In his opening statement, Cohen revealed that Bankman-Fried, the majority owner of Alameda, had placed his trust in Ellison, the CEO, to handle the day-to-day operations of the company. However, when a downturn was anticipated, Bankman-Fried urged Ellison to implement a hedge to protect against potential losses. Unfortunately, Ellison did not take action at the time, which later became a significant issue when the storm hit. This failure to act has raised concerns and is now being examined closely.

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Information	Details
Geography	Global
Countries
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Companies	Alameda
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