Wall Street News Roundup: Taylor's Banner Weekend, Charlie Javice Goes to Prison and Government Shutdown Watch

The recent conviction of Sam Bankman-Fried, founder of crypto exchange FTX, highlights regulatory gaps that have long enabled risky practices in the crypto industry. Comprehensive cryptocurrency regulation may have to wait as Congressional efforts on this front have flagged. Experts say the crypto industry must oust bad actors in the meantime to restore trust.

In just a few years, Sam Bankman-Fried went from being a relative nobody to the architect of a cryptocurrency empire whose net worth neared $30 billion. But, even quicker than his empire burst onto the scene, it crumbled in November 2022 with the news that his cryptocurrency exchange, FTX, had lost nearly $10 billion of its clients’ money. In Going Infinite (2023), financial journalist Michael Lewis provides a rare glimpse into the inner workings of Bankman-Fried’s meteoric rise and fall. And although Bankman-Fried has been convicted of seven counts of fraud and conspiracy, Lewis suggests that the case against Bankman-Fried is less damning than outsiders believe.

In this guide, we’ll break down Going Infinite into three main parts, first examining Lewis’s portrayal of the enigmatic Bankman-Fried himself before proceeding to the rise and precipitous collapse of his cryptocurrency empire. We’ll also discuss alternative accounts of Bankman-Fried’s actions at FTX and dive deeper into the nature of cryptocurrency that lay at the heart of FTX.

The failure of Enron in the early 2000’s is one of the largest bankruptcies in US history. Shareholders were wiped out, and tens of thousands of employees left with worthless retirement accounts. This book recounts the rise and fall of Enron, and how the company constructed a massively complex accounting scandal that was doomed to failure.

Enron’s downfall is the predictable mixture of human greed, poorly structured incentives, and lack of sanity checks when everyone has their fingers in the pie. In smaller ways, we too are subject to the same pulls as Enron managers and employees. The warning - if we were put into the same situation, we might not have behaved any differently.

In Ready, Fire, Aim, veteran entrepreneur, multimillionaire, and best-selling author Michael Masterson presents a strategy for building and growing a profitable business. He explains that successful, multimillion-dollar businesses progress through four stages of development: launch, expand, optimize, and sustain. Each of these stages presents different challenges and objectives that entrepreneurs must prioritize to ensure continued growth and profitability.

This guide walks you through Masterson’s strategy for navigating the four stages of development, covering how to:

• Align your first product or service with what customers want and effectively market it.
• Generate ideas for additional products and services that increase your earning potential.
• Structure your management team to handle business operations effectively.
• Drive long-term growth and profitability.

Additionally, we’ll clarify his ideas with research and advice from entrepreneurs and management professionals, and we’ll provide actionable methods for implementing his suggestions in your own business.

In This Is Marketing, entrepreneur and marketing expert Seth Godin challenges conventional marketing strategies. He argues that in today's media-saturated world, traditional marketing techniques are no longer effective. Instead, Godin emphasizes the importance of building strong relationships with customers based on trust, authenticity, and empathy. Effective marketing, according to Godin, goes beyond mere sales and aims to bring about positive changes in people's lives.

In this guide, we’ll explain why Godin says old marketing techniques are no longer effective and outline his guiding principles for successful marketing in the modern age. We complement his suggestions with insights from his other books as well as those of other marketing experts such as Ryan Holiday (Perennial Seller), Byron Sharp (How Brands Grow), and Pat Flynn (Superfans).

If you’re looking to break away from your current work arrangement and start doing something that you’re passionate about, consider starting your own microbusiness, a business run by one person. Where you once needed to have a fair amount of funding to get started, Chris Guillebeau suggests you can now do so for as little as $100.

In The $100 Startup, Guillebeau breaks down the process of starting your own business. He covers everything from finding your target audience to creating a development plan, explaining how you can find success without loaning a cent from the bank.