The most interesting thing to me about the ftx collapse is how totally unoriginal it was. Enron included decades of fake accounting, complex legal structures u

The most interesting thing to me about the ftx collapse is how totally unoriginal it was. Enron included decades of fake accounting, complex legal structures used to make debt look like assets, new ways of breaking laws. Ftx was just 1400s style fraud in a new, tech wrapper. Very unoriginal. People have been doing that since banks were invented. I don't want to lessen the culpability of SBF and other senior leaders at FTX. But it is stunning that the SEC and groups like Sequoia Capital assisted in this. Have they never seen basic fraud before? Did they think controls and transparency were just red tape?