So, think this through. To oversee the aftermath of FTX, they assigned John J. Ray III to lead. His resume includes leading the team during the bankruptcy proceedings of Enron, and similar roles in other financial disasters at Nortel, and Fruit-of-the-Loom, and more. Again, he saw everything bad that Enron did. His direct quote on FTX, also an indictment on the 30 year old former CEO was, “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”. Billions of dollars are gone, through mismanagement, potential ponzi scheme issues, and massive spending on real estate in places like the Bahamas. Another reason to avoid crypto unless you know what you’re doing. This story will continue, and has more chapters yet to play out.
See full story on ‘Complete failure’ of corporate controls at FTX, its new CEO says
Found at www.msn.com
