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"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.
by moralestapia 4y ago
"Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here."
"From compromised systems integrity and faulty regulatory oversight abroad, to the concentration
of control in the hands of a very small group of inexperienced, unsophisticated and potentially
compromised individuals, this situation is unprecedented."
- the guy who cleaned up Enron's mess
Damn!
Assets - liabilities:
WRS Silo: ~1 million
Alameda Silo: ~12.9 million
Ventures Silo: ~0
Dotcom Silo: ~1.7 million
Cash in other entities: ~700 million (<-- approximate based on the few "books and records" they could find; could be ~0)
That's it, that's all there's left. If that cash turns out to be an illusion then it's about 15 million tops. The obvious thing to ask is then, what happened to the billions?
- randal_handle 4y agoThese numbers are in the thousands so the Assets - Liabilities should be in the billions and not millions. However, they did not do accounting for customer funds at all.
- moralestapia 4y agoWhoops you're right, can't edit now.