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Goldman Sachs banker quits after making tens of millions on cryptocurrency

A collection of Bitcoin, Litecoin, and Ethereum tokens.

Chris Ratcliffe | Bloomberg | Getty Images

LONDON – A Goldman Sachs executive has resigned after making a fortune on a cryptocurrency investment, according to industry reports.

Aziz McMahon, Goldman’s chief executive officer and head of emerging markets sales in London, quit after making millions of pounds on a wager on the digital currency ether, three former investment bank employees told CNBC.

The former employees, who all know McMahon personally, preferred to remain anonymous because of the sensitivity of the discussions. McMahon is believed to have redeemed cryptocurrency worth at least 10 million pounds ($ 14 million).

Previous reports from eFinancial Careers and The Guardian said McMahon left Goldman after making money from Dogecoin.

It is possible that McMahon had some stakes in Dogecoin as well. According to eFinancialCareers, he is now said to have set up his own hedge fund.

When approached by CNBC, Goldman Sachs confirmed McMahon’s departure but declined to comment. McMahon wasn’t immediately available for comment when CNBC contacted him via LinkedIn.

Ether, the digital asset McMahon is said to have invested in, has grown more than 400% since early 2021. Ether was developed about six years after Bitcoin and is based on another technology known as Ethereum. Ether and Ethereum are often used interchangeably to describe the currency.

Bitcoin and other cryptocurrencies have fluctuated a lot lately. On Wednesday, the entire market lost as much as $ 365.85 billion after a tweet from Elon Musk that said his electric car company Tesla would no longer accept bitcoin payments due to environmental concerns about the cryptocurrency.

Musk’s preferred crypto is Dogecoin, a token that started out as a joke in 2013. Inspired by the meme “Doge”, which contains a Shiba-Inu dog and cartoon-style text, Dogecoin was thought of by its creators as a “fun” alternative to Bitcoin.

It has since gained a growing online community and is now the fourth largest digital asset by market value on CoinMarketCap. While proponents like to refer to it as “folk crypto,” investors warn that Dogecoin is a sign of foaming in the crypto market.

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Business

Piers Morgan quits ‘Good Morning Britain’ after Meghan Markle feedback

Photographer | Collection | Getty Images

Piers Morgan is leaving ITV’s “Good Morning Britain” newscast after encountering backlash over comments he made on Meghan Markle on Monday.

The news comes shortly after UK broadcaster Ofcom said it was investigating Morgan after more than 41,000 people complained.

“After talking to ITV, Piers Morgan has decided that now is the time to leave Good Morning Britain,” the network said in a statement on Tuesday. “ITV accepted this decision and nothing more to add.”

Just hours earlier, Morgan was called by co-host Alex Beresford on Good Morning Britain for his behavior towards the Duchess of Sussex. Beresford said Morgan has been relentlessly critical of Meghan over the past few years, citing Morgan’s recent comments questioning Meghan’s truthfulness when she spoke about her suicidal thoughts.

The incident in the air caused Morgan to walk off the set.

Morgan’s recent comments on Meghan relate to an explosive interview she and Prince Harry gave Oprah Winfrey that aired in the US on Sunday and in the UK on Monday. More than 17.1 million people in the US have tuned in to the event and more than 12 million viewers have watched the broadcast in the UK, according to ITV Tuesday.

The interview delved into the reasons the couple had decided to leave England and break away from their royal duties. Meghan and Harry brought up what they said was a lack of support Meghan received when she went to the palace about mental health issues, the denial of security protection for the family, and the concerns of some kings about how the skin tone of their son Archie would be if he did it once was born.

Queen Elizabeth said Tuesday the royal family would address allegations of racism at Buckingham Palace by Prince Harry and the Duchess of Sussex.

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Politics

Michigan Rep. Mitchell quits GOP for refusal to just accept Trump loss to Biden

Michigan MP Paul Mitchell resigned from the Republican Party on Monday because the GOP refused to admit that President Donald Trump lost the election to President-elect Joe Biden.

Mitchell wrote in a damning letter to GOP leaders that Trump’s unsubstantiated claims alleging widespread electoral fraud and the Republican Party’s tolerance of these claims threatened “long-term damage to our democracy.”

“It is unacceptable for political candidates to treat our electoral system as if we were a Third World nation and create suspicion of something as fundamental as the sanctity of our voting,” Mitchell wrote to Ronna McDaniel, Chair of the Republican National Committee Minority Chairperson Kevin McCarthy of California.

“Also, it is unacceptable for the President to attack the United States Supreme Court because its Liberal and Conservative justices failed with his side or because ‘the Court has failed him,'” wrote Mitchell, whose letter was first reported from CNN.

Mitchell will retire from Congress when the current session ends early next year.

Trump has claimed he lost Michigan and several other battlefield states whose votes gave Biden his margin on the electoral college for illegally suppressing votes for him and artificially inflating Biden’s ballot.

The electoral college will meet on Monday, and California’s votes have pushed Biden over the 270-vote threshold required to win the White House by 5:30 p.m. ET.

Mitchell wrote, “If Republican leaders sit back together and tolerate unsubstantiated conspiracy theories and” stop “the rallies without advocating our electoral process, which the Department of Homeland Security has called” the safest in American history, “our nation will be do corrupt. “

“I have spoken out clearly and firmly against these messages,” he wrote.

“However, since the leadership of the Republican Party and our Republican Conference in the House of Representatives actively participate in at least some of these efforts, I fear long-term damage to our democracy.”

Mitchell, who represents Michigan’s 10th Ward, said last year he would not seek a third term in Congress and complained that the “rhetoric and vitriol” he saw in Washington overwhelmed the real work of policy making.

Mitchell said that with more than 155 million eligible voters, “both administrative errors and even fraudulent votes are likely to have occurred”.

But he also said Trump “didn’t lose Michigan to Wayne County,” a Democratic stronghold that the president claims has counted fraudulent ballots.

“Rather, it lost to dwindling support in areas like Kent and Oakland Counties, both of which were former Republican strongholds,” the congressman wrote.

Mitchell said in his letter that he voted for Trump “for about four more years under his leadership despite some reservations.”

But he also wrote: “The stability and strength of our democracy is a constant concern of mine.”

“I expressed great concern about the president’s reaction to Charlottesville, the rhetoric against immigrants they are sending back, and even the racist comments made by my own colleagues in the House.”

Even after Mitchell left the GOP, the president and his deputies continued to struggle to undermine public confidence in Biden’s victory, arguing that on January 6, Congress would have the final say in the selection of the next president.

This is the day that Congress is due to confirm the electoral college vote.

Trump, his campaign and his allies have lost or withdrawn any suit that questioned the validity of Biden’s ballot papers. On Friday, the US Supreme Court denied a motion from Texas to file a lawsuit against the voting processes in Michigan, Georgia, Pennsylvania and Wisconsin.

Before the Supreme Court responded to the request, Trump had described the Texas case as “the big one” that would undo Biden’s victory.