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Not a full answer but I think it hints at it. > The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said he has never
by jowea 3y ago
Not a full answer but I think it hints at it.
> The new CEO of the collapse cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said he has never seen such a “complete failure” of corporate control.
> John Ray III, in a filing with the U.S. bankruptcy court for the district of Delaware, said there was a “complete absence of trustworthy financial information.”
> “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,” Ray said. “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.”
> https://fortune.com/2022/11/17/ftx-bankruptcy-filing-john-ray-never-seen-complete-failure-sam-bankman-fried/ https://fortune.com/2022/11/17/ftx-bankruptcy-filing-john-ra...
- echion 3y agoI don't doubt Ray's mostly right, but remember he has huge incentives to make the problem seem as bad as possible: payment justification, reputation-burnishing, self-importance, etc.