It's Friday, Friday. Gotta get down on Friday! Dan DeFrancesco in NYC, and I'm wracking my brain wondering what Sam Bankman-Fried's secret code word is for his attack dog. Shoot me a tweet or an email with your best guess. I'll include the best one in Monday's newsletter.

Fun Fact Friday: Eggplants (or aubergines for the Europeans) are technically classified as berries.

On tap, we've got stories on a new set of executives at Bank of America, why one employee at NYSE is VERY nervous right now, and some cities that you won't lose your shirt buying a house in.

But first, let's take a look under the hood.

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1. Mind if I double check that? 

In the long list of boring, behind-the-scenes stuff for deals to get done, due diligence ranks close to the top. 

The entire premise is a bit awkward: "Hey, you seem like a truthful person and I totally believe what you're saying ... But would you mind if I double-checked everything you just said about your company because you could be a liar and fraud? K, thxs."

But it's important! Take the show "Shark Tank." A recent analysis by Forbes of 112 businesses offered deals on the show found that roughly half of them didn't close. One of the main reasons? Info uncovered during due diligence.

The irony, of course, is that one of the most prominent Sharks — Kevin O'Leary, aka Mr. Wonderful — is wrapped up in the FTX debacle, a shining example of why strong due diligence matters. 

Which brings us to this story by Insider's Paige Hagy, Bianca Chan, and Carter Johnson examining the state of due diligence in the wake of the FTX debacle and JPMorgan's Frank transaction, which is also up in flames.

While the industry reaction to FTX and Frank might seem obvious (We should double check all these numbers on potential deals), there's plenty of nuance in how the dealmaking environment might shift, as the story points out.

One of the more fascinating knock-on effects is how buyers might leverage FTX and Frank as a way to get better terms on deals.

On Wall Street, someone else's pain is another's opportunity. It would be very on-brand for firms to use those failures in due diligence to their own advantage. 

Click here to read more about the new state of due diligence in the wake of FTX and Frank. 

In other news:

2. BofA's newest MDs. Finally some good news for bankers! Bank of America promoted 360 people to managing director. So fire up those bogus congratulatory emails and get networking. Here's everyone who got the nod in sales and trading. And these are the newest MDs in the investment bank.

3. Stripe gets stripped of some value, according to one investor. Principal's large-cap growth fund has lowered its valuation of the payment behemoth by nearly 20%. Meanwhile, Stripe has given itself a 12-month deadline to either go public or get its employees some liquidity for their equity, per The Information.  

4. Bloomberg's hiring. The financial news and data giant is adding 1,000 new people this year, with the majority focused on data, product, and engineering. More on the hiring plans here.

5. You had ONE job! Turns out all that madness at the opening bell at the New York Stock Exchange earlier this week can be pinned on one person forgetting to turn off a backup system, Bloomberg reports. Click here to read more about the mistake.

6. If your economic policy includes raising the debt ceiling, you are a drunk, per Ray Dalio. The Bridgewater Associates founder didn't hold back when discussing the US debt limit. More thoughts from Ray here.

7. The world's most expensive text messages. Morgan Stanley fined some employees more than $1 million each for violations stemming from what they deemed to be inappropriate use of messaging apps, Bloomberg reports. For a deep dive into why traders can't seem to quit apps like WeChat and WhatsApp, check out our feature. 

8. For the Tesla shareholders... I know you're a passionate bunch, so we compiled everything Wall Street is saying about the EV maker's fourth-quarter earnings. Get the rundown here.

9. These are the cities where you should be buying a home. And yes, these are actually places you'd want to live. Check out 10 cities least likely to have their bubble burst. 

10. Which fast-food joint has the best coffee? We tried a small, black coffee (the only way to take your coffee; grow up, Peter Pan.) from Wendy's, McDonald's, Sonic, and Burger King. Here's who came out on top.

Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.