“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.
Daniele Servadei is the co-founder and CEO of Sellix, an e-commerce platform primarily based in Italy.
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