In a court filing today, John J Ray III, the new FTX CEO, seemed flabbergasted at the way the bankrupt FTX Group was run by former CEO Sam Bankman-Fried (SBF).
He has 40 years of experience in restructuring, including with Enron. “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.”
“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.”
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