Before Caroline Ellison, in her role as Alameda Research CEO, repaid billions of dollars in loans Alameda had taken out from third-party lenders, she checked with the firm’s owner, Sam Bankman-Fried. She checked with Bankman-Fried before speaking to employees. She checked with Bankman-Fried before tweeting. She checked with Bankman-Fried before sending Alameda’s balance sheet to investors — and asked which of her seven drafts he liked best. 

Now, all Bankman-Fried can do is watch as his ex-coworker — and ex-girlfriend — testifies against him at his trial on seven counts of fraud. Ellison, who pleaded guilty to seven counts of her own last December, is cooperating with the government, helping to put Bankman-Fried away in the hope of receiving a shorter sentence. 

Over …