I came to New York expecting fireworks. For the better part of a year, in Substacks and deleted tweet threads and legal filings and in-person conversations under house arrest, it had become apparent that Sam Bankman-Fried was prepared to blame pretty much the entire collapse of FTX on Caroline Ellison, his on-again-off-again paramour who ran Alameda Research, the hedge fund that he owned and infamously absconded with billions of dollars in customer assets. Ellison’s testimony and cross-examination stood to be one of the two most jaw-dropping moments of the trial, second only to S.B.F.’s own likely appearance on the stand. (Given his ego and tolerance for risk, I expect Sam to testify in November.)