5 ms·
Those are some candid remarks by the new CEO. "I have over 40 years of legal and restructuring experience. [...] Never in my career have I seen such a complete
by w23j 4y ago
Those are some candid remarks by the new CEO.
"I have over 40 years of legal and restructuring experience. [...] 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[1] and potentially compromised individuals, this situation is unprecedented."[2]
I am really looking forward to the next Matt Levine column going through this filing!
[1] Ouch that hurts. At least you want to go down in history as a criminal mastermind!
[2] https://pacer-documents.s3.amazonaws.com/33/188450/042020648197.pdf https://pacer-documents.s3.amazonaws.com/33/188450/042020648...
- deleted 4y ago[deleted]
- boring_twenties 4y ago> I am really looking forward to the next Matt Levine column going through this filing! Got u fam: https://archive.ph/VaSw8 https://archive.ph/VaSw8
- deleted 4y ago[deleted]
- ShamelessC 4y agoNot from finance - what is meant here by “potentially compromised”? Is that just as vague in context?
- mikeyouse 4y agoEmployee theft - CYA in case they're not, but heavily implying that there's evidence of criminal activity from the inexperienced and unsophisticated people in control of FTX.
- vkou 4y agoIt means that after looking at the books for a week, he thinks that key employees at the firm may have been crooks, as opposed to idiots.
- ShamelessC 4y agoHeh, gotcha. Thanks!