I can’t wait for the book. Then the documentary. And if they can find an actor that looks goofy enough to play the former CEO of FTX, there will probably be a movie too.
The mess created by Sam Bankman-Fried at FTX is epic. Legendary bad. It makes a dumpster fire look like a Super Bowl victory parade.
The bankruptcy pro named John J. Ray III, the newly appointed CEO of FTX said the mess at the crypto company is the “worst corporate failure” he’s ever witnessed.
Here’s the rub; he worked on the liquidation of Enron.
Here are some highlighted quotes he wrote for the bankruptcy filing.
Enjoy.
“Nearly every situation in which I have been involved has been characterized by defects of some sort in internal controls, regulatory compliance, human resources and systems integrity. 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.”
Here’s another.
“I have over 40 years of legal and restructuring experience. I have been the Chief Restructuring Officer or Chief Executive Officer in several of the largest corporate failures in history. I have supervised situations involving allegations of criminal activity and malfeasance (Enron).”
Ouch!
FTX must have been a fun place to work. Here’s how they handled company expenses.
“FTX employees submitted payment requests through a chat platform, which were approved with personalized emojis. Some corporate funds were used to buy homes and personal items for employees and advisors.”
Here’s my personal favorite finding Ray revealed. When it comes to major decisions the company made, there are no actual records or files because Bankman-Fried apparently used auto-deleting messages.
In other words, they were wiped.
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