“By no means in my profession have I seen such a whole failure of company controls and such a whole absence of reliable monetary data,” new FTX CEO John Ray III stated in a authorized submitting on Thursday. “From compromised programs integrity and defective regulatory oversight overseas, to the focus of management within the fingers of a really small group of inexperienced, unsophisticated and probably compromised people, this example is unprecedented.”

Ray, who oversaw Enron’s chapter in 2001, stepped in as CEO shortly after founder Sam Bankman-Fried resigned (and reportedly tried to flee to Argentina, though he denies it). He’s completely proper that FTX was introduced down by a whole failure of company controls, however in actuality, the state of affairs is way from unprecedented.