This is an audio transcript of the FT News Briefing podcast episode: The collapse of Celsius Network
Jess Smith
Good morning from the Financial Times. Today is Monday, September 19th, and this is your FT News Briefing.
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Markets are bracing for several big interest rate moves this week. Tech IPO’s have gone awol, and we’ll take a look inside Celsius Network. That’s the multibillion-dollar cryptocurrency lender that’s now in bankruptcy.
Kadhim Shubber
You know, one of the things I’ve heard over and over in reporting is for much of the company’s history, internally, they found it difficult to understand what assets they had easily.
Jess Smith
The FT’s Kadhim Shubber will tell us about his investigation into the company’s collapse and who’s gotten burned. I’m Jess Smith, in for Marc Filippino, and here’s the news you need to start your day.
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This week, policymakers are meeting at the Bank of England and the central banks of Norway, Sweden and Switzerland, oh yes, and the US Federal Reserve will be talking about interest rates. And we don’t know exactly what they’ll do, but we do know that markets are expecting faster and more aggressive rate hikes. Here’s the FT’s Colby Smith.
Colby Smith
Well, we’ve heard from various central bankers harkening back to the 70s and 80s when inflation was running out of control and how destabilising that situation was. And what we hear is that mistake cannot be made again. And so…
