln?). Sullivan & Cromwell peak revenue was $1.1B in 2021. Wall Street On Parade is registered in the U.S. Patent and Trademark Office. The firm has advised on many of the most transformative and complex projects and financings in both developed and emerging markets involving oil and gas, mining, other natural resources, and infrastructure. You cant divorce yourself from what the partnership is doing on a day-by-day basis and still effectively lead, Miller said. Ongoing representation of bankrupt cryptocurrency exchange, Advised a special directors' committee of, Served as national coordinating counsel for German automaker, Represented a number of leading commercial and investment banks, asset managers and other companies in transactions during and after the. The firm's record of success and unparalleled client service has set it apart for more than 130 years and made the firm a model for the modern practice of law. How Far Will They Go? Sullivan & Cromwell LLP is nationally ranked in 37 practice areas and regionally ranked in 59 practice areas. Based in New York, Chatterjee is currently the head of the investment management practice at Sullivan & Cromwell. Chapter "From Hitler's Doorstep: Allen Dulles and the Penetration of Germany," by Neal H. Petersen; National Archives and Records Administration, 1992, Last edited on 16 February 2023, at 03:25, New York City Bar Associations Committee, Superior Court of the District of Columbia, List of largest law firms by profits per partner, "Sullivan & Cromwell Faces Fight Over Tax Bill for Wall Street HQ", "Elite Law Firms Are Quietly Outsourcing High-Value Functions. The law firm's co-chairs called Whitney Chatterjee's move the next chapter of her path-breaking career. Securities Litigation
You may share a link to this page on any of the sites listed below. Conduct in-depth searches on complex research requests covering all practice areas for all Library clients using electronic, print & other sources as part of regular shifts on the Reference Desk. The work involved Bankman-Frieds purchase of more than half a billion dollars in the stock of Robinhood Markets (a trading app). Its a tricky balance. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. Sullivan & Cromwell snagged this very lucrative bankruptcy work, according to a screen shot (see above) shared by Sam Bankman-Fried in the testimony he was prepared to present to the House Financial Services Committee on December 13, because it had a friendly former partner at FTX. Litigation Paralegal (Washington, D.C. Office) Share This: . The Senior Coordinator - LTO - Legal Training, will work with senior members of the Legal Talent Office to coordinate all aspects of the Firm's training programs and support other professional development initiatives, including associate mentoring programs and career development planning. Jenna Greene writes about legal business and culture, taking a broad look at trends in the profession, faces behind the cases, and quirky courtroom dramas. Trustee, who represents the U.S. Department of Justice in bankruptcy cases.). GOOD HEALTH AND WELL-BEING; 4. This is the first time its being led by two co-chairs, and the first time that one of them Giuffra is a litigator. Trustee the more than 20 legal engagements Sullivan & Cromwell had been involved in with Sam Bankman-Frieds FTX Group before it filed for bankruptcy on November 11, 2022. 7th year: $400,000
As a leader in representing financial institutions, S&C continues to represent a number of global financial institutions in antitrust and related matters. On January 17, Sullivan & Cromwell law partner Andrew Dietderich filed a declaration in the U.S. Bankruptcy Court for the District of Delaware that acknowledged - after much prodding by the U.S. legalrecruiting@sullcrom.com, Los Angeles, CA
Thats a shocking 68 percent drop in deposits in one quarter at a (wait for it) federally-insured bank backstopped by the U.S. taxpayer that also decided to get deep in the crypto swamp. Robinhood: This is a publicly-traded stock trading platform and Sullivan & Cromwells current client. But at 143-year-old Sullivan & Cromwell, where founder William Nelson Cromwell helped pioneer the model of a modern, international law firm (he played a key role getting the Panama Canal built, for example), the message feels genuine. Visit our topic-specific Resource Hubs for recent information. . This lack of corporate controls was described by the new FTX CEO, John Ray, at the December 13 hearing of the House Financial Services Committee. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias. Posted: December 21, 2022. The genuine firm of Sullivan & Cromwell MNP . Sullivan & Cromwell LLP provides the highest quality legal advice and representation to clients around the world. Sullivan & Cromwell is a law firm with a long and storied history. UPDATE (3/15/2017, 11:42 a.m.): Brent McIntosh's nomination is now official. The firm advises a diverse range of clients on major domestic and cross-border M&A and corporate finance transactions, high-stakes litigation and corporate investigations and complex regulatory, tax and estate planning matters. I admit, Im skeptical when firm leaders extol their unique culture. Palo Alto, CA
S&C also represents clients in EU Commission and certain EU member state antitrust investigations and EU state aid investigations and litigation before the EU courts. S&C has played a leading role in the consolidation of the healthcare industry, advising on many of the largest pharmaceutical M&A deals to date. The results we achieve have set us apart for more than 140 years and become a . The firm provides clients a coordinated approach for securing clearances in the US, the EU and elsewhere, handling merger clearances for some of the largest and most complex M&A transactions in the world. Law.com; Law.com Radar; American Lawyer; Corporate Counsel; . On the continuum of law firms governed like corporations at one end and professional partnerships at the other, Sullivan & Cromwell is very much at the partnership end, Giuffra told me. Commodities, Futures & Derivatives
Ex-US congressman 'abused trust' to trade before mergers, prosecutor says, Genentech sues Biogen for royalties on blockbuster MS drug, Air Canada pilots decry 'embarrassing' pay gap with U.S. after Delta deal, US Justice Dept warns of steeper penalties for firms that fall foul of messaging policies, National Instruments picks Fortive, Keysight as challengers to Emerson's bid -sources, Senator Warren urges transport regulator to block U.S. railroad deal, Law firm leaders express the benefit of strategy, culture & adaptability to weather these uncertain times, 2023 State of the Courts Report: Moving toward modernization, US enforcement seeks fraud among emerging, unregulated finance spaces, Recommended change management practices to plan, build, then deploy successful legal tech, Exclusive news, data and analytics for financial market professionals. In today's column, lawyers say technology is a key component of the "agility" clients will want from their law firms post-pandemic; . "Sullivan & Cromwell's Life-or-Death Mistake? Wall Street On Parade is registered in the U.S. Patent and Trademark Office. They . These lucrative foreign ventures caused the firm to be one of the first to expand internationally. The January 17 disclosures to the Delaware Bankruptcy Court by Sullivan & Cromwell revealed that in addition to the 20 legal engagements for corporate entities of FTX or Alameda Research (Sam Bankman-Frieds hedge fund), Sullivan & Cromwell had also done legal work on an individual basis for Sam Bankman-Fried and the Head of Engineering at FTX, Nishad Singh. The pair took over for Joe Shenker, who served as chair for the past 12 years and continues as senior chair on the firms management committee. No law firm has a more thorough understanding of evolving corporate governance requirements and practices. 6th year: $370,000
Paris
Legislation agency Sullivan & Cromwell has contradicted itself by claiming that shuttered cryptocurrency trade FTX.US is bancrupt, in response to former CEO Sam Bankman-Fried . All quotes delayed a minimum of 15 minutes. Received 39 total practice rankings in the 2016 edition of Chambers USA: America's Leading Lawyers for Business, including 28 in the top two bands; also received 105 total lawyer recommendations in the directory, with a total of 70 partners ranking, Listed as a top law firm in 11 categories in the 2016 edition of Chambers Europe, including five in the top two bands, with 18 total recommendations in the directory, Listed as a top law firm in nine categories in the 2016 edition of Chambers Asia-Pacific, including four rankings in the top two bands; firm attorneys received 11 total recommendations in the directory, Ranked highly in several key categories on Thomson's First Quarter 2016 Global Capital Markets Legal Counsel League Tables, including #1 in the United States in 14 separate categories of equity or debt issuance, Ranked highly in several key categories on Bloomberg's First Quarter 2016 Global Capital Markets Legal Counsel League Tables, including in the top two in 12 separate bond issuance classes, Honored by Best Lawyers in America for having 90 attorneys listed on the publication's 2017 list, with four Sullivan & Cromwell attorneys being named "Lawyer of the Year", Ranked highly in two important categories on Thomson's 2015 Global Syndicated Loans Legal Counsel League Tables, Ranked first or second in nine categories in Bloomberg's 2015 Capital Markets Legal Counsel League Tables, Ranked among the top 10 in three categories on Bloomberg's 2015 Loans Legal Counsel League Tables, including #2 as legal adviser to borrowers in U.S. Loans, Ranked highly in several key categories on Thomson's 2015 Global Capital Markets Legal Counsel League Tables, including ranking in the top three in 14 categories of capital markets issuance, Recognized by The American Lawyer's Global Legal Awards for its work in M&A, including being named as one of the firms awarded Global M&A Deal of the Year: Grand Prize winner, for its role in AB InBev's acquisition of SABMiller, Named one of America's Best Corporate Law Firms in the 16th annual "Law in the Boardroom" study conducted by NYSE Governance Services and FTI Consulting, Inc.; ranked third on the 2016 National Law Firm Directors' Rankings, up from fourth place in 2015, Named a Diversity Leader by Profiles in Diversity Journal in its Winter 2016 issue, reflecting the firm's having aligned diversity initiatives with business goals, Cited for the 10th consecutive year by The Dave Thomas Foundation for Adoption as one of the nation's "Best Adoption-Friendly Workplaces", Sullivan & Cromwell has been recognized for its pro bono activities, receiving a "Pro Bono Leadership Award" from Legal Services NYC in 2016, This page was last edited on 16 February 2023, at 03:25. You may not collect more than 75 pages in a binder. Senators Elizabeth Warren (D-MA), Roger Marshall (R-KS), and John Kennedy (R-LA) wrote to Silvergate demanding answers regarding the funds it had transferred from FTX customer accounts to Bankman-Frieds hedge fund, Alameda Research. The practice includes bankruptcy and creditors rights, financial institutions, M&A, private equity, securities, structured finance and professional sports-related transactions. Despite Millers eight years at Sullivan & Cromwell and more than three years working as legal counsel at a federal regulator, Miller somehow managed not to notice the following at FTX: there was no functioning Board of Directors; there was no accounting department; there was no functioning compliance department making sure that customer funds were not co-mingled with Sam Bankman-Frieds personal piggy bank, his hedge fund, Alameda Research. It offers extensive internal training programs, and through S&C Universityan online, on-demand, in-house viewing platformlawyers can access recordings of these trainings from their computers. Our global practice includes four main groups: general practice (corporate), litigation, tax and estates and personal. . Email address. [24], Sullivan & Cromwell's involvement in the 1954 coup d'tat in Guatemala is documented. On January 5, Silvergate reported that its "total deposits from digital asset customers declined to $3.8 billion" as of December 31, 2022 (down from the previously reported $11.9 billion on September 30, 2022.) Sullivan & Cromwell has 797 attorneys and is ranked 63rd in the United States. Full-Time. Senior Chair: H. Rodgin Cohen, Joseph C. Shenker
The firm was involved in the creation of the U.S. Steel Corp. in 1901, for which Cromwell received $2 million worth of stock in . First name. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) also filed charges against Singh yesterday. Last name. Executive Compensation & Benefits
Password (8+ characters) . S&C attorneys can be sure of one thing: The firms training is robust. mentality and a commitment to the highest standards of excellence and professionalism that are the hallmarks of Sullivan & Cromwell's legal . (See our previous report, Sam Bankman-Fried, BlockFi and Sullivan & Cromwell: A Vipers Nest of Conflicts and Intrigue.). Reach Greene at jenna.greene@thomsonreuters.com. The group is at the forefront of assisting clients in the new challenges and opportunities resulting from Dodd-Frank and the changing landscape of the industry. As chairs, we lead the group discussion and help generate consensus, Miller said. This button displays the currently selected search type. Adding to questions swirling around its past legal representation of now indicted crypto kingpin, Sam Bankman-Fried, as well as his bankrupt crypto exchange, FTX, and his hedge fund, Alameda Research, is the fact that a growing number of Sullivan & Cromwells other crypto clients are also in various stages of distress. Evolving business trends continued to be reflected in the firm's organization; a banking practice was formed in 1968, and a mergers and acquisitions unit was established in 1980, as M&A began to accelerate. Making the situation even more dicey for Sullivan & Cromwell, its former law partner, Ryne Miller, was employed as General Counsel at FTX US as this fraud was expanding. Miller is a two-time winner of The American Lawyers Dealmaker of the Year, recognized most recently in 2021 for his work leading a team on behalf of Fiat Chrysler Automobiles in its $60 billion merger with Peugeot S.A. Giuffra is a lauded first-chair litigator, serving for example as national coordinating counsel for Volkswagen in its diesel-related matters and Goldman Sachs in a long-running securities fraud class action. SUMMARY Litigation Paralegals work very closely with each other and the Firm's lawyers, clients and outside vendors, depending on the needs of each particular matter. By Pam Martens and Russ Martens: March 1, 2023 ~ Andrew (Andy) Dietderich, Law Partner at Sullivan & Cromwell. WallStreetOnParade.com is a financial news website operated by Russ and Pam Martens to help the investing public better understand systemic corruption on Wall Street. Contact details. A longtime chronicler of the legal industry and high-profile litigation, she lives in Northern California. S&Cs premier executive compensation and benefits practice advises on a full range of corporate, securities, tax and employment law matters. Image from Shutterstock. Guided by clients commercial objectives and S&Cs deep experience, the firm seeks to provide the best possible advice to achieve these objectives. Mainstream Media Refused to Cover this Story in any Depth, Leaving the Heavy Lifting to Wall Street On Parade, Which Has Since that Time Written More than Ten Dozen Articles Chronicling this Fed Bailout. SUMMARY. Email. S&C comprises approximately 875 lawyers who conduct a seamless, global practice through a network of 13 offices located in key financial centres in Asia, Australia, Europe and the United States. Sullivan & Cromwell is not a small operation, with gross revenue in 2020 pegged at $1.55 billion and profits per equity partner at just under $5.2 million, according to . Founded in 1879 by Algernon Sullivan and William Cromwell, the firm was on hand for the foundation of both General Electric in 1882 and United States Steel in 1901. . Celsius Custody clients start withdrawing their funds 263 days after the freeze . London
I love trying cases. "Justices Rule for Inmate After Mailroom Mix-up". Friedberg also claimed that after he resigned from FTX.US, Sullivan & Cromwell refused to waive his attorney-client privilege, preventing him from assisting law enforcement and regulators in their . [49][50][51], Sullivan & Cromwell has worked on behalf of tobacco companies. [17], The firm's international practice dates back to its early years and the development of America's industrial and transportation infrastructure. In 2020, the . According to Bloomberg Law, Sullivan & Cromwell has more than 150 people working on the FTX case, including 30 partners A court filing from Sullivan & Cromwell shows that its partners can charge as much as $2,165 per hour. I currently practice at Sullivan and Cromwell focusing on Intellectual Property issues including patent litigation, patent licensing, and FRAND. Sullivan & Cromwell LLP provides the highest quality legal advice and representation to clients around the world Sullivan & Cromwell LLP provides the highest quality legal advice and representation to clients around the world. This bothered me very much and I told him that his job was to only hire the best outside counsel for the job, and that his allegiance was now to the Debtors and not S&C, I told Mr. Miller that S&C was not the proper law firm to select [for the bankruptcy proceedings] because of the claims and conflicts, as well as the exorbitant costs of the firm. Sullivan & Cromwell's proposed four-lawyer team is led by global restructuring co-heads James Bromley and Andrew Dietderich, according to the filing. Any lawyer who is even remotely competent would customarily urge clients to forego public discourse in the run-up to a trial in order to avoid prejudicing the jury or inevitably revealing any damaging information. The firm founders, Algernon Sydney Sullivan and William Nelson, advised J.P. Morganas in the man himselfduring the creation of Edison General Electric in 1882 and later guided key players in the formation of . The firms record of success and unparalleled client service has set it apart for more than 130 years and made the firm a model for the modern practice of law. Litigation
Tax
The practice draws upon the integrated resources and efforts of S&C offices around the world, taking advantage of the firms preeminent global capabilities to advise private equity firms, family offices, sovereign wealth funds and other investors of private capital on their most important and complex acquisi tions, strategic investments and exits, across a broad range of industries. Mr. Martens' career spans four decades in printing and publishing management. It enables us to maintain our practices, Miller said. Serious New Issues Emerge in Sullivan & Cromwells Deeply Conflicted Role in the FTX Bankruptcy Case, A Federal Agency Wants to Hear Directly from the Public about Bad Practices at Credit Card Companies, The U.S. Congress Twiddled Its Thumbs on Crypto while 10 Countries Banned It and 42 Others Placed Heavy Restrictions, Bankruptcy Judge in Manhattan Rules that Crypto Customers Lost Ownership of $4.2 Billion When They Deposited It into Earn Accounts, FTX Bombshell: Former FTX Lawyer, Daniel Friedberg, Alleges Fraud by Sullivan & Cromwell in Court Filing Today, In 16 Years, the Fed Has Approved 4,506 Bank Mergers and Denied One, Four Crypto-Friendly Banks Are Being Bailed Out with Billions from a Federal Housing Program, A Sam Bankman-Fried Company Loaned or Invested More than $1 Billion in Clients of its Law Firm, Sullivan & Cromwell, The Narrative Is that Two Women Under 30 Committed Fraud without Detection by Sophisticated Wall Street Law Firms, FTX Bankruptcy Proceedings Thus Far Show a Shocking Miscarriage of Justice, Bankruptcy Law Expert, Senator Elizabeth Warren, Asks FTX Bankruptcy Judge to Boot Sullivan & Cromwell from the Case, Sullivan & Cromwell, FTX Lead Counsel in Bankruptcy, Says It Has No Adverse Relationships, Despite Representing Four of FTXs Crypto Exchange Competitors, JPMorgan Chase Hit with Lawsuit for Facilitating Jeffrey Epsteins Crime Network; Similar Charges Were Brought Against It for Facilitating Madoffs Ponzi Scheme, Federally-Insured, Crypto-Focused Silvergate Bank Loses 43 Percent of Its Market Value Yesterday as Depositors Flee, After 16 Months, There Are Still No Arrests in the Feds Trading Scandal, The Fed, FDIC and OCC Issue New Warnings to Banks on Crypto Risks to Safety and Soundness, Two Law Firms Played Key Roles in Sam Bankman-Frieds House of Cards; One Is Now Collecting Upwards of $2,165 an Hour in FTX Bankruptcy Proceedings, Sam Bankman-Frieds Crypto Companies Bilked a Potential 10.3 Million User Accounts; Thats 250 Times More than Madoff, Sam Bankman-Frieds Criminal Trial Judge Is Married to Law Partner of Firm that Arranged the FTX-BlockFi Deal, Mr. Gensler, the U.S. Stock Market Structure Is an Institutionalized Wealth Transfer System, Congressman Brad Sherman Versus the Crypto Gang in Congress, A Sam Bankman-Fried Company that Was Not in Bankruptcy Has Gone Poof; Regulators Are Drawing a Dark Curtain, Senate Banking Hearing on FTX Collapse Pits a Courageous Law Professor Against Paid Shill Kevin OLeary, An Insider Blows the Whistle on How the Fed Has Allowed Crypto to Invade Federally-Insured Banks, Sam Bankman-Fried Quietly Bought an SEC-Registered Stock Trading Operation; There Are Big Questions as to Whats Happening with Customer Accounts, No One Trusts the FTX Bankruptcy Case: News Outlets Intervene; Justice Department Trustee Demands Independent Examiner; SEC Orders Disclosures, Senate Banking Chair Threatens a Subpoena If Sam Bankman-Fried Doesnt Show for Next Wednesdays Hearing; Says SBF Orchestrated a Coverup, JPMorgan Chase, the Largest Federally-Insured Bank in the U.S. with Five Felony Counts, Says 10 Percent of its New Hires Last Year Had Criminal Histories, Secretary Yellen, Weve Got a Staggering Problem: New Report Shows Foreign Banks Have Secret Derivative Debt that Is 10 Times their Capital.