Exec who cleaned up Enron calls FTX mess ‘unprecedented’

Posted on AllSides November 17th, 2022
From The Left
AP Photo/Bruce Kluckhohn, File

The man who had to clean up the mess at Enron says the situation at FTX is even worse, describing what he calls a “complete failure” of corporate control.

The filing by John Ray III, the new CEO of the bankrupt cryptocurrency firm, lays out a damning description of FTX’s operations under its founder Sam Bankman-Fried, from a lack of security controls to business funds being used to buy employees homes and luxuries.

“Never in my career have I seen such a complete failure of corporate controls and such a...

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https://apnews.com/article/ftx-trading-former-ceo-d2c2b881dc0eb0ec37b454674f446b52

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