Loose Change: Justice Department prosecutors said yesterday that Sam Bankman-Fried and his FTX crypto currency exchange were engaged in fraud and lied to investors from the start. He faces eight criminal counts.

  Prosecutors in the Southern District of New York say Bankman-Fried lied to customers, investors, and lenders, misleading them about how he was handling the billions of dollars in real money they poured into the exchange that dealt in the fantasy money known as “crypto.”

  It could turn out to be one of the biggest financial cases ever.

  In addition to the criminal charges, a civil complaint filed by the Securities and Exchange Commission also charges that for years Bankman-Fried had illegally used customer deposits to fund his business and political activities. Among the criminal charges is election fraud.

  Bankman-Fried was arrested on Monday in the Bahamas where his business was based, and appeared yesterday in Bahamian court. He said he plans to fight extradition to the US.

  Crypto investors have also filed suit in Florida state court against Tampa Bay quarterback Tom Bradyand baseball Hall of Famer David Ortiz, accusing them of duping consumers when they endorsed FTX. 

Econ 101: Inflation cooled down to 7.1 percent for the month of November, an encouraging sign for the overall economy that sent the stock market rocketing. Prices have been rising dramatically for 18 months.

  But the Federal Reserve is expected to keep fighting inflation with another half percent increase in interest rates today.  

The War Zone: The US is making final plans for sending Patriot missile defense systems to Ukraine for fending off Russian attacks. The Patriots are not perfect, but pretty effective at intercepting incoming missiles.

  Ukraine has been asking for Patriots for months.

  On the offensive side, Ukraine hit a bridge vital to the resupply of Russian forces occupying the city of Melitopol in southern Ukraine. Video shows damage, but it’s uncertain whether the bridge is passable.

  While Ukraine takes it to the Russians, the foreign minister said Russia might be capable of a large offensive by the end of January or February. Dmytro Kuleba

speaking to foreign reporters from a bomb shelter in Kyiv on yesterday said “they definitely still keep hopes that they will be able to break through our lines and advance deeper in Ukraine.”

  Also, the leaders of 50 countries  pledged more than $1 billion in swift aid for Ukraine to repair power and water infrastructure to help the population survive that country’s brutal winter. Of course, Russia might take out facilities as soon as they are repaired. 

Tweet This: The man who paid $44 billion to buy Twitter is stiffing vendors and former employees to save money, according to The NY Times.

  The paper says Twitter has not paid rent for its San Francisco headquarters or any of its offices around the world for weeks. The Times also says Twitter refuses to pay a $197,725 bill for private charter flights the week of Elon Musk’s takeover.

  The paper also says Twitter’s leaders have discussed possible consequences of not paying severance to the thousands of former employees let go by the social platform. 

Heavy Weather: That massive winter storm moving across the country has spun off  tornadoes that have wrecked homes and injured people in parts of Oklahoma and Texas while much of the central United States from the Rocky Mountains to the Midwest is under blizzard warnings.

 As much as two feet of snow was possible in the Dakotas.

On the Pitch: Argentina trounced Croatia 3-0 yesterday to place themselves in the World Cup final for the sixth time. Julian Álvarez scored twice and Lionel Messi, considered possibly the greatest player ever, scored once.

  Morocco meets France today to determine the final pairing. 

Tobacco Free: New Zealand passed a law banning the sale of tobacco products to anyone born on or after Jan. 1, 2009 in a plan to make the country smoke free one day. It’s a rolling ban that will ultimately outlaw sale of tobacco products.

  New Zealand already prohibits the sale of tobacco people under 18. 

The Obit Page: The world of football is mourning the death of Mississippi State coach Mike Leach of a heart ailment at age 61. He was a legend among college coaches.

  About his love for football, Leach once told “60 Minutes,” “The reason they have football is because of the big guys. When O line and D line go one on one and just getting incredibly violent, I mean that’s what it’s all about. You get to see those guys just go to war. It’s got all the things that football entails, there’s shouting, there’s blood, there’s boogers, there’s the whole thing. There’s spitting, there’s fighting, there’s ripped jerseys, there’s somebody grabbing somebody’s throat … I mean that’s why you have football.”  

The Spin Rack:  President Biden yesterday signed the Respect for Marriage Act, which gives federal protection and recognition to same-sex and interracial marriages. — A French court on yesterday convicted eight people charged in the 2016 truck attack along the beachfront in Nice that killed 86 people celebrating Bastille Day. The eight were given sentences ranging from two years to eighteen. — A study by US highway safety regulators found that 54 percent of people injured or killed in traffic crashes had one or more drugs, or alcohol, in their bloodstreams. The most prevalent was THC, an active ingredient in marijuana. — Outgoing Oregon Gov. Kate Brown called the death penalty “immoral” and is commuting the sentences of all 17 people on the state’s death row. Oregon has executed two convicts since the state re-instated the death penalty in 1984.  

Below the Fold: Arizona’s election loser Kari Lake tweeted last night that the “UPS guy just told us he is ‘devastated’ that they ‘stole another election’ and asked how he could help.”

  Maybe he could deliver the election for her.

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